do an update, but please read up on risk management first. It seems like you were either setting your stop loss and take profit without a reason or just getting emotional by closing your trade early. Never take a trade unless its at least 1:3 risk/reward. Hope to see you do better next time but glad you gave it a try. This is something which takes a long time to understand and you won't be profitable within a month, but over the long term will be worth it. Forex teaches you not only about the markets/economy but also about yourself/emotions.
I like your conclusions at the end of the video, very appropriate. FX trading is about gaining an edge over the mkt, having a system that wins more often than it losses. That means a system must be properly backtested, then forward tested in real world conditions before investing real money. Most of those selling signals are probably doing it because they can't make money trading, so they make it by selling a dream to others. "Those who can't trade, teach". Anyway great video!!
Hey man. Quick tip. When trading forex try to trade pairs with lower spreads. In that EURNZD buy price moved 14 pips but you only cashed 3. That's 80% of your gains going to the broker
He didn't "show the reality of trading." He dabbled superficially for an extremely short amount of time, lost money, and then made unfounded proclamations about it.
Give Dreamfire52 a try for copy trading. Totally passive and you don't need to know anything... Results after about 7 months have been impressive so far. I would even recommend it over eToro.
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.
Well I believe this applies to me because I started trading without a proper goal or direction. All I wanted was to make a quick buck, you bet I lost a lot of money instead.
Haha… I hope you found your way around that sir, most traders believe trading is the proverbial road to quick riches. Such over confidence is dangerous as it breeds complacency and encourages excessive risk taking.
Trading is very demanding, most people think because you work from home everything will be comfortable, that’s definitely not true. It’s a lot of things involved.
Trading Forex is really easy: 1) You open a demo account. 2) You open a second demo account. 3) Put a lot of buy trades in one account and a lot of sell in the other with huge lot sizes. 4) Scam people out of their money by showing them your profitable account and some astrology BS.
There is actually a far better way. You purchase the email addresses of 256 wealthy people. You send them daily updates. on half you buy big, the other half you sell big. On the half that loose, you cull leaving you with 128 potentials who have just witnessed you making a profitable trade. You do the same thing next day, after day 2 you cull the half that lost, leaving you with 56 potentials who have now seen you make 2 profitable trades. After doing this for 10 days you are now left with a tiny group of investors who are willing to give you their life savings, because you just proved in real time that you can call the right moves 10 times in a row. once you get their funds you run! simples
How does that work? All buy trades in one account and all sell trades in another account, won't make you look profitable, unless you happen to be in a trending market
Thank you for pulling the curtain back on this unethical niche and giving us the real picture of what everything is really like. About time someone did it
"unethical niche" is actually a good way to put it. it's not that trading forex is a scam in itself, but it's very difficult and many "gurus" like to make it seem like it isn't. thanks for watching!
@@DanielInskeep exactly. I’m sure with enough work and effort forex is a legit way to make an income. Just gets skewed and abused too much by scammers. For sure man! Keep em coming
Exactly bro I’m studying 15 books on forex and I plan to become profitable in like three years and than you got jokers like this guy I used the doctor example also hahahaa 🤣👌🏻
Finally someone is honest and tells people if they rely on signals they'll never learn the skill. These signals hurt a person more than they can ever help.
Hey mate, subbed 2 videos ago because of your genuine format. I've been trading forex for 15 years and now can say I am consistently profitable. Just want to say thanks for not scamming folks. The people following the signal groups are the ones on the losing end of my successful trades. Its all about risk management and price action. Cheers bud.
@@rsv7248 he is not profitable. when you become profitable you don't keep researching RU-vid videos. its impossible to be consistent in forex because its random. they just move against the majority and you can't see who the majority is. the chart is useless because it doesn't tell you who is buying tomorrow. it tells you who bought yesterday
it's profitable indeed but as you rightfully stated hard to learn, the hardest being self discipline (managing risk & sticking to your plan) 99% of retail traders blow accounts because they essentially lack this & treat the market like a roulette wheel
Interesting video, BUT some mistakes I noticed : - Wrong entry price - wrong stop loss ( I feel like you put them randomly) - Stop changing LOT size every time you execute a trade And also you have to make sure that the signal have an entry point, SL, TP .If you are 10 or 5 min late don’t execute the trade only if it’s a swing trade
yeah, you're right! i agree all-around. i tried following all signals' TP and SL - my own i tried based off some recent price action but wasn't very disciplined.
Its taken me 6 months of forex just to break even on my trades... the best for me so far is "institutional trading" or sometimes called "bankers candle/strategy". Takes time to learn, just be patient with it.
the most recurrent theme in every Business class you will take every time Forex is mentioned is High RISK-High Reward. Emphasis on risk! Do not quit your job, find a way to incorporate it into your routine then save up and invest more, then decide down the line if it is enough for your lifestyle. That's my take on Forex, still learning though...
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.
Forex is scam , don't trade it , trade stocks or Future , Option market because they are regulated by US goverment , it's a fair market , we are trading agaist each others but Forex you are trading agajnst the brokers
@@scottline4161 How could you be trading for 2 years yet not be making consistent profits ? No offence but it seems u have alot of initial capital and are just playing games with trading for the adrenaline rush. If u had no profits for 2 years u would have blown up and lost all your initial capital.
That’s part of the process you first start not knowing much then think you know a bit then when you actually trade you realize you know nothing. Now is the time to study study study and eventually you’ll start to feel comfortable and you’ll see patterns happen more often and become comfortable then you’ll be able to do it in your sleep. That’s how it was for me and it took about 1 1/2 years to be comfortable for just one future as I trade NASDAQ 100 Futures.
I remember I was so confident in trading forex because my paper trading was on fire. I never lost 1000 dollars so fast. I later then found out that traders-way would manipulate the market to take your money. It always went the opposite way I was going for. Like wtf
Forex is scam , don't trade it , trade stocks or Future , Option market because they are regulated by US goverment , it's a fair market , we are trading agaist each others but Forex you are trading agajnst the brokers
Forex a scam? how can the exchange of curency would be a scam? the scammers are the brokers, but thats most of you guys that tried forex and failed are to blame by choosing an NON REGULATED BROKER, the next time do your research before choosing a broker and try to enter to the market with more experience than a month or two.
Hi Daniel, that's some pretty cool insight. I love that you include your research strategies in these videos, this is where I'm getting the most out of your content. Thank you for that! Keep up the great work :)
I started forex trading 2 years ago with signals with no great success, but I kept learning. I now use software like the institutions to trade for me and keeping my risk settings conservative to grow my wealth. I now added PAMM accounts to my portfolio with pro traders trading for me. I also do my own manual trading because I learned and still learning. I can't wait to get as many years in the forex market as I have in the stock market. Game changer!
Super respect on your videos. Very insightful and transparent trades. Keep it up, I really liked the video where you challenged another trader and compared P&L in the end. I want to do that with other traders whom I know.
Cool video, entertaining and informative! For the Newbies, find a community that won't grief you for asking questions to learn trading! If Trading Captures your attention, stick with it this skill pays!
as a semi-experienced forex trader (2 years), you have been very impressive in the way you MANAGE your risk. when I was a beginner I wasn't even half as disciplined as you are in this video.
@TaketheK I N G D O M yeah also in forex you need to set how much % you are willing to risk so the normal thing is to risk 1% for each trade so that would be 10 dollars for each trade and then you see him loosing $16, $20, etc.
if you joined mambafx, idk why i feel like you did bc you call it vip, he doesnt actually take real trades and only trades on demo, makes all his money on the group and pretends to know how to trade, idk how people stay in the group after a 10% wr
Forex has been my major source of income I’ve been earning massively with the help of my mentor’s winning strategies plus signals which guarantees profits in return I’ll advise you contact him on WhatsApp to get started 👇
Focus on investing in crypto and not trading. That market moves so quickly and unless you have lots of experience with trading you will lose your money in a matter of minutes.
Do an update, but please read up on risk management first. It seems like you were either setting your stop loss and take profit without a reason or just getting emotional by closing your trade early. Never take a trade unless its at least 1:3 risk/reward. Hope to see you do better next time but glad you gave it a try. This is something which takes a long time to understand and you won't be profitable within a month, but over the long term will be worth it. Forex teaches you not only about the markets/economy but also about yourself/emotions.
Keep trading forex, I will be starting my real account soon, one thing I will say is look at the pair and look at the session you are trading. 8am is New York session and it overlaps with London session giving it more volume and remember look at the overall trend and December is a slow month but I would like another RU-vid video please. Try in Janurary!
Funny thing is most real successful traders loose more trades than they win but the profits far outweigh the losses because it takes a few tries to be right on the trend. I think the profitable trades are around 30%-40% and loosing trades are around 60%-70%.
I trade full time. There are dozens of factors which can ruin a trade. To be successful you must identify and watch for these. This takes a lot of experience. Example: at 4:14 you sold. The chart was in a downtrend, but the most recent swing high was higher than the previous. This makes the downtrend invalid or at least questionable on this timeframe. You want to see price move up to 1.2134 and turn down again. That would be a good continuation of the downtrend. Instead, price went up and compressed near the resistance. This suggests price may breakout higher. For my methods, the best move is to take no trade here. It's not bullish enough to buy, but it certainly isn't bearish enough to sell.
A regular person cannot make it trading, it takes a dedicated mind. A normal person is not emotionally prepared for the psychology behind trading and then it’s even worse when the broker/exchange is against you
Forex is scam , don't trade it , trade stocks or Future , Option market because they are regulated by US goverment , it's a fair market , we are trading agaist each others but Forex you are trading agajnst the brokers
@@vovanminh999 Bullshit a solid backtested system, solid risk management, paying attention to and knowing how to read fundamental data,smart money concepts, and management of emotions can make anyone a forex trader. I understand you don’t have a high opinion of it, but please don’t diss peoples careers calling the entire market a scam.
So for those looking into forex 1. You have to have a large volume of capital to make even slightly gains. 2. If you are not at all economically and financially literate (and i mean Highly) at best you will struggle some. But since forex is dealing with foreign currency you will most likely lose money or struggle to make a profit because of the volatility. The point is forex is good for maybe small gains but not if you are looking for massive results or income.
@Jae2 First of all because of his bullshit methods, second because how he describes his profit, thirdly I see a difference betweed a humanly generated number and a real number. A 'random' number generated by a human always contains rarely the same number. Most of numbers generated by a human start with 6 or 7, a number generated by a human always swings from a big integer to a small integer. Up and down up and down(most of the time). This clown cannot even properly generate a fake random number, how can he be sucsessful in forex?
Yeah december is hard af to trade, but also 50% of a "normal week", trading for more than 10 - 20 pips on a daily basis is not a realistic approach to fx; but nice review bro!!
Trading is difficult but can be simple. Not easy tho. When I first started I thought it was a scam but it took me 1.5 years to become consistent. Make sure you study charts at least an hour a day or find a mentor (best option)
The market always goes up. It has some bad moments, but it always goes up. I think you close your positions too soon. Don't be scared of a -10%, if you have enough money to hold that position, do it. It will probably go up again
Wonderful comment,i really appreciate a lot,correspond to my administrator on What..sa...ppp to assist you make millions in BTC +. 1. 6. 0. 6. 2. 4. 0. 7. 0. 5. 8.
If you want it bad enough you won't need to ask this question. But either way try for 3 years on the side. Put in the hours and if it doesn't work out then maybe move on to something else. There is a lot more that goes into trading than the trading bit itself. Discipline is one huge bit. As long as you're brutally honest with yourself that you tried everything you could and followed the rules. Also don't pay for any course. Most of them you can find for free online. If not focus on youtube and look at the ones with less views these are mostly the valuable ones.
with the trading market constantly with new features, trading opportunities, financial swings and big sudden surprises around the corner opting for the services of an expert is usually not a bad idea
@@gustavor.2 The forex market has actually been so lucrative on my end, I let my fund manager trade on behalf with his vast experience and great technicalities. Courtesy of his trading services I’ve been able to acquire ample earnings and knowledge in the course of my investments with total grossed profit of over $140k
@@gustavor.2 He goes by the name Mr Nigel K Phineas, he’s a fully licensed trader and my funds are well insured by his firm. You can reach out to him via email if you may need his aid
Wonderful comment,i really appreciate a lot,correspond to my administrator on What..sa...ppp to assist you make millions in BTC +. 1. 6. 0. 6. 2. 4. 0. 7. 0. 5. 8.
A lot of people here seem very, pompous with their trading, but honestly thousands of people would do the same thing he did. Maybe not so much the signal groups but screw having to pay for courses. Im sure forex has been about profiting as an independent source. I may be wrong tho
@@aubreylewis1682 Try and connect with [ angelacorinetrades ] on telegram, she’s one of the best licensed brokers. With him I assure you 70-80% weekly ROI
I think of forex is more macro based. I trade daily or weekly candles and let them ride for sometimes a month before SL or profit is hit. It works pretty well.
@@blackcurrantpop I suppose, but not really for the timeframe. If there isn't a clear support/resistance to go behind, then 2-2.5x ATR on a daily or weekly chart. Then profit target is 1.5x that. So a stop that is 100 pips would have a profit target 150.
i like how you put things in the video however, as a forex trader myself being profitable from it and only being 18, taking me a year to master one strat which is actually quick on avg. the fact that you made a forex vid after 2 weeks and just spoke upon it is 100% a little insulting. even the most common support and resistance technical wasnt used in this.
Yup I agree, the fact that he expects to “understand” by simply watching some youtube videos is hilarious the only way to become consistent is by watching how price moves over long periods of time at least >1year
Learn to read the chart. Learn to identify the different resistance levels. Resistance in itself can be used as a strategy. If a pair has been bottoming out at a certain level and you identify that you can easily ride the pull back for a couple pips. I'm at the point now I don't even need any indicators *maybe* an rsi but that's about it
I dig your videos man…the truth is trading bad so any different levels and types to trade. I play the futures then to over to my options trading with my large brokerage account when my margin is high. My largest position is currently on a great uptick so I am aging off all my debt…additionally investing in additionally training to get into a different field…I have been in finance for 18 years and I am done with it. Burnt out…I can take a year off, which I am doing now and living off my income from my hidings. You need to know what you are doing…you need to study and study,..know what your trading…know your stocks backwards and forwards..then study the reaction in the market, both up and down relationships. It’s fun and I have been doing it a good while and just started to become profitable. I gave slot of money to the market when I started..you pay to play until you learn. Cheers😊
I have been trading and studying the markets for 20 years, almost nothing they teach you works, at best some methods will work every now and then, but overall they don't work, neither is possible to make sense of market news. The methods that do work, are significantly different from what I originally thought.
4:01 - you dont buy against the force ... it didn't even touched the 50 fibo 4:17 - again , selling in the pullback putting the stop loss in the 50 fibo 4:43 - when the pullback hits 50 fibo , you need confirmation before open and new order , the is no solid confirmation in the buyers side , we see more force on the sellers side in the pullback than the buyers side after the pulback 6:23 - Never Ever EVER use forex trading signals or (Copy paste) what others are doing ! take your time , invest in your education first and then your mentality , you got to give yourself time to learn , how can you live out of forex if you copy and paste others ? it's pointless , the problem whit trading is that people don't even try to learn they just want money and that's it 8:32 - you don't buy at the top of the wave ... whait for the pullback 50 fibo and then the confirmation. 8:44 - damn , .. same thing as 8:32 but worse 9:19 - again , never copy paste others , study by yourself ! ,, it's pointless having a car and don't know how to drive it ... you will crash :| 9:40 - win but you didn't learn nothing ,you just copied and paste 10:48 - copy paste 10:54 - copy paste 11:00 - copy paste 11:12 - copy paste 11:22 - copy paste 11:38 - you lost 30 dollar on your own , that's actualy good , better than copy and paste , because when you lose on your own you are actually learning something , and when you don't know what made you lose all that money on your own , start analising what whent wrong and wrote it down so you don't make the same mistakes again , your results come from the level of knolage and not from the knolage from others ( FOR ALL TRADERS OUT THERE READING THIS , DON'T BE LAZY AND TRY TO GET FAST MONEY WHITOUT HARDWORK ! LEARN FOR YOURSELF AND DONT COPY FROM OTHERS !)
@@DanielInskeep don't copy paste bro !! you can be more succesful learning on your own , you can't do it in just a few weeks but in a year i belive you can learn and get a lot of experience !
It takes years to become a good trader. Only demo trade and when you have a winning rate over 6 months then use real cash very slowly because emotions will now challenge you.
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.
@@Yameen200 how short is your short term? We always prepared a strategy for intraday trading using fundamentals to determine the market sentiment and techincal to determine the entry and exit levels.
@@rb7372 Depends on the asset and type of market. I havent traded stocks but i know most who do have a scanner that fits their criteria in volume, liquidity etc. Then they identify technical setups. What fundamentals are u referring to exactly
@@Yameen200 this video is about forex trading so I would assume our entire conversation is about FX (exclude derivatives market). By fundamentals I refer to any monetary policy news, economic calendar, non farm payrols and so on (cpi, M2 etc). You get news coming every day. Trading fx unprepared and without a reliable and most importantly quick source of informarion could be considered as gambling.
@@rb7372 Yes you are right. Well I havent gotten into forex. I know the essentials of how it works. I have been paper trading with futures mainly. As far as i know futures and forex are similiar in using margin and leverage but some dont believe forex is worth intraday trading.
I've studied Price action strategies for years. Both forex and options are not scams. You just need to study technicals, fundamentals, and for some who are more advanced - quant strategies. It took me 7 years to finally learn it. Not as easy as it may seem. You know you are good at forex and options once you develop "20/20 chart vision." Hard to explain what that is, but you will know when you have it. Also...chart patterns, candle stick patterns, counting cycles, S/R, are great tools, but only if you know how to use them and develop a strategy. Developing a technical and fundamental strategy takes years due to the fact that you need to back test historical and new price data (unless you know python, SQL, or C really well). If you want to learn technical analysis you have to personalize it for yourself otherwise you will never understand it. Trust me, after purchasing and wasting my money on courses, I have found most of my learning from constant trial an error and starring at charts for more than 4 hours a day! It is more of a grind then whole sale real estate or drop-shipping 100% But then again some may learn it fast, but I would say for most it takes a long ass time
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.
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.
Absolutely brilliant video. Increased my thought spectrum on this type of trading. Would you say to trade this way you would need a substantial amount of money and resilience to loosing it? Or it is just a learning curve to get over before starting to make money from it? And lastly, what type of lots was you using when trading? Sorry for the long winded question, was learning Forex and would appreciate your insight.
Everything nowadays is based on Algo's, which makes specific strategy's dangerous and they are obvious to the Algo's who tend to move up right after clearing out buckets of stop losses.
You have every reason to try it. Just dont throw in 1k with one week experience..you wil lose it, but you wil learn..dont pay other people use that money to learn. At the end of the day it wil be like tuition
Great video! Best advice was at the end. Trade demo until you get it! Don't rely on signals... It takes months in the charts to actually get it! Also yes too many gurus making money on signals and training.
