How to Trade Forex **5 Simple Steps** — Transcript

Full transcript

1. 0:00so you want to progress as a day trader
2. 0:02you want to get better
3. 0:03every single day and you want to know
4. 0:05which pairs you need to start trading to
5. 0:07get better
6. 0:08and to start growing in this video i'm
7. 0:10going to show you the steps that you
8. 0:11need to
9. 0:12take in order to become better and
10. 0:14spoiler alert
11. 0:15it's not trading more pairs
12. 0:18[Music]
13. 0:20welcome back to the channel everybody my
14. 0:22name is artie and this
15. 0:24is the moving average a show where we
16. 0:25discuss everything day trading to keep
17. 0:27you profitable on a consistent basis so
18. 0:30let's just jump right into it
19. 0:31the first thing that any new trader
20. 0:33needs to do is
21. 0:34learn the fundamentals so that's rule
22. 0:37number one
23. 0:38learn the fundamentals getting the
24. 0:39basics of trading down is
25. 0:41extremely important you need to learn
26. 0:43how to read charts you need to know
27. 0:45which indicators are
28. 0:46useful and which ones are useless we all
29. 0:49start somewhere
30. 0:50and that's the starting point you need
31. 0:52to learn how to do technical analysis
32. 0:54you need to learn market structure
33. 0:56you need to just basically watch all of
34. 0:57my videos i've got a new playlist where
35. 0:59i've ordered everything in order
36. 1:01from a to z which ones you should watch
37. 1:03in which order
38. 1:04so that is the beginners playlist it's
39. 1:07right here once you've done that step
40. 1:09number two is going to be to open up a
41. 1:11demo account
42. 1:12i don't want you to actually start
43. 1:14trading real money because when it comes
44. 1:16to trading real money
45. 1:18it's a mental game when you start seeing
46. 1:20those red numbers
47. 1:22and your trade is going negative
48. 1:24something happens inside of you that i
49. 1:26can't explain you have to feel it for
50. 1:28yourself but you will close a trade nine
51. 1:30times out of ten
52. 1:31when it's negative because you don't
53. 1:32want to lose any more money
54. 1:34it's weird but what you need to do is
55. 1:36develop your strategy
56. 1:37and actually test it on demo over time
57. 1:40to gain the confidence to know that that
58. 1:42strategy works
59. 1:44and to understand like okay now i'm in
60. 1:46draw down
61. 1:47it's going to go in the direction that i
62. 1:49expected if it doesn't hit my stop loss
63. 1:51and you need to let your trades play out
64. 1:53so again
65. 1:54step number two demo account step number
66. 1:56three is a weird one it's
67. 1:58give it time um nobody's gonna get good
68. 2:01at trading in one week
69. 2:02it's impossible unless you're the dude
70. 2:04from limitless with the little clear
71. 2:07you know so just give it time practice
72. 2:10practice practice back
73. 2:11test watch videos on youtube learn more
74. 2:14and more and more and more and
75. 2:15eventually you'll get to the point where
76. 2:17you just feel comfortable with your day
77. 2:19trading okay now for the juicy part
78. 2:21a lot of people think that you know when
79. 2:23you start trading the markets you know
80. 2:25you get into forex
81. 2:26and you start trading euro usd because
82. 2:28it's the most common pair
83. 2:30and then you grow into gbp jpy
84. 2:33and then you get into indices like us 30
85. 2:37and then once you've mastered that you
86. 2:38get into crypto because crypto's all the
87. 2:40rage
88. 2:41and that's not how progression works
89. 2:44basically what you're doing
90. 2:45is you're starting off at step one
91. 2:48learning it you're like cool i want to
92. 2:49get onto step two
93. 2:51and you think step two is gbp jpy but
94. 2:54it's not
95. 2:55gbp jpy is a completely different beast
96. 2:58than euro usd
97. 2:59so what you're doing is redoing level
98. 3:01one and then you move to indices and
99. 3:04it's a completely different beast
100. 3:05so you're redoing level one again what
101. 3:08you need to do to progress as a trader
102. 3:11is find the two or three things that you
103. 3:15can trade consistently on demo
104. 3:17and master them delete everything else
105. 3:20off of your screen
106. 3:21you shouldn't have 97 different
107. 3:24symbols in your watch list i do this to
108. 3:27show specific examples for my videos
109. 3:29my actual trading list looks like this
110. 3:32you have to pick
111. 3:33three instruments that you want to
112. 3:35master and stare at them
113. 3:37and study them every single day once you
114. 3:40master those things
115. 3:41that is progression treating us 30 like
116. 3:44your best friend and you know exactly
117. 3:46what they're gonna do before they even
118. 3:47do
119. 3:48that's progression in day trading
120. 3:51mastering
121. 3:52a thing is better than trying new things
122. 3:54and getting better at them because then
123. 3:56you're gonna be slightly decent
124. 3:58at everything versus lethal on one
125. 4:01so that's rule number four and rule
126. 4:03number five when it comes to progressing
127. 4:05as a traitor
128. 4:06is to stick with the plan so many people
129. 4:10and i mean i'm guilty of this too so
130. 4:13many people
131. 4:14start with their strategy it's starting
132. 4:16to work out they're making some money
133. 4:18and then it fails and then it fails and
134. 4:20then it fails and they completely
135. 4:22throw it away and start looking for the
136. 4:24next best thing that is the biggest
137. 4:26mistake in day trading because you have
138. 4:28to understand you're going to have
139. 4:29losses
140. 4:30your strategy works a certain percentage
141. 4:32of the time
142. 4:33and if those losses come in sequence
143. 4:36you get frustrated with your strategy
144. 4:38and you think it doesn't work anymore so
145. 4:40you go looking for the next best thing
146. 4:42instead of continuing on your strategy
147. 4:44and waiting for those wins to start
148. 4:45showing up again
149. 4:46so pick a strategy stick with it
150. 4:49it'll work out you have to look at the
151. 4:51percentages over time you're not going
152. 4:53to become a millionaire overnight doing
153. 4:55this
154. 4:55you have to be consistent and seriously
155. 4:57seriously diligent
156. 4:58so if you guys are still watching this
157. 5:00video guess what that means that you
158. 5:02like the videos so
159. 5:03if you wouldn't mind click the like
160. 5:04button down below
161. 5:06and subscribe if you have not already
162. 5:08for more videos like this
163. 5:10and we will see you in the next one