Daily FX Trading Strategies | Step By Step Day Trading Revealed
Summary
TLDRIn this video, Emily, a Forex trader and full-time mother, shares her recent trading experience, making $1,500 from a $100,000 account with the 5 Percenters program. She discusses the importance of risk management over aiming for big wins, especially during slow market periods. Emily provides insights into her trading strategy, focusing on price action, market structure, key daily levels, and Fibonacci retracements. She also addresses the challenges of balancing trading with motherhood and the decision-making behind her trades.
Takeaways
- 😀 Emily, the channel owner, is a full-time Forex trader and a mother of two young boys, balancing her trading career with family life.
- 🔍 She warns her audience about fake accounts impersonating her on YouTube and advises vigilance against potential scams.
- 📘 She is working on an e-book titled 'Forex Trading 101: A Guide for Beginners' and invites interested parties to join a waiting list.
- 💡 Emily emphasizes the importance of risk management in trading, especially during slow market periods, and shares her strategy of surviving and thriving in such conditions.
- 📉 She discusses her trading performance for the week, highlighting that despite no significant wins, she managed to finish with a profit, underscoring the value of consistent risk management.
- 🏦 Emily shares her experience with the 5 Percenters, a prop firm, and explains the different funding programs they offer for traders at various stages.
- 📊 She provides a detailed breakdown of her trades for the week, focusing on the GBP/USD pair, and explains her trading decisions based on market analysis.
- 📈 Emily uses technical analysis tools like Fibonacci retracements, key daily levels, and institutional price levels to identify trading opportunities.
- 🚫 She mentions not trading live due to her busy schedule as a mother but expresses her intention to share live trades when her situation allows.
- ⏰ Emily discusses the impact of market sessions on trading, particularly noting the challenges and opportunities presented by different times of the day.
Q & A
How much did Emily make from day trading this week?
-Emily made $1,500 from day trading this week.
What is the size of Emily's trading account?
-Emily's trading account is $100,000.
How long has Emily been day trading the US Stock Market?
-Emily has been day trading the US Stock Market for around 5 years.
What trading instrument has Emily gravitated towards?
-Emily has gravitated towards day trading Forex.
What is the main reason Emily shares her trading journey on her channel?
-Emily shares her trading journey to document her growth and development as a Forex Trader.
What is the status of Emily's upcoming ebook, 'Forex Trading 101'?
-The ebook 'Forex Trading 101' is still in the making and going through the final editing processes.
Why can't Emily share live trades at the moment?
-Emily is currently unable to share live trades because her live trading process is very busy and she is also juggling childcare.
What is the name of the broker Emily recommends for beginners?
-Emily recommends Vantage as a broker for beginners.
What is the significance of the $1,500 profit Emily made this week?
-The $1,500 profit is significant because it represents three times her risk for the week, which she considers a good result for a slow and choppy week.
What trading program is Emily currently on with the 5 Percenters?
-Emily is currently on the 'High Stakes' program with the 5 Percenters, which is a two-step program leading to a fully funded account with a profit split.
What trading strategy did Emily use for her first trade on Monday?
-For her first trade on Monday, Emily used a short position following a pullback and a break below the previous daily low, using Fibonacci retracement to find her entry point.
Outlines
📈 Introduction to Emily's Forex Trading Journey and Weekly Recap
Emily, a full-time Forex trader and mother, welcomes viewers to her channel where she shares her trading experiences. She discusses her transition from day trading the US Stock Market to Forex and her current trading routine while managing her family. Emily addresses the issue of fake accounts impersonating her on YouTube and provides an update on her upcoming ebook, 'Forex Trading 101'. She also highlights a viewer's comment requesting live trade demonstrations, explaining the current impossibility due to her busy schedule but expresses her intention to share live trades when possible. Lastly, she mentions her recent video on a transformative trading indicator and previews the content of the current video, focusing on her trading activities for the week despite not having any significant trades.
💹 A Typical Trading Week: Risk Management and Small Profits
Emily emphasizes the importance of risk management over aiming for large profits, especially during slow market periods. She shares her trading results for the week, making just over $1,500 after commissions, which she considers satisfactory given the market conditions. Emily discusses the 5 Percenters program, explaining the different funding options available for traders and her current participation in the High Stakes program. She provides a link to the 5 Percenters for interested viewers. Emily then analyzes the GBP/USD currency pair on the daily timeframe, explaining the slow and choppy market conditions and her conservative trading approach, focusing on protecting capital rather than maximizing profits.
📉 Detailed Trade Analysis: Reading Market Structure and Price Action
Emily provides a detailed analysis of her trades during the week, focusing on the importance of market structure and price action. She discusses her first trade on Monday, which was a short position based on the continuation of a downward momentum after a pullback. She explains her use of Fibonacci retracement to identify entry points and her decision-making process for setting stop losses and profit targets. Emily also shares her approach to managing open trades, including closing positions early to secure small wins and her rationale for doing so. She further illustrates her trading strategy with a specific example from Wednesday, where she doubled her position after an initial profitable trade and managed the risk by setting breakeven stops.
🌟 Missed Opportunities and the Importance of Risk Prioritization
Emily reflects on her trading decisions, particularly a missed opportunity on Thursday where she set an order that was not filled, leading to a missed profit. She discusses another trade she took on the same day, which was a long position based on strong bullish price action and a break above a previous structural high. Emily explains her entry and exit points, including her decision to close both positions提前 to protect capital before an expected news release. She acknowledges that she could have made more money by holding the trade but reaffirms her commitment to risk management. Emily also mentions another missed long opportunity due to possibly being busy with her children. She concludes by encouraging viewers to subscribe for her next video, where she will discuss more on institutional price levels and invites feedback and questions in the comments.
Mindmap
Keywords
💡Day Trading
💡Forex (Foreign Exchange)
💡Risk Management
💡Pip
💡Fibonacci Retracement
💡Scalping
💡NFP (Non-Farm Payrolls)
💡Pullback
💡Account History
💡Prop Firm (Proprietary Trading Firm)
💡R (Risk Reward Ratio)
Highlights
Emily made $1,500 day trading with a $100,000 trading account.
She started day trading the US Stock Market and transitioned to Forex.
Emily is a full-time mother managing her trading alongside her family responsibilities.
She cautions viewers about fake accounts impersonating her on YouTube.
Her upcoming ebook 'Forex Trading 101: A Guide for Beginners' is currently in editing.
Emily addresses a viewer's request for live trades, explaining her current limitations.
She emphasizes the importance of risk management over aiming for big wins in trading.
Emily's trading this week focused on the pound-dollar pair due to market conditions.
She discusses her decision-making process for entering and exiting trades based on market analysis.
Emily shares her experience with the 5 Percenters prop firm and their funding options.
She reviews her trades for the week, highlighting her approach to managing risk.
A detailed walkthrough of Emily's first trade of the week, including her strategy and exit.
On Wednesday, she doubled down on a position after the first trade hit its target.
Emily's conservative approach to a slow market, focusing on protecting profits.
Her final trade of the week was a long position based on key price action and market structure.
Emily reflects on missed opportunities and the importance of not letting emotions dictate trades.
She invites viewers to subscribe for upcoming content on institutional price levels.
Emily concludes with a call to action for likes and comments, promising to respond to viewer interactions.
Transcripts
this week I made $1,500 day trading a
$100,000 trading account with the
5centers and in this video I will share
exactly how hello and welcome back to my
channel if you're new to my channel
welcome my name is Emily and on mind Fu
trading I share my journey as I grow and
develop as a Forex Trader I originally
started day trading the US Stock Market
around about 5 years ago and since then
I've gravitated towards day trading
Forex I day trade full-time and I'm also
a full-time mother I juggle two boys
under the age of too so it is definitely
a busy time for me in my trading journey
and if you are one of my regular
subscribers hey welcome back and thank
you so much for supporting the channel
there's a couple of things that I want
to share with you a couple of updates
before we dive into the main content
today so first of all I've noticed that
we've been having a lot of fake accounts
commenting pretending to be me on
YouTube so just a reminder for you guys
to be vigilant because I don't want you
to get caught out in any scams a quick
update for you guys if you have emailed
me in regards to my UPC coming ebook
Forex Trading 101 a guide for beginners
it isn't available just yet it's still
in the making it's not long now it's
going through the final processes of
editing so if you do want to join the
waiting list I have got an email that
should come up on the screen feel free
to drop me an email and I'll add you to
the waiting list for the ebug and
finally on my recent video where I
shared one of the trading indicators
that has transformed my trading I've had
quite a lot of comments on that video
I've not had time to go through every
comment yet but there was one comment
that stood out and I wanted to highlight
that and if somebody saying that anybody
can share a recap from a past trade but
they want to see live trades well the
reason I'm highlighting that with you
now to answer that is because I
literally am in a position at the moment
where I cannot share live trades with
you unfortunately because my live
trading process is so busy I am
basically juggling breastfeeding a baby
whilst keeping the other one from
beating us up and taking a trade on my
mobile phone so trying to record that
live firstly wouldn't be pretty and I
just wouldn't be able to do it because
I'm lucky enough to be be able to trade
as it is with the boys at the minute but
by all means when I'm in a position
where life is a bit more Cala for me I
will certainly be sharing some live
trades and I look forward to doing that
with you and helping you to grow from
those but until then I'm going to just
share the best that I can with what I've
got so as always all of the resources
I'll be using this video today will be
linked in the description below I do
often get asked what the best broker is
especially for beginners so if you are a
beginner starting out I have got my
broker in the description below I have
recently moved to Vantage and there's
quite a few reasons why and I'll share
that in a separate video but I found it
to be a great broker it's safe and there
is a free demo account as well so it's a
good one to get started
on before we jump onto the computer to
look at my trade breakdown first of all
what makes this week so special why am I
sharing this with you to be honest
absolutely nothing in fact this week has
sort of been a bit poor for me because
I've not had one decent trade I've not
had one trade where it's hit my original
take profit and I've not had any massive
winners nothing special at all which is
why I'm sharing it with you because it's
so important to remember that trading
isn't always about aiming big it's not
about taking those massive winners it's
not even about making lots and lots of
money in my opinion trading is more
about managing risk especially during
those slow and quiet days to be able to
survive until you can Thrive and more
importantly to finish green and that's
what I've done this week now don't get
me wrong I could have definitely traded
better this week in fact when I reviewed
my trades I realized that if I had taken
my original profit targets I could have
actually doubled the week's winnings so
I could have ended up making $3,000
instead of $1,500 if I had just traded
my original trade ideas I will show you
more about those later in the video but
this is the nature of trading it doesn't
always work out the way that you want it
to and it's just so important to not let
the emotions take over and take control
control and that's why I'm sharing this
with you today I'm sharing with you an
insight into an average trading week
what it looks like and hopefully you'll
be able to take something away from it
for yourselves but during a slow choppy
week I have been trading one pair and
that is pound dollar we are currently
awaiting the NFP news release today as
I'm recording this so it's been quite an
unsure week and this is how I did so
here is my account with the 5% is I'm in
metat Trader 5 here's my account history
so I took one trade on day the 4th of
December I didn't trade on the Tuesday I
took a trade on the Wednesday and I took
a trade yesterday so I've traded three
days this week as I said I'm recording
this Friday um NFP news releases due out
this afternoon GMT and as it stands I'm
not looking to trade because I'm quite
happy where I am in my account and I
have the boys this afternoon so I'll be
lucky if I get time to but we will see
but even though I've had no massive
winners I've had nothing special happen
this week I'm still happy with my week
because as you can see I've made a nice
profit and after the commissions I'm up
just over $1,500 which works out for me
at three R because one r one risk for me
I risk 0.5% per trade that's about $500
per trade so I'm up three times my risk
on the week which to me is pretty good
for a slow choppy week I have received
quite a lot of questions from
subscribers asking about the prop form
that I use so I just wanted to show you
the Five Percenters before we dive into
the main meet here is their website and
the 5centers have three different
programs available for their funding
option so they are a prop firm and you
basically have to pass a challenge with
them to be able to trade a live account
now the hypergrowth program is an
instant funding account so you can
basically trade that and once you hit
the profit Target then you able to start
taking your own profit withdrawals from
that account the high stakes that's the
program that I am currently on and I'm
am on the 100K account that's a two-step
program
so you have to basically pass two
challenges and then you get access to
the fully funded account where you take
a profit split so it starts off at 80%
profits to the trader 20% to the
5centers there's also a boot C program
which is really good especially if you
are on a low budget because it's a very
lowcost option it gives you the
opportunity to scale up over time to
trade those larger account sizes so if
you want some more information on the 5
centers if you are a consistently
profitable Trader and you want to take
your trade into the next level make some
serious money I've got a link to them in
the description below so make sure you
check those out okay guys so here we are
on the daily time frame for pound doar
and it's quite interesting to start off
here because you can see exactly why it
has been a slow and choppy week so let's
have a look from the Friday of last week
price closed right at the highs and so
far this week from the weekly open price
has literally just been in this phase of
pullback so on the Monday we had a big
drop down Tuesday Wednesday Thursday was
a little bit of a push up and currently
we are just trying to drop again so it's
as you can see it's very clear that
we're in a phase of pullback and it
explains why it's been slow and choppy
now if you are a swing Trader you
probably would have struggled this week
it wouldn't have produced many
opportunities for trading because it
just hasn't been any movement there's no
volume there the candles are very small
whereas for day Traders and scalpers
such as myself we can still find
Opportunities to trade in this period of
pullback but it's just important to keep
in mind that when you're in a period of
pullback first of all the market is
still in this long-term uptrend because
on The Daily we've been making higher
highs and higher lows but because we're
in pullback it's not clear whether or
not we are pulling back until we get
some momentum to continue the uptrend or
whether we are pulling back and then the
momentum may come in for a deeper
pullback or maybe even a trend shift so
this is always a phase in the market
where it's uncertain and it's it's
important to keep that in mind when
making trading decisions and that's why
for me I've made very conservative
trading decisions this week it may
appear that I have cut a lot of winners
short but that is because I've had this
overall view of the daily chart at the
front of my mind through the entire week
and I have been focusing on protecting
Capital rather than aiming to make more
Capital so I've just moved on to the
15minute time frame and you can see
these vertical dotted lines they're
called session dividers so these
basically just highlight the different
days of this week and this is that
pullback that we were just looking at on
The Daily time frame so from the start
here the Monday we just basically
dropped off and sold off throughout
Monday Tuesday Wednesday Thursday and
currently Friday not a lot of movement
we've just been in this steady downtrend
well my first trade was actually taken
during this little tiny pullback here on
the Monday and it was a fairly simple
trade I took it on the faster time frame
the 5 minute time frame and after we'd
had this big drop off during the morning
it was clear to me that we were pulling
back back so I was looking to follow
this overall trend for a shortterm short
position and we basically had a couple
of points to this trade so first of all
the momentum to the downside made this a
short we had a pullback here and then
price broke and closed below the
previous daily low now I talk about this
in my video of last week so I'll include
a link to that above talking about these
key daily levels and once we did that
for me that showed the momentum was
continuing to the downside and then I
brought in Confluence of the Fibonacci
retracement from the previous pullback
to the low and this is where I marked a
trading opportunity for a short so I set
my order here in the middle of the three
levels of optimum trading entry and my
stop was just above this pullback at 20
Pips and I was originally aiming for a
1.5 Target which was a break of this low
now as price pushed down and it came
level with the low of the day it broke
the previous daily low but then it
pushed back up and as we got this little
retest here where price came down and
then it went back up again it was clear
to me that we were losing momentum it
was getting on to the evening here
anyway so I knew that the volume was
going to die off so in that instance I
decided to just close my position so I
ended up getting out around about this
level here it was around about this key
level that I closed the trade during
this consolidation so I took a short win
here fair enough I could have gotten out
at the lows and made one R but at that
point I thought the trade was going to
continue down and it didn't so I managed
to just take a very small win for the
Monday a little profit cushion on my
account and in the end it was a good job
I did because if I had just left that to
trust my trade plan then during the
Asian session it would have actually hit
my
stop so that was Trad number one taken
on the Monday on the Tuesday I didn't
actually trade because we didn't get a
clear break of this daily level until
later on and for me it just went outside
the session time so it went outside of
my active trading time moving on into
the Wednesday I did get a trade here and
again this was taken on the 5 minute
time frame so here is the daily play out
on the 5 minute time frame for the
Wednesday so we opened at this level
here and for the most of the morning we
were consolidating around the daily open
and during the London session we didn't
really get any movement it was just
ranging well I just made these a lot
bigger to just see clearly what price
was doing and for me it showed that we
had opened up we dropped down we pushed
up but we kept coming back to this open
and price was losing momentum to the
long side then we got a very strong push
down after the London session and that
was when I thought it was clear that we
were going to continue down because it
broke below this daily open below the
previous low of the day the momentum was
going down so for me that just turned
into where's the best place to get short
for this trade and once again I brought
my Fibonacci retracement tool from the
previous High which at the time I took
the trade
was at this point in time here so I used
this previous little pullback before the
low here and I set my short at 96
because for me that was in this Optimum
trade entry level and it was also just
below the key institutional price level
at the whole dollar the 1.26 now I set a
larger 15 Pips stop and my original
Target for this once again was 1.5 R I
was looking to break the previous daily
low so I got into this trade around
about here it was after this pin bar
rejecting the highs and but as you can
see price Consolidated a little bit
before it
dropped now once we got this drop down
here I then set another order at the
same entry so I effectively I was
doubling my position and when price ried
up here that was when I got triggered
into this again so I was in two
positions and at this point my first
position had that original 1.5 R Target
and my second I was aiming for just one
r just to bank some profits so my second
position was actually a little bit
higher up here at the 98 level which was
this trade here now as you can see this
hit the take profit at 82 which ended up
being the one R position so I managed to
get one position hit for that trade the
second trade after the first one hit I
did something different so at this point
in time my first position had hit the
one R targets here and then my second
trade I decided to then set a break even
stop which pretty much got hit straight
away now this was just a extreme
conservative approach to trading because
it had been such a slow troppy week it
was Wednesday and as you can see from
the overall flow of the market it's very
slow there's not much volume coming in
there's not much movement so I was just
really trying to bank and protect my
profits at this point I was up 1.5 r on
the week and I wanted to stay that way
which I do still believe I made the
right decision even though if I had let
the original trade play out as you can
see it may have just been in draw down
for a little bit of time it would have
eventually hit that original 1.5 R
Target and over the evening it would
have actually trended and moved nearly 3
R even though I would have been in draw
down for a short amount of time so it
was a valid trade plan and it could have
made a lot more money than I actually
did but as I said before I'm still glad
I left it and got out because it's
always better to protect Capital so that
was Wednesday's trade and my final trade
this week was taken on the Thursday so
that's down here now this was different
because the first two trades were short
positions the trade I took on the
Thursday was actually a long and that is
because of this really important piece
of price action that I read let's have a
look at that now so here we are in the 5
minute time frame looking at Thursday
morning and the all important bit of
price action that I was looking at was
in this area here now let's have a look
at structure first from the previous day
we had a low here price pulled back it
made a structural high and then it made
a new low pre- London session around
about 630 in the morning we had a strong
push up here we'd already broken the
previous daily low now that's really
important because that got broken before
London which means it's quite un likely
it's going to get broken again it showed
to me that this move was getting
exhausted and we were going to maybe
move to the
upside now we had some volume com in you
can see these bullish candles are quite
large and we pulled up here and we had a
little pull back and at 7:00 we had this
huge push up and the important bit of
information is both the size of these
candlesticks they are large and the fact
that it broke and close Above This
previous structural high in fact it went
up quite far and just before the 8:00
open we'd already had the strong push up
so the momentum was coming into the long
side and I knew I wanted to go long now
to calculate the best entry for a long I
used the Fibonacci retracement from the
low of the day and I set it at the high
here here now unfortunately I had an
order set at their Optimum trade entry
level here at 61 and price came very
very close but it missed my order so I
actually missed this opportunity here I
believe I had about a 15 pip
stop and I was aiming for a 1.5 R Target
um so if that had hit it would have made
a profit there so there was a m trade it
was a trade I had set in my broker just
didn't get filled um so that does happen
a lot with trading and you have to find
peace with that otherwise you could get
emotional and it could get pretty
expensive but that's why Forex is
brilliant because there are multiple
session times and although the London
didn't pull through Thor me in the New
York time we did have an opportunity and
that's where I got long again now it was
the same idea it was the same trade I
just extended the FIB right to the top
here cuz I felt like we would have a
deeper pullback but I I felt this area
would hold because it was above this key
daily level and also it coincided with
the the institutional price level so
there was a lot of Confluence here for
me to make this trade a strong trade and
I had an entry sitting here at 58 so
this is where I got in I had a 15 pip
stop below the lows and I took two
positions so the first Target was for 1
R and then the second was for two R so I
was aiming for two different profit
targets now the problem with this trade
that I experienced was I got into this
as price was pushing down here so I was
into this trade during this bit of
consolidation now at this point we
started to push up here it was 20 1 and
at half 1 there was news due out for the
dollar now I don't usually get into a
trade before news is released but in
this instance I wanted to get in while
it was in this area cuz I really believ
the tentacles however as price started
to push up I started to get cold feet
because once again I realized we were in
a slow Market condition and and I wanted
to protect my Capital I knew that news
was coming out and if the news was going
to be positive for the dollar which
meant the pound dollar could drop I
could be in a bad position so as price
was pushing up I actually got out of
both of my positions here at around
about this point here 71 which
collectively meant that the two
positions made about 1.5 R which is
around about $750 on the account so it
was still a nice wiim and I would have
have done that and managed my risk now
as you can see this big candle here this
pin bar was the news release and it was
good for the dollar so it did mean that
the pound dropped but the technicals how
it tapped this key level and it jumped
up so overall I could have stayed into
this trade and as you can see it
continued up and I could have made a lot
more money this is one of those
situations once again where I could have
made more money but I was happy I
prioritized risk I do believe it's
always very important to do that if you
are unsure now since then there was
actually another opportunity to go long
here and I missed that I don't really
know why I think I must have been busy
with the boys but it came back down to
this key daily level and it had another
nice big bullish engulfing candle at
this level so there would have been
another opportunity to get along here
with a stop below the lows and actually
went up really quite
far but it's always good to look at this
in hindsight it can be a lot easier and
more clear to see when you are not
trading in real time so as it stands
those are are the three trades that I
took this week Trad in a combination of
price action Market structure key daily
levels Fibonacci retracements and
institutional price levels which I will
talk about more in my video next week so
make sure you are subscribed to the
channel below so you don't miss that
video meanwhile if you've enjoyed this
please do let me know by hitting that
like button if you've got any questions
or comments leave them below I'll get
back to you as soon as I can and thank
you for watching the video see you next
time
bye
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