19 Dec YouTube: Forex for Beginners – The Only Piece of Advice You Need
I’m going to give you one sentence, yes one sentence which is going to more than double, in fact, quadruple your chances of success in trading.
Without a doubt, this will improve your chances of success in Forex trading and trading in general, and the truth is it’s better than that, it’s less than one sentence, it’s three words.
DON’T. DO. IT.
What do l mean when l say, “Don’t Do It?”
I’m not saying don’t get into trading; I’m actually saying the complete opposite. Pursue your passion or interest in trading; it’s an incredible skill set to learn and can support you very well financially.
However, if you decide to pursue trading as a beginner, based on my 17, almost 18-year career which includes working for some of the top institutions in the world, I’m saying don’t do Forex. If you are just getting started, choose another market.
You can develop into a Forex trader further in your career. But when you’re starting out, believe me, you’re setting yourself up for absolute failure. You will fail if you start your trading career looking at Forex, the only person that will make money is your broker!
I think you know this already, and I cannot stress this enough, so I’m gonna repeat it!
You WILL fail if you start your trading career looking at Forex.
Now people get so mad at me when I say this stuff, but everyone needs to calm down!
Unlike the so-called Forex trading experts who tell you whatever you want to hear, so you buy their course, I’m actually trying to help you, and you don’t even need to take my word for it. In fact, I don’t want you to; I want you to do your own research.
Who cares what me or anyone else is saying, right? It’s your career; it’s your time investment, your money. It’s not my money that you’re going to invest in this so please prove it to yourself before taking my word for it.
If you’ve worked hard to earn that money that you’re thinking of putting into the markets, you owe yourself that much right?
Just shut your charts down for five minutes. That stuff isn’t important right now, especially if you’re starting out.
There’s plenty of time for trading later, but the first thing you can do to prove it to yourself is to go and walk into any professional trading firm tomorrow. And if you can’t do that, ring them up and ask them.
And to be clear, I’m not talking about these ridiculous retail trading schools advertising their technical analysis junk everywhere. Those guys don’t even trade for themselves, let’s be honest!
No audited track record, just a lot of rubbish you can get for free from any YouTube video.
I’m talking about a proper professional firm making millions of dollars in this business of trading. Big hedge funds, big proprietary trading firms or other speculative trading houses.
Ask them to teach you to trade from scratch as a beginner. More importantly, ask them to teach you the Forex market!
They are going to laugh at you, and I promise you they will tell you to wake up and have a reality check.
I admit what I just said sounds really harsh, but I’m actually trying to help you!
If I don’t tell you this stuff do you think some kid on YouTube joining up two dots and telling you that’s what makes prices bounce is going to tell you the cold realities of this business?
Of course not!
There’s very little observable volume in the Forex market, absolutely the worst market to start speculating on as a beginner.
It’s also the worst market to learn about order flow and the things that actually drive markets.
Take the milk market as an example. Why does the price of milk go up? Well, the price of milk goes up either if more people want to buy it or if fewer producers make it or want to sell it!
Simple as that right?
The price of milk has nothing to do with random lines, candlestick patterns or indicators on the milk price chart.
Let’s be honest; it’s completely ludicrous to even suggest that’s what’s happening.
So, if people transacting with each other are what are driving markets, we need to see those transactions to make proper investment decisions.
Now in markets like the S&P 500 and Crude Oil, you can actually see 99 of these transactions. In the Forex market, you’ll be lucky to see 5-10% of what’s really going on.
Horrible markets to start your career on. The professional firms I spoke about earlier realize this, and that’s why they love to start their junior traders in markets like equities, stock indices, commodities, or even bond markets.
I also recommend watching my YouTube video Forex vs Futures where I explain this in much more detail.
So, look, if you’re a new trader starting out in markets and you’re serious about this, you need to really consider whether Forex is the right market for you to begin your trading career on or whether you want to start on more institutional markets that professional firms are starting their junior traders on like the S&P 500 or Crude Oil.
Now look, there’s one more thing that you can do to prove this to yourself as part of your research. Anyone telling you to start trading Forex as a beginner, ask them for some independently audited proof they trade for a living.
I’ve just closed my trading book, and I booked +81% for the month with very low drawdown.
I made a full withdrawal of my profits today using one of the biggest brokers in the world. All this is fully audited. It takes 60 seconds to link this stuff to a site like MyFXBook or something similar.
If you ask someone doing those ‘Forex for beginner’ tutorials for this evidence, you’re gonna be met with excuses or silence. I encourage you to stop wasting your time with trading educators who don’t have a clue what they’re doing.
It’s your hard-earned money we’re talking about, right? I mean, I hope you can see I’m trying to help you. I’m not trying to stand in your way, I want you to succeed, but to do that you need to have a very high threshold that someone has to reach before you’re going to listen to them.
Otherwise, you will lose your money, and you’re going to end up wasting years of your life jumping from method to method to method. It’s as simple as that!
And look, with all due respect you’ve only got yourself to blame if you aren’t asking these basic questions. That’s fair to say, right? So, there’s your lesson today, you’ve just multiplied your chances of success in trading tenfold in just a few minutes.
Doing this research can literally have a life-changing impact on your career. I already know most people reading this won’t even bother to do the basic stuff I’m telling them to.
That’s why most people fail in this business, because of the lack of easy research which if you spent just a few minutes doing would save you hundreds of hours of lost time, maybe even years of your life and thousands of pounds or dollars of your money.
Here’s your golden opportunity to be in the 1% (probably even less than 1%).
That 1% who actually go on to make it.
I hope you found this useful, and I wish you all the best going forward in your trading career.