Transcription
I'm going to teach you how to trade Forex in only 7 minutes. See, before I did 10 minutes with stock options trading, but I was like, you know what, maybe I could do it a little bit quicker. Cuz I know our attention spans are short. We have shorts, TikToks, Reels—I mean, literally, it's called short for a reason. So I want to make sure this is too, and I hope you like it. By the way, my name is Kelly OG. I'm a 21-year-old entrepreneur and probably the biggest secret that you've never heard of, but now you have. So search me up or watch my videos if you want the rest. Let's begin.
What is Forex? So Forex stands for foreign exchange, y'all. Like my little thing I did here? It took me 2 hours to get this done, guys, 2 hours! It stands for foreign exchange, right? So think of it like a scale. In the morning you may weigh 150 lbs when you step on the scale. Now, as you eat, you walk, you go to the gym—different factors are going to affect your weight, so it's going to fluctuate. So you may weigh 150 in the morning, but by nighttime you added an extra 5 lbs cuz you went to a buffet and you ate really good. Think of this as how you're exchanging currencies based on their fluctuation in price. Different news, economical factors, whatever may be, will affect how prices weigh against each other. If you think about it, foreign exchange is the literal exchange of foreign currencies. Now there are 28 total pairs, as you can see right here, but today we're going to focus on GBP/USD, which is the Great British pound and the US dollar.
Now, whenever you see Forex pairs written, they're going to be written like this: the initials slash and then the initials again. So you have a primary and secondary currency. So as you guys can see on these bullet points right here, we're going to get right into them and not waste any time. If GBP, aka the primary currency, is stronger and USD, aka the secondary currency, is weaker, then price will buy. So if the primary currency is stronger than the secondary currency, price is going to buy, which then you can kind of assume because that's actually what it is. If the secondary currency is stronger than the primary currency, then price is going to sell. So if the primary is stronger, it'll buy; if the primary is weaker, it will sell. Remember this works with any pair; this is not just GBP/USD. Weakness and strength, guys, is determined off fundamentals, not technicals. So fundamentals is news and economical factors; technicals is when you're looking at the charts and looking at past data to determine future data. Hope that helped.
Now, people may ask, how do you make money? Well, you're going to need a broker, and you can use any broker that you want, but if you want to use the broker I use, the link is in the description. You will be able to trade using these platforms called MetaTrader 4 or MetaTrader 5. I prefer MetaTrader 5; I think it has a lot more features and it may really help you. And they may come out with MetaTrader 6, but for now, as I'm recording this, they have five, and it's super awesome. So these allow you to execute trades, and your broker is the one that allows you to send your trades into the market and make money, and they'll pay you out.
Now, how do you know what price will do? Guys, listen: technical analysis. It's that simple. There's fundamental analysis as well, but technical analysis, which includes TradingView, is going to include chart patterns, candlesticks, market structure. If you don't know what those are, I have a lot of videos on technical analysis on my channel, and you can always, of course, search them up and learn from whoever you see fit. But that is how you would know what price would do.
Now, what if you don't want to chart? Well, as you guys can see here on my beautiful news, we have the house burning, unfortunately, but you will be able to, again, look at the news, fundamentals. So DailyFX is a really good website; Forex Factory is an amazing website; it'll show you all the economic news that's coming up across all the different currencies that you would likely be trading. So if you do not want to worry about technical analysis, just look at the news, and you can still be fine.
Now, when can you trade? You can trade Monday, Tuesday, Wednesday, Thursday, Friday, 24 hours. Saturday the market closes, and Sunday it opens at 5:00 p.m. EST. This does not include crypto; crypto is opened 24/7; it never sleeps. This just includes the major currencies, aka the big economical ones. Now you have major sessions as well that the market is going to be moving and have the heaviest volume. So the three most major sessions that you should probably pay attention to are the Asian session, London session, New York session. Asian is from 7:00 p.m. to 1:00 a.m. EST; 3:00 a.m. to 6:00 a.m. EST is when London would be, and New York is 8:00 a.m. to 5:00 p.m. EST.
Now, guys, check out my drawing. See, I have the Taj Mahal—hope I said that right—I have the Big Ben and the London Bridge, and listen, guys, it's not falling down; I actually got it to stand. And of course, we have the Statue of Liberty. I like to add in a little bit of pieces. So just to reiterate and review: Forex has 28 pairs; it is the trading of foreign currencies internationally. If the primary is stronger than the secondary, it's going to buy; if primary is weaker than the secondary, it's going to sell. You can use news; you don't have to learn technical analysis, but you can learn technical analysis. Use a broker. Remember these are your major sessions, so you can take a screenshot if you want to, and the hours the market is open and the days—6 days a week, almost 24 hours. So if you could just do one thing, it's going to take a little bit of your time: like, comment, and of course, if you really want to, subscribe.
Now I'm going to say a quick prayer because I do that in every single one of my videos, or at least I try to when I can remember to. But God has blessed me tremendously, and I want to be able to bless you. So God, I just ask that you protect, bless, and cover this person that's listening to this, that you help them in their trading journey, however it's going to expand; you help them in their life; you help them within their friendships, relationships, and their love. God, I just ask that you continue to be there for them, forgive them for their sins, and allow them to experience the goodness of your love and mercy, in Jesus' name, amen. You guys stay blessed. Thank you so much for watching.