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In today’s episode, you’ll discover if you should learn trading from YouTube (or not).
So tune in right now…
Resources
How to Create a Trading Journal and Find Your Edge in the Markets
How To Be The Top 5% Of Traders When Almost Everyone Fails
How Much Money Can You Make from Forex Trading?
Transcript
Hey, hey, what’s up my friend? In this episode, I want to discuss this topic – should you learn trading from YouTube?
Now I know you might be thinking, “Rayner, you’re definitely going to say yes. After all, you’re teaching trading content on YouTube.”
I get where you’re coming from. But to be honest, I’m trying to be objective down here. And the answer isn’t as simple as just a flat yes or no. Let me explain.
1. Yes, if you’re new to trading
If you don’t know what trading entails, you don’t know what you don’t know, then yes, learning the basics from YouTube is a great starting point because it’s free.
Because for starters, you’re probably still wondering about basics like how to learn trading, and you want to learn how to trade.
It’s kind of like if you want to watch television and be entertained, but you don’t know what good channels are there, then you will switch from one channel to the next until you find something that resonates with you.
It’s the same with trading. If you’re new to trading, if you have less than six months of trading experience, and want to learn how to be a trader or learn how to trade, then go to YouTube to find out more about trading to learn what it entails.
It’s a fantastic way to get your feet wet because primarily it’s free. All you need to do is to spend some time to get your basics up to speed. And I have a tip to share with you.
After many years on YouTube, there are generally two kinds of trading educational channels out there. The first type of trading channels is one with the Lamborghinis, the cars, the bikini babes and stuff like that.
The second type of trading channels is one which is more boring, vanilla, just plain old trading educational stuff. My suggestion is that if you really want to learn about trading, avoid those Lamborghinis, Ferraris and bikinis type of channels.
Because the content that you get won’t be as deep as compared to those types of plain vanilla trading educational channels.
Also just to mention a few good channels to you, like Adam Khoo, Humbled Trader, The Trading Channel, Wysetrade. I’m in no way affiliated with them nor their paid courses. These are in my opinion, great channels for you to get your feet wet and to learn the basics of trading.
The content is out there, it’s free, so feel free to explore them. And you would definitely get a much deeper understanding of trading. The best part is that you don’t have to spend a cent. So that’s kind of the first thing that I want to talk about.
2. No, if you have mastered the basics
If you’re starting to feel that those trading education content out there are starting to be repetitive, maybe you happened to be one of my subscribers who thinks, “Oh man, Rayner, you’re always repeating the same old stuff over again, can you give me something new?”
If you happen to be that kind of trader or you’re feeling like this, my suggestion is to stop watching trading videos on YouTube. Because you pretty much have 80-90% of the knowledge in your head.
You already know what risk management, position sizing, support resistance and candlestick patterns are, so you don’t need any more of this stuff. What you need to do is something else.
Let me share with you the D.E.R.R. formula.
D: Develop a trading plan
Stop watching YouTube videos because more videos will not make you a more profitable trader. Instead, it’s time to put what you’ve learnt to use. Develop a trading plan that tells you what your trading strategy entails.
Plan for things like:
- When to enter a trade
- Under what market conditions will you trade
- How much are you risking per trade
- Position sizing
- And much more…
E: Execute your trading plan
What’s the point of having a trading plan and spending hours on it if you don’t execute it consistently? What I want you to do is to execute your trading plan consistently.
R: Record your trades
Record your trades according to your trading plan. Find out the trading setups that are making you money and those that are costing you money.
R: Review the trades that you’ve taken according to your trading plan
From there, you’ll have objective trading results that you can base on to decide if you should continue taking those kinds of trades.
For example, does the breakout trading setup make you money in the long run? Or should you stop taking counter-trend trades for example, because they’re costing you money?
This is how you go about getting to the next stage of trading if you already have some experience under your belt. You’ll then level up and learn to be a trader who utilises data to improve your trading results.
If you find that the trading content out there is being regurgitated and it’s the same old thing over again, then stop watching more trading videos or stop watching YouTube videos. Pause this video, close it and get your trading plan up and running.
Here’s a quick recap…
Recap
- Yes, you should watch trading videos on YouTube if you don’t know what you don’t know, especially if you’re new to trading.
- No, you should stop watching YouTube videos if you already have a few years under your belt and find that things are getting repetitive and boring. That’s when you should use the D.E.R.R. formula. Get your trading plan up and take your trading to the next level.
With that said, I wish you good luck and good trading. I will talk to you soon.