#356: Will the Coronavirus affect Forex Traders?

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Podcast:

Will the Coronavirus affect Forex Traders?

In this video:

00:20 – Joined by Paul Tillman from NC, USA

00:40 – Webinars, Trades and the Coronavirus

01:00– Recent webinars and how you can benefit – view the recording

02:45 – Our trading day today

04:13 – Trading with the Coronavirus and how it has affected the charts

05:27 – Monthly chart trades make massive profits with the Yen strength

06:02 – Why we are technical traders and where are the charts heading?

07:20 – Live trading sessions in the UK later in the year

08:50 – Contact us if you are interested in knowing more about our trip to the UK for training

Andrew Mitchem:

Will the Coronavirus affect us as Forex Traders? So let’s talk about that and more right now.

Paul Tillman:

Hey traders, it’s Andrew Mitchem here, The Forex Trading Coach, video and podcast number 356 and I’m joined by Paul Tillman here.

Joined by Paul Tillman from NC, USA

Paul Tillman:

Hello everybody. All the way from North Carolina here in Nelson, New Zealand. Good to be with you today.

Andrew Mitchem:

So Paul’s been over here for the last 10 days with me and with his wife and two children having a great time here in New Zealand, showing them the sights and the sands. Now a number of things we want to talk about on this video.

Webinars, Trades and the Coronavirus

Number one about some webinars that we held recently, and how we can help traders with trading information and there’s a link here also to the webinars that we held, and also want to share a few trades that we’ve taken recently and lastly, we want to talk about the coronavirus and how it’s already affected trading, and what it’s likely to do in the future.

Recent webinars and how you can benefit – view the recording

Andrew Mitchem:

So Paul, let’s start at the first thing, the webinars we held just last week. Maybe you could just describe what we did and how it went and how people can benefit from that information using the links that are below this video.

Paul Tillman:

Absolutely. So we took lots of questions and emails and basically got it down to a few categories of what traders are having issues with or if you’re brand new experience, and they came down to trading psychology, not having a strategy, some things that brokers and indicators or, “I’ve done okay, but I’m giving away too much money, I’m losing.” And so we took all of those and we just talked about them. What we’ve seen in our course, what we’ve seen as 15, 20 plus years together have trading experience. And we took each topic and talked about it at length and it went very well.

Paul Tillman:

Kind of help sate solve those problems with the questions and answers and things and why we have a strategy and psychology and all these different things, and we’re part of those 5% of traders that are actually profitable and not part of the 95% that end up failing.

Andrew Mitchem:

Absolutely. And I think the thing that came through from it is, it was practical information. It was realistic, practical information that we use as traders every day that our clients use, and we’re passing on that information for other people to use.

Paul Tillman:

Absolutely. Yeah. We’ve got clients in 50 plus countries, who do well with our forum site and our webinars and our daily trades, and just being consistently profitable, which is the number one problem. The number one goal that people want to have as Forex traders.

Our trading day today

Andrew Mitchem:

Absolutely is all we’re after. And the other thing that was important that came out of that is that maybe you just describe our morning so far today, because the important thing is that people think of Forex trading as something you got to be sat at the computer all day watching every pip move up and down and really you don’t.

Paul Tillman:

That’s right. We had a couple minutes look at charts early this morning to see what happened overnight, but we took Andrew’s kids to a school this morning, and then we went out for about a 30 minute kayak ride. Both of us fit on this nice little kayak. And that was a great bit of fun. And then we had a little bite to eat. I drove Andrew’s Peugeot around just a little bit, then we did a little bit of tennis. So the entire morning was just fun typical things that we’re both dads that we would do, and just taking care of certain things. Then we did daily trades. That was late morning.

Paul Tillman:

Woke to the charts, maybe 20, 30 minutes and put our daily trades on. Then we also took some offline charts, so some six, eight, 12 hour charts. We have unique custom made software to do. We took it’s probably … Yeah, four or five of those traits.

Andrew Mitchem:

Five, yeah.

Paul Tillman:

Now we’re sitting out here, just had lunch with both the families and yeah, we’ll check on those trades later.

Andrew Mitchem:

Yeah, absolutely. And that’s the thing, the offline charts, you can look at them at exactly the same time as the daily charts. That’s the beauty of them. It’s not taking up extra time.

Trading with the Coronavirus and how it has affected the charts

Andrew Mitchem:

So I’m lastly moving on the coronavirus. It actually did us a huge amount of favours trading wise anyway, maybe not other things around the world obviously with the issue, but trading wise with the strength in the Japanese yen on Friday we had our best day for a long, long time.

Paul Tillman:

We did. We had two specific monthly trades on the New Zealand Japanese yen and the Aussie Japanese yen and the yen just strengthen an absolute tonne. We took these trades in the beginning of February, and the last day of February as it have it to be, they hit the full profit target. We’re talking three and a half, four to one trades on both and one of those was on the retracement order and a market order where we got right into the trade. So, there’s absolutely fantastic results. Even if you had a little bit of a minor losing streak or some losing trades, this took those out and we made two or three times more.

Paul Tillman:

And it was just two trades. It took 10 minutes at the beginning of February, and they just did wonderfully. And you had the technicals ended up following the fundamentals in a way. The news happened, but the technicals were already showing it, and the trades worked out perfectly.

Monthly chart trades make massive profits with the Yen strength

Andrew Mitchem:

That’s the thing you got to remember, here we are in the first week of March, yet over a month ago, we saw that setting up on the monthly chart and took those trades.

Andrew Mitchem:

And like you said, it took to the last day of February. But that didn’t matter, because on a monthly chart you’re expecting trades to last for longer. But the amazing thing that I found from it is that we saw that over a month ago, nearly five weeks ago, we took the trades and obviously the virus issues got worse over February and into March around the world. But in the end strengthened. But the technical showed that a long time ago. And that’s the really great thing with understanding good technical trading.

Why we are technical traders and where are the charts heading?

Paul Tillman:

That’s right. That’s why we technical traders trading from that right hand side of the chart. Yes we do pay attention to fundamentals, but that’s not the basis of our trading at all. It’s 11 years worth of good technical analysis that works year after a year, month after month, day after day.

Andrew Mitchem:

Absolutely. And so I suppose really a bit of a prediction where things are going with this virus and they shouldn’t have that will help people. So right now we’re still looking at a massive strength in the yen. So I suppose people are seeing that as like the safe haven currency, the yen and also generally the franc and the U.S tend to be that. Over here in New Zealand, the New Zealand dollar is getting absolutely hammered right now. So is the Canadian. Today the Canadian was exceptionally weak and so the commodity currency seem to be getting a bit of a hammering. Whereas the safe haven currencies, they’re the strong ones right now.

Paul Tillman:

That’s right. Yeah. It’s all about strength the weakness and following those trends and it’s what we see each day in the charts. You don’t have to have perfect predictions all the time. It’s just what we see on the charts at the time and if we’re looking at trades at the time, we’re not looking at indicators at price action, it’s already happened. It’s what’s happening right now, the current day, current time and then making those trades based off that.

Live trading sessions in the UK later in the year

Andrew Mitchem:

Absolutely. So Paul funnily look, you’ve been here for 10 days, had a great time with you and your family. Absolutely awesome to have you here. One thing we have mentioned is that we potentially might be doing a bit of a live trading session over in London later in the year, maybe about August, possibly September time. Any comments for anybody over that side of the world that might want to come and join us?

Paul Tillman:

Yeah, so if you’re in one, and obviously I’m biassed to the U.S and Andrew’s biassed to New Zealand, maybe a little bit of Australia. But the London market is probably consistently the biggest market out there in the world for folks who want to trade big financial centres. What you get out of that is you hear a lot of, “Oh no, I’ve been scammed. I don’t have the right education. This person sold me on this, and it wasn’t real. It didn’t happen. I’m stuck. I don’t know what to do. I’m not profitable.” We’re planning on heading to London later in this year. August, September timeframe.

Paul Tillman:

So if you’re interested in that, we’d be happy to give you some more information. Hope to have a huge group of people that we can train effectively, so you can be consistently profitable, and they can forget those ways where they’re really struggling and they want to do Forex as a business and make money to trade, but it’s just not happening for them. So we’ll be planning to be over there. We’ll get some more information out later on this month and later on in the year and it’ll be Andrew, myself, and a few others hoping to have a big event in London later this year.

Contact us if you are interested in knowing more about our trip to the UK for training

Andrew Mitchem:

Absolutely. So look, if anybody’s interested in that, I know it’s a little bit down the track yet, but if anybody’s interested, just reply to the email that you get this video on, or send us an email, [email protected] or [email protected] and we’ll be happy to fill you in with extra information. But thanks for watching. Any other sort of videos that you’d like us to make in the future, either myself or Paul, any trading information you’d like us to cover, just send us an email and we’re here to help. Support once again, thanks so much for being here. Awesome to have you and safe travels home.

Paul Tillman:

Yep. Thank you for everything, Andrew. Thanks everybody. Good to see you from New Zealand. Thanks.

Andrew Mitchem:

Bye.