The Real TRUTH About FOREX! (I HATE TO TELL YOU THIS...)
Published: 2019-02-04
Status:
Available
|
Analyzed
Published: 2019-02-04
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Traders in their first 3-6 months with no formal training and only relying on YouTube videos have an extremely high chance of losing their entire account balance due to a lack of a systematic trading approach.
"if you are within the first three to six months of your trading career and you have never had any type of training whatsoever and all you've done is scoured YouTube videos you'd understand the process you don't have a systematic approach to trading if you're within your first three to six months the chances of you losing your entire account balance are extremely high they are very very high of you completely losing all of your money"
Pending
Entering financial markets without educating oneself first is extremely difficult and akin to fighting in a war zone.
"you have to understand that you're not gonna jump into fine and it's very difficult here the financial markets are a war zone and it's extremely hard what you're doing without educating yourself first"
Pending
Mastering forex basics, including understanding the market, pips, currency pairs, and long/short positions, is a prerequisite for trading.
"you need to master the basics of the forex market you need to understand what the forex market is understand what a pip is you need to understand what a currency pair is what it means to go long and short"
Pending
Traders who do not know how to place short or long trades in a brokerage account should not trade with live money.
"if you don't know how to place a short or long trade in a brokerage account do not trade with live money"
Pending
Studying technical analysis, including candlesticks, support/resistance, trends, indicators, and entry reasons, is essential for building a trading edge.
"you need to start studying technical analysis you need to understand what a candlestick is what structure support and resistance are what trending markets are indicators entry reasons"
Pending
Traders can either create their own forex trading strategy by mastering technical analysis or learn a strategy from another source.
"you can take all of that information master technical analysis when it comes to candlesticks and your recent indicators structure trend structure and trend you can take all of that and create your own strategy or you can go out and learn a strategy from someone else"
Pending
After developing or learning a forex strategy, it is crucial to backtest it using historical data to verify its rules.
"after either learning or creating that strategy you must take it and back test it you must look through historical charts storico data and find situations that exactly match the rules for your trend"
Pending
Backtesting a forex strategy is necessary to determine the likely drawdown associated with the system.
"to figure out what type of drawdown is likely to occur with that system"
Pending
Backtesting helps in calculating the overall expectancy of a forex trading strategy.
"to say you can see what your overall expectancy is"
Pending
Optimizing a forex strategy for specific currency pairs is important to minimize drawdown and maximize profit potential, as strategies perform differently across pairs.
"strategy you're gonna work great for some payers and work terrible for others you need to optimize so that you're only trading that strategy on the best payers therefore minimizing your drawdown and maximizing your profit potential"
Pending
A risk management plan for forex trading must be built based on back-testing results, determining the acceptable percentage of account balance to risk during drawdowns.
"you have to build a risk management plan based on those back-testing results you have to see ok in historical data I saw that I had seven losses in a row or a big draw down here what percentage of my account balance do I need to be risking for that drawdown to be a number I'm comfortable with"
Pending
Traders often overestimate potential gains in the short term (3-6 months) and underestimate them in the long term (2-3 years) for forex trading, where substantial growth is possible over longer periods.
"you're going to wildly overestimate what your strategy system what your trading can do over the course of about 3 to 6 months and you'll probably be wildly as to be under estimating what it can do in two to three years and to three years you can see substantial growth with a good strategy in two to three months it's not going to look that way unfortunately especially starting with a smaller account balance"
Pending
Demo trading for at least three to six months is a necessary step in the forex trading process, with the duration dependent on the trader's comfort level.
"now you need to go through the process of demo trading for three months to six months at least maybe a little more it depends on what you're comfortable with"
Pending
Demo trading helps traders determine if they can execute their strategy consistently with their schedule and other obligations, mirroring backtested performance.
"your demo trading process lets you know whether or not you can perform the strategy the same as it performed in the back testing based on your schedule maybe you have a full time job maybe you have kids to look after maybe you have other obligations that you must consider during a trading day and so your demo trading process lets you know whether or not you can perform the strategy the same as it performed in the back testing based on your schedule"
Pending
The speaker is looking for trend continuation opportunities in EUR/AUD within the zone of 1.5810 to 1.5877 this week.
"this zone is where I'm gonna be looking for train continuation opportunities out of the Euro I'll see this week"
Pending
Optimal Trading Zones (OTZs) are specific areas identified for potential trading opportunities, and a full course on them is available.
"we call these places otz that's something you learn about if you decide opt in for the pro trader report we actually have a full course on ot Z's but otz stands for optimal trading zones and that's what we're looking at right here"
Pending
The speaker is looking for trend continuation on EUR/AUD at a resistance level this week and will discuss how to execute trades on a smaller timeframe.
"we're looking at this level as resistance so that's what we're looking for this week let's drop down to a smaller time frame and talk about how we can actually do this"
Pending
Trading entry reasons can be varied, including candlestick patterns (shooting star, hammer), price action patterns (double tops, double bottoms, head and shoulders), and should be tested and verified to provide a market advantage.
"entries can look like a unicorn oh my gosh it trees 10 B entries can be anything you can use regular candlestick entry patterns a shooting star hammer candle you can combine different candlestick entry patterns you can use price action patterns double tops double bottoms head and shoulders patterns your entry reason is just what you test and verify through the markets you an advantage"
Pending
A tutorial on the TradingView platform, covering trade placement, broker integration, and indicator usage, will be created if sufficient user questions are received.
"if there are any of you that are having a lot of trouble understanding this platform the trading view platform put your questions below and I'm gonna do a full tutorial on how to place trades through trading view how to maybe even link up your broker with trading view how to find the indicators that I have and things like that"
Pending
The double top pattern is effective in overbought scenarios within an Optimal Trading Zone (OTZ) and can be considered when the market pushes up again after being overbought.
"the age-old pattern of a double top works really well in overbought scenarios and we're already at an OTC or an optimal trading zone so what we can see here possibly is this market pushing up maybe we get another leg up and when we do the market goes over ball when we go over ball here and if we're still in our otz when we go over ball maybe then we look for a possible double top"
Pending
A short trade can be considered if a double top pattern is combined with RSI divergence.
"and we have our side of urgence and if we have double top and RSI divergence then I go short here stop above here target wherever you wanna put a target that"
Pending