Finally Coming Clean About Quitting Forex... (The Best Decision I ever Made)
Published: 2022-10-21
Status:
Available
|
Analyzed
Published: 2022-10-21
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The speaker outlines a method to transition from losing money in trading to consistently profiting.
"I'm going to be sharing with you the steps that I took that took me from someone who was losing nearly every dollar they had in trading to someone who can consistently pull profits out of the market"
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The speaker claims the provided steps can transform trading results for viewers.
"The simple steps I'm going to be sharing with you in this video helped me to completely transform my trading and hopefully you take these steps correctly they can help you to transform your trading as well"
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The speaker uses a metaphor to explain that their presented steps are a guide to achieving profitable trading.
"I want you to imagine with me that you're in a car and you're going to a destination that you've never been to before This destination is profitable trading The steps I'm about to show you is the map to that destination"
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The speaker asserts that following their 'map' (steps) significantly increases the likelihood of achieving profitable trading.
"if you don't have a map to a destination you've never been to before you're very likely going to get lost multiple times along the way and may never even get there right but if you have a map your chances of getting to this destination without getting lost are much much higher"
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The speaker emphasizes the importance of learning foundational Forex trading basics before focusing on chart patterns, admitting to making this mistake themselves.
"with anything in life especially Forex Trading is to learn the basics now when I say Basics I don't mean anything on a chart I'm not talking about Candlestick patterns or anything like that and I actually made a big mistake with that at the beginning of my trading career"
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The speaker defines the essential 'basics' of Forex trading, including understanding the market, currency pairs, pips, pip value calculation, leverage, and margin.
"in the Forex Market when I say Basics what I'm talking about is understanding what the Forex Market is understanding what a currency pair is what a pip is how to calculate the value of a pip based on your position size for these four if you're missing any of these it's definitely time to go back to the drawing board on the basics but also understanding what leverage and margin are and how they work"
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Proficiently using a trading platform (like TradingView, MT4, or MT5) is identified as a fundamental skill in Forex trading.
"how to navigate analyze and trade on trading view or whatever trading platform you're using it doesn't have to be trading view maybe it's mt4 or mt5 for you whatever trading platform you're trading on if you're trading live right now and you don't have a complete understanding of how to navigate that platform analyze and place trades on that platform then you need to go back to the basics"
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Understanding concepts like short/long trades, entry/stop/target placement, and spread is presented as crucial for Forex traders.
"also what does short and long trades mean what are entry stops and targets how do I place entry stops and targets and what is spread and how does it affect my trading"
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Mastering 11 specific basic Forex trading concepts is stated as the initial step towards becoming a profitable trader.
"these 11 things you need to have a deep understanding of in order to check off the first part of the profitable trading checklist and to begin that journey to profitable trading"
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The speaker highlights a lack of understanding regarding 'pips' as a common and concerning mistake among traders.
"one of the most common things and this is really I'm not trying to be mean to anyone that is like this right now but this is disappointing to me as a trading educator and it is what is a pip"
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A fundamental misunderstanding of what constitutes a 'pip' in Forex trading is identified as a significant issue leading to financial losses.
"if you can't tell what the issue with this is then you don't understand what a pip is and I I hate to tell you that but this last number is not a pip"
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The speaker clarifies the definition of a pip in Forex trading, specifying its location in the decimal places for most currency pairs.
"a pip on every currency pair other than JPY is going to be the fourth decimal Plate Place here's the decimal one two three four so this is where the one pip is"
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Failure to comprehend leverage and margin is identified as another major issue for new Forex traders.
"the second most common thing that I don't have time to actually explain right now unfortunately is not understanding what leverage and margin are and how they work"
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Complete understanding of leverage and margin is presented as a prerequisite for live Forex trading.
"leverage and margin are a bit complicated to understand but it's something you will need to completely understand before you put money into a live account and start real trading"
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The speaker highlights a lack of understanding in calculating pip value based on position size as a mistake they personally made.
"how to calculate the value of a pip based on position size so to give you a little funny story of this uh you would think that anyone would know to master the basics before starting to trade right well I didn't"
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A standard lot (100,000 units) in Forex trading results in approximately $10 profit or loss per pip movement.
"with 100 000 units as a general rule 100K a standard lot you're going to be winning and losing about ten dollars for every pip that price moves"
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Understanding pip value calculation based on position size is deemed essential before live Forex trading.
"if you don't have an understanding of how to calculate the value of a pip based on the position size you use in a trade then that is absolutely something that you need to understand before you open a live account and start trading"
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Traders are advised to learn either technical analysis, fundamental analysis, or a combination of both.
"you need to learn technical or fundamental analysis or both"
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A common error is to randomly combine technical analysis tools without a structured approach.
"the biggest mistake I see with traders in technical analysis is they'll learn technical analysis and then they'll start trading based on random combinations of technical analysis"
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Technical analysis is ineffective without a consistent, rules-based strategy.
"technical analysis without a rules-based strategy you stay consistent to is about as useful as a bottle of water on a forest fire it's not going to help you at all"
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Developing or acquiring a rules-based trading strategy is presented as a critical step.
"you need to create or learn a rules-based strategy"
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A rules-based strategy involves clear, consistent rules that have historically proven profitable.
"a rules-based strategy from a technical analysis standpoint just consists of a set of rules that you can stay consistent to they're very clear rules so you can stay consistent to them and that we can validate have made money in the past because if something hasn't made money in the past why would we trust it to make money in the future"
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Consistency in applying a trading strategy over a large sample size (e.g., 200 trades) leads to a better win rate.
"you take 200 trades throughout the year and it turns out of those 200 trades you won 150 of them out of 200. so you ended up with a really good win rate because you had a larger sample size where you were consistent to the same strategy"
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Inconsistent trading strategies prevent consistent profitability.
"if you constantly switch how you trade and you're never consistent you'll never be consistently profitable"
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Backtesting is a process of validating a trading strategy using historical data, and pre-existing strategies are available.
"this is a process called back testing so we take the rules-based strategy that we just created or learned from someone else you don't have to create it on your own there's plenty of rules-based strategies on our Channel and plenty out there just on YouTube in general"
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Backtesting involves analyzing historical data for a strategy's occurrences and documenting results to determine if it provides a market edge.
"after learning or creating one you go through historic data and you pick out every time that specific strategy happened in historic data and you write down those results on a Google doc I would suggest a spreadsheet because the calculations are a lot easier you write it down on a spreadsheet and you ask yourself out of a large sample size of trades did double bottoms at support create a profit out of the last 100 200 times that it happened if the answer is yes then you've back tested a strategy that has proven to give you an edge in the market"
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Optimizing a trading strategy involves refining it, for example, by selecting the most profitable currency pairs.
"step number five is to optimize that strategy what I mean by optimize you might test that exact strategy right just as a generalization let's say double bottoms at support you test that let's say out of 10 currency pairs you notice that six of them work okay two of them are really bad and two of them are really good well what you may do in order to optimize is say okay well I'm gonna pick the two best Pairs and one of the okay Pairs that performed the best as well and I'm only going to trade this with three currency pairs that would be a form of optimizing"
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Optimizing can also involve improving the reward-to-risk ratio or adjusting stop-loss levels.
"another form of optimizing would be to increase your reward risk ratio with this strategy you might see that you need to move stops down to keep from getting stopped out or up to get a better reward to risk all of this would be optimizing that trading strategy"
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A trading strategy should be optimized considering the trader's real-life schedule to avoid missed trading opportunities.
"you need to be sure that you're not back testing something and then when you go to trade it live all the trades happen when you're due doing these prior obligations"
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Implementing a sound risk management plan is a crucial step for traders.
"learn and Implement a good risk management plan"
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The primary goals of a risk management plan are to protect capital, prevent account blowouts, and maintain emotional stability during losing streaks.
"the purpose of excuse me of a risk management plan is to keep you safe in a physical form safe in your account as in don't blow your account to keep you safe in the account and to keep your emotions stable when you go through inevitable drawdowns inevitable losing streaks"
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Risk management involves assessing acceptable losses over a series of trades (e.g., 8 in a row) to maintain emotional control and avoid abandoning the strategy.
"as a professional Trader I've had multiple times that I have lost eight trades in a row so what I need to do with my risk management plan is look at those eight trades in a row and go okay what percent of my account would I be okay losing if I lost eight trades in a row and in a physical sense how much money am I willing to lose on those eight trades right and what amount of money am I emotionally going to be able to keep calm not skip the next trade not stop trading the strategy"
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Risking 1% per trade ($100 on a $10k account) results in a more manageable loss ($800 after 8 trades) compared to risking 10% ($8000), increasing the likelihood of continuing with a profitable strategy after a losing streak.
"if you risk one percent on a ten thousand dollar account that's a hundred bucks if you lose eight trades in a row that's eight hundred dollars now are you okay physically losing 800 and emotionally could you continue trading the strategy you're a lot more likely if you lose 800 bucks to continue trading you're proven to be profitable strategy then you would be if you lost eight grand four grand"
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Risk management's core purpose is to protect capital, prevent account failure, and ensure emotional stability through inevitable losing streaks.
"the point of this risk management plan is just to keep you safe in your account not blow it and also to keep you emotionally stable during losing streaks and drawdowns which come with every single strategy you will ever learn or create"
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Developing good trading psychology is identified as the seventh step in the profitable trading process.
"learn and Implement good trading psychology"
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Good trading psychology is defined as discipline to one's strategy and risk management, while controlling emotions like fear and greed.
"good trading psychology is it's staying disciplined to your strategy and your risk management plan and not letting fear and greed take control when you're placing trades and when you're trading live"
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Backtesting strategies and having a robust risk management plan significantly contribute to developing good trading psychology.
"back testing helps us with that tremendously and another thing that helps us with that tremendously is having this good risk management plan"
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Trading psychology is about preventing emotions from overriding the statistical advantage provided by a trading strategy.
"good trading psychology psychology is all about not letting your emotions interfere with your statistic Advantage you have from your trading strategy"
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Creating a comprehensive trading plan that integrates all previously discussed elements is the eighth step.
"create a full trading plan based on everything above"
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A trading plan should clearly outline the strategy, entry/stop/target rules, risk management, and optimized trading pairs.
"in a trading plan the most simple form of it is to Define your exact strategy entry stops and targets the whole strategy also Define your exact risk management plan also to find your optimized trading Pairs and when I say your whole strategy that includes your optimized strategy right so everything you've optimized for needs to be in this trading plan"
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The trading plan must be documented (e.g., Google Doc or notebook) and reviewed daily before entering the market.
"this trading plan should be written down on a Google doc is fine if you want to just write it with a pen and paper that's fine too but it's something you need to read every day before you get into markets"
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Demo trading the developed trading plan for one to three months is recommended.
"demo Trade for between I don't know why it says oh demo trade the above for one to three months"
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Demo trading a plan consistently for three months, observing its performance through wins and losses, builds confidence in the strategy.
"if you see your trading strategy go in and out of losing streets winning streaks and drawdowns and come out profitable over the course of three months with you trading your exact trading plan in real markets then your confidence in that strategy is going to go up dramatically"
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Strictly adhering to the created trading plan during demo trading enhances confidence and knowledge of the strategy.
"if you are demo trading only using the exact trading plan you've created then that's going to give you a lot of confidence and a lot of knowledge about that trading strategy"
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Completing all 10 steps significantly increases the probability of becoming a profitable Forex trader.
"for all the glory go live and start making money if you go through all 10 of these steps your chances of becoming a profitable Trader will go Sky High compared to anyone else that's trying to trade in the Forex market"
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Following a structured plan (map) makes reaching the destination of profitable trading much more likely than attempting it without guidance.
"if you don't have a map to a destination you've never been to before and you have no map you inevitably will get lost multiple times and you may never even make it to your destination but if you have a map and you have the directions you need to go you will very likely go from where you are to trading profitably to that Final Destination"
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The speaker directs viewers to a specific YouTube playlist ('New to Forex Start Here') for educational resources.
"on our YouTube channel if you scroll down the first playlist after our regular uploads it's called new to Forex start here"
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A 'Forex Trading for Beginners' video covers market basics, pips, pip calculation, and leverage.
"Forex Trading for beginners will give you everything you need to know about what the Forex Market is what a pip is how to calculate a pip we go through a little bit on Leverage in that video as well"
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Another video series covers placing trades, margin, leverage, and spreads, supplementing the basics.
"eight really nice things you must do first year of trading is a very similar video to this one so you can skip that if you'd like to but if you'll notice we go through orders how to place your first Forex trade we go through another lesson on margin we go and leverage we go through another lesson talking about what spreads are and how they affect our trading"
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A video on technical analysis is available, aiming to provide comprehensive knowledge after a few viewings.
"I have this video on technical analysis that's about an hour and 20 minutes long you can watch and if you watch it a couple of times you'll probably know everything you need to about technical analysis"
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A video on the ATR indicator also includes a rules-based trading strategy.
"this master the ATR indicator is about the ATR indicator itself it's my favorite indicator but also has a strategy in it that is rules based so feel free to watch that in order to learn the strategy"
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The channel offers multiple rules-based trading strategies that have demonstrated profitability.
"we also have plenty of other strategy videos littered across the channel so feel free to pick any of them they're all going to be rules-based trading strategies that have proven to give me a profit over time"
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A tutorial on TradingView is provided to teach users how to analyze and trade on the platform.
"next up we go through a full trading view tutorial this belongs in the basic section but you get it if you watch this video you'll know how to analyze and trade from the trading view platform"
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Users on platforms other than TradingView are advised to search YouTube for relevant tutorials, as the speaker does not cover MT4/MT5.
"if you're on a different platform you can just look that up on YouTube I personally trade with trading views so I don't have a tutorial on like mt4 or MP5 I don't use those"
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Resources for trading psychology are available, but the speaker suggests a specific order, directing to backtesting videos first.
"next up we have trading psychology here which it would be fine to watch these now but if you want to skip these and go in the exact order you can scroll all the way down here to Forex strategy testing easy back testing for beginners"
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A video on backtesting includes a full rules-based strategy and covers both backtesting and optimization.
"this video that I'm hovering over right now is a video that's all about back testing there is also a full rules-based strategy in this video and we go through back testing and optimizing in this video so that will take care of those steps for you"
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Two specific videos are recommended for learning and implementing a personalized risk management plan.
"after these two you'll know risk management and you'll be able to implement a correct risk management plan for you based on your own risk tolerance"
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Two videos dedicated to trading psychology are suggested for gaining a solid understanding and implementation skills.
"at that point you can go back up here to these two videos for a trading psychology lesson which will give you a good handle on how to implement good trading psychology"
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Creating a trading plan is simple: write down the elements already learned from steps one through seven.
"in terms of creating a full Trading plan that is extremely self-explanatory if you've made it through steps one through seven you already have a trading plan it's just not written down so the only thing you have to do is write that trading plan down"
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Demo trading is straightforward: create a demo account and begin trading on it.
"in terms of demo trading another thing that's self-explanatory create a demo account start trading on that demo account"
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The TDC FX University offers structured guidance and support for learning the outlined trading steps.
"if you don't feel like scouring through YouTube to find all this out and if you want a little help with all of this as well then we do have some space available in the TDC FX University where essentially I'll be there and be holding your hand through the process of learning all of these steps"
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The TDC FX University course is structured to teach each step in order, aiming for rapid mastery.
"we have an entire course that is organized to teach you each of these steps in the correct order and with plenty of detail for you to be able to master each of these steps in record-breaking time"
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The university includes Pro Trader reports and weekly setup videos detailing potential trades based on learned strategies.
"along with that you'll have access to the Pro Trader report and best setups of the week videos which are me explain to you the areas of structure I'm paying attention to for possible trades for the week ahead I said that about three to five email analysis each week which are trades I'm actually placing based on the strategies you learn in the course"
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The TDC FX University course contains trading strategies not shared on the public YouTube channel.
"there are strategies in the course that I have not taught on YouTube"
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Priority coaching support is offered, with the speaker personally answering questions via email.
"you'll also get priority coaching support which means that anytime you have questions or concerns about trading or the course it'll be me personally answering those questions for you through email"
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A lifetime money-back guarantee is offered for the TDC FX University course if it's deemed not valuable enough.
"the university comes with a money back guarantee that has no time limit so if at any point you take the course and feel like it wasn't valuable enough based on what you paid all you have to do is send us an email and we get you refunded ASAP"
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A video titled 'Forex Trading for beginners' will provide comprehensive knowledge on the Forex market, pips, and pip calculation, along with an introduction to leverage.
"forex Trading for beginners will give you everything you need to know about what the Forex Market is what a pip is how to calculate a pip we go through a little bit on Leverage in that video as well"
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A dedicated lesson will cover margin and leverage in Forex trading.
"we go through another lesson on margin we go and leverage"
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A lesson will explain what spreads are in Forex trading and their impact on trades.
"we go through another lesson talking about what spreads are and how they affect our trading"
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An approximately 1 hour and 20 minute video is available to master technical analysis, requiring multiple viewings for comprehensive understanding.
"I have this video on technical analysis that's about an hour and 20 minutes long you can watch and if you watch it a couple of times you'll probably know everything you need to about technical analysis"
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A video on the ATR indicator will not only explain the indicator itself but also provide a rules-based trading strategy utilizing it.
"this master the ATR indicator is about the ATR indicator itself it's my favorite indicator but also has a strategy in it that is rules based"
Pending
The channel offers multiple rules-based trading strategies that have demonstrated profitability.
"we also have plenty of other strategy videos littered across the channel so feel free to pick any of them they're all going to be rules-based trading strategies that have proven to give me a profit over time"
Pending
A comprehensive TradingView tutorial will be provided, enabling users to analyze and trade on the platform.
"next up we go through a full trading view tutorial this belongs in the basic section but you get it if you watch this video you'll know how to analyze and trade from the trading view platform"
Pending
A video focused on backtesting for beginners will include a complete rules-based strategy and cover the processes of backtesting and optimizing.
"forex strategy testing easy back testing for beginners this video that I'm hovering over right now is a video that's all about back testing there is also a full rules-based strategy in this video and we go through back testing and optimizing in this video"
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After viewing two specific videos, users will have a thorough understanding of risk management, enabling them to implement a personalized risk management plan.
"at this point after watching these two risk management videos you've made it from step one of the basics all the way down to risk management you've learned the basics you've learned strategies that are rules based you've learned how to back test and optimize those strategies and now you're learning risk management after these two you'll know risk management and you'll be able to implement a correct risk management plan for you based on your own risk tolerance"
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Two videos are available for trading psychology lessons, aimed at helping users implement effective trading psychology.
"at that point you can go back up here to these two videos for a trading psychology lesson which will give you a good handle on how to implement good trading psychology"
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The TDC FX University offers a structured course designed to guide learners through all the trading steps in the correct order, facilitating mastery in a timely manner.
"we do have some space available in the TDC FX University where essentially I'll be there and be holding your hand through the process of learning all of these steps we have an entire course that is organized to teach you each of these steps in the correct order and with plenty of detail for you to be able to master each of these steps in record-breaking time"
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Subscribers will receive 'Pro Trader Report' and 'Best Setups of the Week' videos, detailing areas of structure to watch for potential trades in the upcoming week.
"along with that you'll have access to the Pro Trader report and best setups of the week videos which are me explain to you the areas of structure I'm paying attention to for possible trades for the week ahead"
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The university course includes trading strategies that are not available on the YouTube channel.
"and yes there are strategies in the course that I have not taught on YouTube"
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Priority coaching support is provided, with the instructor personally answering trading and course-related questions via email.
"you'll also get priority coaching support which means that anytime you have questions or concerns about trading or the course it'll be me personally answering those questions for you through email"
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The university offers a lifetime money-back guarantee; if the course is deemed not valuable enough, a full refund will be issued upon request.
"the university comes with a money back guarantee that has no time limit so if at any point you take the course and feel like it wasn't valuable enough based on what you paid all you have to do is send us an email and we get you refunded ASAP"
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