I Tried Forex Day Trading for a Week (Complete Beginner)

I Tried Forex Day Trading for a Week (Complete Beginner)
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Forex Day

The only thing I know about forex day trading is that there are a lot of scammers on Instagram who throw around this term while flexing Lambos. They claim that you can achieve a lavish lifestyle like theirs by joining their live webinar and buying their forex day trading mentorship. In this video, I aim to find out what forex day trading really means, whether it’s a legitimate practice or just a topic used to sell fake courses.

Before delving into the world of forex trading, I did some initial research. Forex, short for the foreign exchange market, is a global decentralized market where currencies are traded. The trading involves pairs of currencies, and traders speculate on the rise or fall of one currency against another. The market operates 24 hours a day, from Sunday to Friday, and various factors, such as interest rates, unemployment rates, political events, and inflation, can influence currency values.

To gain a better understanding, I reached out to a forex YouTuber named Justin, who shared insights from his five years of trading experience. He emphasized the importance of finding a consistently profitable strategy and advised against complicating things for beginners. Justin also introduced the concept of divergence day trading as a strategy that changed his life.

After gathering information, I decided to explore live trading with a $1,000 account. The video captures my journey as a complete beginner, attempting to make sense of forex trading and debunking common scams associated with it. The goal is to learn and experience the market firsthand, with a focus on implementing the divergence day trading strategy.

Public Opinion

I conducted polls on Instagram to gauge public opinion about forex trading. The results showed a divided perception, with 43% believing it is not a scam and 57% expressing skepticism. Additionally, I received written opinions suggesting that while there are legitimate opportunities in forex, the space is flooded with scammers, tarnishing its reputation.

As I started live trading, I encountered challenges such as the unavailability of MetaTrader4 on Mac computers. Despite this, I proceeded with analyzing charts, identifying patterns, and executing trades. By employing the divergence day trading strategy and engaging in scalp trading, I managed to end the first day with a $6 profit.

On the second day, I took trading more seriously, setting up multiple screens to monitor trades and executing both long and short positions. The video concludes with a refreshing of the trading platform, showcasing a profit of $10.43, a 1% increase from the initial investment in two days.

The journey aims to demystify forex day trading, shedding light on both the challenges and potential opportunities for beginners in the market.

 

Decided to go all in on day three of trading, marking the final day of this challenge. Day one served as practice, day two as a warm-up, and now it’s game time. Since I’ll be uploading this video tomorrow, I wanted to test something out. For the past two days, I’ve been taking a slow and steady approach, examining patterns and considering various indicators. While this method consistently yielded a small profit, I wasn’t sure if it was due to luck or an effective strategy. Today, I decided to go into random trades to see if our success was sustainable or merely chance.

Initial Investment

However, the random approach led to quick losses, and at one point, I was down by $50. Despite this setback, I persevered, eventually recovering my initial investment of $1,000. I returned to the strategies from the previous two days, and during the third day, I identified a divergence in the price graph. This divergence indicated a potential market decline, so I entered a short position and secured a $2.40 profit.

Before revealing the total earnings, I shared some insights. While acknowledging that my experience only spans one week, I expressed a more positive outlook on forex trading. The industry has received a bad reputation due to numerous scams, but my personal exploration led me to view it differently. While I’m uncertain about its long-term sustainability, I believe there are individuals consistently making money with forex. I emphasized the importance of extensive research for anyone considering entering this field and highlighted the patience required for skill development.

In summary, the three-day trading venture resulted in a $10.43 profit, representing a 1% gain. Despite setbacks on the third day, the experience was informative and enjoyable. I concluded by inviting suggestions for future money-making schemes.

 

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