Newbie forex trader from London!

hey all!

new to forex trading here, using metatrader4 and my broker is VantageFX.

im currently learning how to trade but finding it a tad difficult as it looks extremely confusing but i know i can surpass this and reach my goal of making ÂŁ500 - ÂŁ1000+ a day!

im 25yrs old and i know its never too late to start trading.

im just wondering if you can suggest good youtubers i can take a look at? to learn about everything forex. Iv just found this forum and will be scouring through trying to learn some things but im more of a video person rather than reading lol.

look forward to chatting to you all.

many thanks

Saj

Hi Saj, and welcome to the forum.

I greatly admire the confidence. :cool:

Have you also worked out how much capital you’d need in a trading account, to make £1,000 per day? At a steady-ish 5% profit per month (about the same as the top trading-floor traders at places like Goldman Sachs often make), that would be an account-size of about £440,000, allowing for 22 trading days per month.

Only a very [B]small[/B] minority of independent traders [U]does[/U] ever achieve that steady-ish 5% per month, of course, but there’s no reason you shouldn’t become one of them, with enough education and practice.

In general, I strongly recommend [B]avoiding[/B] Youtube as an information-source, when you’re learning to trade.

I’ll try to explain why …

One of the single most important things about learning to trade is having or developing some judgment about “who to be guided by”, in order to learn. There’s far, far more misinformation than information, out there.

That’s even more true of Youtube than of anywhere else.

So looking on Youtube for reliable information is really a way of stacking the deck [B]against[/B] yourself, to some extent.

That’s something you probably need to be willing to make the effort to change, to get the odds of success in your favour, rather than against you as they are at the moment.

Here’s the key point to understand: what goes into Youtube mostly goes there for promotional/marketing purposes, and that’s exactly what you need to avoid, because it’s gone up there with no quality control, no editorial approval, no peer review, and for reasons more to do with promoting other people’s businesses than with helping [U]you[/U].

This is why you’re generally far, far safer and better off reading long-established, accredited, mainstream, orthodox textbooks (to which very few of the above problems generally apply!) instead. Bear in mind that you’re trying to be one of a [B]small[/B] minority, who ever achieve what you’re trying to do, so you really [I][U]can’t[/U][/I] afford to stack the deck even further against yourself in a field in which overall success-rates are so low.

Having said all that, if you still want Youtube recommendations, I suggest having a look at the videos of Lance Beggs (I think his username at Youtube is “YourTradingCoach”). He’s one of the very, very rare people who is both a very good trader and quite a good teacher, as well. There really are [I][U]very, very[/U][/I] few like him.

If you’re willing to read and think about a few forum posts that might help, this was how I learned.

These were my most reliable and helpful information-sources.

And these are the five classic mistakes which all successful traders [I]must[/I] eventually learn to avoid, in my opinion.

Good luck, and welcome to the forum!