as of right now I think forex day
trading is borderline gambling and one
of the
craziest spaces on the internet infested
with so many scams multi-level marketing
pyramid schemes fake flexors imposing
unrealistic standards
and just overall shady activities oh
that's greasy yeah it's greasy
however, I'm not an expert I realize i
very well may just be uninformed and
maybe
with a little more knowledge I could see
why everyone online makes four eggs seem
like the opportunity of a lifetime hey
bro you heard of forex bro
and I'm not exaggerating there is a
strong forex community out there that
swears by it
so who's right only one way to find out
are you dumb while you think it's a scam
people are making six figures a day in
In this video, I'm gonna spend a week
straight
taking forex courses throughout it
reveal my discoveries and at the end
we'll try day trading forex with ten
thousand dollars
to see if all that education helped
improve my trading or at least changed
my outlook on the
sport I've made videos trying forex in
the past so I have a basic understanding
of how it works
forex is short for the foreign exchange
the market which is a market on which you
can exchange
slash trade currencies and it works in
pairs so you're not just investing into
the euro for example
when you look at a forex graph let's use
the euro versus us dollar pair the
the currency that comes first up here is the
one you believe
is gonna go up against the other one so
if I have to buy into this pair
I'd be saying that I believe the euro
will increase in value against the us
dollar
so if I bought into this pair and went
up I would make money and then on the
flip side if I took on a short position
I can make money if it were to go down
throughout the time I was making videos
experimenting with forex last year
outside of using bots on my own i
believe
I lost a total of five dollars I got a
paper in the mail for taxes from the
main brokerage I used
and according to that after trading with
thousands of dollars I only lost five
which I'm surprised by I thought I lost
a lot more but that's where we are kind
of starting from I'm at a negative slash
break-even level of forex day trading
let's see where we end up after spending
a week straight
taking courses and learning about forex
maybe we'll be on to something
okay day one first course we're gonna
take is this youtube video right here
by bloom, trading has 1.5 million views
41 000 likes
and a whole lot of positive comments
they're not using Lambos and mansions to
lure you in so it seems very promising
and could potentially be a great way to
master the basics
day one hour zero let's get started
okay so the first 45 minutes of this has
just been about the history of currency
and money is a tad bit excessive I believe
but I can respect it because you want to
know what you're trading right haven't
really learned anything new just yet
but this was a nice refresher on the
history of money and this man
I apologize I forgot his name but he
seems to be a good teacher and seems to
know what he's talking about 45 minutes
in
and hours to go
okay right after this man covered the
history of money
he then applied that to forex and
smoothly segwayed into forex terminology
and how brokers work
spreads lot sizes very valuable
essential information that I have not
truly grasped
before taking this course he then went
on to talk about the difference between
technical and fundamental analysis
fundamental is basically what's really
happening in the world like politics
interest rates inflation and whatnot
whereas technical analysis is just
strictly looking at patterns trend lines
volume and different kinds of indicators
on a currency pair
the graph he pretty much solely focused on
technical analysis thoroughly explained
support
and resistance lines triangles and then
a few of the main
indicators at which point four hours in
the video was cut off and it says I have
to pay ten dollars
for the full eight and a half hour
course day two ended up taking the
the second part of the free youtube course
although for this part again I did have
to pay
and it was 20 bucks just got through
another four and a half
hours of knowledge the first free part
of this course was a little more basic
and general but
denser whereas this was more trading
specific I learned some good info about
risk and money management as well as
some trading psychology I think my
the biggest mistake in the past I now
realized was actually with risk
management I need to let profits ride
and cut losses quicker I've kind of been
doing the opposite in the past where i
couldn't help but try and wait out the
losing trades hoping they'd bounce back
up
but end up digging myself into a deeper
hole and now that I understand the
basics much more clearly moving forward
In the next few days, I'll try to better
understand the meaning behind certain
indicators and patterns
as well as start looking at more
strategy type courses and videos I guess
you could say things are getting pretty
serious
on Wednesday I took two courses by the
same author one was two hours and the
other two and a half
and each cost a little over a hundred
dollars both of them were talking about
specific trading strategies not just
general type of information
a lot of this stuff really sounded like
astrology to me and there wasn't much
evidence or explanation as to why
certain things should supposedly work
but I just kept learning
figured we would see if any of this is
real once we got into the training
Thursday morning had surgery got a
a couple of bolts screwed into my foot
and then it was back to forex baby I was
a little zooted off the anesthesia and
somewhat bedridden
so I took it easy with a four and a half
hour course on candlestick patterns and
some more price action trading strategy
on Friday the final day, I went over what
I felt like we're the best parts of the
different courses that I took throughout
the week
and then I also watched a lot of life
trading so that I could see
how people applied these different
things that I learned about and just to
get some ideas
which brings us to today Monday I was
expecting this to be a suffering type of
challenge where I have to sit through a
bunch of ridiculous flexing type of
videos but by being very selective as to
where I got my information from
it's actually been a pretty educational
experience kind of enjoyed
taking these courses and learning
something new but now that we're past
this week of training
you already know what time it is time
for some real live market trading
I loaded up 10 grand into a forex
brokerage last week the money cleared
and we're good to go now the forex
the market is open 24 hours a day
five days a week but according to
investopedia.com
5am to 12pm pacific time has the
the heaviest volume of trading and is
therefore the best for finding trading
opportunities so tomorrow on Tuesday
hopping into the market at
5am and we'll do that for the next three
days to see what happens
good morning bless up okay just placed
my first trade but if we backtrack just
a little bit
the first thing I did today was check
forex factory.com which is a website
where it shows you all of the
economic information that's going to be
released on a particular day and then
what currency it's going to affect so
today was actually a pretty important
day for us dollar since the cpi
information was being released which
measures inflation
and that came out higher than expected
so there was more inflation than they
were expecting
and so because of that the euro and us
dollar pair really skyrocketed so the
euro compared to us dollar really
rose in value I think that trajectory
can keep on going up for the rest of the
day so I went in with a long position on
the euro us dollar pair
and then I placed my take profit and
stop-loss levels at some previous
uh support and resistance levels second
trade was strictly technical I saw this
horizontal channel on the Australian us
dollar pair
went in with a short position placed a
stop-loss at the top of it and a take
profit around the bottom
a couple hours later this trade did hit
the stop loss
up to top and closed in the negative
however that first trade on the euro us
pair hit the take profit came out in the
green so walking away from day one we
were at one loss one win and the dollar
amounts are
very low so I'm not gonna be focusing on
them too much since what matters is if
you're profitable or not if you are you
can always add more money to your trades
day two I went into a trade on the us
dollar and Japanese yen pair based on an
the upward trend I was seeing on the 10
minute graph
and then a short position on the us
dollar Canadian pair the second one i
based on the fact that this pair tried
to go over a recent resistance level but
couldn't and was now falling back down
and wow within like half an hour both
came out in the green
two winning trades for the day it was a
pretty crazy feeling to get both of
these right like that and he was almost
instant god it's great
okay day three of the live market
trading I just realized I made a small
a mistake on the last two days
I was trying to follow a risk management
plan where I don't risk more than two
percent of my whole account
I think what one of the courses meant by
that was putting stop losses on your
trades that ensure you don't lose
more than two percent of the entire
account on one trade so in my case with
10 grand
just making sure I don't lose more than
200 on one single trade
I mistook that for not going into any
trade with a total of more than two
hundred dollars
no big deal though right now I'm in it
to track percentages and win-loss ratios
if I can be profitable with a little bit
of money I could probably do the same
with more but anyways final day we'll
fix that
and let's see if we can find any trade
opportunities
ended up taking a trade on the British
pound and Japanese yen pair we'll go
over that in a second but first
I want to quickly go over my biggest
realization in regards to day turning
forex
and also whether or not my opinion on
forex being the greasy change
so the major thing I realized with forex
day trading top secret
but I gotta let the fans know the
process nobody actually knows where the
price is gonna go with 100 certainty
not even close nobody the way you
actually make money is by developing a
a strategy that gives you a slight
edge so that you might be right maybe 60
of the time
and if you're right 60 of the time while
also having good risk management and
position sizing
that's how you can make money so even if
you're a profitable trader you're gonna
have a good amount of losing trades now
as far as my opinion
on the sport, I still think the forex
space is very greasy you gotta be so
so careful with who you listen to don't
sign up for forex pyramid schemes you
can trade without them I don't think
it's a good idea to pay someone to trade
for you
so many forex related scams out there
sounds like a get-rich-quick scheme yes
thank you you will get rich quick we all
will but
after spending some more time educating
myself I do think it may
slightly be possible to trade forex
somewhat profitably
but I definitely don't think the
profitable traders are driving Lambos
trading on the beach from their phone i
think they're cooped up behind their
computers researching
economic fundamentals politics studying
charts graphs back
testing strategies and lacking vitamin d
or
they're working for big institutions but
after filtering through all the noise
and taking a deep dive I do have a more
the positive outlook on forex coming out of
this experiment
I think the big hurdle between me and
believing wholeheartedly into forex
is that I've never met or talked to a
full-time forex trader
who doesn't supplement that income with
a personal brand and makes a majority of
their money with that
very hypocritical for me to say that
because I have a dropshipping business
while also making finance videos
and I'll be the first to admit that at
this point per month I have had months
where my youtube and the personal brand
side of things made more per month
then the drop shipping side but my point
is I've met tons of people who make a
full-time living only dropshipping
people killing it with
amazon fba affiliate marketing different
forms of real estate freelancers
social media marketing agencies
wholesaling having this youtube channel
has allowed me to
meet people from all walks of online
business yet I still have never met
two pretty best friends forex day trader
who trades full-time
so I guess this is an open invitation if
you make some solid cheese day trading
forex and can prove it
I would love to have you on this channel
for a quick chat pick your
brain a little shoot me a dm on
Instagram but anyways in summary
although pretty unlikely I believe it
could potentially be possible to trade
forex profitably
and coming out of this experiment I do
have a more positive outlook on it
now let's get into the morning trade
again this trade was on the British
pound Japanese yen pair and it was based
on a support level that I was hoping the
pair would
just kind of bounce off of which it
didn't end up hitting the stop loss so
we are ending this video
on a red trade but on a positive note
final results three profitable trades
too negative that's a pretty nice ratio
not enough trade for this ratio to mean
anything concrete but
it is somewhat promising either way hope
you guys enjoyed this video and have an
amazing rest of your day
[Music]
peace
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