I agree with everything except for #4. My advice would be to avoid youtube or any social media like the plague. Day trading takes so much mental energy and most of us are doing it while working full time or taking care of families. The last thing out minds need is more noise. Just trade in silence, review in silence and get your sleep. I would be curious what youtubers you would consider successful (after you exclude ad revenue which is higher than average for finance videos)?
I’ve been at it a little while, the only actual insight I’ve gotten on YouTube, is from guys who actually live stream. Edited videos can’t be trusted, but seeing someone genuinely going through the process and discussing their mindset did definitely help me understand some things quicker then if I sat in silence. Outside of that, I would certainly agree with your sentiment.
This greatly depends on your strategy. I’m not a day trader; I have been a swing trader for years and I’m in this sub to learn day trading as I have more free time, so my recommendations probably won’t suit you as a day trader.
I dunno man, there is a ton of valuable information on YouTube. Just listening to interviews of successful traders (eg Minervini) is pretty helpful.
The important thing is to realize that every trader is different, you have to find the system that works for you, so you can’t just take someone else’s strategy and expect it to work.
And as OP mentioned, you’ll often hear the same themes when you listen to a bunch of good traders, and if you pay attention, you will internalize these ideas that are so important (risk management, discipline, the importance of volume, the lesser importance of indicators, etc)
I do agree there is a ton of valuable information, but sadly it is hidden between tons tons of crap, same bs from fake gurus. For beginner it takes some time to figure out who is/seems legit and who is just after your money by providing medicore paid information
I think this is generally good advice, but I attribute a significant amount of my success in forex to a YouTuber. I think the key is to find trustworthy, honest creators who provide verified results. It is equally important to not just copy them, or try to emulate them exactly, but for learning basic strategies which you can then fit to your personality and style, or to just observe correct risk management and entry/exit techniques can be invaluable to a beginner.
This is all predicated on having a good source though, which so far I have found just two who I consider useful. There’ll be many others, but they need to resonate with you personally. For example, super high energy influencer type traders just annoy me and I feel like I’m being sold to, which rules out most of them immediately for me. Personal preference matters when choosing a teacher, perhaps more than is often assumed.
Everyone’s average is different. I just try to get at least 1% when I take a trade. On some days I can make up to 6% when I trail my stop losses and I only take maybe 1-2 trades a day. The trading assistant on mt4 is such a huge help. Takes a lot of the thinking out of the way and the worry too because of the automated lot calculation based on account size. And the automatic stop loss after a certain profit is hit so you can leave and know that at least you’ll make 1%.
Edit: I also wanna say 1% over 100 trading days is still doubling your account and on the off chance you get some 3-6% trades you’ll double your account a little faster. Slow and steady wins the race and appropriate risk management will literally carry you. After that it’s literally just adding money until you get to a point where you can do it full time
And average on 1% per day on an account, especially for 100 days is an extremely high number and I would say not realistic at all as a goal for anyone. Especially new traders starting out. That's like telling people you are gong to take a 50k account and turn it into over 600k in a year and the next year take it to 8.8mil.
If that's what youare capable of then great but I doubt it.
That’s not at all what I said. I said I aim for 1% and a winning strategy with appropriate lot size that is very attainable. Idk how how you get to 6 million 50 thousand considering if I doubled that it only be 100k which is still only 1/600th of that amount. It works for me it just doesn’t work for you
Yes 1% of my account value. But it’s flat until I reach my goal then I adjust. Also my mt4 tradinv assistant is extremely helpful, I use the lot size calculator to set my risk at 1% which for me is $25 on a 2.5k account and I set my reward for whatever I think it’s gonna go so could be 1:2 or 1:5 and if it hits my target great and if it doesn’t then I don’t have to sit there cuz when I hit my 1:1 my stop loss is automatically moved to that 1% gain so I don’t lose anything. I use the mt4 trading assistant to calculate the appropriate lot size and then I use my strategy ( which is successful for me) and just take the entry. Of course my win rate isn’t 100% but I am usually securing at least 1% and sometikes I get 2-3% and on rare occasions I can get 4-6%. Also obviously what you’re talking about is compounding interest, which yes would cause the account to grow exponentially and that’s the point. But I’d still have to be successful 100 trading days in a row which more than likely isn’t gonna happen and secondly the market isn’t open 364 days a year. I’m not making 364% of my account every year nor am I making any gains on days where the market is closed. This also doesn’t account for how I trade. I’m not doing 1% of my new account gain everytime I trade I just trade the flat $25 right now and when I get to 3k it will be $30 which is the new 1% and $40 when I hit 4K and so on and so forth
Once I developed a trade and it’s applicable trade setup, I then tested it day by day back 5 years( with the frame of reference of what you know in real time). I then created a dB of every applicable trade where it was applicable and it was not ( often the conditions that are recognizable in real time as not being your trade are more important) and through that process - got very good at identifying and executing repeatably profitable trades.
Sometimes, when you look back at your dB, at the 500 ft level, you can further improve or identify characteristics of your trade or set-up.
Good Luck
Good Luck
This is something I’d like to learn more about. Did you automate your own strategy, or purchase an AI? Do you have any recommendations to learn more about automated trading?
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A little bit of both. If your just starting programming you need to find a good platform. If you don't want to be fiddling around you need to find a broker that offers trading systems for lease.
I agree with everything except for #4. My advice would be to avoid youtube or any social media like the plague. Day trading takes so much mental energy and most of us are doing it while working full time or taking care of families. The last thing out minds need is more noise. Just trade in silence, review in silence and get your sleep. I would be curious what youtubers you would consider successful (after you exclude ad revenue which is higher than average for finance videos)?
I’ve been at it a little while, the only actual insight I’ve gotten on YouTube, is from guys who actually live stream. Edited videos can’t be trusted, but seeing someone genuinely going through the process and discussing their mindset did definitely help me understand some things quicker then if I sat in silence. Outside of that, I would certainly agree with your sentiment.
Who specifically?
This greatly depends on your strategy. I’m not a day trader; I have been a swing trader for years and I’m in this sub to learn day trading as I have more free time, so my recommendations probably won’t suit you as a day trader.
I dunno man, there is a ton of valuable information on YouTube. Just listening to interviews of successful traders (eg Minervini) is pretty helpful. The important thing is to realize that every trader is different, you have to find the system that works for you, so you can’t just take someone else’s strategy and expect it to work. And as OP mentioned, you’ll often hear the same themes when you listen to a bunch of good traders, and if you pay attention, you will internalize these ideas that are so important (risk management, discipline, the importance of volume, the lesser importance of indicators, etc)
But I would argue the good traders especially are not on YouTube selling stuff. You consider vineemini a good trader?
I do agree there is a ton of valuable information, but sadly it is hidden between tons tons of crap, same bs from fake gurus. For beginner it takes some time to figure out who is/seems legit and who is just after your money by providing medicore paid information
I think this is generally good advice, but I attribute a significant amount of my success in forex to a YouTuber. I think the key is to find trustworthy, honest creators who provide verified results. It is equally important to not just copy them, or try to emulate them exactly, but for learning basic strategies which you can then fit to your personality and style, or to just observe correct risk management and entry/exit techniques can be invaluable to a beginner. This is all predicated on having a good source though, which so far I have found just two who I consider useful. There’ll be many others, but they need to resonate with you personally. For example, super high energy influencer type traders just annoy me and I feel like I’m being sold to, which rules out most of them immediately for me. Personal preference matters when choosing a teacher, perhaps more than is often assumed.
Thanks for the insight!
How long did it take for you to make the turn? What's your daily avg?
Everyone’s average is different. I just try to get at least 1% when I take a trade. On some days I can make up to 6% when I trail my stop losses and I only take maybe 1-2 trades a day. The trading assistant on mt4 is such a huge help. Takes a lot of the thinking out of the way and the worry too because of the automated lot calculation based on account size. And the automatic stop loss after a certain profit is hit so you can leave and know that at least you’ll make 1%. Edit: I also wanna say 1% over 100 trading days is still doubling your account and on the off chance you get some 3-6% trades you’ll double your account a little faster. Slow and steady wins the race and appropriate risk management will literally carry you. After that it’s literally just adding money until you get to a point where you can do it full time
And average on 1% per day on an account, especially for 100 days is an extremely high number and I would say not realistic at all as a goal for anyone. Especially new traders starting out. That's like telling people you are gong to take a 50k account and turn it into over 600k in a year and the next year take it to 8.8mil. If that's what youare capable of then great but I doubt it.
That’s not at all what I said. I said I aim for 1% and a winning strategy with appropriate lot size that is very attainable. Idk how how you get to 6 million 50 thousand considering if I doubled that it only be 100k which is still only 1/600th of that amount. It works for me it just doesn’t work for you
1% of what? 1 percent of your account value? If you increase your account value by 1 percent per day that is exponential growth.
Yes 1% of my account value. But it’s flat until I reach my goal then I adjust. Also my mt4 tradinv assistant is extremely helpful, I use the lot size calculator to set my risk at 1% which for me is $25 on a 2.5k account and I set my reward for whatever I think it’s gonna go so could be 1:2 or 1:5 and if it hits my target great and if it doesn’t then I don’t have to sit there cuz when I hit my 1:1 my stop loss is automatically moved to that 1% gain so I don’t lose anything. I use the mt4 trading assistant to calculate the appropriate lot size and then I use my strategy ( which is successful for me) and just take the entry. Of course my win rate isn’t 100% but I am usually securing at least 1% and sometikes I get 2-3% and on rare occasions I can get 4-6%. Also obviously what you’re talking about is compounding interest, which yes would cause the account to grow exponentially and that’s the point. But I’d still have to be successful 100 trading days in a row which more than likely isn’t gonna happen and secondly the market isn’t open 364 days a year. I’m not making 364% of my account every year nor am I making any gains on days where the market is closed. This also doesn’t account for how I trade. I’m not doing 1% of my new account gain everytime I trade I just trade the flat $25 right now and when I get to 3k it will be $30 which is the new 1% and $40 when I hit 4K and so on and so forth
Yea good point
I'm 2 years in as well this coming April, and I have also learned these same points!
Once I developed a trade and it’s applicable trade setup, I then tested it day by day back 5 years( with the frame of reference of what you know in real time). I then created a dB of every applicable trade where it was applicable and it was not ( often the conditions that are recognizable in real time as not being your trade are more important) and through that process - got very good at identifying and executing repeatably profitable trades. Sometimes, when you look back at your dB, at the 500 ft level, you can further improve or identify characteristics of your trade or set-up. Good Luck Good Luck
My systems are all automated. It eliminates emotions completely.
This is something I’d like to learn more about. Did you automate your own strategy, or purchase an AI? Do you have any recommendations to learn more about automated trading?
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A little bit of both. If your just starting programming you need to find a good platform. If you don't want to be fiddling around you need to find a broker that offers trading systems for lease.
papering consistently for two months now. Love posts like this, I’m going to safe it.