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 gonna 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 gonna 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 gonna be to do a ton of research at the beginning of the week I'm gonna 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 gonna 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 gonna look further into that but I also want to get you guys involved in this so I'm gonna 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 gonna 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 gonna 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 gonna go next so that's gonna 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 gonna teach you how to tell when the price is gonna 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 gonna 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 gonna transfer some money into that as well as download metatrader for so tomorrow I think we're gonna 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 gonna execute the orders through my computer on the Forex comp brokerage that's the one I'm choosing for this video I'm still gonna 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 gonna 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 gonna 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 gonna be patient I'm not gonna be emotional I'm gonna 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 gonna 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 [Music]

Channel: Biaheza

Views: 3,237,374

Rating: 4.8683443 out of 5

Keywords: Forex, Forex day trading, forex trading, online business, make money online, biaheza, forex trader, how to trade forex, how to make money, investing

Id: Z0QLk-LYwPM

Length: 15min 54sec (954 seconds)

Published: Fri Feb 14 2020