Capitalmind looks at stocks, bonds, funds and the macro to bring you their view on the Indian financial markets. We discuss all things related to investing at our focussed podcast that keeps it simple. For more, go to capitalmind.in and to invest with us, visit capitalmindwealth.com
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An archive of each full weekday episode of the award-winning program presented by Stephen Grootes.
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#591: Why Smart Traders Let the Market Come to Them
Manage episode 487226212 series 1567435
Content provided by Online Forex Trading Course. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Online Forex Trading Course or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.
Why Smart Traders Let the Market Come to Them
<span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span>
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
#591: Why Smart Traders Let the Market Come to Them
In this video:
00:32 – Why does the trade always go against you?
01:22 – Why do you enter the trade where you do?
02:32 – I use limit orders to enter a trade.
04:22 – Entering the market for a reason.
04:50 – Get onto my 17 minute masterclass.
05:18 – Blueberry Markets as a Forex Broker.
Do you feel that as soon as you enter a trade, the market goes completely against you? You’ve entered a buy trade. What happens? The market drops. Well, if you do. I’ve got a great solution for you to help you with that problem. So let’s find out about that a more right now.
Hey there, Traders. It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 591.
Why does the trade always go against you?
An issue that I find so many people feel that they have is they see a trade. They place a trade. Let’s say they place a buy trade on the EUR/USD and they’re expecting the market obviously to move up. Well, what happens when market moves down.
And they feel that as soon as they get into that buy trade the market’s changed direction. It falls against them. And they take a loss on the trade. And they feel frustration because it’s almost like the market knew I was ready to place a buy trade. And it waited for me to place that buy trade. And then it fell.
Why does that happen? Complete and utter frustration. And people feel it all the time. And they have done for years and years. And I know when I started trading, I used to feel exactly the same. So there’s a few things here to help you with.
Why do you enter the trade where you do?
When you place that buy trade, for example, why do you place that buy trade at the time you do? Do you place that buy trade? For a technical reason, let’s say if you’re a technical trader, do you place it at a just above a round number or just above a previous support level or a resistance level from a while ago now becomes a new support level, a swing low that may have been at that level already, or it’s the daily pivot point.
Or why do you place that trade? Do you have anything else to back the reason for entering that trade right now, other than “I’m ready, I’ve seen a set up, I’m placing buy”. Because if all you’re doing is placing by for some random reason, then why would the market suddenly go in your direction? Because quite often you might be finding that the market will keep falling back to that support level or something which is below your entry price. Don’t forget that most people place a trade because they happen to be ready, and that’s not how you should trade.
I use limit orders to enter a trade.
For me in most of my trading, I’m mainly use what are called limit orders. So as a buy trade, for example, I’m entering below the current price and I enter the trades for a reason at that price for a reason.
So I’m not expecting just to randomly go buy sell, buy sell because I happen to be ready. What you should be doing is looking. Let’s say you’re talking about this same buy trade. And let’s say that the market’s been moving up really nicely and it pulls back rather than just buying randomly, more likely near the top of the market.
Wait for it to retrace and then into your buy trade. So when you think about this logically, with a buy trade, a buy limit order, I’m buying below the current price. So naturally I’m expecting the market to move in waves up and down, which it does naturally anyway. It’s just by using that buy limit order. I’m not sitting there waiting for it to keep coming back and back and back and back and back and now I’m going to press buy.
I’m not doing that. I’m seeing the trade set up and I’m saying I’m taking a buy trade here. If or when the price pulls back to this level first, and then I’m entering the buy order or the buy limit does that for me because I place that with my broker. And I’m, I’m then expecting to enter that buy trade and then the market to move back up again.
The great thing is that with the buy limit order, I’m not sitting there waiting for that price to come back and then having to manually enter the trade. I enter the buy limit order, place the trade. If it gets filled, it does great. And if it doesn’t, it doesn’t.
Entering the market for a reason.
And by doing that, I’m entering for a reason. I’m not just randomly saying I’m taking a buy now. The market’s gone against me. Why does it always do that? Grumble, groan which most people tend to do. You need to be placing as a technical trader. You need to be placing these levels, your entry and your exit levels, and of course, your stop loss safety level for a technical reason. Don’t just randomly do it. If you’d like to find out more about how we can help you to overcome that frustration of feeling that the market’s going against you all the time.
Because don’t forget, I’ve been doing this for over 20 years and we’ve been teaching for over 16 years. So we’ve seen it all. We know what works and what doesn’t work.
Get onto my 17 minute masterclass.
And if you’d like to find out a little bit more about how we operate and we how we can help, you have a look at my on demand masterclass.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a top quality broker, I can highly recommend that you take a look at and suggest and consider Blueberry Markets. They’re a great broker. Most people around the world can trade through them. There’s a few countries that can’t, and that’s unfortunately the way with licensing, etc., but the vast majority of you out there can trade or have the option to consider Blueberry Markets.
I use their MT5 platform. I’ve used it for years. A huge amount of markets, massive amounts of different time frame charts. And when I say markets, I mean forex and non forex markets and you won’t find better service. Us at The Forex Trading Coach, our service is pretty good. We aim to be like exceptionally good. Blueberry Markets would be on a par with what we do to help our clients with timeliness and efficient and good answers, and looking after people.
That’s what we’re about. That’s what they’re about. That’s why, not only are they a good broker, but that’s why I recommend them over, like all the other brokers out there. Yes, there are a lot of very good brokers, and I work with lots of good brokers. But Blueberry, overall, I think they’re hard to beat. Have a look at them. I’ll put a link here as well.
So this is Andrew Mitchem here at The Forex Trading Coach. I’ll see you this time next week. Bye for now.
Episode Title: #591: Why Smart Traders Let the Market Come to Them
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
487 episodes
Share
Manage episode 487226212 series 1567435
Content provided by Online Forex Trading Course. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Online Forex Trading Course or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.
Why Smart Traders Let the Market Come to Them
<span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span>
Podcast:
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
#591: Why Smart Traders Let the Market Come to Them
In this video:
00:32 – Why does the trade always go against you?
01:22 – Why do you enter the trade where you do?
02:32 – I use limit orders to enter a trade.
04:22 – Entering the market for a reason.
04:50 – Get onto my 17 minute masterclass.
05:18 – Blueberry Markets as a Forex Broker.
Do you feel that as soon as you enter a trade, the market goes completely against you? You’ve entered a buy trade. What happens? The market drops. Well, if you do. I’ve got a great solution for you to help you with that problem. So let’s find out about that a more right now.
Hey there, Traders. It’s Andrew Mitchem here at The Forex Trading Coach with video and podcast number 591.
Why does the trade always go against you?
An issue that I find so many people feel that they have is they see a trade. They place a trade. Let’s say they place a buy trade on the EUR/USD and they’re expecting the market obviously to move up. Well, what happens when market moves down.
And they feel that as soon as they get into that buy trade the market’s changed direction. It falls against them. And they take a loss on the trade. And they feel frustration because it’s almost like the market knew I was ready to place a buy trade. And it waited for me to place that buy trade. And then it fell.
Why does that happen? Complete and utter frustration. And people feel it all the time. And they have done for years and years. And I know when I started trading, I used to feel exactly the same. So there’s a few things here to help you with.
Why do you enter the trade where you do?
When you place that buy trade, for example, why do you place that buy trade at the time you do? Do you place that buy trade? For a technical reason, let’s say if you’re a technical trader, do you place it at a just above a round number or just above a previous support level or a resistance level from a while ago now becomes a new support level, a swing low that may have been at that level already, or it’s the daily pivot point.
Or why do you place that trade? Do you have anything else to back the reason for entering that trade right now, other than “I’m ready, I’ve seen a set up, I’m placing buy”. Because if all you’re doing is placing by for some random reason, then why would the market suddenly go in your direction? Because quite often you might be finding that the market will keep falling back to that support level or something which is below your entry price. Don’t forget that most people place a trade because they happen to be ready, and that’s not how you should trade.
I use limit orders to enter a trade.
For me in most of my trading, I’m mainly use what are called limit orders. So as a buy trade, for example, I’m entering below the current price and I enter the trades for a reason at that price for a reason.
So I’m not expecting just to randomly go buy sell, buy sell because I happen to be ready. What you should be doing is looking. Let’s say you’re talking about this same buy trade. And let’s say that the market’s been moving up really nicely and it pulls back rather than just buying randomly, more likely near the top of the market.
Wait for it to retrace and then into your buy trade. So when you think about this logically, with a buy trade, a buy limit order, I’m buying below the current price. So naturally I’m expecting the market to move in waves up and down, which it does naturally anyway. It’s just by using that buy limit order. I’m not sitting there waiting for it to keep coming back and back and back and back and back and now I’m going to press buy.
I’m not doing that. I’m seeing the trade set up and I’m saying I’m taking a buy trade here. If or when the price pulls back to this level first, and then I’m entering the buy order or the buy limit does that for me because I place that with my broker. And I’m, I’m then expecting to enter that buy trade and then the market to move back up again.
The great thing is that with the buy limit order, I’m not sitting there waiting for that price to come back and then having to manually enter the trade. I enter the buy limit order, place the trade. If it gets filled, it does great. And if it doesn’t, it doesn’t.
Entering the market for a reason.
And by doing that, I’m entering for a reason. I’m not just randomly saying I’m taking a buy now. The market’s gone against me. Why does it always do that? Grumble, groan which most people tend to do. You need to be placing as a technical trader. You need to be placing these levels, your entry and your exit levels, and of course, your stop loss safety level for a technical reason. Don’t just randomly do it. If you’d like to find out more about how we can help you to overcome that frustration of feeling that the market’s going against you all the time.
Because don’t forget, I’ve been doing this for over 20 years and we’ve been teaching for over 16 years. So we’ve seen it all. We know what works and what doesn’t work.
Get onto my 17 minute masterclass.
And if you’d like to find out a little bit more about how we operate and we how we can help, you have a look at my on demand masterclass.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a top quality broker, I can highly recommend that you take a look at and suggest and consider Blueberry Markets. They’re a great broker. Most people around the world can trade through them. There’s a few countries that can’t, and that’s unfortunately the way with licensing, etc., but the vast majority of you out there can trade or have the option to consider Blueberry Markets.
I use their MT5 platform. I’ve used it for years. A huge amount of markets, massive amounts of different time frame charts. And when I say markets, I mean forex and non forex markets and you won’t find better service. Us at The Forex Trading Coach, our service is pretty good. We aim to be like exceptionally good. Blueberry Markets would be on a par with what we do to help our clients with timeliness and efficient and good answers, and looking after people.
That’s what we’re about. That’s what they’re about. That’s why, not only are they a good broker, but that’s why I recommend them over, like all the other brokers out there. Yes, there are a lot of very good brokers, and I work with lots of good brokers. But Blueberry, overall, I think they’re hard to beat. Have a look at them. I’ll put a link here as well.
So this is Andrew Mitchem here at The Forex Trading Coach. I’ll see you this time next week. Bye for now.
Episode Title: #591: Why Smart Traders Let the Market Come to Them
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course
Book a Call with Andrew or one of his team now
Click Here to Watch Prop Firm Masterclass
487 episodes
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Capitalmind looks at stocks, bonds, funds and the macro to bring you their view on the Indian financial markets. We discuss all things related to investing at our focussed podcast that keeps it simple. For more, go to capitalmind.in and to invest with us, visit capitalmindwealth.com
…
continue reading
An archive of each full weekday episode of the award-winning program presented by Stephen Grootes.
…
continue reading
The show that helps you maximize your wealth by turning complex financial situations into actionable advice. On Your Money. Your Mission., we answer the questions you’ve been asking about -- financial planning, investing, retirement and everything in between. Whether you’re navigating the complexities of the market or looking for the best ways to save or spend your money, tune in to hear from experienced financial advisors with JFG. Walk away from each episode with savvy tips and financial t ...
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continue reading
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continue reading
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continue reading
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continue reading
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