10 Golden Rules for Forex Day Trading 🙌

[@fernandoantunes9941]

Thanks for your videos! Number 10 is definitely the most important rule. Trading is extremely hard, but if you stick around long enough you will see the patterns repeating over and over again and you will make it!

[@ukspreadbetting]

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[@velituncercolak7041]

Great video thanks. Staying in the game is the most important one. Obey your rules, stops and never risk more than 2% for each position. Anyone never knows what will happen in the future even in 5 minutes.

[@ndoboalan1596]

As simple as these tips are, they actually work really well. I use all of them when swing trading! The hard part is sticking to them and cutting out greed!

[@bravoelliot]

Another excellent video. Just failed an account funding challenge and I REALLY needed to see this. Thanks again Mark, keep up the good work!

[@calesylvester2387]

This has to be the best youtube channel on trading. I love how you keep it real.

[@denisponomarev2793]

Great info, I wish I could found you earlier in my trading career, would save myself a lot of time and money. Keep them videos coming. 🤛👍🤝

[@boris9047]

Very good rules, thanks! People need to learn more about the clusters of good and bad luck that comes with different win-ratios. It has helped me a lot to understand the mathematics of probability. For example, with a 50% win-rate you'll very likely (theoretically 100% probable) end up with 10 losses/wins in a row within about 1000 trades (1024 trades to be exact according to math).

[@ashleylemmer8016]

Excellent video Mark.

[@bassemchaibeddra3033]

Great work Mark. 👍

[@Lakozor]

2 months into forex trading 5 months in total bro you said exactly what i was thinking.

[@wyclifem.9780]

What i needed to hear in my 2 years of trading.

[@LukaszAdams]

I think very important is set your dayli lose limit on capital and know when you got drawdown for example when you lose 4% you risk half less and protect you capital.

[@davidgroth26]

Excellent, thx

[@ma-mv9mv]

You are so great, thank you for such informative lessons and handsome to look at as well. :)

[@amgineco]

Awesome Advice..

[@anonymusx505]

You are giving very valuable information sir ...Peace upon you ...

[@Mark-kt3wi]

Great video as alawys Mr Mark, on point as always. Just one question do you do any seminars in the city of London at all??

[@ukspreadbetting]

Mark does trader meetups in Manchester every once in a while (not London).

[@Mark-kt3wi]

@@ukspreadbetting That's a shame can't really make Manchester, but what dates have you got if any in manachestet. If you do ever come to London I'll be intrested in attending.

[@LearnToTradeOnlineYT]

Awesome content! I agree with what you are saying 👍

[@ladover001]

Stay in the game long term probability.

[@Rao2908]

Thanks for the information, Anyways this works out for all the markets and not only for forex :)

[@aabilmasih9820]

Started with 100 dollars made 260 and lost all of them in one day.. Should have focussed on one market instead of changing one every hour. Hopefully I will take some lessons from this

[@jamilakatze2128]

i totally agree

[@samislim1374]

Great video 👍.... Can you give us some advices about laverage and how to use it. Thanks.

[@ukspreadbetting]

See kzbin.infosearch?query=leverage+

[@BrotherTree1]

Great tips for risk management and steady growth once again. Just to expand on the point about specialising in one market or one strategy - I'm currently going through a bit of a dilemma myself and I'm learning the same or similar strategy (breakout on a given time of day, ie. Entry in a certain hourly session of a given market session) and applying it to certain markets. My concern is how I'm forward testing this strategy through two different currency markets but both involving two various times of days every day of the trading week - so essentially I am forward testing four different strategies (ie. Two markets, each with two different times of day) at the same time every day. But I'm no specialist at just one of them as I'm learning them all simultaneously at the same time, and while I'm learning a lot, I find it definitely quite draining and it takes up a large part of each day and I'm just wondering if I am... let's say, to put it bluntly for a lack of better words in a statement, "being greedy with my learning by force feeding myself too much, too fast, too soon" and "biting off more than I can chew". So my question is this; do I just choose one of the four and just stick to it? I know it's my choice, although I'm curious to hear your perspective on this and what you would do and some advice that may be helpful to manage my learning and life balance in general. And if there's a video that addresses this matter already then I would very much appreciate being directed to it. Cheers!

[@Shawk95]

Are you trading full time or part time having a full time job?

[@maximilizinoregina1714]

Sometimes I wonder why individuals always complain of losing in Forex last month ago I withdraw a total profit of fifty thousand USD and this my eight consecutive withdrawal I have made Investing in forex

[@quickprofits7549]

what about hedging instead of SL ??

[@lokone303]

you will only understand why only "hedge funds" do "hedge" ;D ater loosing enough money, at least this happened to me. They use Options structures to cover their long term trades, based on long term volatility forecast. Hedging without the capability to absorb Year (whatever period) volatility is just Martingale. Same for intraday and Daily volatility i should say, no matter what 4H or M30 is saying if you have a dailiy ATR around 50pips price can go 50pips from opening at any given time, and you need to absorb this or SL before, if you do swing same for a week/month/year etc... Your risk management have to balance that many loses with your winners long term.

[@Shawk95]

Putting stop losses is a sure way to get out of trading business. Hedging is fine because it works without increasing margin at risk. Stop loss is for suckers who can't read or understand charts. Please use mental stop loss instead.

[@dakaodo]

Hedging means you incur twice the spread cost per trade setup where you use concurrent buy/sell positions. For intraday trades, this gets expensive pretty quickly. If you can figure out a way to set up sufficiently high expectancy trades (either improve your win rate or your winner size to loser size) that outruns the increased cost, then you could do it that way. I've seen some traders using methods where they lock in a loser with a hedge, ignore the pair of positions, and go on to set up a new trade (same pair or different). At the end of whatever period (like end of trading day or week), they'll close out all their trades. This may work if you aggressively day trade. But if you tend to hold trades for longer periods (weeks), then be very mindful of the holding cost -- you don't want to be stuck holding a NEGATIVE carry trade that costs you money. Just like procrastination in other tasks, I found the mental weight of all those locked-in losers was a drag on my ability to look ahead with a clear mind. Yeah, losing money sucks, but after trying to hedge losers, I found that I personally respond better to simply ripping the bandage off quickly, and taking a tight SL as early as possible or reasonable instead of constantly being reminded of locked-in floating losses. For me, that means (as an example) a SL of 1x ATR on M5 (about 2.5 pips), initial targets of 1.5x and 3x ATR M5 (close half at 1.5x for a no-risk trade on the remaining half, and trail stop beyond 3x), and stepping down to M1 or tick to refine my levels inside of the HTF M5 1x ATR stop. If I lose, I probably lose in 5-10 minutes, clear the table, and try again. @Ashfaq's stance on SLs only works if you have uncommonly strong emotional ability to stiick to your mental SL. I'm the opposite and I don't want to waste any mental energy on fighting my own fears about losses. I take the opposite view and rely heavily on stop losses -- I use several MT4 trade manager EAs to automatically add ATR-sized SLs on every trade. Either the trade goes to my profit targets of 3-5 R, or it doesn't. And I don't close out at TP, but just let the ATR-sized SLs trail -- in case price continues to trend favorably. I feel that discretionary, manual loss mgmt as a default behavior is for suckers. :P Obviously, find what works for you.

[@dandanndannnnnn]

Hi Mark, I heard someone say "spread betting in forex is deemed unprofessional" Can I get your thoughts on this?

[@lombardo141]

Dann whole cares ? Are you making money ? If you are don’t listen to what people say.

[@ukspreadbetting]

Exactly lombardo! Do more of what works for you!

[@rowenohenry5560]

Very true

[@Mike-ye8qv]

I've been day trading cryptocurrency for 2 years and just moved to forex. I was short on the USD/Cad we were in a structure and I put my stop loss way above it actually where there was another resistance. Like 20 pips away from where we were at the spread at the time was two pips. then something happened where the liquidity disappeared and the spread move all the way up to 25 pips and I stopped out even though the candle never even broke out of the structure. I've never felt so screwed in my trading career. Lol I think that says something considering I traded cryptocurrency for 2 years. I would like to hear some feedback on this like is this a common thing cuz if it is I don't know if I can handle forex. then of course the spread went right back to to pips and it would have went right to wear my target was. it was a small position so it didn't hurt too bad but it was just the whole it felt like the system was rigged thing LOL I know it's not but I would really like to understand what the hell happened

[@dakaodo]

ECN or non-ECN account doesn't matter; ECN accounts have smaller spread normally, but are usually variable spread -- spread still blows up in extremely volatile or illiquid conditions. Timeframe doesn't matter -- 5x to 10x ATR moves will happen within a few hundred to thousand candles on any timeframe, so shock frequency is fairly proportional to timeframe. When some kind of event shock hits the market, sooner or later this will happen, and sometimes you'll have a trade open. Some of these shocks are due to economic calendar news events, reports that come out and exceed or fail expectations. For those, follow any forex news site's calendar. Find one you like -- they all report the same. Trading View has an option to show events when they are scheduled directly on the chart. I'm not a fundamentals guy; for me, it's much easier to simply assume increased volatility for a few minutes immediately around any scheduled high impact news, then increasingly longer, slower, but larger series of aftershocks as big players digest the price impact. Depending on when your broker settles trades, let's say New York close, spread regularly blows out modestly for anything from 30 mins to a few hours, depending on the pair. If 20 pips is "pretty big" for you, then be aware of how much price can typically move per time period that is larger than your usual trade holding time. e.g. EURUSD currently averages 10 pips range per hour, but that's been declining for a few weeks. Low volatility would be half that, about 5 pips per hour, and high volatility would be about twice that, or 20 pips -- respectively overnight slow during Asian session (ex Tokyo open), and above-average active during the big 3 session opens. You can play with short-term and long-term ATR to figure these behaviors out. Can be applied to any other timeframe -- M1, M5, H4, D1, etc. So when price volatility/range suddenly blows out what's typical for a certain timeframe, you have to switch on momentum trading mindset immediately. As it calms down, go back to your usual trend-following or mean-reversion methods. Per Mark's tips in the video, any trading method has to build in sufficient excess reward-risk ratio setups. Such that a series of "normal" profitable trades will catch enough excess profit to offset not only your "normal" 1R (1% or whatever risk you choose), but will still keep you in the black when these shocks come along. If you're talking about a single candle that you never saw coming, about every 500-1000 candles there will be 1-2 huge shocks that could wipe out 5-10 normal profitable trades, and 3-5 moderate shocks that could wipe out 2-3 profitable trades. If you're talking about the very short-lived few seconds or minutes when spread blows out between individual price ticks, then probably several times a month, but not quite weekly. The smaller timeframe and faster your trades, the more liquidity you'll want. I trade tick charts, M1, and M5, so I prefer only the absolute smallest spreads and most liquid pairs, so that's EURUSD and USDJPY for me. Any pair that's a minor cross is definitely more illiquid, and so probably more vulnerable to these spread blowouts -- but I don't know firsthand b/c I don't bother trading them on tick or M1. EURUSD and USDJPY have shocks enough to keep things unpleasantly exciting enough for me to handle. :P The way I try to set up my trades, I don't plan on ever losing 10 trades in a row, but I budget enough safety margin that if I get stopped out uncommonly badly EQUIVALENT to 5-10 losses in a row, it doesn't set me back more than about 3-8 normal trades worst case. Even a once-a-year disaster like the AUDJPY flash crash this year in January (300 pips in an hour) or various major Brexit-related events should only cost me a relatively unimaginable 10-20 losses in a row. All this comes from building your personal history of win rate, win size to loss size, etc. to calculate your typical expectancy and worst-case scenarios. Then you can design your trade mgmt and money mgmt around it. I don't trade any cryptos, but I watch BTCUSD to keep a feel for the price behavior. You have to deal with the same kind of shocks there when some whale plonks down like a $10 million order and spikes price on a single M1 candle. Or at least that's what it looks like to me.

[@chandrurohit4009]

Top one

[@Forexodyssey]

First to comment, cool video

[@tonyzapien369]

Took me 1 month to make 10% lost it all in a day doing the first 3 😭🤣

[@henryeghaghara9385]

So this video has only 5k views but forex videos with scammers talking about what they don't know have more 100k+ views, no wonder 90% of us lose money

[@nich586]

Love these videos. Regarding #9 (tips)...there's an interesting underside to this. I tend to follow certain people as contrarian indicators. It's surprising how reliable this can be.

[@Shawk95]

Its a good strategy only if the losers keep telling you what they are doing all the time. How is it possible to get this info?

[@Shawk95]

Mark With due respect, I speak from my experience of 30+ years: (1) Disagree. Always add to losers but keep each hit small enough (2) Strongly agree. Small sized hits = Small exposure = Long-term win (3) Can't agree more. Under-trading is key to success and longevity (4) Disagree. Never place stops. Constantly taking losses is demoralizing and frustrating (5) Disagree. Risking 1 to make 5 or 1 to make 3 is a joke because nobody knows what the market will do (6) Agree. Keep trading a few pairs over and over (7) Agree. Revenge trading is suicide (8) Agree. Know your bad habits (9) Agree. Ignore tips because even the experts are wrong all the time (10) Strongly agree. Trading is a boring business but rewards go to the patient, not the fast and furious. Please add the following points: (11) Don't be a day trader or scalper but if you are profitable within a half hour, take it (12) Always follow the trend by looking at the bigger time frames. No trend, no trade (14) Every day is not a trading day (15) Only pull the trigger when your set-up appears. Patience, patience, patience (16) Under-trade, under-trade, under-trade

[@dakaodo]

Fascinating that you can make your rule set work consistently for so long. I also agree with some of your points, but at the heart of my trading, I found that I do terribly when I add to losers. I had to completely rethink my approach several times over the years, and eventually figured out that I work best as a clean trend, tight and early breakout trend follower. On a single HTF, my entries look like unconfirmed extra-aggressive entries. But b/c I look for LTF confirmation, it works far better for me than anything conventional I learned. For stops, I found that FLOATING losses incurred more mental stress on me than simply taking the hit immediately. This is why I prefer stops of 1-3 pips. I can happily accept 1-3 such losses in a row b/c I know that even when my 5R or 10R setups are imperfect, I can still often close out for 2-3R, for probably not much worse than break even on a "failed" trade. On which point, you say 5R or 3R is a joke, but b/c of my multiple timeframe approach, I set up notional 1R or 2R trades on e.g. M15, H1, H4, or D1, but I ALWAYS step down to M1, M5, and tick charts to refine the SL risk to what is typical movement range for those timeframes. e.g. a daily movement of .5x ATR to 1x ATR might be 30-80 pips. But I use M1 or M5 to narrow the stops down to about 1.5 pips on average (usually 1.2 pips to 2.5 pips). With that kind of MTF setup, I could easily take 10-15 SLs in a row and STILL end up with 2R results, though I usually manage my entry timing such that the worst I'll take is 1-3 losses in a row or maybe 3-5 total. I'd rather be wrong for 2.5 pips immediately, than hold a floating loser for 15-30 pips (or worse) of adverse movement. Esp b/c the way I work, I want to clear my table immediately to look at possible immediate reversal -- if I'm wrong by 2.5 pips, I could be wrong for 5-10 pips, and I'd rather flip my directional thesis to catch the opposite breakout for 5-10 pips of profit, than sit there sucking on an increasing loss. This is why I try really hard to constantly maintain two simultaneous directional breakout theses without personal bias. If I'm wrong one way, then there's a good chance I'm right the opposite way. On the rare occasions of double whipsaws, I'll revert back to the initial breakout direction, and that generally finally pans out. :D (This is separate from mean-reversion methods) As I said initially, I can't imagine how I would trade by your rules. Just as I'm sure you think I'm insane with my approach. So long as it works for each of us, I guess!

[@anonymusx505]

If your brain chemistry is not balanced, don't trade ... peace upon you ...

[@user-showshort]

👍

[@lisemariecaron7498]

😊😊

[@moneyprintergobrr6501]

Only spending 4 hours a day looking at markets? This little would be torture for some of us. This is someone that isn't interested enough and won't make it.