I Tried Forex Day Trading for a Week (Complete Beginner)

I Tried Forex Day Trading for a Week (Complete Beginner)

The only thing I know about Forex day trading is that there's a lot of scammers on instagram who throw around this term while flexing Lambos and then say that you can get a lambo lifestyle just like them. All you got to do is join their live webinar and by their Forex day trading mentorship. So in this video I want to set out to find out first of all, what forex day trading even means. Is it a real thing? Is it just a topic that people sell fake courses on and I'm even gon na dive ahead? First open a trading account and try this whole concept out for myself. So before starting this video, I really did not know anything about forex trading, so I searched the term up on YouTube clicked on the video. It was a guy talking, while sitting in a Rolls Royce. I was, I said: okay, I clicked on another one. It was a guy with a very smooth voice. As you can see, this shark is out of the water wearing a bathrobe with the whole entire video. Then i clicked on another radio. This one was a guy walking through his mansion, the entire video, so right off the bat. I was really starting to question the legitimacy of this business, but then, finally, i found a guy with the british accent of the foreign exchange market. From the ten minutes of extensive research, i've done so far. I can tell you that forex is a global decentralized market on which you can trade currencies like the US dollar, the euro, Japanese yen, pretty much any currency out there and it's kind of tricky since the way it works is in pairs. So you're not just investing into Indian rupees, for example, the man with the British accent gave out a good general rule of thumb where he said. When you look at a Forex graph. Let'S say we use the dollar versus Indian rupees pair as an example. The currency that comes first up on the top here is the one you believe is gon na go up and correspondingly the other one, you believe, will lose value. So if I were to buy into this pair, I would be saying that I believe the US dollar will increase in value against the Indian rupee and if I did that at this form, right here bought in is some time passed. And then I didn't feel like this is the case anymore. I'M selling it here I'll then be making a profit. Now this market is open 24 hour days, I believe, from Sunday to Friday and just about anything can cause the value of a currency to move we're talking, interest rates, unemployment rates, political events, inflation, public debt, all kinds of fun stuff, but there's people out there who Say there are patterns and indicators and actual graphs themselves that they can use to predict where the price of certain currencies can go and supposedly these strategies are making these people a whole lot of money, so that kind of makes sense. For me, I still haven't fully dressed my head around it, but I can't keep you guys a better explanation just yet, because again, I've only watched a 10 minute video on this topic that that this is the whole premise of this video I'm trying to get into This as a complete beginner from a complete scratch, no prior experience, while my plan here is gon na be to do a ton of research at the beginning of the week, I'm gon na look into first of all. How can I make money with this? Is it is that even possible? Is it a real thing, but I'm also interested in different known Instagram for expands out there? I'M gon na reach out to people just consume as much knowledge as possible about this whole mysterious world of forex, day trading, and once I get a little research under my belt, I want to go ahead and then dive into the live market with one thousand dollars And see how that plays out while I lose all of it or will I be posted up in a rolls-royce phantom at the end of this week with a patek philippe straight and dripping off my wrist, I don't know so after consuming a whole lot of forex Youtube content during my free time for a couple of days, I was kind of starting to get a surface level understanding of how this all works, and at that point I proceeded to dive even deeper into this by reaching out to one of the individuals whose videos I came across during my search for knowledge. This was a Forex youtuber named Justin, I'm not affiliated with him in any shape or form. I just saw that in his videos he was focusing more on describing strategy rather than just selling a lifestyle, so I reached out to him. He was willing to hop on a quick call and share some of the tips and overall things he's learned during his last 5 years of trading the forex market a so after we got all the formalities out of the way I began by asking him what his Best advice was for a beginner such as myself. It would be complicated, find a strategy, that's consistently profitable. I then asked: how can you wear these currency practices abroad to go and what he kind of looks out for divergence is a specific type of method. Where you look at price action and those difference between price action and whatever indicator, you used. Ok, so you don't you don't use like fundamentals or anything like that. You don't look at politics, go movements. None of that. Could you say also told me about the main platform, forex traders and normally use as well as some other resources? I could look into this conversation was definitely helpful. Justin also pull it up with some tips after the call and explained how the leverage works with forex, which I definitely was not aware of so big shout outs him for all of that, but the biggest piece of advice he gave me and the thing that he Emphasized the most was to look into a strategy called the divergence date trading. That'S a type of trading, he said, changed his life and was the reason he was able to become a full-time Forex trader. So I'm definitely gon na look further into that, but I also want to get you guys involved in this. So I'm gon na put up a poll on my Instagram story to see what you have to say about Forex. If you have any advice, anything like that, and I'm also gon na put up a simple yes-or-no poll asking, if you guys think Forex is a scam just to get the general perception of it. I'M really curious to see how that put the result of that poll comes out, so I'll be back in probably 24 hours with the final check-in before I actually start trading, so it has been a very enlightening 24 hours, and I now come to you not as Via hesitation or Forex, moneybags baby by my Forex signals mentorship indicators program because I did some research on divergence day trading and I kinda understand a note. I think I can probably explain it in like twenty seconds. So let me just do that real quick. So when you're looking at this graph right here, for example, of the US dollar against the euro, you can add more little graphs down here called indicators or oscillators. I'M just gon na call them little graphs, not sure what all the different indicators out there represent, but they usually follow the same exact path as the original price graph. However, when there's a discrepancy between the two, this is called a divergence and, depending on what kind of discrepancy it is, it supposedly can tell you where the price is gon na go next, so that's gon na be much try to do when we actually get into Some live trading, but the last thing I want to go over before we do that is. I want to talk about the Instagram poll I put up yesterday and what you guys had to say so. The simple yes-or-no words they treating a scam poll, one up. Twenty two hours ago, out of the almost 10,000 people who viewed it about 4,000, actually voted and the result came out to a 43 to 57 percent split in favor. No, but the fact that this vote was so close, it's kinda interesting. It basically means that half of the people at these the people who viewed my story, believe that it is a scam. So the general perception of this business is not too hot, but things get even more interesting. When we look at the replies of the next story, where I actually asked for win opinions as well as general advice, ass per usual about 90 % of the replies were people trolling. But there were a lot of people who actually take a seriously and provided some good opinions. And after looking through a lot of the replies, the general consensus I kind of God was that there are people making money with Forex and it can be a legit way to come up on a bag. However, the whole Forex pace is flooded with scammy individuals who give it a bad rep. I think the reason behind that might be the fact that day trading is just an easy concept to sell. You can put a graph in front of anyone and say that if you buy low and sell high, you can make millions. I'M gon na teach you how to tell when the price is gon na go up or down, and that's about it. It'S a very easy concept for people to understand and get behind. So I think that's why so many fraudulent individuals get in the space and try to sell useless information and that kind of overshadows the legitimate people in the space who are actually making money with it. That'S that's at these that kind of vibe. I got from the people who replied to my story, but I'm also gon na look further in some other things you guys recommended for today, though it's Monday, I got my Forex calm account approved, so I'm gon na transfer. Some money into that as well as download metatrader for so tomorrow. I think we're gon na be said to get in some real trading. I'M really hyped about this. I don't know if we'll even make any money, but I'm excited to try it out either way. I just hope both the teams that have fun we do be having quite a late start to the trading. Today I was hoping to start in the morning, but something came up so I'm going to be getting into the trading right now at 2 p.m.

So pretty late start here, but I want to go over a few things. First, I found out that you can't get metatrader4 on a Mac computer when it comes to Apple. They only have it for iPhone or iPad for some reason. So I download the app on my phone, but I think I'm gon na execute the orders through my computer on the Forex comp brokerage. That'S the one! I'M choosing for this video, I'm still gon na look at the metatrader4 charts on my phone, though just because this Forex website doesn't actually have all the indicators I'm interested in so shortly after saying this, I got right into analyzing. The spikey boys, however, once actually started. Looking at them, I couldn't find any divergences, so I said new plan and just resorted to using different patterns. I'D find online then looking at the RSI indicator to see if the currency was being overbought or oversold. Okay, so think I might have something here: there's something called the pennant chart pattern I'll put up what that looks like on the screen, as well as what I'm looking at on my screen on the computer right here. So I don't know this US dollar and Canadian pair right here seems to be resembling. This pennant chart pattern. As you can see, we got the little flagpole here and it's doing that little narrow thing right here and we're seeing the beginning stages of an uptrend. I believe so I'm gon na invest right now and see what happens. There'S some still not sure about how all the pip stuff works, but over here says that I'm trading with about 40 % of my account. So that sounds good to me. I'M gon na place the trade and the trade has been executed. Ok, let's see what happens? Ok, so as you can see, here's our position right here. This is the level where it executed and I think it'll be easier to tell if we go on the line graph. Ok, that's that's not good. This is where it's at right now, and this is where we bought it at, but I'm gon na be patient. I'M not gon na be emotional. I'M gon na stick to the strategy, and hopefully we get past this point right here, so I can sell it and a secure profit. So after the first buy, I went ahead and did a bunch of scalp trading, which is basically where you buy and sell pretty quickly to secure a small profit. Each time I was using the patterns I found on Instagram and then was confirming whether it was a good time to buy or not according to the our site, little graph down there and things went pretty well. There were a couple of rollercoasters there we're in the green baby. Are you seeing this where I buy $ 2 right now hand it over hand over the assert? Okay, just keep zooming up or I'll, buy three dollars there. Now, in the red again we're down by 30 cents, what's going on, okay, so dip once again, but we're back in the green but ended up walking away with all of the trades being profitable on the first day and earning without six dollars. I know it's not much, but I did learn a lot in terms of how the brokerage website that I was using worked, how to buy and sell how to read the charts. How the leverage kind of works. So is a really good experience and we did come out of that day profitable. The next day rolled around I took day two a little more seriously. I set up my old laptop to have the Forex charts on there. So that way I could work on. My other laptop and just look over to check on how the trains were going whenever I needed to, but I continued doing the little scalp trades. I was still learning a whole lot. At this point, I even tried executing a short position for the first time ever so that was pretty exciting and shorting basically means you toss an you know, reverse card on the graph and say that do you believe that the graph will go down and if you're Right you make money if you're on you lose money. So once again I did very low risk trades for day two and ended up somehow coming out profitable on every single one of them. I couldn't figure out how to get a trade history report on here. So here's me refreshing the page at the end of day two to show the results and that we made 10 dollars and 43 cents total. Given that we started with $ 1000, we were now up one percent in two days, so hey if we're trading with 100k. That would be $ 1,000 that we would have earned in two days so not too shabby, but with all of this experience and research under my belt, I decided to go all-in on day three of trading, which would be the final day of this challenge day. One was practice day: two was warm-up day. Three, it's game time. The real load today is gon na, be the final day of trading we can have since I'm uploading this video tomorrow. So I thought that it would be kind of interesting to test something out since, for the last two days, I've just kind of been moving slowly and steadily I've been looking at patterns. I'Ve been looking at the RSI indicator, just taking a whole lot of things into account and in doing that we have been consistently making a small profit, but I'm not really sure if it's just luck or if we're actually onto something here. So I figured it'd be a good idea to test that out today and start off the day, but just going into a bunch of random trades to see what would happen if we're still making money, then everything we've been kind of doing here is pure luck. But if not, maybe we're onto something here by looking at these patterns and taking accounting, these different indicators, so let's just go ahead and start off by going into some random trades today and see what happens yeah. That was definitely not my best idea. As soon as I started going off randomly I started losing money. May I add very quickly at one point I was down by like $ 50, but I kind of just stuck through it and ended up getting back out once had my original thousand dollars back and from there. I continued doing what I did for the last two day, since the whole going in random technique did not go very well and on this third day I also finally spotted a discrepancy in the price in our side graph. So we had a divergence on her hands and this one indicated that the market was about to fall, so I went in with a short position and did eventually come out of it with two dollars: 40 cents profit. I really did not play it too. Well, I got in a bad time and got out kind of early, but still I got to try out the divergent strategy and it worked before we get into how much made Tobal. Here i want to go over a couple of things and please take them with a grain of salt. Again, I've only been doing this for one week, but when it comes down to answering the question, I asked in the beginning of this video whether Forex is a scam or not. I really wouldn't say so. I think it gets a bad rap for the wrong reasons, and I understand why, from researching this topic, I mean so many just completely. Obviously, scamming individuals and videos would pop up that it was just ridiculous. Some of this stuff was so bad. It just felt like SATs. Are you it's something I would say in a video as a joke, but these people were obviously not joking based on all the affiliate links they put in their descriptions. All that aside, though, after looking into Forex and actually trying it out for myself, I definitely say that I now have a more positive outlook on it than I had before. I tried it out, although I really don't know how sustainable it is. I wouldn't go as far as saying that it's a sustainable form of income trading online is very different from starting an online business. Forex trading is more like learning a skill and then using that skill to compete in a risky sport. It'S nothing about. It is very passive. It'S not like a business that you can start and then eventually step back from it and have it all automated. So the conclusion I kind of came to here is that there definitely has to be people out there making consistent money with Forex, but if you want to try it out, I definitely recommend you do a ton of your own research. I think that people out there who are actually consistently making money with this have been learning and practicing this skill for years, so you definitely have to be very patient with it. But all that said, I did have a lot of fun for taking in this training. For the last couple of days and for the first two days, we came out to ten dollars and forty three cents profit. But it's not about the money some here, because we're trading with a really small amount. It'S about the percentage and we made one percent - might not sound like a lot, but a good savings account at a bank will get you like two percent in interest rates per year. We just made one percent in two days, so I mean by my boards membership. They did no, but in all seriousness, on the third day we were down by like over fifty dollars. Eventually that came back up, though I did some more scalp trading and we had the one divergence trade and, with all that, we managed to come back up to ten dollars in profit flat, so basically we're walking away with a one percent gain in three days. If I hadn't pulled all those stupid trades earlier today, you would probably be walking away with a one point: five or even two percent game, and if you think about it, if you can get half of a percent daily he's very consistently with Forex, and you do That, with a large sum of money, you can actually make some serious money with it, so I guess I definitely think it is possible to make money with this it's entirely possible. So I hope that you guys enjoyed this highly requested video and, let me know in the comments what kind of money-making scheme I should get into next hope. You guys have a great rest of your day: peace, ,