#598: Forex Tips for Passive Investors by Andrew Mitchem, Patrick Grimes & Steven Primo

Online Forex Trading Course

Forex Tips for Passive Investors by Andrew Mitchem, Patrick Grimes & Steven Primo Podcast: Find out more about Blueberry Markets – Click Here Find out more about my Online Video Forex Course Book a Call with Andrew or one of his team now Click Here to Attend my Free Masterclass Click Here to Watch Prop Firm Masterclass #598: Forex Tips for Passive Investors by Andrew Mitchem, Patrick Grimes & Steven Primo In this video: 00:25 – Top trading strategies for passive investors. 05:50 – Why I choose to trade the FX market. 11:47 – The ability to Buy and Sell. 15:03 – How much time do you need to trade daily? 25:00 – Why so many retail traders lose money. 41:40 – Do you want to invest in your trading education? Patrick Grimes: Right. This is Patrick Grimes and I’m really excited to be here today with some awesome people to talk about a completely new alternative investing strategy we have not dug into to this level before. Top trading strategies for passive investors. Two heavy hitters to talk about it. And that is top currency trading strategies for passive investors, also known as Forex. What is that? How does it work? What are the risks? We’re going to dig into all that today. How to be successful at it. Is it passive, is it not? These are all really cool things, and I’m excited to learn about it along with you. I haven’t done this, and this is one of the passion projects. This is my passion project here. This is our Alternative Investing Mastery series and put on by Passive Investing Mastery and myself. And why are we doing this? We’re doing this because we want to educate investors to achieve mastery in the art of passive alternative investing strategies. So you keep your life back. You can be passive, but you get into alternatives. You’re just all about the stock market, this is not the right event for you or the right series for you because we’re about non-correlated investments outside of the stock market. Ones that don’t rise and fall together. Now, we educate here. It’s important for us. I’m on over a hundred podcasts and books. I’ve written articles and forums and others. It’s all on my website. I actually give away a couple of bestselling books for free on our website, if you’re interested. I actually sign them and send them out, help inspire people along their journey. And we have this bi-weekly webinar series, which seems to have turned into a weekly webinar series, always featuring a Blue Ocean approach of different alternative strategies. Now, we’re doing this because we believe financial security happens through a lot of different allocations into different markets, which can only be achieved into these very unique kind of novel alt strategies. And we want you to get to that point where you have true, not just independence, but security, and the abundance, the financial abundance you need for the causes you care about most. That’s our mission here. We do that through education and through sponsoring best-in-class alternative investments, which you can check it on our website. The next event, before we go any further, make sure you jump in there, one week from today, Venture Capital for Passive Investors: Syndication Strategies That Works. I don’t do a lot of venture capital. It’s not really my bag, but a lot of people do. And a couple friends of mine that I’m in large, very large real estate deals with that have invested huge and were some partners in some of these deals. Isaac Bennett works for a venture capital firm. I’m in some Masterminds with him. And he is doing real estate and venture capital. Trey Taylor is a family office. He manages his own and all of his relatives, his extended family’s funds, and he also does angel and venture. So we’re going to talk about it. He’s going to be there as well. It’s going to be a fascinating conversation. Known both these guys for some time. And what are the different funding options and venture capital risk rewards? How to leverage syndications? What are angel investments and family office and high growth startups? What are these things that allow you to really build that true resilient portfolio? So we’ll go through all of that today. But today, currency trading strategies. Really excited about this. So let’s go to our panelists right now. We have Andrew Mitchem. It’s tomorrow for him. He’s in New Zealand right now, so I appreciate you jumping across the pond virtually for us, Andrew. Andrew Mitchem: Lovely to be here, Patrick. Patrick Grimes: And by the way, Forex is not like real estate. It is global. You’re trading global currencies. So these educators is over 108 countries he’s trading in right now. It doesn’t matter where this expert is, if he’s somewhere on the planet Earth and he’s got something relevant to say for you and America about Forex trading. So he’s a full-time currency trader and investor since 2003, founder of the Forex Trading Coach, providing training to traders in over 108 countries. Pretty awesome. Developed a profitable trading system after initial challenges. I would love to hear more about that. Advocates for the flexibility and freedom offered by currency trading. Really excited to have you here, Andrew. And on the other side of the Pacific Ocean, where I’m kind of sitting in the middle, is Steven Primo. Primo is the Oracle here I think on the call. Is it okay if I call you that, Primo? Steven Primo: That’s fine. Everyone calls me that as well. That’s fine. Patrick Grimes: Well, I’m glad, because it made sense. 48 years as of this year, he’s been trading. He has been trading for 48 years, starting in 1977 as a floor reporter on the Pacific Stock Exchange. Former stock exchange specialist for Donaldson, Lufkin & Jenrette, managing markets in over 50 stocks. Co-developer of the PTS Primo Charting Platform focused on trading education. Once again, perfect. Glad to have you here. Featured in Stocks & Commodities magazine, he’s contributor for contributor for TradingMarkets and the FX Street and Trader Expo. His proprietary methods for trading are used in over a hundred countries. This is a global strategy. Couldn’t ask for a better group of guys. Let’s start with Andrew and then go to Steven, and I’d like to hear why are you excited to be here today educating us on currency trading strategies? Go ahead, Andrew. Why I choose to trade the FX market. Andrew Mitchem: Hey there, Patrick. Hi everybody. I’m here today because I absolutely love trading in Forex market, and it’s just completely changed my life over the last 20 years, and the more that I can help do that to other people, the better. It’s an awesome market to trade. Patrick Grimes: And Steven. Steven Primo: Hello everyone. Thanks for inviting me today. And similar to what Andrew said, I’ve been trading for 48 years, but roughly about 20 years ago I really wanted to start sharing what I had learned, because you can only go so far if you’re just sitting in a room trading by yourself, but to a point you have to share with other people and that extends your next level of trading. So I started teaching and I’m excited to teach people. It really is a lot. It gives you a lot more satisfaction than just sitting alone in a room trading by yourself. Patrick Grimes: All right. So here we go. We’re going to dive into the discussion, but first I want to make sure that we see have a lot of people here participating in the chat. David, Amital, Bill, Kenneth, Anise, thank you so much for already jumping in there and starting to participate. Keep your questions coming. We’re going to have lots of questions during this event, probably 40, 60. We’re going to answer questions as they’re relevant to the current topics that we’re talking about. I may punt on some questions and then towards the end when we reach those topics, weave those into the conversation. If we miss one, that’s our bad, but we’re going to go back through it after the 45-minute mark and go through a very laser-focused Q&A. Do our best to get through all of those questions. But keep them coming. We usually have 40 plus, 60 plus questions, so it’s a very lively discussion. Looking forward to this today. So without any further ado, let’s jump into the discussion. So, what is currency trading? It’s what we’re going to start out with, and we’re going to break it down in very simple terms. I like to say that so that my grandmother’s knitting circle can understand. So let’s break that jargon down very simply. Andrew, what is currency trading? How does it work? Andrew Mitchem: Yeah, Patrick, so to break it down real simply, currency trading, when you trade currencies, you’re actually trading what’s called a pair. So you don’t just trade one stock or one thing, you trade something against something else. So as an example, the Euro/US Dollar. It’s traded as the Euro/US Dollar, as a currency pair. And when we look at it, we can either buy or sell that currency pair. So if the Euro/US Dollar looks like it’s moving up, effectively we’re looking at strength in the euro, weakness in the US dollar. If it looks like the Euro/US is falling, that means we’re effectively looking for selling euro and buying US dollar. So they’re all traded together as currency pairs. There are eight main currencies that we look at, and that would be the Euro/US Dollar, Swiss franc, Canadian dollar, Australian dollar, New Zealand dollar, Japanese yen, and the British pound. So it makes it really easy because it’s mainly just eight currencies to look at. Patrick Grimes: So Yuan, the Chinese Yuan is not on that list. Andrew Mitchem: We do have those as well. But for people that are wanting to start this as something new, I would probably focus on those main eight currencies. They’re the most traded. The cost of doing the trading is very small in terms of the spread, the liquidity’s fantastic,