In this video:
00:26 – Which trading Session should you look at?
01:13 – I used to be up all hours of the nigh trading the US session.
02:53 – Profitable US30 and Natural Gas trades.
04:25 – Trade on the close of a candle.
05:30 – My 17 minutes Masterclass and Book a Call.
05:58 – Blueberry Markets as a Forex Broker.
06:26 – Comments, Like & Subscribe.
Should you trade the European and US Trading Sessions in order to be a successful forex trader? Let’s talk about that a more. Right now.
Hey there, Traders! This is Andrew Mitchem here at the Forex Trading Coach for video and podcast number 566.
Which trading Session should you look at?
Today I want to talk about trading sessions. A lot of people get confused and get this completely wrong. And they think that in order to be a successful trader, whether it be forex or metals or indices, whatever it might be, they think that they should trade what we call the trading sessions.
Now the Asian trading session was just based around Tokyo. Then we have the London and kind of that into European trading sessions and then the US trading sessions. And they tend to be the times when this the most activity within the market. And people get very confused and they think, well, I should only be trading the London trading session or I should only be trading the US session, or make sure I try and trade both of them, and it’s something that you do not have to do.
I used to be up all hours of the nigh trading the US session.
Now, admittedly, when I started to trade, I thought that’s what you had to do as well because that’s what people tell you you should do. But quite often in life, with most things and people tell you you’ve got to do this. The reality is that there’s a far better way of doing it by ignoring what they say. And there’s no better example than that.
Then for me, living here in New Zealand, the London session is in our evening into our night time, and the US session is the very early hours of the morning. Utterly impossible and unrealistic. Impractical to trade.
And just this week I’ve taken trades on the US30 and also on natural gas. Now the US30, especially being in a US index.
Traditionally, I would have thought, well, that means I have to be up at 2:00 in the morning to trade when the US markets are open and when natural gas, slightly less of a, an issue, but again, not a main forex what you call like a mainstream forex pair because it’s a gas and the metals, the gases, and the indices and a lot of the commodities as well tend to be based more around the US time of day.
Not particularly useful when you live on this side of the world. But really this applies to wherever you live in the world. If you’re living in, Europe, let’s say you got, well, I can’t trade the London morning session because I’m at work. you may be in the US and go, well, I can’t trade the London trading session because it’s like 4:00 in the morning for me. And so it doesn’t matter where you live in the world, the same concept applies.
Profitable US30 and Natural Gas trades.
The thing is, with trades like the US30 that I took this week, and by the way, it was a very profitable trade. We had a 3.2 to 1 reward to risk on that, and we also had a 2.8 to 1 reward to risk on the natural gas, both for profitable.
So great results. the point being is I took both of those two trades based off the daily charts, and I took them at the close of the day, which is 5 p.m. New York time. Now, the great thing is, when you understand, close of charts, close a day charts and the close of a time friend chart.
That’s when you can look at your charts. When you add to that the fact that we use limit orders, you don’t actually need to be there at that exact time. So going back to the US30, when the, market then opened, I think it was 6:00, eastern Standard Time, maybe seven. I then, put on the sell limit orders to sell the US30 above its current price, the market.
Then, during that day, then worked its way back up, hit our sell limit entry orders, and then dropped and hit the profit target. So those trades took me, like, a couple of minutes each to see and take and place. And I could have placed those. Doesn’t matter where I live in the world, I could have placed those limit orders.
And that’s the absolute beauty of it. I didn’t need to be setting my alarm clock. Been up at 2:00 in the morning or 3:00 in the morning for the US trading session.
Trade on the close of a candle.
You don’t have to do that trade based off the close of a candle. And if you can trade at that 5:00 New York time in the evening, that time, that means you can also go through multiple other charts like we do each day.
We look at six, eight and 12 hour charts. depending on where you live in the world, you can look at close of, six hour charts or eight hour charts or 12 hour charts, which, by the way, at 5 a.m., New York time.
Now that doesn’t suit. And you go, well, it’s 5:00 in the morning because I live in New York. Well, if you place limit orders, you could place them at like 6 or 7 or 8:00 in the morning when you get up. And you can still take those traits. And so work your trading around your available time and what suits you. But once you know what you’re doing, you don’t need to have to sit there watching like so.
Five and 15 minute charts in the London session or in the New York session. Do the complete opposite, because the opposite is where you get your longevity and your enjoyment from. And also you’re going to get your, lot less stress and higher reward to risk trade. So remember, it’s about the quality of trades, not the quantity of trades that you have there.
My 17 minutes Masterclass and Book a Call.
If you’d like to find out how we do this, I strongly recommend you jump on to my 17 minute on demand masterclass session. I’ll put a link to that here.
If you’d like to, go ahead and book a call to have a chat with one of, myself or one of my team. I put a link that you can do that. Just fill out just a few questions, and then you can book a time to have a chat with us. If you’re in the US or Canada, you can talk directly with Paul Tillman, via that application form as well.
Blueberry Markets as a Forex Broker.
And if you’re out there looking for a very high quality forex broker, which also offers the indices and those metals and commodities and the cryptos that we talk about, I highly recommend you take a look at blueberry markets. I’ll put a link to them here as well. I use their MT5 platform. It’s fantastic. Just a massive array of different markets and, great people, great spreads and very fast withdrawals from your account. And you make your profits as well. So I’ll put a link to blueberry markets here as well.
Comments, Like & Subscribe.
If you have any other questions or topics, that you’d like me to cover on future videos and podcasts, just send me an email, Andrew@TheForexTradingCoach.com, or leave a link if you’re watching on YouTube in the comments.
And don’t forget to like and share and subscribe, and I’ll see you this time next week. Bye for now.