How I would Learn Forex Trading FAST (if I could start over)
This is how I will learn to day trade if I could completely start over. For some context, I've been trading for about three years, and I've made over six figures from trading. I went to college, started a real estate business, graduated, and got a diploma. I was thinking about getting a job in the real estate industry – you know, the typical Matrix routes. But one day I decided to say [__] it and go all-in on my Forex trading. I thought to myself that I can make more money trading than at an actual job, so why bother working a real job?
I started my ass off and spent six months learning everything there is to know about Forex trading. I've been teaching and mentoring my private students for a while now, and most of them have gone on to become profitable full-time traders themselves. If I found a video like this one teaching me step by step on how to go about learning to trade right from the start, I would have mastered Forex trading 10 times faster. So there are three important phases of trading:
- The Learning Phase
- The Testing Phase
- The Execution Phase
Step 1: Learn from One Expert
There is no need to reinvent the wheel and try to come up with your own trading strategy. If it has worked for someone else, it's probably going to work for you too. That is why I would recommend you find a mentor. The key to success is to follow someone who is already successful at trading, someone who knows what they're doing, and try to emulate their thinking.
There are a lot of free resources out there on YouTube and the internet, but it can get quite overwhelming because there are so many thousands of trading strategies. You don’t know which one to pick, and everything seems messy. I personally post new trading videos every week for absolutely free with insanely valuable information in them. There are a ton of YouTubers doing the exact same thing. I would advise you to find one YouTuber you like and watch as many videos as you can from them.
I want you to set aside one day of the week (like Saturday) and spend that entire day just learning how to trade. I would spend that Saturday watching YouTube videos, starting online courses, and reading free trading books, getting my hands on all the information about trading. Remember, no matter how good you become as a trader, you should always be learning and trying to improve your trading. To this day, I am still constantly learning advanced trading strategies and reading books on trading psychology.
Step 2: Join a Community
You know the cliché quote, “You’re on average of the five people you spend the most time with.” That is actually true. I found that the closest five people I spend my time with are all driven, goal-oriented, and know what they want in life. If you want to become a successful trader yourself, you need to surround yourself with successful traders. I have a Discord server named "The Trading Tribe," where you can join for free and talk to other like-minded traders who want to learn just like you. Every single tribe member has either achieved or is working hard toward the ultimate goal of becoming a successful trader. You can post your chart setups, ask questions, and even see other people's ideas and strategies to see what works for them. There are a ton of nice people in the Discord server who will be happy to help you out on your trading journey.
Step 3: The Testing Phase
You should be trading on a demo account before you trade a live account. Do not trade a live account unless you are profitable on your demo account. Do not rush the process. When I first started out, I hated my job and how broke I was, so I wanted to quit my job as soon as possible. I spent only one month trading on a demo account, and the next thing you know, I opened a live account, deposited $500, and blew the entire $500 in two days.
If I had to start over, I would spend much more time trading on a demo account. Here's the secret: When you are trading a demo account, you must treat it as though it is your own real hard-earned money. Try to trade the same amount of money that you would with a live account. This way, you can feel the exact same emotions you would in a live trade.
It is very important that you try to do this. Please remember, you should only start trading a live account when you have found a successful trading strategy, have done thorough testing (backtesting, front testing, etc.), have learned how to control your emotions, practice proper risk management, and most importantly, are consistently profitable with your strategy. Only then should you move on to trading a live account.
A lot of new traders skip this step and jump straight into trading a live account, losing a ton of money they shouldn't have lost. So please, do not rush the process.
Unfiltered Advice for Beginner Traders
If there is a to-do list for new traders, Step 1 is to lose money. It is almost guaranteed that if you are a new trader, you are probably going to lose money. You might as well save that money and practice first until you are confident in your trading ability. When you do actually start a live trading account, remember to start small because you're going to lose that money fast.
A lot of you probably saw your favorite trading guru living the lifestyle you have always dreamed of — driving fast cars, living in a big mansion, with five side chicks by their side. You watch a few trading videos, and you expect to become a millionaire trader the next week. That is not how it works, bro. Just like anything in life, it takes time to get good at trading, and trust me, it’s worth the work.
When you're first starting out, you should not be thinking about profits at all. You should focus on learning, finding a winning trading strategy, testing that strategy, and trying to improve as a trader. Trust me, the profits will come as a byproduct when you improve as a trader. Put in the work to learn, and I promise you that the market will reward you, and the money will come later.
The Execution Phase
The final step is to find a successful trading strategy that works and use it on a live trading account. You can check out my video where I show you my own trading strategy, which is backtested and proven to work.
){kind=link}
0 Comments