#485: My Top 5 Trading Takeaways from This Year


Manage episode 349468335 series 1567435
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My Top 5 Trading Takeaways from This Year Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course #485:My Top 5 Trading Takeaways from This Year In this video: 00:32 – My top 5 trading takeaways from 2022 00:47 - #1 Trade the Market that is Active 02:33 – #2 Trade What You See and Not What You Think 04:07 – #3 Get Yourself Educated and Part of a Trading Community 05:45 – #4 Be Consistent in All You Do 06:53 – #5 Enjoy Your Trading – Here’s How 08:05 – Next Week’s Video and Podcast I'm gonna give you my Top Five Takeaways that I've learned from trading this year and how you can use those top five tips to aid your trading into 2023. Let's get into that more right now. Hey there traders. It's Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 485. My top 5 trading takeaways from 2022 I want to give you today my top five trading tips and takeaways that I've taken from trading the FX market and other markets this year as we draw towards the end of 2022. Let's start with #1. #1 Trade the Market that is Active So #1 is trade. The markets that are active . And what I mean by that is different markets have different conditions throughout the year, and of course you never know what those conditions are going to be ahead of time. But what you can do is you can see which particular markets are trending well at the time, which are moving, which have volatility, and therefore, which markets are giving you the best opportunities Now that in the Forex market can be, sometimes some pairs go quite flat. Other times you'll find that most pairs go quite flat. Other times everything seems to be moving. So as a phrase I used going back to my farming days of 20 plus years ago of "make hay while the sun shines". I'm sure you've heard that phrase. And it's no different in trading. If the market conditions are active, things are moving, things are volatile. Great conditions there. That's the time to be identifying trades. Now you go and look at the crypto market. This year, for example, there have been some massive, massive moves earlier in the year in the crypto markets. But you go and look at the last month, you look at like, let's say November, and now into early December. Most of the crypto markets are just completely and utterly flat. I haven't taken hardly any trades on the crypto markets in the last, say, like almost two months now, because the market conditions have not been there yet. The forest markets have been fantastic. The metals are starting to move. Oil right now is dropping a lot, so the other markets are showing some great opportunities. So trade the markets that are giving you the best trading conditions at that time. #2 Trade What You See and Not What You Think Take away #2. You should trade what you see and not what you think. Really important that you do that as a technical trader and not a news fundamental trader. I trade what I see on the charts, so therefore I'm trading what I'm seeing is actually happening, not what Andrew or someone else or someone on a news station thinks might be going to. and you see things have changed slightly when it comes to the news. No longer do we get those massive great big spikes and big gaps and non-farm payrolls. You know, that's jumping up maybe three, 400 pips in 30 seconds like it used to, some 10, 15 years ago. And when you think about what's happening globally right now, like almost everybody's sort of heading into. Everybody's got inflation. Everybody's lifting interest rates. And so that differential between different countries, like you used to have a number of years ago, for example, when the Japanese interest rate was negative and the New Zealand was huge, it was like 6%, 7% or something, you know, it was always a massive differential. Whereas today, everybody's sort of moving in the same direction,

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