this is the forex q&a podcast this is VP professional Forex prop trader answering
user submitted questions and broadcasting them to you every Monday
morning now if you would like to ask me a question don't be shy go to
nononsenseforex.com/askVP and thought little forum ask me any forex
trading related question you want to know and I will get back to you
typically within 48 hours and then if all falls right your question just might
make an episode of the show that's how I do the show now podcast numbers are
going up nicely every single week and I'm really happy to see that and if
anybody out there is listening to this podcast for the first time I have one
piece of advice binge on this almost everybody else is and it makes me really
happy to see I can see a lot with my podcast analytics not to the point where
it's creepy and I can see your exact behavior but what I have noticed is
almost everybody that is finding this podcast for the first time isn't just
trying to be entertained it doesn't just want someone off podcast they can just
blow fifteen minutes with they actually want to learn they are going back and
they're listening to every single episode of the show and that just warms
my little heart because what it's telling me is that my listeners actually
really really care about becoming great forex traders they want to be set up to
succeed they were probably set up to fail before more likely than not and
either through the youtube channel or through the podcast or through the blog
they were able to tell right away that this is very very different it does not
take long to figure out that by listening to this podcast and the
YouTube channel that you are going to be in a much better position to succeed
through these channels as opposed to anything else out there because
everything else out there is the same they broadcast to the 99% of people who
can't make it in forex trading and they are part of the reason why that number
is so high in the first place and my listeners get that that is really really
refreshing I didn't know how this is going to be perceived I guess would be
the best word by people when I first started
I figure it could have gone either one of two ways either I could have been
some lunatic some heretic some weird conspiracy theorists saying that you
know everything you're hearing and learning right now is completely wrong
all the way down to why a currency pair is even go long or go short in the first
place you know most people could have been
really really dismissive and that wouldn't have stopped me I would just I
would've just kept going but turns out the opposite was true
most people were like yeah we're sick of it we're not getting anywhere it's the
same recycled stuff over and over by people who really seem like they know
what they're talking about and it works really well when they do it and show it
to me but then when it comes time for me to trade and then I try to do it I'm not
getting anywhere and a lot of times I'm going backwards and I am here to tell
you yes there is a much much better way to do things and after 10 years of forex
trading I'm finally disclosing all of it and I'm doing it in these little
bite-sized pieces so it's easy to process you can actually go and apply it
for an entire week and then we move on to the next concept there is nothing
overly complex about what I do but we are still attempting to go into a 4 to 5
trillion dollar a day market take money from it and then leave it's also not
super simple there is a process to it it is very easy to learn I am just
attempting to ensure that it is learned the right way and it is learned at a
pace that everybody can follow the instant gratification crowd will be
phased out over time the people who can't really hack it will be phased out
over time and what will be left I'm hoping even if that's just a small
handful of people are people who have completely transformed their trading
careers into something that is highly profitable all of the time people who
because they have a system in place that they know works can absorb all of the
highs and lows and come out the other side at the end of the year look back
and say wow that was those are some really great returns that nobody else
out there is able to duplicate all those people that went to college and majored
in finance and took jobs at brokerage firms you're going to be able to beat
returns far more often than not and it's gonna be hilarious because like me you
probably did not take the route they took I majored in finance in college but
I was terrible at it I flunked out and I went on to wait tables but that was the
best thing that could have ever happened to me because it allowed me the time to
get away from conventional thinking and put together the system I did and it's
been great ever since and now I'm sharing it with you and if my analytics
are any indication you are exactly the type of traitor that I'm looking for the
type who binges on this podcast the type that goes to the YouTube channel and
watches every video takes notes and actually applies it as opposed to the
people who just listen to one episode and hope and dream that's who I'm
looking for and so far that looks like that's what I got and I am over the moon
about it I could not be happier a night law of diminishing return I'm sure it's
not always gonna be this way going forward but let me just say you guys
early on are legit and you're in the right place and so in a way this kind of
leads in to the question we have for episode 7 because in a way I think it
dispels another myth yet another myth that brand new traders have about forex
trading and I think we it's important we talk about this if anything because
especially if you're starting out this is going to save you a lot of money
going forward let's go ahead and get into it this week we have Raj Raj from
Gainesville Florida Florida is my first repeat area here on
the Forex Q&A podcast good on you Florida the question is what equipment
do I need before I start forex trading I don't want to get started and find out
that I'm missing something so just like a lot of you I'm sure Raj is just
starting out and wants to start out the right way and this is the perfect place
to do that and the problem I guess with the question is it didn't quite give me
enough he didn't say he wants to trade like I
do and that's kind of why I led into this question the way I did because you
know I'm not so arrogant to think that people who listen to this podcast or
wanna gonna sit there and trade exactly like I do the way I trade to
some people is not very exciting because I trade for 15 minutes
day and then I'm done yet to some people only having to trade for 15 minutes a
day and still achieving really good results sounds amazing so I don't know
who you are who I'm dealing with but I will answer the question the way I would
answer a question if I was trading the way that I trade and this there's some
good news and that good news is you don't need much I think a lot of you
probably at some point have seen all the pictures and videos of people with these
really sick setups with the two keyboards and ten monitors that are all
attached to each other tablet and a cell phone off to the side and then a
telephone over in the corner it's ridiculous if I had to have all that to
trade I wouldn't trade seriously I would go do something else for those of you
who have seen pictures like the one I just described that is a called a day
trading setup all right those are people who are pretty much forced to trade that
way because either they just don't know any better and they thought that was the
only way to do it or if they're not on top of the market all the time they have
no chance of pulling any gains out and the life of a day trader is not a good
one they have they're under copious amounts of stress a lot of them have to
do some kind of drugs or some kind of speed or stimulant to just keep it going
their family lives are usually a mess their mental health is all out of whack
I feel legitimately sorry for these people but traders just starting out
probably see that in there like wow what a sweet setup I wish I had something
like that and you know it's like being at the center of a space station I get
to have all these currency pairs right in front of me I get to stay on top of
them I'm gonna have a TV with Bloomberg on it off to the side so I can always
stay informed yeah, no it's the last thing you're ever gonna want and you
will find that out very soon once you get everything started that all that
money you spent on all that equipment is probably money you're not even gonna
make back in the first 2 3 years of trading if you're gonna take that kind
of approach now again a lot of traders are very insecure they're not really
doing this for the right reasons if you want something really cool to show off
to your friends and put up a bunch of Forex charts and make it look like
you're some kind of hot traitor that is tuned into the market
more than anybody else if you want to watch CNBC and Bloomberg and be able to
regurgitate everything they say to your friends to make yourself look really
smart and keyed into the market and even though your returns are terrible well
you go right ahead don't allow me to stop you but needless
to say I do not recommend any of this as far as actual equipment goes here's what
you need a laptop the end I don't know a whole lot about tablets because I've
never owned one but you could probably get away with just having a tablet - and
that's it that's all I use one laptop that's it
you could I'm not gonna say can do it on your phone I don't think we're quite
there yet you can you can have actually have mt4 on your phone but you can't put
in custom indicators so if you want to do things my way I don't think it's
gonna work on a cell phone just yet maybe someday we'll get there but we're
not there right now so all of you young traders out there that are overwhelmed
and daunted by all the stuff you might have to have just to become a legitimate
Forex trader believe you me you don't need much one laptop will do it and it
doesn't even need to be an expensive one so I've noticed - through my podcast
analytics I got a lot of viewers and especially on the blog I have a lot of
people from developing countries and from third world countries and let me
tell you guys if you have a laptop you are right there on par with everybody on
earth in terms of how well you can trade you will have to buy nothing else and
I'm gonna tell you what guys it is so much better this way the most beautiful
advantage from being a professional Forex trader and only having to use a
laptop and nothing else is you can go do whatever you want and not be tied down
by anything you have agility which to a lot of people they would say that's
worth more than money itself I live in Las Vegas for eight months out of the
year I don't live here during the summer fuck that I go way north and I get out
of this heat and I go have fun and I couldn't do that if I had to lug ten
monitors around and the desk and an office chair and crap like that there's
no way I take with me at all times a laptop and an external hard drive and
is it and you don't even need the external hard drive I just have that
around in case everything goes sideways or the laptop gets lost or damaged I can
go ahead and just pick up everything right where I left off but as for you
Raj and as for most of you out there cost of entry in this market is very
very low much lower than you probably thought it was so whatever a laptop
costs you must have you already have one and then that's it now you don't need
money to trade with because if you listen to last week's podcast you should
be demo trading for a very very long time before you even think about trading
real money go check out episode 6 to find out more now a few housekeeping
things before we wrap it up I have an email list and there are two ways to get
on that list one is to go where I told you before nononsenseforex.com slash
ask VP and ask me a question or there is a little form at the bottom right hand
corner of the blog you just put your name and email address in there and it's
cool because I give my list things that other people don't either just don't get
it all or won't get for a while they get a sneak peek at videos they get some
cool little indicators and stuff like that they can use it's a cool place to
be but the problem is at least lately that I don't send stuff out very often
it's been a while since I've sent anything out to my list and I wanted to
do it again this week I want to give people a sneak peek at the the best
indicator in the world video which I had just put out on Wednesday I tried to
send that one out on the Saturday before I think and I also had a nice little
tool in there as well problem is I switched email service
providers over to activecampaign a little while ago and once I finally
rounded everything up and tried to send out a blast email I got a letter back
from active campaign saying this let me pull it up real quick
it says hello VP your campaign was not approved because it appears to violate
our Terms of Service and or acceptable use policy we don't allow day trading
tips Forex cryptocurrency etc also other products or content that is in our sole
judgement objectionable or likely to upset recipients so how about that well
gee whiz activecampaign if sending out a bunch of free stuff that my listeners
have enthusiastically double opted into is deemed as upsetting then maybe you
and I really aren't on the same page here and we need to part ways now
thankfully almost every other email service provider on the planet does not
feel this way so this coming week I'll be switching everything over to a
different provider and some of the forms might change a little bit and there
might just be a little bit of a learning curve but I doubt it and when I'm done
because you all waited I am going to send you something really cool and then
probably send more things out more often in the future so that's gonna be my
project for this week I'm going to be in the air a lot so probably no bonus
YouTube video this week but everything will redeem and continue next Monday
with episode 8 of the podcast and then at least one brand new video out every
week on the YouTube channel along with a brand new blog and a little by little we
are going to slowly turn you in to that kick-ass Forex trader that has that rare
combination of money and time none of that twelve monitored trade setup
nonsense just you and a laptop kicking ass in the world's largest trading
market and then living your life any way you choose to live it as always the
choice is yours now if you would please go to iTunes and leave a five star
review that is the one way you can really give back to the podcast and it
takes very little time so I'd really appreciate that if you would be so kind
but either way boys and girls I will see you in episode 8 go out there and get it