Ok so you are a new trader and
want to get into the whole technical analysis thing but don't
really know where to start so in this video I will show you
exactly how you can paper trade demo while doing
your technical analysis to place trades with fancy money
so that you don't really have to risk Anything as you start
[music] Welcome back to the channel everyone my name is
Artie and this is the moving average where we discuss
everything in day trading to keep your profit on a consistent basis
Well if you want to do technical analysis you have to use Tradingview
tradingview which is a free website just go to Tradingview.com
you sign up for a free account they paid.
It has more
features and benefits but you only need the basic version to start from
here, you will do all your technical analysis, you will learn
candlestick patterns which will use moving averages you will use
to use re lative strength indicator all that you
need to know about technical analysis, how to calculate a point and how to do
spreads Which brokers to choose You can find in my Beginner Forex
Playlist here Once you have that everything in
your head you can go back to this video
and learn how to use the paper trading feature in the Trading View so
you can do all your analysis of all your trades,
and all Your trainings on one screen is completely risk free because it is
fantasy money so you will go to tradingview.com
on this site it will have pretty much everything any day its
like a wet dream of a day trader without a trading view we will all die
so here you can search about different currency pairs whether it's bitcoin
whether it's 30 USD whether it's dollars in euros so you also get a
watchlist that will be automatically populated with 12 things if
you have just started when you click on any of them it will take you
to its line chart then to see the full featured
in-depth chart just click on that featured chart button what we will do
is look at eur usd because this is the most heavily traded pair
of all Forex, just click on the full featured chart and
this is the chart where
you will see the green sticks mean the price is going up, the red sticks mean the
prices are going down this thing at the bottom here is
the volume indicator that shows you how much buying and selling volume has occurred in
That stick, we're going to get rid of that
because I'm not volume trading here on the left side you'll see
where it says vol a little eyeball a sprocket and x
to remove it click that thing ok.
I
'm assuming you've seen that playlist and you know all about timeframes
and all of that so we're going to go to
the 15 minute time frame which means each candle individually takes 15 minutes now
to set up the paper trade correctly here what
you want to do is r click Right click on the chart then go to
settings and what you want to do
is check this box here which says bid and ask lines and
then click ok what this does is show the current price
and the bid lines and and
basically ask these are two of The prices you can buy and
sell if you buy it will be this line here it's
always higher than the current price because that
is the spread of the difference between the actual price
and what you buy at the difference is how brokers make their money and when you
sell it will be the line below the price so it
should go down The price to the place you entered until
you make a profi .
Usually the lines are
very close to each other depending on your broker's spread or on
the chart you're looking at when there's very high volatility
or the markets are closing or if it's at a really weird time you'll see that they
diverge as far apart as you want to never trade that
spreads High prices during high volatility are the
main way people lose money so if those 3 lines are like that
don't touch it ok now you have your bid and your order lines
now you want to scroll down to the bottom of the page right there is here
little up arrow indicating you will click on that and you will get this
new menu here at the bottom it is pointing to text notes to check stocks test
pine editor strategy and trading panel select the trading panel tab and
here there is an icon that says paper trade you are just going to click click
connect and then connect back now it
will automatically to default you balance 100
000 account what i want you to do is
think about how much money you want to start your day trading journey with
be it in hundreds of dollars Rat or a thousand dollars
I'm not suggesting anything over a thousand dollars because if you lose
it's really gonna gut you having a hundred thousand dollar balance on
your paper trade
is pretty reckless what I like that what you have to do here is click the little settings wheel and you'll
Reset your paper trading account and you will change that
balance to whatever you want to start
your journey whether it is a hundred dollars or a
thousand dollars and reset it now you can see the account balance is a thousand
dollars and I can start trading so press
this little hide button here and it will hide it for you now you can
start placing trades here you can see on the top left
these two prices here in red and blue lines around the
actual price now on the right side you have
your watchlist but then there is another menu bar that you will go to
second to the bottom where an up and down arrow appears
, And this is your order panel, click on that and you will have
your new order book here so you can sell and you can buy at
set prices if you click on the limit or at the current market price
if you select the market now if you have seen the list To play these, you know
there are three different types there are lot sizes to choose from, there is a
standard lot, there is a mini lot and there is a
micro lot lot and one point zero and one point zero, this is the smallest
deal you can place in this trade is ten times bigger and that's
one ten times greater than this one this one right here a lot one standard is
100 000 units that currency this one is
10 000 units that currency and this one is 1,000 units this
currency Write the
quantity here, so if I want a mini
lot I will write 1000 If I want a small lot I will write
10,000 and if I want a standard lot I will write 100,000.
This will be the size of your order, so since we have a
thousand dollar account we will only put 0.01 Lots of volumes, that's what you want to
start with to test the water type so we only do
1000 units you can buy or sell and you can
set your take profit and your take profit your upper loss by ticking these two
if you only want to get 20 pips of The origin of the trade you write in 20
pips here and if and stop loss is gonna be 1-4 risk to reward ratio
you're gonna risk five pips on your stop loss nice safe way to do it
though it's a one to two risk reward ratio so
you're risking 10 pips loss to earn 20 pips profit now the
biggest question is the direction in which you place
your trade do you sell at this point or do you buy at this point well to do this
you need to watch the rest of my video on how to trade how to analyze prices and
how to use moving averages but i'm just going to show you really
quick we're going to use sma click three times, we will
set these numbers to different numbers, we will
do 21 well, 50 well
and 200.
Well, if you guys want to know more about it,
watch this video as you can see We crossed these
lines, as the price started to go up, so we Currently in an uptrend
but we are seeing some resistance ce here in fact it might
go down and test this moving average before continuing to
go higher if not going to the subsequent moving averages , the price just likes
to go to the moving averages and that is exactly what
it is. So here we are going to place a sell order
at 1,000 units which is a micro lot our take profit is
going to be 10 pips to 10 pips easy and our stop loss is
going to be five pips and we are going to sell
here, now all these orders are placed, there are multiple orders ,there was
your sell order, your take profit order and your stop loss order
so all of those orders are now
going to be in here your current stats will be about the price
not going down through a bunch of spread after
that we are still passive but once this The trade starts going in our direction and
this figure changes to your dollar profit on your trade so you can
click and drag the stop loss to adjust it a little bit and take profit
as well e While you do that,
the new order panel is adjusted so that the stop loss is higher than the previous highs,
not The smart strategy is very tight but far enough away to be comfortable
and technically we should target this moving average but
assuming it will come higher as the price goes down let's leave it here for now
if you have watched my videos about the strategy For scalping and trading
moving averages and rsi divergence you will have a clear understanding of how to
choose which direction the trade will go on this 15 minute chart
so achieving it to take profit will take some time so it will not
happen in this video but if you are still struggling In determining which direction you
want to trade in what you can do Pop up
indicator called Pip Hunter Baseline Overlay Now to get this thing to look
like mine watch my settings video here
but mainly as the price goes up you will see this big green cloud
showing you an uptrend Nice strong so you should probably trade with the trend and
when you do you will get blue stars telling you to buy
during an uptrend and the red star is to show you when the trend reverses so
when it is green just look at the blue stars
that is basically what you do This is how you start day trading,
you get the charts you made for paper trading, there is
no risk because you are not risking real money, you practice trading
, and then once you practice for a long time and you see a Steady profits
then you can start paying with real money in the bottom panel here
you can actually see your current positions and then once those positions are closed you
will be in your history and all your positions will be there and
you can track your gain to your loss ratio This is basically keeping your
trading journal and you can Make notes on
why you entered the trade This is the right way to actually
get started in day trading
forex day trading cryptos or stocks so you can do every single thing in
a trading show you don't need a phone you just need your laptop you
and tradingview.com you can find links to view trading below my face or
you can just google tradingview.com if you are still
here watching this video guess what that means you like the video so if you
don't mind smashing the like button down below my face If you haven't already,
consider subscribing to the channel for more videos like this and we
'll see you in the next clip