this is the Forex Q&A podcast this is VP professional Forex prop trader answering
your user submitted questions every Monday now if you want to ask a question
you can do so just go to nononsenseforex.com/askvp and you can ask
me any Forex question that has ever been on your mind as long as it's forex trading
related I will get back to you within 48 hours and your question might make an
episode of the show so we are only on Episode six I have shot seven episodes
because I did an episode zero I just want to say the response to this has
really been tremendous it's been way above and beyond anything I would have
expected at this point that I'm talking about the sheer quality I've gotten and
the excitement level that people have shown me so far you guys are charged up
and that's awesome that gets me excited too and it makes me want to keep doing
this and building on to it more and more may I think on YouTube for every like 9
or 10 views I'm getting I'm getting one thumbs up that ratio is ridiculous you
don't see that anywhere and I think in a lot of the videos I forget to ask for a
thumbs up so really with all those things considered I'm really really
thrilled at the response I'm getting from you guys so far turns out a lot of
you are just really starting out I had no idea was gonna be that way and that's
the reason why I'm kind of going slow on the podcast to where on the YouTube
channel we're already starting to get into actual technical analysis things
that you can start to implement right away and/or avoid because if you guys
have watched the elimination video which I will link below you already understand
how important it is to know what to avoid and what to get rid of before you
even start and if you haven't watched that video go watch it like I said I
will link it down below so it'll be easy for it to access but if you don't know
what to eliminate and you haven't eliminated it already it does not matter
what I tell you from this point forward you're pretty much wasting your time now
I have made this easy for you I have put up the Dirty Dozen video on YouTube it
is my favorite video that I have put up so far maybe not even the most important
I think the the elimination video the big banks video don't be a reversal
trader video things like that are probably more important but in terms of
what to actually eliminate and what most of you have probably already used in the
past or are currently using that video is super important I'll link that one
below too but I know and I know because a lot of you have told me that you're
already wanting me to start to tell you the indicators and the system that you
should use to get into the best trade entries and there's a reason why I
haven't done that yet guys every single one of you was set up to fail from the
start and that totally sucks these people should not have done that to you
because you deserve so much better than that you're the one that actually took
the time to learn something that most people have no idea how to do that's
risky that involves losing your money and you went for it people like you I
will always support now you did do it wrong you went to the wrong place
you didn't focus on the right things but for one they didn't tell you to focus on
the right things but when you finished learning how you were in absolutely no
position to go out there and start trading your actual money but you did it
anyway and that it's not your fault you didn't know any better you just knew
what you knew and you fell flat on your face but because you have found this
podcast and because you have found the No Nonsense Forex YouTube channel you
get the chance to be set up the right way the way you should have been set up
before but weren't and that is what I am here to do however if for some reason
you think I have already done that if you think that I have already given you
enough information here in late July 2018 to go out and start trading your
hard-earned money you could not be more wrong very soon I'll be making a video
that's going to go in my forex trading psychology series called the three
qualities every Forex trader absolutely must have and I'll go ahead and
foreshadow it for you right now one of those is patience if you don't have
patience you're done instant gratification has no place in making
money anywhere anytime and I could really go off on a tangent
about this but I'll save it for the video my point is I haven't even come
close to setting you up the way you need to be set up to go out there into the
real world and start trading but that's okay enjoy the ride
just like most things the ride there's the fun part if you have taken in every
podcast in every YouTube video or every blog either way you like to do it that I
have put out so far you are light years ahead of any Forex trader that has ever
walked this earth in terms of how well you're set up to succeed but we have a
long way to go before you can ever before I recommend you ever start
putting your real money out there and that leads in perfectly to this week's
question our question is from Callum from Scunthorpe in the United Kingdom
and Callum asks how long should I demo trade before transitioning into real
money I love this question now what I'll often do is when I get a question I will
go research what other people have said about it just to see how their answer is
differ from mine and they always do and it makes me sad when I see it's like I
was saying before that their answers are really bad and they're setting people up
so horribly and not only that if you were to come to me with a question like
this would you want some kind of answer that says you should well you know you
should probably just demo trade till you feel comfortable blah blah but no you
want if you're coming to me with a question like this you probably want
something direct and exact say hey just give me a blueprint I can follow and
I'll do the rest don't say just do it until I feel comfortable I was gonna do
that anyway I need some guidance here give me something so that's what I'm
gonna do I'm gonna tell you exactly what I think you should do and I hope you
execute on it and if you really do have patience this is the way you will
approach it so for those of you who are brand new on any brokerage platform out
or at least they'd better do this or else do not use them as a brokerage
platform but you can demo trade which means you get to trade fake money and
the mechanics of the platform work exactly the same as if you were doing it
for real which is great so you can trade in real
and kind of see how everything moves and reacts and you can do all of this as if
you were trading real money which you should do you shouldn't take any
liberties you wouldn't take if it was real or not but you can trade and
actually see how you would do based on the system and the style of trading you
are currently using it's fantastic but so many people are in such a hurry to
start trading real money that they don't trade it long enough now if you have
done this in the past I guarantee you one of two things happened either you
started losing fake money and you said well this sucks and you either stopped
or you just hit the reset button and try it again and if you chose the latter
good on you because that's what you should do you keep trying until you find
something that actually works or maybe this happened to you you started making
money right away in your little fake money demo account and I can say this
because this is what happened to me you made start making money and you
thought well okay what am I doing here I'm just I'm leaving money on the table
at this point I should go ahead and start trading real money and start
getting some of these returns and then what ended up happening yep crash so
here's how you prevent that from happening and here is what I want you to
do the magic number is six months and now I don't mean demo trade for six
months and then immediately go start trading no I am going to ask and
hopefully require that you go longer than that you need to see a six-month
sample in where you have made a six percent return based on what you started
with at the beginning of that six month period so for example if you started out
at fifty thousand dollars for example a lot of demo counts will start out with
an arbitrary number like that you need to be at least at the fifty-three
thousand dollar mark then and only then can I recommend that you start trading
real money and most people will not achieve this right from the start so you
just take whatever money you had started and then six months later do the math
and figure out if you've made a six percent return or not
and by doing this I don't mean land one gigantic
over-leveraged trade in the first month and then just stop
you know that's cheating and you know it's cheating that doesn't count you
have to be actively trading for six months and get a six percent return
before I will ever recommend that you go out there and start trading real money
and guys don't despair this like I said is the fun part this is where you put
your system together this is where you test your money management out this is
partly how you test your trading psychology out the trading psychology
really won't take complete effect until you start trading real money but you can
definitely get started here this is the cool fun building part this is the part
too when I do make those videos where I give you a really cool indicator to use
you can plug it in and see if it really works for your trading when I give you a
money management concept you can start implementing that and see how it works
for you it's probably gonna work really well and you would not have had that had
you'd start trading real money now this is the cool exciting part and the best
part is unlike real money if things don't work you can hit the reset button
there is no better option you can have than to hit the reset button if things
don't go your way because in real life things never work that way and for at
least six months you get to have that luxury now if this six month time frame
or what's gonna end up probably being a little longer than that sounds too long
for you just understand guys you're gonna feel like you're leaving money on
the table you are not you are leaving a bunch of losses on the table you are
leaving a bunch of heartache and despair and self-doubt on the table spot forex
trading is probably going to be around the rest of your life which means you
are going to be able to trade this market the rest of your life
if you cannot give 6 to 12 to even 18 months of your time to get it right
before you get started then you don't deserve all the benefits
that it has the potential to give you you just don't
in this podcast and my youtube channel and my blog are just not for you we go
slow we're patient we do things the right way
why because nobody else does and many of you have been to those places and it
didn't help you one bit it only sets you up to fail now how did I arrive at that
6 percent number well the American stock market on average does just under 12
percent rate of return year after year you need to be able to beat that because
if you can't your best move from an investment strategy is just to put your
money into the American stock market if you can't beat 12 percent a year just go
do that I mean wait till the recession happens first we're very much overdue
for one you know you I want you to get in cheap as possible if you're gonna go
that route but in my opinion if you can't do that then it's just not worth
the time and effort until you actually can I mean even if it takes you three
four years to do it so what how much longer do you plan on living you know 30
40 50 years it's a very very small price to pay and then once you do go real
money start very small because I had mentioned before psychologically it is a
completely different game and you have to get used to that first but hopefully
for most of you we are a long time away from that and you don't even have to do
what I say you can approach this channel in the podcast in any way you choose but
if you want a real blueprint for absolute success this is what I
recommend because let me tell you I would have become a pro much sooner had
I have done things this way all of those blown accounts that I talked about
probably would not have happened but like a lot of you I got excited I got
charged up I saw some success early and I jumped into the pool way earlier than
I supposed to now speaking of mistakes I have been making mistake I think almost
every podcast I have been asking you guys to give the the podcast a like on
iTunes and the reason why I did this is because there is a one of my favorite
podcasts from a while ago that isn't even on anymore
at the very end would always say hey give us a like on iTunes I don't think
they do that anymore and I'm not on iTunes I'm on stitcher so I don't really
how that works but I don't think likes are a thing from what I've been gathering
from people if you would if you'd be so kind
go and give me a review on iTunes those things really go a long way and I've
already had a few people ask me hey how can I make sure this podcast keeps going
do you have a patreon account is there anything I can do and I've told them no
just give me a like on iTunes which is not even a thing apparently and by the
way no I do not want your money I believe Forex education should always be
free I set this back in episode 2 and the podcast and the YouTube channel and
the blog are here to stay but a nice quick review from you will go a long way
into vaulting me ahead of some of the Forex podcasts that aren't even around
anymore they are still ahead of me in iTunes and probably will be until I get
some reviews down so I will be more than happy to keep these coming every single
Monday if you just do that one thing for me
but regardless great new podcasts coming in to you every single Monday so much
cool stuff coming out on the youtube channel and on the blog you can find it
all at nononsenseforex.com which is a great place to go because everything's
right there in front of you and you can just pick what you want to learn but
whatever you do I wish you the best of trading this week go out there and get
it