In this video, I attempt to trade Forex for two weeks with absolutely zero experience to see if it’s something the average person should try out to secure some bags.
The problem with Forex trading is it has attracted vast amounts of spammers – or just slick salesmen pitching an undeniably amazing, yet attainable lifestyle if you join their training/VIP group/mastermind/course/whatever!
I have never traded Forex before this experiment and had no idea how it even worked until I decided to dive in. Of course, I don’t expect a few days of studying Forex basics and strategies to turn me into a profitable trader, but when so many gurus are advertising their services to the masses, I wanted to put some money on the line to try things out for myself.
The #1 takeaway you should get from this video is please, don’t spend money chasing a Forex lifestyle or promises of massive profit. Forex is comprised of incredibly efficient markets, making it hard for the average retail trader to turn a consistent profit.
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0:00 Intro
0:39 What Forex Is
3:09 Charting3:42 My First Trades
5:22 Next Steps
6:23 Forex Signals
8:25 More Trading
9:40 How My Trading Went
11:46 Final Thoughts on Forex
#Forex
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what do you think? want a forex trading update in a month or should i call it quits and move on to something else?
The no BS way is to follow this:
-Find a strategy and backtest it a 100 times at least. Always use a positive RR (1 to 1.5 for example).
-After a 100 trades, find your win/lose ratio and if you made a profit with your RR. Try to backtest it manually and filter out the times you wouldn't be able to trade (are you asleep? Is the setup kinda confusing and barely fitting your strategy criteria?)
-Now if it's positive, start trading it either on demo or with small lots with real money if you want some thrill.
-If you can be positive for a few weeks, then go bigger.
-ALWAYS remind yourself that you lose some and win some. A good strategy wins about 50% of the time with a positive RR ratio. The goal is to be positive month to month if possible.
-To live from Forex, you need a big amount of money, at least 25 000 USD I'd say. A lot of retail traders get in with big expectations and think they'll get rich from it, that's not how it works and they'll leave with a loss after a short time and contribute to the "95% of forex traders lose money". Perseverance and patience is key, but also have a good trading psychology to handle losing streaks.
Some people absolutely hate the feeling of losing money. Just remember that it's just numbers and that trading is never a straight profit line. You can't control the markets, you're trying to gain an hedge over its movement, a bit like a casino that will sometimes lose but will win long term. It's a game of probability.
i subscribed. i liked the honesty
Literally went long on a downtrend 😭
Great video! In order to trade (any type of assets) in general it is better to reflect on fundamental analysis because fundalmentals drive the price in a certain direction. Technical analysis is vital to determine entry and exits point, but it should not be used for forecasting the move.
Before discussing trading setups and possible strategies most importantly you needs trading plan. Trading is all about eliminating to the minimum the losing trades and achieving winning ones. A skill that takes time and a lot of work to achieve.
volatility in forex markets is very low so to improve your chances, you need to stretch out your time horizon, very difficult if not impossible to make money day trading forex.
"To give it a little more breathing room" is not a methodical approach to setting a stop-loss. I'm not surprised that this endeavour didn't work out for you, and it is good that you made this video to show that uneducated and unplanned attempts at trading FOREX will result in losses.
Love these genuine videos. Please keep it up.
Remember folks BUY HIGH AND SELL LOW
You rock dude.
I trained for a year over seas brokers ripped me off.I think stocks are far more secure than forex.This is after I started winning 90% of my demo trades.I like stocks better.
Is it safe to put your ssn
Another form of gambling. THANKS.
I wasn't actually expecting my profit from Austin today.too good to be true but I just earn from Austin platform.
Thanks for posting, very well presented.
Every Forex broker I encountered was a fraud operation. As soon as you become profitable they open up a war chest of tactics to stop you being successful. They're notorious for it.
Forex is not a scam if you put in the work and stick to it
i trade for over 3 years and i make money with it i cant life from forex but its a nice bag of extra money
I subscribed because of the Taylor Swift’s merch hoodie, not gonna lie
Well the first trades were definely suppose to be sell look at the size of the bear candles.
kind of agree with you buddy, Forex could be pretty hard to learn, that is why I join a platform that have a system(software) that does the trading while I am learning .
Literally, the more I learn about trading the less I actually know!!!
I have a friend who is hyped to do forex. One of his friends is helping him get signed up he's paying an entry fee of around $220 and will than be charged $175 a month for a forex class is he being scammed
did i just watch some guy pay for signals?
Forex is ridiculous lol… probably the worst place for retail to make money yet so many people fall for it.
Only use ea's or signal services who has an myfxbook account and you'll be good, otherwise you're basically fking yourself. I use MG PRO EA and SWING VIP from Sinry Advice, search it up, he has an myfxbook so it's 100 percent transparant. I use these bots combined with trades I place myself, and oh boii 🔥🔥
I'll rather learn options then Forex.
Think I'll stick to Dogecoin ! Enjoyed the vid, sub.
My man right here pretty much doing all that is against really becoming profitable in trading xD
Forex is the largest market in the world what you mean is it a scam 😂
Forex can be profitable. Like most people you went "live" too soon. The long time traders emphasize practicing for months some say a year before using real money.
Fuck, I wish I had a tiger….
This guy is the most honest retail trader. As a former hft, retails dont stand a chance. Forex is even worst since they have specialized asics for that.
To make real money, costs 20k in startup costs and 2-3k in monthly maintenance costs and can only really be done algorithmically.
Love Babypips! Such a good site