this is the forest Q&A podcast this is
VP professional Forex trader here in the
United States answering your user
submitted forex trading related
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so if you didn't already know I had sent
something out to my email list on
Saturday the 26th of October and looks
like everybody got it okay I did look at
my metrics I had about a hundred
something bounces which means whoever I
tried to send it to in that case did not
get it so if this applies to you please
don't hit me up all you have to do is
click the link I will have down below in
the description this also applies to
people who were listening to this
podcast in the future and never had the
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have now officially closed down signups
I was expensive enough just to have the
email list with the amount of people I
had on it and I was approaching a
threshold that would have made it even
more expensive
I wish didn't really make any sense
because I barely send stuff out so went
ahead and shut her down but you can
still get the indicator I sent out
either way okay here is what you do
click the link I have down below that
says mailing list indicator here and
that will whisk you away to the original
Thank You page no nonsense for XCOM
which will have the video and the
indicator on it for downloading so you
can just access it that way and this way
everybody will have it but to everybody
who goes to the contact form and ask for
some of the older stuff I sent out I
don't send it back out all of the things
that I sent to you become videos in the
future so chances are a video you have
already watched was something I sent my
mailing list a long time ago they just
got early access to it so that's how
that works I know a lot of people
especially people who are new don't know
that but I hope everybody received what
I sent I am
very happy to go ahead and close this
chapter of no-nonsense Forex down a very
expensive chapter it was and I hope all
the things I have sent your way at some
point to help you out in the future but
now that it has been sent out and I have
given you another option in case you
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reason to reach out to me for any of
this stuff so please don't
it is the Forex Q&A podcast and episode
69 s question is from Ryan from Cork
County Ireland and Ryan asks have you
ever entered any forex trading contests
in the past and if so how did you do I'm
thinking about doing it myself to get my
name out there so short answer is yes I
have entered them in the past I've never
won any of them and it is actually
believe it or not a pretty good way to
get your name out there especially we're
gonna sell signals or something like
that but just not for the right reasons
at all so to dive into this a bit
they're not super easy to find at least
they weren't back when I was trying to
do them but you can find different
trading contests all over the internet
if you look hard enough
sometimes it takes signing up for a
broker that you don't want to sign up
for so that's not always very appealing
to people but a lot of times they do pay
out they pay out cash they pay out
credits towards that broker you know
there's a lot of different things you
can actually win by participating and
winning these contests now what is
unfortunate about them is that almost
all of the time the people who actually
win them or even place in the top ten
for that matter are not actually good
forex traders
now this isn't sour grapes coming out of
me because I've never won them the
reason I don't stand a chance in these
things are because let's say in maybe
it's a two month period because that
they don't really stretch out very long
because they don't reward traders who
play the long game but in a span of
maybe one or two months the person who
finishes first can often achieve an ROI
of anywhere from up to like twenty-five
hundred percent
which for those of you who have not gone
through this material that might not
sound crazy to you but for those who are
fully entrenched in the no-nonsense
forex way of trading
this is absolutely bananas proper money
management in these trading contests is
not only not rewarded
it is completely frowned upon taking
wild chances and hitting them is really
the name of the game and therefore does
not mimic forex trading at all I would
actually take that back it does mimic
the way some people try to trade and it
is these same people who if they really
did try to trade that way would do well
every once in a great while but would
flame out immediately afterwards and
lose everything back in episode 33 when
I talked about trading with a very small
account this upsets some people because
at some point in time they were given a
heavy dose of false hope you know I
would get replies saying well I know
somebody who start out with $200 and
took it up to $1,200 in the span of a
year so you are wrong VP this can be
done and you know what am I really gonna
say to that because of course it can be
done it is certainly possible but is
there anything smart about this
absolutely not and it's for this reason
you're gonna see that if you ever pay
attention to the top 10 finishers in any
particular contest there is almost no
chance that you will ever see those
people win anything else ever again
you know it's unfortunate but these
things just don't mimic real life at all
it's like having a huge poker tournament
and then saying well we're not gonna do
this like a normal poker tournament
instead this tournament is only going to
be twenty minutes long and whoever has
the most chips at the end of twenty
minutes wins the entire tournament now
can you imagine what that would look
like every single person at the table
would be going all-in every single hand
because you would have no choice
everybody would have to play like an
absolute [ __ ] and whoever got the
luckiest at the end of the tournament
would win and be rewarded for this now I
do realize when you do win these
tournaments by
these exorbitant figures these crazy
returns there is a bit a bit of skill to
it because you do have to know when to
exit after all so there is some savvy
here but the savvy comes in how well are
you able to actually gain the contest
not how well are you actually able to
trade Forex like a rational human being
so if you find these contests anywhere
and you want to participate and just
have a little bit of fun
go right ahead you are absolutely
allowed to do that I'm just read the
fine print and know what you're signing
up for and even if you do tremendous do
not allow the things you did to place
well in this tournament affect your
actual trading because it can especially
if you see it working really well you
might think to yourself well maybe I
should do this not all the time but you
know sprinkle this completely reckless
style of trading in every once in a
while you know couldn't hurt right
famous last words looking back on it I
think it's best to just avoid them
altogether but I will say if you have
dreams of becoming the next Marco and
you want to put out a scammy Forex
signal service or something like that
and you want to get your name out there
for all the wrong reasons
Forex contests are not a bad way to go
because you can always link back and
reference back to and say hey look at me
when it was crunch time and I was asked
to perform and get these crazy returns
that are completely unrealistic I did it
you want results I'll show you results
here they are out of thousands of
traders who entered only very few came
out on top and I was one of those people
so if you need proof here's all the
proof you need right here
so as a lot of you guys know on a number
of my videos I have showed a lot of you
how to avoid very obvious scams but also
in doing that I have also shown a lot of
people how to scam other people because
they're you know just because you won't
fall for it anymore it doesn't mean a
lot of other people will so I suppose if
you want to be scamming winning a
contest is a great way to get your name
out there even if you can't really trade
long term and make people good money
because it really is
quick way to distinguish yourself from
everybody else assuming that your future
clients are complete morons
then there are plenty of morons out
there that you can make a lot of money
from but like almost every scam job out
there the results and the prosperity is
very short-lived and the reputation hit
you take is something that a lot of
people really can't come back from so if
you were having any thoughts at all
about bumping up your own reputation by
being a mediocre long-term trader that
just happened to know how to win a
contest you may want to think twice
about it
I think last week's episode episode 68
about when I talked about how most forex
experts out there on the internet and on
television are really nothing more than
a bunch of 99 percenters and I think
this got a lot of people excited and
thinking about what the future might
hold for them once they start getting
really good at this but that's the key
you have to get really good at this
first and you have to sustain that
success for a certain period of time
first so many of you out there say
you're all about the long game because
it sounds like a good thing to say and
you've heard me say it and you you
understand how it is probably the best
way to go
but part of you is also looking for ways
to get there quickly so at the end of
the day you're not actually playing the
long game because your actions just
aren't matching the words and so I'll go
ahead and tell you right now forex
trading contests are not for long game
players in any way I'll tell you right
now there are people out there who have
put together products to sell to other
people based on what they have learned
on this channel and this channel is not
even two years old and really it's
barely even a year and a half old
because as I mentioned before I'd put
three videos out in January 2018 and
then didn't do anything to the channel
until the summer of that same year and
until the summer rolled around I only
had 55 subscribers so anybody that has
put together an algorithm or an EA to
sell you based on the no-nonsense forex
way of trading has put
their product out way too soon if you
have an algorithm yourself which you
have back tested and forward tested
there is still a third part to this you
need to put some real live trading time
in with that algorithm because I
guarantee you if you do it for two years
at the end of those two years your
algorithms not gonna look the same
meaning what you have now is not a great
finished product a great finished
product is worth its weight in gold
or for those of you who have gone
through the metal series worth its
weight in palladium as far as the
no-nonsense forex way of trading goes
not one of you out there actually has
this not because what you have is good
or bad but just because not enough time
has even gone by yet and you need to put
that time in it's part of the very
definition of playing the long game
and if you have jumped the gun and
you've put yourself out there in the
marketplace too early with an unfinished
product that is nowhere near as good as
the product you have been able to put
out two years from now I got news for
you kiddo
you done [ __ ] up and there is a very
very good chance that this is going to
bite you in the end
traders stop looking for the fast lane
you should know by now that's not the
way to go
half the people on my email list are
only on it because I give them free [ __ ]
that they don't have to go find
themselves there were so many people on
that list that wanted me to send them a
volume indicator because the volume
indicator is the hardest one to find and
they don't want to do things that are
hard traders I just got done telling you
in episode 68 how your competition when
it comes to actually being an expert in
this game is much worse than you think
it is and I can also tell you firsthand
that just within the no-nonsense forex
community even though most people signed
up for this because they were tired of
what was out there and they wanted a
better way of doing things your overall
level of competition just within no
nonsense forex traders is also pretty
bad I see
forms I see discord I see the Facebook
page the majority of people get there
and then the second they get a chance to
stray away and go their own direction
they do it they're not really in this
like you are and then on top of that
people are taking these platforms that
you all created and selling their own
products on there already they saw the
chance to make a quick buck and they
took it yeah I guess I can't really be
mad at it but just understand it's not
the way to go it's anti long game and
they're selling you an inferior product
for the reasons I said before if they
would have just waited and allowed that
system to really put some time in they
would have come out with a much better
product years down the road now please
don't misunderstand me I had told you in
the past that if you have something that
you have back tested three years and
then four tested about six to twelve
months you have something really good
you have something that will probably
gain you entry into a prop firm for
example but you do not have a finished
product you need to put some real time
in with that product first before you
can officially say I really have
something you'll see so for all of you
traders out there who actually get it
who actually embraced the long game for
what it is and have the patience to do
this the right way put in the work and
be able to allow time to galvanize what
you already have you are the
professional forex traders of the future
you are the ones that down the road are
going to be able to tell people that you
make your entire income by trading money
for other money because it's gonna sound
so ridiculous to most people and they're
gonna hate you for it because that
sounds like the most awesome job ever
because it is stay the course traders
it's worth it in the end so do it right
and go get it