I hope you’re all doing well. I’ve been trading and learning about Forex for the past 2-3 years. I’ve developed a decent trend-following system that works well, but due to my limited capital, the returns are negligible. Recently, I’ve been exploring prop firms to get “funded,” but my trend-following strategy doesn’t align well with their strict drawdown limits and rules. To make it work, I find myself needing to set large stop-losses, which isn’t feasible under these conditions.
I’m now shifting my focus to learning Forex more thoroughly. I initially started with BabyPips, but I’ve also consumed a lot of information from various sources, including YouTube. However, the overwhelming amount of content and the number of channels make it tough to know what to focus on and who to trust.
One channel I came across is called Pips of Persia. Many people have praised it, and the creator showcases trades with impressive risk-to-reward ratios, like 1:30 or 1:50. While I find that intriguing, I can’t help but feel skeptical. It seems like he might be using hindsight to demonstrate past trades, which makes me question his legitimacy. Plus, I noticed he hasn’t posted in about a year, and his website is no longer active. This raises concerns about the sustainability of his strategy and whether he was ever truly successful.
I’m reaching out to the community for help. It would be invaluable to hear from those of you who are consistently profitable in Forex, especially if you trade with prop firms. What trading styles do you use? Are you day traders, swing traders, or do you employ more complicated strategies? How did you learn the ropes—through books, YouTube, trial and error, or something else? Most importantly, how did you become consistently profitable in this market?
Prop firm rules can really mess with a trader’s mindset. Just the pressure of chasing a target can be stressful. However, if you can manage your risks well and avoid rushing—two common mistakes for prop traders—you should do fine.
First, create a trading strategy that fits your mindset. Then, combine it with good risk management. Finally, take your time; rushing can lead to losing your account too soon.
To tell which traders you can trust, look at what they teach. If someone explains their strategy step by step, be cautious. A good strategy is complicated and includes many factors that can’t be easily taught, like experience and intuition.
Traders who show you how to analyze the market and read price action, giving you the tools to create your own strategy, are usually more trustworthy. A good example is Iliya Sivkov. He covers important topics like market structure, psychology, and learning tips. His teaching helps you develop your own approach. For instance, he discusses whether to count wicks or bodies as breaks, emphasizing the importance of consistency.
Remember, becoming skilled with a specific trading instrument takes time. Pick one that interests you, and study it daily while analyzing past data. Create your strategy by backtesting recent data, ideally from this year, and then move on to forward testing. Backtesting helps you learn your strategy, while forward testing teaches you how to put it into action. Don’t spend too much time focusing on past trades.
I’m still learning, but recently I’ve started doing something different that I really recommend: seeking advice and watching videos from experienced traders using whiteboards or PowerPoint presentations.
It might sound funny, but it’s better to learn from someone who doesn’t have a YouTube channel. They are less likely to be fake gurus trying to get views. Look for people who are recognized internationally, like speakers at TED talks, conferences, or similar events.
If you can’t pass funded challenges because of drawdowns, consider lowering your risk.
You can still use the same strategy but with less risk. If there are other rules that don’t match your strategy, it might be a good idea to look for a different prop firm.
I’m not familiar with BabyPips, but I can answer your question about why someone would be on YouTube if they make a lot from trading.
First, successful people often practice diversification, which means having multiple sources of income.
Second, trading doesn’t take up much time, so if trading is your only focus, consider how much free time you have left.
Third, being on YouTube helps keep you accountable and mindful in your trading journey, especially since you have an audience. It acts like an extra trading journal.
Watch different content, see what fits your style, and remember to practice and apply what you learn.