How I Would Learn to Trade Forex If I Had to Start Over

in this video I'm gonna tell you the five things that I would do differently if I was just learning how to trade for it [Music] what's up my name is Casey Jackson and I've been trading Forex for about the past six years and I have learned quite a few things along the way now here on YouTube what I do is to help new and experience Forex Traders navigate their way through these Forex streets and in this video I'm just gonna share with you some things that I've learned some things that I would do some things that I wouldn't do uh if I were to have to start my Forex Trading Journey over again you know over the years you guys have sent some questions in and I kind of got an idea of where you are and I want to save you some pain some heartache and most importantly some money so make sure you watch this video all the way to the end so that you can be well prepared to navigate these streets the main thing that I hear from Forex Traders on YouTube is what broker should I use Casey what broker is available in the U.S what broker is available in Africa now I would love to share with y'all you know the top brokers that I think you should be working with but because I do not have my series 34 it is actually illegal for me to do that but that's neither here nor there let me get to the main point the main point if you are new like you just starting off just just just starting off you shouldn't be worried about depositing money with a Forex broker because you are at least 90 days away in order to be able to get into the forest market and profitably trade I'm telling you they call it like paying the market tuition because you're gonna lose your money I've been there I've done it if you have not watched my video I lost almost ten thousand dollars in a matter of three days after I built up an account to the market and that was because I didn't understand some really necessary components in order to maintain my account while growing and scaling it so don't be in a rush to put your money into the market that should not be the first thing that you do you can definitely do your research in order to find a broker that you can deposit with but I would not be opening a live account if you've been trading for less than 90 days or if you are not consistently profitable I'm telling you you're gonna lose your money learn from me I've been there I've done that you don't want to do it the second thing that I would do is I would identify what type of Trader I want to be and I'm sure you're probably asking I'm brand new I don't know what type of Traders are there well there are scalpers and that means that you're staying in the market a very short time you're in and out of Trades you're taking um I don't want to say risky positions because that's not all the way true but you're leveraging a higher amount in order to make money within the market but you're in and out in and out I would say like in under an hour maybe even less so you're trading like the 30 minute chart the 15 minute chart in order to catch your setups and then there's intraday trading and that basically means that you're in and out of a trade within one day and so you can find setups on the 30 minute on the hour you typically won't go to like a four hour chart in order to find those setups uh that's more so swing trading which is the last and final type of Trader uh swing Trader and that is what I am I chose that type of trading because I had to get real with myself when I first started I was trying to scalp and given my personality type given the responsibilities that I had on a day-to-day basis I was in grad school I was working full time I was trying to be a sister a niece a daughter you know all of those things my time was limited so I wasn't able to sit at the computer all day on a regular basis in order to find trading setups so I realized quickly That Swing trading was something that I needed to pursue now I'm not saying you know you don't ever have to be on the charts as a swing Trader but I dedicate a set amount of time each week to go through find setups and when the Market opens I set my limits I set my stops and then I let it just run now I monitor my trades I definitely go in and I look and see you know where I am but I'm not marking up charts in the week in order to find a setup I've already done that work on the weekend so I can kind of just go and live my life and do what I got to do so I think you got to be really really real with yourself you have to figure out what's going to work for you as far as your personality type and then also your responsibilities like your day-to-day life what do you have to do what are you committed to and how much time can you honestly dedicate to learning this skill now once you've identified what kind of Trader you are the next step finding one good source of Education when I came came into this industry I joined through a multi-level marketing company in that multi-level marketing company there were several instructors and they all had different styles and I hadn't identified who was the swing Trader who was doing intraday trades I I didn't know I was just following everybody and because I was following everybody and because I was not clear on the type of Trader that I wanted to be it lengthened my learning curve and so in order to save you some time in order to save you some headache I'm just trying to tell you identify what kind of Trader you want to be and then if you are looking on YouTube to find somebody to help you through your journey put in that style of trading you know search for swing Traders search for uh intraday Traders search for scalp scalping trading strategies and then find somebody that you resonate with like you can learn from one of the top people in the in the industry right but if they're if the way they teach does not make sense to you it's not going to benefit you right you're not going to be able to get the most out of that experience with them so if you find somebody that you connect with that you resonate with follow that person and only follow that person do not mix in a whole bunch of people at once once you build a solid foundation meaning that you've gotten to the point that you can be consistently profitable then you can start adding in other elements in order to make that strategy that they may have taught you your own you can build in extras in order to fine tune it and tweak it so that it's your own now the next thing that I would do is I would find a community of Traders oh I can remember there were many a lonely nights especially the night that I could not sleep because I had a migraine because I had been up all night after my homework from grad school trying to trade I was losing I was messing up my account and I had nobody to talk to nobody to talk to so I would say finding a community of Traders is highly important finding a community of traders who trade like you that's gonna be even better okay it means all the world to me now the group that I put together and that I've cultivated you know I love seeing people post within the Facebook group about hey what do you think about this this is what I'm thinking on this trade what do you think you know so being able to get some feedback being able to connect with people as far as their experience and taking pieces of their experience uh that you think will benefit and help you grow is everything trading can be a lonely place I really mean it it can be so if you can find a group of people that you can connect with um that can hold you accountable that can introduce you to new ideas that will be your sounding board then you absolutely need to connect with that group so find you a group of like-minded people not the people who talk about the cars and the Lambos and the houses those things are nice but when it comes down to it you want some stuff with some substance you know you want some people with experience you want people who can actually add value to your experience your growth and your trading Journey all right so look for that group that community of people who are going to help you along the way the final thing that I would do and that should have been number one and I shouldn't say final because I got one more after that sorry y'all but uh the second to the final thing that I would do is I would understand risk management a whole lot faster because this was very late into the game that I understood what risk management was so I have figured out how to find setups I had figured out how to um scale my account but when I got to a certain level I would blow the account because I didn't understand the components of risk management and how it impacted how I would grow so understand risk management and if you're looking for a way to kind of Deep dive into that I've got a few videos and I'll actually link it in the cards and in the description that you can take a look at so you can understand that you don't have to have a 80 percent win rate strike rate in order to be profitable in the Forex Market the name of the game is being able to stay in the game so even if you take I think there was an example I did even if you take seven losses if your risk is right you could have three winners and still be in profit I know that sounds crazy but it's absolutely a fact so take risk management seriously understand it in and out and the faster you do that the faster you'll be on your way to becoming a profitable Trader now the last thing that I would recommend is once you've done all of these things you've built up your foundation you've got a consistent strategy that proves to work time and time again I would say that you need to connect with a prop firm now if you have ten thousand dollars lying around that you could put into your trading account by all means go ahead and do it but for a lot of Traders the reason that they are unsuccessful is because they are under capitalized and a prop firm is basically going to allow you to test and evaluate and show that you can trade on a consistent basis while staying within their risk parameters and reaching their profit targets once you demonstrate that you have that skill set they're going to give you access to their Capital now it does come at a cost it does not mean that that's a scam it's just the cost of doing business right once you pass that and you're able to show and prove that you could trade then they're going to give you access to the capital and I'm gonna tell you what it's going to do for you it's going to allow you to make money faster it's going to allow you to take larger positions in an account than you would be able to take in your 500 account or in your hundred dollar account so you're not blowing the account fast you know so prop firms to me I think there's a place for them in this industry I think they serve a valuable purpose I think they give people an opportunity that they otherwise may not have had so I would say um you know once you've proven yourself you proven a strategy then it's time to start doing some homework on Prop first and if you don't know what a prop firm is make sure that you subscribe to this channel because I am going to be putting out a series of videos that explain in detail how these firms work why they're here how you can choose a good prop firm and then I'm even going to tell you guys the prop firm that I like I'm a fan of a hundred percent okay so those are the five things that I think you should be uh doing as a new Trader I think it's going to shorten your learning curve I think it's going to help you build a solid foundation and I think it's going to set you well on your way to becoming a consistently profitable Trader so I appreciate you guys for watching this video I am so so glad to have you here if you've learned anything from this video consider subscribing to the channel and then also give the video a thumbs up and share it with somebody if it makes sense for you and you like dang she talking true share it with somebody because they'll probably think the same thing too and you guys can learn and grow together and then I mentioned about that Community if you're looking for a community of people no hype no fluff unfortunately we don't talk about Lambos we'll talk about all those things um check out the link in my video description so that you can go ahead and join my no cost Forex Facebook Mastermind group all right I'm glad that you watched this video I hope that your journey of learning how to trade Forks is all the more improved for the time that you spend and learning these tips and I will see you on the next video have a wonderful wonderful day foreign [Music]

Channel: Kaci Jackson

Views: 93,864

Keywords: learn to trade forex, forex trading for beginners 2023, swing trading forex, intraday forex trading for beginners, forex trading, how to trade forex, forex, day trading for beginners, learn to swing trade, forex trading course, forex for beginners, forex for beginners course, forex for beginners uk, forexdini, day trading, learn to trade

Id: D-fO3OUgE7I

Length: 13min 2sec (782 seconds)

Published: Thu Sep 28 2023