ConnectFX is pleased to bring an exclusive interview with veteran forex trader and renowned trading educator, Andrew Mitchem. Andrew is an author, podcaster and teaches traders his time tested trading system at the Forex Trading Coach.
Q: Hi Andrew, how did you get started trading forex?
A: I started trading after hearing an advert on a local radio station promoting a Forex course in Auckland.
Q: How long have you been trading forex?
A: I started trading in 2003
Q: What led you to make the decision to become a professional forex trader?
A: I had to find something that would enable me to be at home and look after my young pre-school son. I could see the benefits of trading Forex and I enjoyed the challenge of trading so I decided to trade full time.
Q: How would you describe your trading style?
A: I am a technical trader. I am aware of the fundamentals although I don’t specifically trade the news. I would say that my trading is mostly discretionary and I prefer trading the longer time frame charts of H1 [1 hour] and higher. The H4 [4 hour], D1 [1 day] and W1 [1 week] charts would be my personal preferred charts as they offer higher reward:risk trades and require less chart watching time.
Q: What instruments and pairs to you like to trade?
A: I trade the 8 main Forex currencies.
Q: Do you manage outside money as well as trade your own account?
A: Yes I do but at this stage that is only available for my coaching clients who wish to use this additional service.
Q: Please describe your best trade to date.
A: Any trade that shows a good technical setup that retraces to my entry level, has a very small drawdown and then moves to my profit target.
Q: Please describe one trade you would like to take back and what you would have done differently in hindsight.
A: I think that as long as you learn from all trades you place that is fine. I limit my risk on each trade so a losing trade is an accepted part of trading.
Q: What are your views on the forex market for upcoming year?
A: More and more small retail traders are likely to join in but most unfortunately are lured in by the flashy ads promising little work and massive returns. These people will be disappointed.
Q: What advice would you give to a new forex trader?
A: Get good education from the beginning. Too many people think they can learn from forums. Too many also blow their accounts by not knowing what they are doing. They then get disgruntled with the market and never trade again.
Q: How has forex trading changed your lifestyle?
A: Completely. It allows me to trade from home and be with my family. It allows me to travel and also trade and I like to fly my helicopter 2-3 times per week. I trade mostly in the mornings my time which is the close of the US session and again in the evening which is the European session.
Q: Where’s the best way people can connect with you?
A: Have a look through my website TheForexTradingCoach.com. There is a massive amount of free information there, such as my e-book, my trading calculator, daily analysis, videos and webinars. If a trader likes what they see, they should then contact me via the website.
Thanks very much for your time, Andrew.
