Do you want to be a successful forex trader? If so, be aware that trading currencies is a high-risk venture, like trading commodities, options, or futures contracts. Specialised training is a prerequisite. Practice time on a demo account is imperative, and no shortcuts are allowed unless you find a mentor to guide you. Lastly, you must have a step-by-step plan to guide your every move and to block the emotional intervention of your mind before, during, and after you close a position.
Into this volatile and turbulent trading environment, beginners have flocked in droves, most unwilling to invest the time necessary to become proficient at this art form. Inexperience and impatience are recipes for disaster, and casualty rates have been as high as 65% in some reports and over 90% in others.
The psychology of trading is what sends the inexperienced and impatient trader wannabes searching for a new investment medium in short order, battered, bruised, and with a lighter wallet to show for their effort. There are correlations to gambling, but to win at this game, one must treat it as a business, knowing “when to hold ‘em and when to fold ‘em.”
Beginners lack the emotional courage to allow winners to run or to cut losers early. These tendencies shift the odds to the market, preventing any chance of long-term survival. If you can learn to accept a loss, minimise it, and then ride the wave of a strong trend for all it is worth, you will have shifted the odds in your favour. Over time, this disciplined approach to trading is the only path to success.
How does one prepare for this chaotic and casualty laden activity? Awareness is vital, and the only way to obtain it is to put in the time, whether at your local library, on the Internet, at many of the free seminars offered by local forex brokers, or directly from a trading mentor who is willing to share insights and help a fellow trader to succeed. Veteran traders are a special breed and often are more than willing to share their expertise.
But who has the time to search out and schedule the time for study? Our schedules tend to be busy and overloaded, but there is hope. Various social media platforms have created a forum for many specialists in the field of forex trading, but, unfortunately, not all of them are worth listening to or following. However, one of the best avenues for this type of training is the use of YouTube videos.
It is amazing how quickly YouTube has become a dependable source of information on just about any topic that comes to mind. Forex advice from an expert has blossomed in this social media venue. In many regards, traditional methods for learning anything about forex have quickly shifted to on-demand visual instruction, which can be viewed whenever or wherever you want. You are not forced into a specific schedule, nor must you pay an exorbitant fee for the privilege.
You can pick your YouTube forex topic, whether it be technical analysis, how to read charts, or, most importantly, how to develop a step-by-step strategy for winning in this genre. Your plan is your lifeline to blocking the psychology of trading from spoiling your fun. In countless interviews with experienced and successful traders, the one common thread is that they are all continually fine-tuning their decision process, taking years to get to an acceptable method.
Forex trading is not suitable for everyone. If this genre overly stresses you, then accept that fact and move on or consider other options. There are other alternatives to traditional trading strategies. There is copy trading. You can delegate trading to a professional or mirror the actions of a selected trader by having his decisions applied to your portfolio. There are many ways to participate in this space, but you must feel comfortable with it, here are some YouTube traders you may find helpful.
- Expert with a large following
- Cut through the jargon to true insights
- Focused on the needs of beginners
- Experts who focus on Technical Analysis
- An expert who traded his way to $3 million on penny stocks
- An expert who made $1 million from day-trading
- Experts in forex signals who host interactive sessions
The Safest Forex Pages on YouTube:
The beauty of YouTube videos is their convenience as a cognitive learning tool. Reading or attending a class and taking notes is often inconvenient. With a video, if you do not understand, just stop, rewind, and repeat. You learn at your own speed. If the instructor or mentor does not suit you, find another one better suited to your tastes.
There are many of these experts to pick from, some with large followings cultivated over several years. For these successful teachers, a considerable number of followers translates to greater ad fee revenues, so in the end, everyone wins. Not every site is free, but the fees are not astronomical. The staff at ForexFraud.com has canvassed this social media arena and focused on seven forex YouTube stars in this educational space. Check them out and see which appeal to you. Happy learning!
Do you want an expert with a large following?
Rayner Teo (1.49 million subscribers): Rayner Teo is an affable trader from Singapore who is always on the top of YouTube rating lists. His videos get right to the point. He is not charging by the word. Unlike other successful mentors on YouTube, Rayner does not try to impress with his forex successes, but he admits to having worked hard at his craft, and it shows in his realistic approach to trading.
Do you want an expert that cuts through the jargon to true insights?
Patrick @ No Nonsense Forex (274K subscribers): If you want a mentor with personality, a sense of humour, and who will not waste your time with nonsense, then Patrick is your man. Beginners are often confronted with an overwhelming amount of information, but Patrick cuts quickly to the chase, telling you what to ignore and what works in a personable way. He is not your conventional trainer, but he has chosen an approach that has proven popular.
Do you want experts focused on the needs of a beginner?
Trading 212 (849K subscribers): This YouTube channel is devoted to the beginner. It has also received the “personable” award from its supporters, who have subscribed to its series of videos. The key to winning in forex is to have a detailed step-by-step strategy, and these videos will get any beginner well down the path to understanding charts, the pitfalls of the psychology of trading, and the details of developing a winning strategy.
Do you want experts who focus on Technical Analysis and charting techniques?
The Chart Guys (168K subscribers): Do you desire advanced charting analysis support, or are you a beginner who just needs a technical analysis tutorial? The Chart Guys may be the channel for you. There is a series for beginners, which keeps the viewpoint straightforward, and there is a daily market review video that can prime you for the day’s activities ahead. Their basic TA tutorial has over a million views, tops in its class.
Do you want an expert who traded his way to $3 million on penny stocks?
Steven Dux (240K subscribers): If Chinese students are ahead of everyone in the math department, then Steven Dux could easily be the poster child for promoting this mystique. Before he reached the ripe age of 24, Steven day-traded his way from a stake of $27,000 to a stockpile of $3 million. While attending school in the US, he managed to parlay penny stocks into a success story. He is all about actionable, simple strategies that work.
Do you want an expert who made $1 million from day-trading?
Warrior Trading (900K subscribers): Once again, we have a successful day-trader, Ross Cameron, who converted a mere $583 into over $1 million. He has created hundreds of videos on every topic imaginable, and there is a free morning video that can prep you for the day’s activities ahead of the opening bell. How popular is Cameron? The first video in a series on “Day Trading for Beginners” has over nine million views.
Do you want experts in forex signals who host interactive sessions?
Forex Signals (500K subscribers): Lastly, we have a twist on the YouTube model in that this service is interactive. Nick McDonald set up this site in 2012. It features the normal library of educational videos and allows direct real-time teaching from three “world-class mentors.” There are fees for three membership levels, but as the adage says, you get what you pay for. Five hundred thousand members attest to that statement.
If you want to be a successful forex trader, you need to put in the work. There is no shortcut to experience, but a mentor can help get you started by cutting through the mountains of information surrounding this trading activity. YouTube videos are an excellent way to tap into the very best traders in this medium, who are willing to share their insights with a beginner or even someone with a few years of trading under their belts.
Forex trading is high risk. Casualty rates are high, especially for those newcomers who view it as the latest form of Internet online gambling or refuse to believe that hours of practice and preparation are required before putting real money on the line. Much of this information is free of charge, a far cry from the days when students would pay thousands to attend a two to a three-day seminar hosted by a well-known, successful, and wealthy forex trader. Learn now at your own pace and enjoy the experience.