148: 17 Year Forex Pro Shares Almost Everything In 40 Minutes w/ Andrew Mitchem
Nov 10, 2021
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Andrew Mitchem, 17 Year Forex Pro, discusses the significance of proven trading systems, their trading background and the discovery of fib levels and rain numbers. Exploring various trading strategies, the speaker emphasizes the importance of mindset and routine, understanding price action, and using Bollinger bands. The hosts also engage in a quick fire round of trading-related questions and give advice on finding a trading system.
Consistency and effective risk management are crucial for trading success.
Understanding price action and incorporating Bollinger Bands can enhance trading strategies.
Deep dives
Consistency and Risk Management are Key for Trading Success
According to Andrew Mitchum, being consistent in your trading approach and effectively managing your risk are crucial for achieving success in trading. Mitchum emphasizes the importance of treating trading as a business and maintaining discipline in following your strategy. He recommends keeping your risk low, with a maximum risk per trade of 0.5-1% of your account. By focusing on the process, rather than obsessing over individual trades, traders can avoid emotional decision-making and stick to their plan. Mitchum also highlights the significance of community support and learning from experienced traders.
Price Action and Bollinger Bands for Trading Strategy
Mitchum suggests that traders focus on understanding price action and using Bollinger Bands in their trading strategy. He advocates for analyzing candlestick patterns within the context of the chart and incorporating Bollinger Bands to identify trend reversals and continuations. Mitchum believes that using fib levels in entry and exit strategies, combined with strong risk management, can lead to profitable trades. He recommends seeking advice or guidance from experienced traders who align with your desired trading style, to expedite the learning process.
Consistent Trading Routine and Immersive Learning
Consistency plays a vital role in trading success, as Mitchum emphasizes the importance of following a routine and being disciplined in executing trades. He suggests scanning through different time frames daily, focusing on the daily charts, and checking other time frames twice a day to identify trade setups. In terms of learning, Mitchum recommends immersing oneself in a community of like-minded traders to gain support and exchange ideas. He advises traders to understand their emotions, control risk, and avoid overtrading or chasing trades.
Mastering Money Management and Embracing Simplicity
Mitchum places significant importance on effective money management, advocating for low-risk trading approaches and setting clear stop-loss and profit targets. He suggests focusing on percentages rather than pips and advises traders to aim for high reward-to-risk ratios. Mitchum emphasizes the benefits of embracing simplicity in trading strategies, rather than adding unnecessary indicators or complexities. By focusing on a clear strategy and eliminating emotional decision-making, traders can achieve consistency and profitability in the long run.
Click here for Andrew's interview show notes: https://tradingnut.com/andrew-mitchem-2/?r=pod
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