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5 Things I Wish I Had Known When I Started Trading Forex 🖐️

3453 ratings | 210717 views
The best piece of trading advice I wish I'd known before I started forex. http://www.financial-spread-betting.com/course/technical-analysis.html PLEASE LIKE AND SHARE THIS VIDEO SO WE CAN DO MORE! 1) Forget about the money and start small. Prove that you can trade and make money before you start putting in serious money. If you're starting with a big account you will start experiencing a lot of pressure when trading the markets. 2) Focus on risk! Risk management counts for a lot in trading - even if you have the best system in the world, if your risk management sucks you will end blowing up your account. 3) Filter out the noise! If you want to follow somebody, follow somebody...but get rid of the excess noise. 4) Stick to one trading method or trading strategy. 5) Be in it for the long term. Getting rich quick is not the way to do it.
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Text Comments (106)
wh s (12 days ago)
UKspreadbetting (12 days ago)
I think you can switch English subtitles on from the youtube settings in the video.
Febriarini Jovovich (16 days ago)
Sounds all solid these are the stuffs I'd listen to, thanks @UKspreadbetting! Is the guy in the video single? If yes, hook me up :)))
Amelia McNamara (16 days ago)
Very true- Focus on Risk management.
Lolo (1 month ago)
My best piece of advice besides the things said in the video and comments is: when you make a decision to become a forex trader for example... at that moment you actually commit to change your whole outlook on life yourself and your character. You’ll be working on things like patience, self discipline, separating emotions from business, keeping commitments to yourself....all that stuff you were never able to do yet. Forex just don’t care. Either you do it or burn lol. It’s an interesting journey. One of the toughest things i have ever had to do besides raising my children. One thing I can tell you for sure. If you don’t end up being profitable and decide to quit at some point in the journey like 2-3 years into the game- you’ll walk away with self awareness and ammunition to be a better individual... because all those flaws we have are real reasons why we didn’t or struggled to take the mentioned above advice in the first place. Good luck to you -Lola
Mohamed Elmi (1 month ago)
thanks a lot
Mbhoni Baloyi (2 months ago)
Man you're so great,thanks alot
Jose Navarro (2 months ago)
Great video. Thanks Alot. Apprecieted.
REMF (2 months ago)
Brilliant video.
Wendy Owen (2 months ago)
Thanks! Makes sense :)
David Potterman (2 months ago)
only 1 % of private traders make a profit, all others will lose! Training companies and brokers are always after your money though.Not surprising that it is illegal in some countries.
Sam Cyrus (3 months ago)
This is dammmm true and practical. love it.
Trading Academy (3 months ago)
can u share some youtube channel about forex trading
UKspreadbetting (3 months ago)
Check the forex playlist https://www.youtube.com/playlist?list=PLnSelbHUB6GSkemabSElvunFNn0SoMUTF
RoseAnnaLovesSexyFood (3 months ago)
Love the way you explained things ,you should have your own trade show !!!!
Stephany Brian (3 months ago)
I'm just confused and tired.
Anurag Gautam (3 months ago)
I wish I had known these before starting trading. I think I knew these but chose to ignore like many other rookies. :D
meadowbrett (4 months ago)
I agree and definitely practice on a demo account before you go live to test yourself!!
robert esombi (4 months ago)
Thanks for the tips is very helpful
Top MasterClass (4 months ago)
thanks men. nice lesson
Videos (4 months ago)
Hi UKspreadbetting. I liked your video and translated into Spanish. I hope it's useful. Adriana
Rediyus Putra (4 months ago)
Nicholas W (4 months ago)
Great vid, timeless tips, cheers mate. One or two tips from myself: 1) KEEP IT SIMPLE. Strategies, indicators, markets u follow. EVERYTHING. SIMPLE WINS. 2) IF YOU CHASE IT YOU DIE. Do not "jump aboard a breakout that has already happened, the price will swing right back down and burn you if you go in after you saw it break-out...... Study the market and anticipate the next. 3) Mentally study the charts hardcore before goin in. Understand the "situation" unfolding, stalking it like a patient killer, waiting for that moment where there is free money. If you have to think twice about entering: STAY THE FUCK OUT. Its like playing poker and literally only joining in when u have a crazy hand like AA / QA / KK / 1010 etc... 4) Related to the above: ALWAYS stack the odds in ur favour. Use multiple screens with different bar seizes and angles and indicators etc. THE MORE YOU SEE THE MORE YOU KNOW, and the less chance some trend which you did not notice will come and take you out from another direction. 5) STUDY HARDCORE like a cunt. KNOWLEDGE IS POWER (M. Foucault) also in trading and life as a whole: Study books by the best and more renowned professionals and academics. Study them like the bible. Many times. 6) If trading is a passion: GTFO...... It HAS to be an obsession. You live for it and your mind is in the markets at all times. Finetuning your intuition and experience, as you keep on learning. 7) The 3 keys of trading: PSYCHOLOGY (of self and masses of people) RISK/MONEY MANAGEMENT / and lastly, Technical Analysis (key to read any freely trading market in the world, from copper, to live cattle , iron ore, fx pairs, and equities. ALL follow trends and patterns. This is they key to being able to read the markets. 8) Follow this advice and you cannot AVOID making money. GL lads. Now go make some money. 9) Make a formal trading plan detailing everything or otherwise treat trading like casino..... Log ALL OF ur trades in excell so u can learn and monitor ur Equity Qurve aka UR performance. BONUS TIP: IF YOU ARE IN A HURRY TO GET RICH ==> YOU WILL FAIL 100% like the chap here said. WALK towards the gold, dont run and fall dead on ur head. =)
RavenFox 95 (4 months ago)
That was awesome i felt like u were the coach from any given sunday ..ty sir
Ray Fornes Jr (5 months ago)
Great video!! Very informative!!!
GEORGE A.ASO-OLIYAH (5 months ago)
Any guide for beginners?
Elizabeth Bentley (5 months ago)
Demo account!!!! Practice practice practice!!! Good luck!
amoni thanks (5 months ago)
God bless
K Vjqxzz (6 months ago)
my tip would be analyse your losses more strictly than your wins, it teaches you so much more
Carlo Milos (6 months ago)
I use Harmonic Scanner and about 3 other strategies. I think u should have 3 strategies otherwise 1 limits success
Allan Ctd (6 months ago)
thanks great value addition
Farhad Hoseinpour (6 months ago)
GREAT JOB, LIKE, . . . Thank you....:)
Ruth Shada (6 months ago)
Risk Management in trading is everything... When I started I didn’t consider that and that the reason why I blow out my first and second account
Chay Denne (6 months ago)
Thanks so much for this vid!! And i think you kinda look like Jim from the office
justus rotich (7 months ago)
at least...it's all about basics...
belajar menggambar (7 months ago)
great video,, thanks from Indonesia
Averagejoe (7 months ago)
Excellent advice. And one more thing you should be wary of if you end up losing a weeks worth of profit: DON'T TRY TO CHASE LOSSES! You will get burned even more...
Noel Forde (7 months ago)
If you're a person who is not very intelligent, can't focus, lacks attention to detail, has no deductive reasoning, stinks at analyzing data, etc. then this is not for you and it will never be for you. Not everyone can become a professional athlete, not everyone can become a doctor or a lawyer, and not everyone can trade currency.
Shafer Hart (5 months ago)
Oh I see: This is how you tell everybody that you have all those traits but they don't, right? However, if you were any good at deductive reasoning or had any intelligence at all you would've known that posting this kind of shitty comment would only make you look like a poseur and a fucking douche.
restingfish (6 months ago)
wow you sure are a motivational speaker
hrabmv (7 months ago)
i am a trader for 17 years now, and can tell these advices SUCK :), they are vague and they are as obvious as saying look when you trade try to minimize risks and profit on good ideas lol :) the only advice i would give is this : try to do trading on a daily basis for 5 years so that you stay at 0 or slightly positve :) if you think thats usless or nonsense or too hard, then this is not for you :) Then after 10 years you will be able to say you know what you are doing. :) no other way (the guy in this film is not living from trading lol) and giving advice on how to trade is the same as giving advice on how to play tennis, or play an instrument.....learning by doing, you are not capable of knowing what is noise and what is information for at least 5-10 years :) and most people cant stick that long!
andrew Buxton (7 months ago)
as a new starter this is an invaluable video. thank you .
OB TC (8 months ago)
There is sooooo much money in trading. Get with people that support you in what your doing ie: groups, friends etc. some people think trading is not work and you might feel the same way when you start making the cheddar, you might even feel ashamed that your not out ditch digging because the money is made sometimes easily. Stick to your plan and keep banking your profits and working towards a monthly salary.
Vista Simelane (8 months ago)
Well thought, how much small can i start.. i mean the minimum
Chandra Singh (8 months ago)
Which i followedc a better risk management system and master your trading techniques with smaller accpount.
DominikBacher (9 months ago)
Why is it that most traders on youtube are English or Australian? It really intrigues me...
James 'Freewyo' Yoxon (9 months ago)
thank u
E Ferrer (10 months ago)
I've seen plenty of videos in which a dumb guy dressed on a cheap suit pretending to be Bobby Axelrod explains how to become rich in 1 minute, and I can gladly say that this one stands out. A humble and honest guy giving us a piece of advice, instead of a money making formula (which allmost never works). Thank you!
Show some love (6 months ago)
E Ferrer liked your comment coz you referred to Billions
Vincent Opara (10 months ago)
Good guy
Nan Wang (10 months ago)
Good one
Pardon Me (10 months ago)
Spot. The. Heck. On. These have been rules of mine and are essential to trading success. All of these are all very important and you can not survive without each. Very good job mate... this is what I call a million dollars worth of free advice.
Muna Hariat (11 months ago)
Very good information. Thank you.
Bit Coin (11 months ago)
Yeah...I didn't start small and I wasn't scared. Started with $750 and grew it up to $2,500 in 3 days. Was trading $10 per pip
davedm1 (6 months ago)
Bit Coin that means your risk management is on point! Good job
hrabmv (7 months ago)
and then lost it all in bitcoin? :) lol what a looser.
Xtra Miles (11 months ago)
Great video
Letoya Benson (11 months ago) 👌🏽
tito-ramonne van der Walt (11 months ago)
Really good advice
T Bee (11 months ago)
Good advice
giggs112008 (11 months ago)
Thank you, thank you, thank you....this was excellent feedback. Especially rules number 1,2, and 4.
sindhi maginto (11 months ago)
very nice video thanks. i am new to Forex and need some educational video to learn from scratch can you please assist
UKspreadbetting (11 months ago)
Start with this series perhaps - https://www.youtube.com/watch?v=6Qbqch03wxw&list=PLnSelbHUB6GSkemabSElvunFNn0SoMUTF We are constantly adding new videos so subscribe to keep up-to-date :)
Malachi Smith (11 months ago)
this vid helped.
Edin Arneas (1 year ago)
Your video was nice. I like it. Thank you.
MARK YEN (1 year ago)
Best advice I received is to trade very small at the start and journal all your trades. Once you have a set of trade data, analyse it to find out what trading style fits your personality. It is when there is a conflict between your personality and the style you trade which is the main reason why New Traders cannot stay disciplined to adhering to their trade plan
Edmund Guzman (1 year ago)
It's not enough to just “Start Small”. You must understand the relationship between your equity, your margin and your position size to get an idea of how much room you have available for maneuvering with a given trade size. The problem is that if you start small (say $100 or less) and you go with a broker that does not allow you the granular control over your position size that you need given your equity, (for example, the smallest position size that your broker allows is 0.01 lots) and you have a high margin, you will still blow up your account or at the very least you will lose enough to quit before you lose it all. You CAN start small, but you must make sure that you can open trades that are proportionally small given your balance/equity. So, in addition to starting small, you must choose a broker that allows you to maintain a good risk profile DESPITE your small balance. What this means is that if you’re going to start in the sub-one-thousand$$ range, you need a broker that allows you to trade individual Units. One unit is equal to 1/1000th of 0.01 lots. That means that you can trade positions that are microscopic. If you do this, you can start LEARNING how to trade with just $50. But all of the rules on this video still apply. Especially that you must FORGET about making money. Learn how to play the game and win, then, once you’re winning consistently, only then begin to increase your balance with deposits as your budget allows. Get to know the formula that gives you the ability to trade without worry. What I mean by that is the ratio of balance to position size given your style of trading that when you trade that ratio you do NOT worry about losing. Only when you don’t care about losing, will you learn to win. But for that to be the case you must start with “throw-away money”. If you don’t care about losing the entire account (because it is just $50 or so) then you will care much less about losing a 10-unit trade with a 300 pip stop loss. Because it will add up to several cents at most. When you don’t care about losing, you are more confident, and you are less influenced by emotion. Once you do this you will understand that the only way to trade is stress-free. When you are stress-free even if your trade is losing and then you see your trade win, this develops confidence. You will need this confidence when your position sizes increase along with your balance and you start trading bigger lots.
stanley robert lands (1 year ago)
Makes sense
Maxwell Kgalema (6 months ago)
Thanks a lot. Really helps
Kawasaki Fonzi (1 year ago)
Nice video, thanks for sharing.
adel ingal (1 year ago)
Experience is really the best teacher. Great video. Thanks
Tito Febrianno (1 year ago)
I always like your advise
Timtim Sanjaya (1 year ago)
Wise advise , thank you
Róbert Sinkovics (1 year ago)
after im watched your videos an practice....became full time trader thx a lot.
Ahsen Shah (1 year ago)
thanks bud.
David Lawrence (1 year ago)
Start small and start Demo!
Kim Andrews (1 year ago)
Good tips. Mine is find the style of trading that suits your goals and your personality. I tried Day Trading ... not for me, ... I tried Swing Trading ... not for me, I tried Longer Term Trading, ... Yes! That is for me. It took 4.5 years and much midnight oil burnt to find the right way for me. That fits my goals and my personality.
Anthony Hopkins Hopkins (11 months ago)
Kim Andrews awesome 💢💢💢
Patrick Thomas (1 year ago)
Thank you very much for this man you helped me a lot
Paul Reil (1 year ago)
Number1 is patient
Rakesh Sharma (1 year ago)
Very sane, very practical suggestions.
Todd Lavigne (1 year ago)
very good advice
J Daves (1 year ago)
This was great.
samthedoor (1 year ago)
Sorry, had to stop the video right there. I am good at math and have studied it for a long time. Not that I'm a great trader either, I'm just starting out. But I must say, that being a good trader requires natural self discipline, emotional control, focus and logical decision making. These are necessary traits for being good at math, so it is false to say otherwise.
samthedoor (1 year ago)
UKspreadbetting Fair enough man! Didn't mean to sound too confrontational either. Trading is tough, I still have a long way to go but getting better at managing risk
The Constitutionalist (1 year ago)
samthedoor: As an experienced trader (more than 5 years) being good at math is especially good in the following way: in finding a method do an extensive probability study to get a feel for risk and more rapid experience.  Look at numerous charts over various time periods, write down results, analyze stop locations and rewards.  Add to your study as you trade.  Math can be the best way to get free from emotion.  Expect probability of losses and don't get emotional.  Mathematically compute possible future drawdowns based on probabilities.  Therefrom, compute amount to trade.  Try to be as objective as possible, reduce subjectivity through math.
Todd Lavigne (1 year ago)
you need discipline big time trading is counter intuitive the money you can make has nothing to do with time it's more about timing
UKspreadbetting (1 year ago)
Being good at maths definitely doesn't hurt when it comes to trading. Consider it an added advantage :)
Price Bayliss (1 year ago)
Here is my take.. i battled hard for a year and squeezed out a amazing 400 bucks. Better luck putting money on black or red at casino . Soooo frustrating.. i have just decided im just dumb.
hrabmv (7 months ago)
trading forex is the hardest thing you can do! and only 10% of trades is winning if you are out in positive that is great....and yes its veeeeery frustrating...and maybe not worth doing it unless its your job :) i agree
Todd Lavigne (1 year ago)
gotta learn what works from a pro most info out there in books and online is crap I doubt your stupid
zdrux (1 year ago)
Tip from me that I wish I'd have discovered sooner: Don't copy people's style or strategy. It will drive you mad, you won't know why you're doing what you're doing, and it will never feel natural or organic. Scan the charts yourself, study the tops and bottoms, how they're formed, and how they are all similar, then find a method to spot these; and create a system around it. Using your own time-frames, and conditions.
Hà Ngô (6 months ago)
i think all we need are shown in this video. They are more detailed than yours.
Anthony Hopkins Hopkins (11 months ago)
zdrux certificate and order in your own strategy.... thanks
Dikole Isaac Ndlovu (1 year ago)
I am self taught and a newbie in trading, I did exactly what you describe above and got burned, my first two weeks in trading were fine until I started receiving tips on how to do things and the person who's giving tips has their own strategy -which did not work for Me.
ma.theresa sarmiento (1 year ago)
Just in time. I just started my forex CFD trading.
Lester Bezuidenhout (5 months ago)
ma.theresa sarmiento hows it going so far?
Alex T (1 year ago)
Thanks for sharing the video its very eye opening for those beginning their trading journey, One of the things i wish i had known is not to have a get rich quick mindset of making millions within the first few years. In this industry there are people out there selling the dream with nice cars and houses but its just not realistic. instead have patience by taking it slow and accept that losing and taking losses are a reality .
Keventon Henry (1 year ago)
This is great advice, I broke all of those rules when i was starting out. Like you, they were all mentioned to me at some point but didn't listen. So i learned it the hard way . For those reading this, take note of the points mentioned in this video, it will save you a tremendous amount of stress.
Dann (1 year ago)
Can you do a video on what time window new traders should use?
UKspreadbetting (1 year ago)
Added to long list to do.
simon williams (1 year ago)
Wish i had known about the relationship between risk reward and win rate in relation to each other and the Risk of ruin !!!

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