What is your favorite active day trading strategy?

Beginner Questions
21

Hmmm :thinking:

What separates the pros from the rest?

What did it take for you to reach that next level in your career?

1 Like
22

I think everyone has a personal explanation for it.
I don’t consider myself as a pro. I’m just a guy who had the patience to grow his account over years and has a passion for trading.

If I have to give you only one personal advice to become a full-time trader, I would say that you need to have passion for it.
I spend only a few hours per day trading, but I also spend a lot of time for research.
I could go to Hawaii, order that kind of drinks with the small umbrella and enjoy the sun and the sea, just like you see in online advertisement. But I tell you two things. The first one is that I probably would not enjoy it, because I like to spend time doing my job. The second is that probably I would not be a profitable trader anymore in a few years.

Market evolves and past results are not enough to prove that a strategy or a system works. I constantly monitor my strategies, see if there is something different, see if I can find an additional small edge against the market. And I also tell you that I enjoy doing it.
Especially if you are not a discretionary trader and your system is an algorithm, don’t think that it will profitable forever and you have to do nothing, because you can be very disappointed in the future.

So, my suggestion is: don’t enter this business just because you dream to make a lot of money and go to an island, enjoying the sun, the drinks and doing nothing else for the rest of your life. Be passionate about it or enter a different business you are more passionate about.

23

Yes agree with you, win today doesn’t mean will win tomorrow, so that’s why we need a good plan for it.

What’s the best advice you could give to a speculative trader attempting play the market defensively?

24

Focus on finding an advantage against the market, not on winning every single trade.
I published a video about it, I hope it can help to clarify what I mean: What Do You Need To Be a Profitable Forex Trader?

26

Well, thank you, I appreciate it!

Actually, I still curious with trading academy such as Investopedia Academy, Snap Academy and Udemy

Is it worth to follow? The main reason should and shouldn’t?
What do you think about it?

27

Well, I’m an instructor on Udemy (and even a very happy student), I can’t be 100% objective, but I’ll try my best.

Let’s split courses in two categories:

  1. Basic education that you can also find online;
  2. In-depth education that you usually have to pay to get, such as specific trading systems.

I have both of them on Udemy and I want to explain why I think it can be an advantage for potential students.
First of all, before talking about the differences between the two styles of courses, I want to say that I have them on Udemy for $10 (I always offer coupons for $10), I get $5, the rest goes to Udemy. In some cases, I get even less than $5.
Udemy is a second business for me and I really do it because I have a passion for it. Forex Trading is my main source of income.

Having said that…

  1. Basic education. Why should someone pay $10 for my course that is just an introduction to Forex Trading? It depends on you. If $10 is not much for you and you can afford it without any problem, then you have some advantages.
    You have a clear path to follow. You will avoid to study everything and focus only on things that are actually important. You have experience from someone who has been on the market for 12 years, sharing some small tips that are based on personal experience. You have someone that is there ready to answer your questions (I have 99.7% answers within 24 hours). If you can afford to spend $10, I believe it is a service that is worth it. If you think that $10 is actually money that you can put in your trading account instead, then you can study online, on Babypips for example, nothing wrong with it.

  2. In-depth education, such as trading systems. I also share some trading systems and strategies that I have studied during past years and I still trade. I only share what I trade, I only share what I believe has a high value. The price is still the same: $10.
    In my profile, I also linked one of my strategies that I share on Udemy. I trade it on Darwinex, so results are public domain and you can check return, drawdown and other statistics.
    I have nothing to hide. If my strategy works or not, you can see from public results. If my strategy doesn’t make money anymore, it’s fair that you see it from results and you don’t buy my course about that strategy.

This is what concerns me.
Regarding other instructors or other schools, in general, I would say that if you have to pay for basic education, don’t spend much. It is true that you can get value, maybe sometimes a better value than what you can find online, but at one point it’s not worth it anymore. You can spend that money to put into your trading account. Personally, I wouldn’t spend more than $20-30 for a basic course.
For more advanced courses, like trading systems, you can consider to spend a bit more. I sometimes buy systems when I see an interesting one and I can spend up to $1000 for a system, if I believe it’s worth it.
This is also a bit more complicated because results are easy to be altered. Even when you link your account to a third party website like myfxbook, there are well known tricks like having an agreement with a dodgy broker too boost results or create 100 accounts of $10 each and just wait for the lucky one to generate a huge income with a small drawdown, before selling a system with those results.

Forex Trading is an ambiguous world when it comes to paid education. It’s easy to get scammed, but this also overshadows some good content that passes as scam too.