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Desire To Trade Podcast | Forex Trading & Interviews with Highly Successful Traders
468: Trading Price Action With 21 Years of Wisdom - Andrew Mitchem
Aug 19, 2024
Andrew Mitchem, a trading expert with over 21 years of experience, shares invaluable insights on price action trading. He highlights the significance of high-probability candle patterns and effective risk management strategies. Andrew emphasizes the need for consistency, dedication, and realistic expectations in trading. He also discusses the importance of community support and mentorship, along with the balance between excitement and discipline. Listeners will learn how to select currency pairs and the necessity of backtesting for long-term success.
33:56
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Quick takeaways
- Andrew Mitchem emphasizes the importance of consistent trading strategies over time, specifically price action trading across various timeframes for better profitability.
- He highlights the significant role of risk management and community support in fostering long-term trading success and developing accountability among traders.
Deep dives
Trading Style and Strategy Continuity
The guest emphasizes the importance of consistency in trading style, noting that his strategy has remained unchanged over the past 15 years. This approach allows him to avoid chasing market conditions, instead focusing on price action based trading across various timeframes, including non-standard ones like six-hour and eight-hour charts. By monitoring multiple timeframes simultaneously, he can identify potential trading setups that enhance his chances of finding profitable opportunities. This method stresses the strengths and weaknesses of different timeframes while managing risk effectively.
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Discover
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