In this video:
00:28 – Massive market moves recently on Metals and Cryptos.
01:08 – Did you miss out on making money from these moves?
02:15 – Why I don’t look at the news.
03:00 – Why trading is not risky.
04:18 – My Masterclass webinar.
04:46 – Blueberry Markets as a Forex Broker.
05:25 – Contact me.
We have seen some massive market moves over the last few days and few weeks. Hopefully you’ve gained from those and if you haven’t, you need to watch this video. Let’s get into that a more right now.
Hey there traders. It’s Andrew Mitchem here at The Forex Trading Coach with weekly video and podcast number 622.
Massive market moves recently on Metals and Cryptos.
Well the moves have been enormous haven’t they. If you’ve been looking at like Bitcoin. Bitcoin was $126,000 just 17 days ago. Then it dropped to $72,000, a huge drop. Did you get some of that? Silver, $121. Just three days ago, then dropped to $71 just in three days. Huge. Did you get some of that? Gold. $5,500 just three days ago. Right now, $4,400 in three days. Again. Incredible moves. Hopefully you got some of that movement.
Did you miss out on making money from these moves?
And if you didn’t, you need to be asking some questions. Because if you go and have a look at, say, the gold and silver, have a look at the daily chart and you’ll see at the top of a very, very large uptrend on both markets there was suddenly a huge indecision candle.
It was the early warning signal for us as technical traders that things were coming to an end. The bullish run was coming to an end and look what we saw. Now, sure, not many people could have seen such a massive drop in just such a short amount of time. That’s not really the point. The point is that if you had seen that indecision candle and you still had some buy positions in, probably a good time to start looking at, getting out of them or closing part of your positions.
Likewise, if you’re looking for selling opportunities, well, that indecision candle gave you the first decision or early warning that things were about to tip over. But now here we are just a few days later. Now we’re looking at buying opportunities again right now, today on multiple gold pairs as well, and a few of the silver pairs as well. And that just comes about from understanding and reading candles.
Why I don’t look at the news.
So if you are out there trying to decipher why these things happen, looking at news, trading and trying to work out all why’s gold and silver suddenly going up and up and up and then suddenly crash? Why is Bitcoin done the same?
For me personally, as someone that’s been trading the markets for over 20 years as a full time trader, I don’t look at the news.
Yes, I have a look to see what’s happening. I’m aware of what’s coming up, that type of thing, purely for knowledge. But does it influence my trading? Not one bit. The reason is, is I can tell everything I need to know to make good, smart, reliable decisions from looking at the charts now that, is applied across all markets and all timeframe charts, and that is where I think we have such an edge in our trading now.
Why trading is not risky.
A lot of people will look at those massive drops and go, oh my goodness, you know, that’s so risky. You know, I could have bought silver $121 and then it dropped to 72. It’s so risky. I can’t do that. And the point is, is that once you understand risk and you have low and controlled risk on every trade, you’re not making those massive losses.
You know, you just if you know what you’re doing and risk is such an important part of trading or controlling it, both helps your emotions and your bank account. You need to keep your risk low and controlled and equal on every trade. And so all that is happening with those massive drops is it was giving us against the massive uptrends great opportunities to take sell positions on those golds and silvers and bitcoins, etc. over the last little while.
Now we’re seeing pullbacks and now we’re seeing bounces at previous lows, and now we’re seeing the candle patterns that are starting to turn bullish in the right part of the chart to give us like opportunities to start buying those markets again and picking up those uptrends that are likely now to follow with the bigger picture uptrend after a pullback.
And so that’s what I call a continuation trade. And that’s why right now today we’re about to take some certainly some gold trades and a couple silver trades. Buying them back up again.
My Masterclass webinar.
So if you’re out there either getting scared of these big moves or not knowing how to take advantage of them, I really suggest that you spend 30 minutes and jump onto my masterclass. I’ll put the link to that here if you’ve not already been on it.
And have a look at what we can help our traders with. Whether it’s trading by yourself, trading on a prop firm, whatever it is that you wish to do in order to look after your financial future, but also have the knowledge to know what to do.
Blueberry Markets as a Forex Broker.
If you are out there looking for a high quality broker, I can highly recommend Blueberry Markets. They’re based in Australia and almost everybody, anywhere in the world can open an account with them. They offer, the MT5 trading platform, awesome platform. You know, Metatrader is still one of the most, popular trading platforms. It’s free to use. Sure. When you get the demo, it’s a bit clunky and a little bit kind of like strange looking, but you add a few templates and a few indicators, like we provide, and everything’s just awesome. Simple to use. And I can highly recommend, the MT5 platform, with Blueberry Markets. And I’ve a link to them as well.
Contact me.
If you have any questions about today’s topic or any, conversations, topics, questions that you have for me that you’d like me to cover in future videos and podcasts like this, just send me an email to Andrew@TheForexTradingCoach.com
And they do come through to me and I do answer them all personally. If you’re out there, trying to figure out when to trade, look at the candle close, it’s the only way you can really trade. If you’re a technical trader. And it just means you know when to look at your charts. And if you’re watching this video, you see the incredible day we’ve got here in New Zealand and the incredible scenery that we have here.
You don’t need to be glued to the charts. People that get glued to the charts and look at like, five minute charts and 15 minute charts. Probably not a great idea. Trade less, take high quality trades and enjoy your life. That’s what we do, and that’s what we can help you to do the same.
Any questions? Reach out to me and, I’ll see this time next week. Bye for now.