As every trader who was searching for ready-made strategies some time ago, you are aware that there is a plenty of educational videos on YouTube Forex channels. I’ve met such videos too for many times, but there is one problem with them… How to make sure that these strategies really work? There are no guarantees that you’ll make a fortune with that if you use one trading strategy from there.
If you have the same questions in your mind now, this post is exactly for you. I want to tell you how to make sure that a Forex trading strategy offered on YouTube really works!
Before we start, I’d like to remind you that you may use on your live account only the trading plan that you’ve already tested. Don’t listen to all the promises given in a YouTube video, as this may be fatal for your live account.
So, let’s learn more about YouTube Forex trading now!
Firstly, you will have to be confident. So, make sure that the system offered on the YouTube channel is really good for trading. Try to learn how it works, as the whole profit depends on your understanding. Long story short, you need to learn, understand and test any strategy before live trading. It will help you to check the effectiveness of the system, and practice more!
Test the trading plan and strategy
You have to be sure that it was profitable in the past. This will allow you to be profitable in the future. To my mind, backtesting is one of the keys to success in the Forex trading. This works for MT4 too, but if you want, you can use other software such as TradingView or Forex Tester. I recommend taking into account periods longer than 1 year. Anyway, you are not limited to any period at all.
After you’ve done all the backtests, forward test your new day trading system
The past performance is still not a guarantee of the best trading results in the current market conditions. Grab the plan you’ve created for backtesting and try it on a demo. I advise you to open at least 100 deals to forward test any strategy. Moreover, you can gain more experience while using different systems when trading various pairs. Not bad, really?
After you’ve checked the system performance in backtesting and forward testing, you can start the real trading and earn money. If you noticed problems with it, continue looking for more profitable strategies until you find the most effective one. Keep in mind that you can use the market conditions in your favor, if the trading plan really fits you. The main task is to find such one. Search for it on YouTube, Reddit, forums, blogs, books… And I am sure that your work will pay off.
If you have any questions about trading YouTube Forex strategies, please comment below. I’ll be glad to help you! If there are some more tips and tricks you know on this topic, you can share them below too!