what i wish i'd known after failing for over a year in forex trading

Summary

In this video, the speaker shares three crucial lessons learned from 18 months of losing in Forex trading. First, the importance of focusing on a single, simple trading system rather than overcomplicating strategies. Second, the necessity of controlling risk to prevent losing all profits in a single trade. Third, the value of proper education and training to avoid mistakes and achieve consistent success. The speaker emphasizes that with the right approach, Forex trading can lead to steady, profitable outcomes in just a few months, making it essential to invest in education and risk management.

Takeaways

• 😀 Focus on one simple trading system to avoid complexity and confusion. Avoid overloading your charts with too many indicators.
• 😀 A trading system should be simple enough to explain in just a couple of sentences.
• 😀 Keep your trading strategy focused on core fundamentals, such as break-and-retest setups on key levels during clear trends.
• 😀 Avoid unnecessary indicators like moving averages, Fibonacci, and divergence unless they’re part of your core strategy.
• 😀 Trading without proper risk management can lead to catastrophic losses, even after significant gains.
• 😀 Control your risk by determining the percentage of your account you’re willing to risk per trade (e.g., 1-2%).
• 😀 Risk management ensures sustainability in trading, so you don’t lose all your profits on a single trade.
• 😀 Proper risk control helps you grow your account steadily over time without the fear of losing everything.
• 😀 Getting the right education is critical—just like becoming a doctor requires formal training, successful Forex trading needs structured learning.
• 😀 Don’t rely on trial and error alone when learning to trade; invest in quality education from proven sources.
• 😀 You can become profitable within 3-6 months if you have the right education and apply it consistently—this is a realistic timeframe for many traders.

Q & A

What is the first lesson the speaker wishes they had learned earlier in forex trading?

The first lesson the speaker emphasizes is the importance of focusing on one simple trading system. They recommend not overcomplicating charts with too many indicators and instead mastering a single, effective strategy, such as break-and-retest on horizontal levels.

Why does the speaker warn against using too many indicators in forex trading?

The speaker warns against using too many indicators because it leads to overly complicated charts and systems, making it harder to focus on what truly matters. A simpler system, based on core fundamentals, is more effective and easier to master.

What trading strategy does the speaker currently use?

The speaker currently uses a simple trading strategy that involves trading break-and-retest setups on horizontal levels, focusing on the 4-hour and daily charts during clear trends.

How does the speaker manage risk in their forex trading?

The speaker emphasizes the importance of controlling risk and suggests risking no more than 1-2% of the account balance per trade. This conservative approach helps protect capital and allows for steady, sustainable growth over time.

What is the danger of not managing risk properly in forex trading?

The danger of not managing risk is that a trader can lose a significant portion or even their entire account on a single trade, which undermines any previous profits and hinders long-term success.

How does the speaker view risk tolerance in trading?

The speaker acknowledges that different traders have different risk tolerances, but they stress the importance of clearly defining and controlling the level of risk for each trade. While some may take higher risks with small accounts, it’s essential to have a clear risk management plan in place.

What analogy does the speaker use to explain the importance of proper education in forex trading?

The speaker compares learning forex trading to becoming a doctor. Just as a doctor requires formal education and training, traders must also invest in structured education and mentorship to succeed in the markets.

What is the speaker’s stance on self-teaching forex trading?

The speaker strongly advises against self-teaching forex trading through random sources like YouTube videos. They believe that without the proper education, traders are setting themselves up for failure and that mentorship or a structured course is essential for success.

How quickly can someone expect to become profitable in forex trading with the right education?

The speaker believes that with the right education and application, traders can become breakeven or slightly profitable within 3 to 6 months. Full-time profitability may take longer, but the foundation can be established in a relatively short time.

What impact has the right education had on the speaker's students?

The speaker shares that many of their students, even those with years of experience in forex trading, have seen significant improvements in just a couple of months after completing the speaker’s program. The education helped simplify their approach and led to consistent profitability.