this is the Forex QA podcast this is VP
professional Forex prop trader here in
the United States answering your user
submitted forex trading related
questions every Monday morning now if
you have a forex trading related
question that is on your mind I am sorry
to say that I don't answer them any more
myself but what you can do is check out
all the material on no-nonsense Forex
calm or the no-nonsense Forex YouTube
channel chances are I have already
answered your question there or you can
also go to the no-nonsense Forex discord
forum link will be down below in the
show notes and in the YouTube
description and if you go to the
no-nonsense Forex discord forum the same
rules apply there traders don't be lazy
please make sure you have combed over
the material first to make sure your
question does not exist there
please don't ask for their indicators my
indicators or things you can easily look
up on a search engine such as how to
calculate pip value for the ATR that is
a simple Google search to find folks at
the discord forum are there to help you
but they will stop helping people if
they keep getting questions like this I
used to have a section called ask VP
where I was very free with my time and I
would answer any question Forex related
that you had on your mind but then
people eventually abused that now
answering somebody's forex trading
related question is the absolute last
thing I ever want to do because the
dumbest 5% of you went out and ruined it
for everybody so please don't make that
same mistake and ruin it here we are
very fortunate to have such a great user
created forum that has so many different
subcategories based on pretty much
anything you have already learned on the
YouTube channel and want to continue
that education further with like-minded
people who are doing the same thing but
as is always the case especially with
human nature just do not give them a
reason to not want to help people
anymore if your question goes on the
youtube comment section and does not get
answered there is probably a reason for
that and that reason is the question has
already been covered or the answer is
just a matter of you going in and
testing it so take that as a hint and
please don't also dump that question on
the discord forum where it also does not
belong it is the Forex Q&A pie
caste and these next two episodes are
going to be a two-part series that don't
have a whole lot to do with forex
trading now I know people are getting a
bit Restless that at this stage of the
podcast I am NOT tackling nearly as many
forex trading questions especially as it
pertains to technical analysis and
things like that well the reason for
this is that we have pretty much run out
of those there are still a few topics
I'm going to tackle down the road but
understand traders there's only so many
things to talk about and there is a
reason why the podcast and the material
are all ending at the same time towards
the end of this year I strive for
quality over quantity
I could easily keep this going three
more years if I was just gonna sit up
here and talk about nonsense and what's
going on in the world today and things
like that but that's not what I want to
do that was never the idea for this that
had a definitive end date and all of the
good juicy technical analysis stuff is
mostly in the past like I said there are
few things we still have yet to uncover
but most of the instant gratification
super fun time indicator stuff is over
with but my ultimate goal when it's all
said and done is not to just make you a
great Forex trader it is to essentially
make you bulletproof now what I mean by
this I don't want you to just be good at
one thing this is why this metal series
that we're in right now is so important
I don't want you to have all of your
money in one place and buy one place I
mean the currency that you have it in
and also in one physical place we'll
talk about that but I am such a strong
believer that if for anything else but
simple peace of mind having yourself
spread out over many different areas in
everything you do is the absolute best
way to go just in case something bad
happens and one of those avenues closes
down for example a close friend of mine
is freaking out right now because he
feels like there's a really good chance
he's going to lose his job a job he's
had for six years now
and he has no idea what he's going to do
if this happens now this is miserable
for two reasons one just the
helplessness you must feel if this were
to happen to you especially if you have
family members who are relying on you
and then to let's not forget all of the
stuff you have to constantly put up with
in the workforce that you normally
wouldn't in real life but you're so
afraid of losing the job you just put up
with it anyway that constant like
Chinese water torture
you know dripping on your head that most
people have to endure in the workplace
and this doesn't just apply to your
everyday nine-to-five job this applies
in trading to anywhere many professional
traders are flying without a net and we
might have prolonged periods where we're
not making any money or for example what
good is it to spend all this time
becoming a great Forex trader if the way
we trade Forex right now looks
completely different ten years from now
and might be to where we are no longer
allowed to trade it at all or our
country is no longer allowed to trade it
at all we have no idea what's gonna
happen in ten years if you ask this
question back in 2008 what the future
was gonna look like you know 11 years
from now people would have never
predicted 98% of the things that we have
right now that we did not have eleven
years ago we hope for the best but we
just don't know in the end so it is
worth our time to slowly make ourselves
bulletproof make ourselves immune to any
downfalls that might come our way we
really need to protect ourselves from
situations like this by becoming good at
other things and also making sure our
money isn't just in one spot and so when
you're spreading yourself out like this
the one question you really have to ask
yourself is if I'm going to go this
other route what is the upside compared
to the downside of doing it so for
example learning how to trade Forex the
no-nonsense Forex way is a great upside
down
side ratio because the upsides are
tremendous now you can compound the
money in your bank account you can go on
to become a professional trader in some
capacity and maybe even if you don't do
that you still learned a lot of great
money management and disciplinary skills
that you didn't have otherwise and the
cost nothing if you don't want to be
zero as far as money goes just your time
and the majority of human beings across
the globe waste a lot of time so to sit
there and say that your time is super
valuable doesn't quite add up the way it
used to you know back when we spent all
day farming and just trying to stay
alive you know we really had to maximize
our time back then nowadays we all have
time to burn you can use it for
something productive that's going to
change your life over time or you can
use it for absolutely nothing now we all
have those moments where we want to
relax and enjoy ourselves I get that but
we don't need to spend as much time on
that as we think we do you can take a
portion of that and apply that to your
future many of you are doing that now
you're doing that here and I don't think
many of you regret doing that do you now
that it's all said and done so far it
has really been a great use of your time
so my point is you can apply this to
many other avenues
you just have to first look at it and
determine what is the upside compared to
the downside this is why I love the
metal series it is in a sense showing
you a different market to where you can
get the same results if not better than
the spot forex market that took you as
long as it did to learn but we are doing
it in about six weeks tremendous upside
compared to almost no downside now
there's always downside if you lose
money but if you do this right and you
take the time to learn it the right way
the chances of you losing a bunch of
money ie the overall downside become
very very small and then after this
we're going to talk about a few other
markets that you can also add to the mix
it's fantastic to where if all of a
sudden one of these markets just ceases
to exist as we all know it in turn
of how we're able to trade it you will
still have three to four other markets
that you were also very good at that you
can fall back on and there is tremendous
comfort in knowing this because you'll
never have that lingering fear in the
back of your mind what if this all goes
away someday so I've always thought for
example holding precious metals as long
as you don't buy them right after a huge
panic run-up is a great investment
because unlike stocks which are
companies that can do all of these
different things these are metals that
have held value for a very long time
they can only go so far down but even if
they don't go up at all just the
protection it gives you is worth any
downside that I would ever be worried
about and I think metals are very very
unique this way so this is why I
encourage everybody out there if they
can to hold precious metals and just
have it there just in case if you only
hold one currency find ways to hold more
if that means setting up a foreign bank
account go do that find a way I did it
and now I have the added benefit of
having money in more than one place in
case one of those places somehow goes
under I'm shooting this on Sunday
October 6 2019 and just today there were
stories coming out about how there's
bank runs in Hong Kong I think those
stories might be a little overblown or
it might just be the beginning of
something greater down the road we don't
know but Hong Kong of all places one of
the number one banking centers in the
entire world have become prone to bank
runs now bank runs are when everybody
tries to go get their money out of a
bank or an ATM and banks and especially
ATMs only have so much money in it we
think as banks as these places with
these huge vaults and all this money
most banks aren't that way which is fine
until it's not and everybody wants to
come take out their money at one time
this happened in Cyprus this happened in
Argentina countries that in never in a
million years thought would ever happen
to them and would laugh if you told him
that it might it's been happening so as
I have mentioned before ice
spread myself out as much as I possibly
can not just in the different types of
currencies I Holden that includes metals
but also in the ways I'm able to make
money now you see those people out there
that just seem to be good at everything
I am definitely not one of those people
I'm only good at a small handful of
things but I have done my best to
leverage those things to be able to make
money in different ways
I have other businesses that have
nothing to do with forex trading that I
barely even talked about some are cash
positive some are not but the point is
they are there and I'm doing my best to
grow them and even though it is work
it's enjoyable work it stimulates me you
know I can think of no better way to
spend my free time now please don't
think I'm being boastful here it's not
like I'm netting hundreds of thousands
of dollars and everything I hold and
everything I do
far from it but I'm spreading myself out
as wide as I possibly can and then
attempting to go deeper and deeper in
each of those things over time so
instead of spending money on stuff I
don't need I take most of the money I
make and put them into these other
things hopefully trying to make them go
from small to medium and then maybe
someday medium to large now I know I am
not hardwired the same way everybody is
this is going to be a big ask for a lot
of you but I can say this the peace of
mind you get from knowing that no matter
what happens in the world any external
factors out there that you can't control
which is a really helpless feeling if
you think about it especially if you
have all your eggs in one basket in
terms of where your money is or what you
know how to do the peace of mind of
knowing that no matter what happens out
there that you yourself and then in turn
your family will be fine regardless of
what that thing is is such a wonderful
feeling that it resonates and everything
else you do now there are a good handful
of my listeners out there that have very
very little money the way you protect
yourself is to get really good at many
other things that are useful
useful to other people or just the
knowledge of how you're able to do that
thing so well is useful to other people
and things like this are what we're
going to be talking about in the next
episode now I know there are people out
there that might find this episode a bit
unusual especially if you're used to a
very particular format to this podcast
and it may even sound like I'm a bit
paranoid that all of these horrible
things are going to happen to us and I
really don't think I am paranoid I'm
mindful that these things might happen
especially when it comes to a falling
economy I know the the pieces are
certainly in place for this to happen
whether it does or not I don't know but
here's the punchline traders if I am
completely wrong and in the next 20
years
for example none of these events that I
speak of ends up happening to any of us
and everything continues to be fine and
wonderful you tell me what was the
downside of doing all the things I did
to protect myself if all of the other
currencies I decided to hold don't gain
in value I still have them I can still
convert them into USD or whatever
currency I want no matter where I am in
the world if some of them lose value
then some of the other ones I have will
probably gain value as a result if
metals don't go up and they go down well
I still have them they pretty much
always go back up at some point and if
any of these things completely crash and
burn well that's only one piece of a
much greater puzzle and at the end of
the day as far as the skills I was able
to obtain over time you know knowing how
to make money six or seven different
ways is always going to be better than
knowing how to do it one way in the
overall grand scheme of things taking
the time to spread yourself out
financially and by expanding your own
particular set of skills at the end of
the day there is almost no downside yet
there will always be tremendous upside
to doing things this way
traders when it's all said and
we hear a no-nonsense Forex do things
that the masses don't the masses waste
tremendous amounts of time every single
day the masses are only good at one
thing and that's debatable
and if that one thing would ever go away
they're screwed and then they're left
scrambling for something else do not
just become good at one thing do not
only be able to draw income from one
place and I will continue to do the best
I can to get you there such as getting
you proficient in the spot metals market
get ready for a new trading video on
Thursday catch up on the blog of
no-nonsense Forex calm and this week
start thinking about ways you yourself
can spread yourself out across other
markets and across other skills and when
you do keep that upside to downside
ratio in mind we'll talk more go get it