I’ve been trading and learning to trade for the past 2-3 years and developed a solid trend-following strategy that works well. However, since I lack the capital, the returns are minimal. As a result, I’ve been exploring prop firms to get funded, but the strict drawdown limits and rules make my trend-following system ineffective, as it requires large stop losses to let trends play out.
I’m now focusing on learning to trade Forex. I started with Babypips and have watched countless YouTube videos and read numerous articles. The issue is, there’s so much information out there that I’m not sure what to focus on or which sources to trust. For example, I came across a channel called Pips of Persia. A lot of people recommended it, and the trader often shows trades with huge risk-to-reward ratios like 1:30 or 1:50. However, it seems like he’s using hindsight analysis, saying, “Look how the price reacted here,” after it’s already happened. I’m not saying he’s not genuine, but I’m skeptical. If he consistently made such huge profits, why would he sell courses or be on YouTube? Also, he hasn’t posted in a year, and his website is down, which makes me wonder if it was just another case of using general principles to analyze past charts rather than offering actionable strategies.
My challenge is filtering through the online noise. I’d love to hear from traders who are consistently profitable in the Forex market, especially those who have found success with prop firms. What trading style and strategy do you use day trading, swing trading, price action, support/resistance, or something else? How did you learn through books, YouTube, or just trial and error? How did you become consistently profitable?
Prop firm rules primarily interfere with a trader’s psyche because it’s already a large mental game to chase an objective. But, you should be alright if you can control your risk management and avoid rushing, which is one of the major mistakes made by prop traders.
Prioritize developing a strategy that aligns with your psychology. Next, implement appropriate risk management. Finally, don’t rush it unless you want to prematurely deplete the account.
The best way to differentiate trustworthy traders from those you can’t trust is by analyzing what their content teaches. If someone breaks down their entire strategy step-by-step, be cautious. Strategies are complex and involve many variables that can’t always be taught, such as experience and intuition. Look for traders who teach you how to view the market, understand price action, and give you tools to build your own strategy. This approach is more credible, especially if they are transparent about their own trading.
One trader I recommend is Iliya Sivkov. He covers market structure, context, approach, psychology, and the learning process (what to do and what to avoid). His content gives you the tools to develop your own strategy. For instance, he allows flexibility in counting wicks or bodies as breaks, emphasizing that the key is consistency. He shows how he sees the market and explains his methods as a guide for you to find your own way.
Remember, it takes time to master any trading instrument. Pick one you like and study it thoroughly by watching it daily and analyzing historical data. Develop your strategy by backtesting recent data preferably from this year and then move quickly to forward testing. Backtesting helps you refine your strategy, while forward testing helps you learn to execute it in real time. Avoid spending too much time trading past data.
Although I’m still learning, I would wholeheartedly recommend that you look for videos and tips from old farts in front of whiteboards or power point presentations. That’s something I’ve lately started doing differently.
Although it may sound like I’m trolling, you would be far better off learning about trading from someone who isn’t a YouTuber since there’s just too big of a risk that they are false gurus who are just trying to get views. Seek out individuals who are well-known throughout the world. Search for speeches, conferences, TED lectures, etc.
Since I began doing this, I have discovered an incredible amount of useful knowledge.
You’ve just begun, so keep in mind that it’s difficult. Babypips is fantastic; after finishing it, you should know a few different trading strategies. However, risk management may be more difficult to implement and remember in real life. You should be able to distill anything you’re seeing on YouTube or any other platform down to a set of strategies or a checklist. As an illustration
Once you have a few ideas that look reasonable, you may try manually simulating your trading through backtesting to see if it works. Gaining confidence in whatever you’re doing is crucial, but for beginners, this is easier said than done.
Perhaps you should try reducing your risk if drawdown prevents you from passing financed challenges?
I believe that you can trade the same strategy at a different risk.
If there are any additional rules that conflict with your plan, you might want to look for a different prop company.
Which prop company do you currently use?
I can respond to your question about “why be on YT if you earn such amount in trading” even though I’m not familiar with babypips.
First, having many sources of income is a strategy that the majority of wealthy or successful people use.
Secondly, trading doesn’t require a lot of time, so consider how much time you have left if that’s all you do.
Thirdly, it’s a means of maintaining responsibility and mindfulness throughout your trading career, particularly if you have viewers. If you ask me, it’s trading blog on a whole new level.
Watch the contents, figure out what works for you and your system, and then practice and apply.
I will be frank about this:
If you are unable to adhere to Prop Firm policies, your strategy is flawed.
Simply stay with babypips and create a trial account first.