#324: +9.5% monthly gain in May, here’s how

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Podcast:

+9.5% monthly gain in May, here’s how

In this video:

00:26 – Details about a client who made +9.5% in May

00:51 – Live webinar discussing Scott’s trades

01:22 – Check out the Testimonials page https://theforextradingcoach.com/testimonials.html

01:59 – Scott’s comments and trading week routine

04:05 – How we can help you achieve similar results yourself

04:46 – Reduce your risk on a Monday

A client of mine has just made 9.5% during May. I’m going to share with you details of how he’s done that. Let’s get into it right now.

Hey, traders, Andrew Mitchem here, the owner of the Forex Training Coach with video and podcast number 324.

Details about a client who made +9.5% in May

Now, I want to share with you an email that I received from a client called Scott, and Scott’s been with me for just over 18 months, and he has a full-time job, and in May he made just over 9.5% trading very little, but trading very well. And I’d like to share with you some of the information that he’s sent me here.

Live webinar discussing Scott’s trades

Now, tonight I’m holding a live webinar with my clients and I’m going to be going through all of the trades that Scott has taken, the good trades and the losing trades, and we’re going to be discussing those trades. But it’s really important that you take from this that this is with low risk trading. So, Scott’s risking no more than half of one percent of his account per trade. Very, very low risk to make a very nice, almost 10% gain in the month of May.

Check out the Testimonials page https://theforextradingcoach.com/testimonials.html

You can also have a look on the testimonials page on my website and you will find a video of Scott there. So, have a look, and you’ll see who that is that’s made the money and done very well for himself for that month. Also important to note that Scott is always on my live webinars. He contributes well to our forums site, and 18 months after joining, these are the type of results that he’s getting, and the consistency is what matters. You know, it’s really important that you put that time in upfront in order to then reap the rewards later on down the track, and that’s exactly what Scott has done.

So, let me share with you some of the information that he’s said on here, and he fully admits, he said, “Look, I had plenty of down side trades in a month, but I led to”… He actually says, “Leading to only a 9.5% account gain for the month.” So, that tells you that he’s pretty consistently doing that and more. So, his summary is like this. On a Monday, the beginning of the week, he trades only the monthly charts and the weekly charts, and the daily charts if they’re really strong. And the reason for that is because at the beginning of the week, he can take the weekly charts. So, if it’s the beginning of the week and the month, then he can take the monthly chart trade as well. But he’s very selective on the daily chart trades that he takes on a Monday because when you think about it, you’re looking at a Friday’s candle. And so, because of course Monday is only just starting, and so really important that you’re very selective on a Monday.

What I also suggest people do on a Monday is reduce the risk that they take per trade because you’re at the start of the new week and things could be a little bit more unpredictable. Scott said then on Tuesday, he takes the daily charts if there are any. He also looks at the 12 and 8 hour charts, but only if they’re in the direction of the weekly and monthly, so if the monthly charts and the daily chart… Sorry, monthly charts and the weekly charts all line up to say, let’s say, short positions on the pound U.S dollar, and he sees a 12 or an 8 hour chart on that panel in the same direction, that’s the trade he’s after.

On a Wednesday, he looks at the dailies, the 12, the eight, six, and four, and again, those shorter time frame charts only if they are in the same direction as the monthly and the weekly. On a Thursday, daily, 12, eight, six, four, and then sometimes after 10:00 broker time sets into the European session, he’ll look between the one hour charts, even down to the five minute charts, but again, they have to have the direction of the monthly and the weekly. And on a Friday, he says, “All I do is close out trades or manage any open trades that are still there.” So, he doesn’t do any actual looking for new trades on a Friday. So, really simple to do, but just shows what can be done.

How we can help you achieve similar results yourself

So, look, if you would like to know more about how you can achieve similar results, and you’d like to know how you can join us, you can get to trade our way but maybe with your own twist on it exactly like Scott’s done. What we do is not set in concrete. It’s to give people that sort of foundations and the basics and the support and the ongoing real time support. But ultimately, the people who do the best are the ones that just have their own little tweak, like Scott. He’s saying, “This is when I’m trading. Not going to trade on Friday. I don’t want to trade Fridays,” says Scott. You know, I do, but Scott’s saying, “I don’t want to trade Fridays. I just want to manage trades.” And that’s what he found has worked best.

Reduce your risk on a Monday

Similarly with the Monday, beginning of the week. Look at either something really, really selective or reducing the risk that you take. So, it shows what can be achieved. 9.5% in May, but with very, very low risk and very low drawdown.

So, like I said, go and have a look at Scott’s video, plus all other videos that I’ve got on my website on the testimonials page. I’ll put a link to that testimonials page below this video so you can go and have a look through them yourself. So, hope that helps, and once again, this is Andrew Mitchem from the Forex Trading Coach. I’ll see you this time next week. Bye for now.