this is the Forex Q&A 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 love forex trading related question
on your mind don't ask me you're just
being lazy instead you need to go to
no-nonsense Forex on YouTube run a
search in the videos chances are I have
answered your question thoroughly and if
you still can't find it go to the
no-nonsense Forex discord forum link
will be provided down below in the show
notes and in the YouTube description now
I'm hoping this episode makes it onto
YouTube there is a little bit of a
disconnect between YouTube and pod being
my podcast host but we should be fine
but if we're not at least you know why
now we just came out with a video on
Thursday about the awesome oscillator
and as usual it went over really well
because people like indicator videos and
as usual there are always people who
really like the indicator who are just
waiting for me to talk about it in a
negative way so they can chime in with
the same arguments I hear over and over
again and this time they did bring up a
legit point I don't know if many of you
know this I would say the majority of
you don't I'll explain in a moment but
the awesome oscillator isn't the Bill
Williams family and all of those
indicators are meant to be used together
in conjunction with each other and the
Bill Williams people were very quick to
point that out and they are correct now
that was the initial idea
I actually made an attempt to use them
all together back in this like 2011 or
2012 as a while ago and I didn't read
the book I bought a course and it was a
good course I mean really descriptive
explained it really really well even
added in the bits about money management
and I put it together and back tested it
and it did okay
it just didn't outdo systems that I was
already putting together even back then
but if you remember the HU moku video I
said it before therein lies the problem
when you are expected to use these tools
and only these tools that were
prepackaged by somebody else
chances are there is a very very very
low
possibility that this is going to be
your best option and like I said in what
was it the Elliott Wave podcast I've
said it a few times but so many people
go so deep into this and they've spent
so much time on it that they really
don't feel like they can go back and of
course they're not getting the results
they want so they get very bitter about
it and then they show up right about
when I expect them to show up but that's
the takeaway even if I have to repeat it
is be very careful when you have a
system that you're supposed to use
exclusively like that and definitely
don't go all-in on them but above
anything else I make these videos for
you and almost all of you listening
right now or at the middle of a very
high bell curve so imagine a bell curve
that goes very high and is very very
small on each end my videos are for
everybody in the middle not the people
on the extreme left side that are just
too dumb to do anything you know they
need constant hand-holding every single
step of the way I don't make videos for
them and only on the extreme right side
of the bell curve you have those people
that are 10 years deep into Fibonacci or
Elliot waves or anything and they get
upset that I don't spend an hour and a
half on the CCI indicator and they think
I am shortchanging the rest of you
because I didn't do that know pretty
much all the questions I ever get on the
Bill Williams indicators are about one
particular indicator not about the whole
system I would get questions
specifically on the awesome oscillator
on the alligator or on the MFI you know
separately and so that's what people
want to know and those are the people
who I make videos for so just something
to consider going forward I think most
of you already know but it's easy to
forget sometimes and speaking of things
that are easy to forget depending on the
situation I had a situation this week
too where I had buy-and-hold investments
not buy and hold forever but if you
remember the buy and hold video and then
the holding precious metals video I
talked about you can go ahead and have
buy and hold forever type strategies but
mix them in with other long-term
strategies which involve proper money
management
you taking off at certain points and
moving your stop-loss to break-even once
you do so I actually hold precious
metals in an offshore vault which is
kind of more my buy-and-hold and then I
have gold and silver ETFs which have
take profit points now during this whole
mess with Iran this past week gold and
silver make another run my first take
profit was triggered on two of those
ETFs and I was not happy about it
I mean you got to understand I've been
banging the gold and silver drum ever
since 1200 if you guys want to go back
to episode 12 of the podcast I think
that's the first time I mentioned this
to you but rarely will I ever put a
long-term financial prediction out there
I just don't think it's a very smart
thing to do so much can change and then
your prediction is out there pretty much
forever and I know there are just
throngs of losers out there just waiting
to discredit my channel because I got
one prediction wrong publicly so you got
to be careful but gold and silver were
two things that I was just so positive
on I was okay sharing that with
everybody on my channel and then finally
the day comes for me to lock in profit
and I was not really ready to do so now
thankfully I preset those levels and so
it just took off anyway but that whole
Iran thing was getting pretty heated and
I fully expect gold to take off way
further than it already is
and as much as I'm happy to bank profit
you know there was a part of me there
was like god dammit I really did set a
take profit there didn't I and during
that whole situation it took out that
take profit and then came back down a
bit and then the day after that once
things had seemed to have calmed down
and Trump made his speech saying
everything was going to be fine I looked
at crypto and crypto had moved up the
day before as well but then the day
after it still moved up I mean I think
that day Bitcoin cash moved up 15% or in
that 24 hour stretch that I was looking
at and I'm like look at this obvious
pump what a terrible time for anybody to
buy crypto little did I know if you
remember the crypto video I had a
trailing buy on a lot of different
crypto currencies and almost all of them
got triggered so now on what my eyeballs
told me was an obvious pump if I'm going
to follow my own rules I need to go
ahead and load up now and that's exactly
what I did if it's a pump it's a pump
you know if it's gonna go back down it's
gonna go back down if it's gonna go down
way further that's okay it's a buy and
hold forever type of strategy for me I
mean I do have some take profit points
but they're pretty far away but there's
no way I can sit there and preach to you
guy is how you need to follow your rules
and get out of your own way if I'm not
even going to do that myself and it's so
much different trading because
everything is right there you can kind
of set it and walk away and you're good
but when you're in the moment especially
when you've been waiting for this move
for such a long time which was the case
for me with gold and silver
I did not expect emotions to come into
play but they did and all of a sudden I
thought I was Nostradamus and the best
move was for me to trade the market by
feel which we all know is the dumbest
thing you can possibly do but I found it
happening to me just because of the
uniqueness of the situation but at the
end of the day I followed my own rules
no regrets super happy to have things
like gold and silver and crypto
currencies because we all have
predictions on where these things are
going to go and what the future of these
instruments are going to hold but we
also need to understand that we could be
completely wrong as crazy bullish as
I've always been on gold and silver
there's a chance it could fall
tremendously and if it does I will
position myself from a trading
standpoint to take advantage of that so
if it does happen instead of being
completely pissed off I'll just be a
little pissed off it's a win-win right
but for those of you who have
buy-and-hold type investments out there
understand unless it's a buy and hold
forever situation you need to put those
levels in so when the time comes you
don't end up jumping into your own way
if it can happen to me in 2020
it can happen anybody nobody out there
is smart enough to accurately predict
where these things are going to go so
take a trading system that has been
proven by you to work really well over a
long period of time find what you want
to buy
the numbers in you buy a cone deals
don't make it harder than it needs to be
it is the 4xq a podcast and maybe I
should have done this earlier I don't
know but this is a question I got so
often in the big banks video in the
youtube comment section and I got a
quite a bit back when I had asked VP as
well and I always felt kind of bad
because I just had nothing for these
people at all but they kept asking me
hey does this system work for options
trading as well and I really had no idea
what to tell them so a lot of times I
just didn't answer the question on
YouTube or I would just say hey you know
back when I had asked VP and I was
receptive to questions before people
abused it I would say hey look I'm sorry
dude I just can't give you a solid
answer on that feel free to ask me
something different if you want because
options just wasn't my game I'd spent so
much time developing what I did in for X
and then for medals later on that I just
never went that route and there were
elements of options trading that turned
me off and it turns out in the end
I was wrong to feel that way because I
didn't really understand the whole
picture so my understanding of options
trading was almost like futures
contracts to where you know yeah these
little creative ways to have money
management built in which was great but
I could not exit when I wanted to all
right there was a defined point in time
or defined a place on the chart where I
was expected to take my trade off and
that was unacceptable in my world and we
talked about the importance of the exit
indicator on this channel
your exit indicator is your money
indicator it determines how much money
you eventually make on the trade and
it's really really important and I
prefer that method of taking off my
trade way more than I would some
predefined point in time or point on the
chart you know that was always my
understanding of how options worked and
so I just never pursued that direction
plus and it's not the fault of options
brokers but there were a lot of obvious
scam
just barfing out affiliate links for
binary options everywhere you looked I
get it all the time on my channel now
and so I didn't I don't think that gave
me any less of an opinion on options but
it certainly didn't improve it but as a
lot of you know I am an affiliate for IG
us and this relationship has been
tremendous they absolutely love the work
I have done with them and they
absolutely love all of you who have come
over from this channel I keep saying it
you guys are a coveted group of traders
because we hammer money management home
on this channel unlike anybody else on
the entire internet and this is golden
for brokers because the last thing they
want is what most affiliates do and just
go for quantity and just spread
themselves out as far as they can so
they're just bringing in numbers these
people typically don't know what they're
doing
like most traders they deposit money and
then they lose it all you know that's
the last thing these people want they
want people who are gonna be constantly
trading and not giving them a bunch of
problems and all in all that is what you
guys bring to the table so I think word
has gotten out because I've been
approached by a lot of different brokers
after I came out with the videos for
blueberry markets comm and IG us but I'm
really not looking to water things down
I mean if these guys are gonna be my top
picks those are my top picks but I don't
have anything for options traders I know
you guys are out there and the largest
options broker in the world which is
Nadex just happens to be an offshoot of
IG so they came along and they're like
hey we would like to work with you we
heard what you're doing for IG and the
type of people you're bringing over
there so if you have any options traders
out there we are very interested so I
took a look at them and yes they are
absolutely massive and tons of different
directions you can go in the options
field this is where I went wrong in the
past there are types of options trading
where you are restricted to where you
can actually exit a trade but there's
other types where you were not I'm like
oh look at this I might just be able to
get on this in the future because I'd
always like the idea behind it I
just really turned off by the exit
strategies which I was mostly wrong
about so this is something I do plan on
getting into in the future not the near
future because I have a list of things I
want to get accomplished first but this
is definitely in the plans for the early
half of this decade now will be coming
out with a no-nonsense
options channel no I will not this
channel here was 10 years in the making
but I am like I said before looking to
add those extra layers of protection and
prosperity hopefully on to what I
already do so I have 4x and metals and
indices that I already trade and you can
do all three of those with Nadex on
their options platform so any layers of
extra protection I can add on in a field
that I already have some expertise in
that's gonna be a slam-dunk for me but
if any of you are interested in this as
well I have a blog for this episode and
all the information you need will be on
that blog if you want to go take a look
at it if you already are with Nadex I'm
not sure how that works or if it works
differently there's numbers on the blog
that you can call if you have any
questions at all but it's cool they
don't give you a cash bonus because
those highly regulated brokers have a
really hard time doing that but that's
fine I would rather take you know tight
regulations making sure my money is safe
as opposed to some one-time cash bonus
but they do give you some really nice
things like you will get your own
dedicated customer service rep if
anything goes wrong or if you need help
getting on boarded also the guy I've
been working with Dan cook from Nadex
has made private webinar videos just for
people who go through no-nonsense Forex
so it is an affiliate link it is on the
blog and if you click it you would get
those private webinars and dedicate a
customer service or if you just don't
like me and you don't want to support
the channel you don't have to you can
just read the blog and if you like it I
just go sign up the old-fashioned way
but that will be in the show notes and
in the youtube description as well as
everything is but if you're interested
at all you want to go to the blog
because it tells you the countries which
are allowed to trade with Nadex that's
definitely in the United States but
there's a good handful of others as well
and that is also where you will find the
link you need to click and what's also
exciting about options as
well is my prop firm maverick trading
has its own options division so you can
go pro a lot quicker than you normally
would if you were trading your own money
by going the prop firm route that's how
I did it but just so you know forex
trading does not have to be your one and
only route to becoming a prop trader you
know this whole thing is just another
avenue you can travel if you want I will
be there myself
at some point but by the time I get
myself on the road you will probably be
way far ahead of me but I am more than
okay with that
so thanks for tuning in this week
traders I was gonna do an options
podcast whether Nadex jumped in or not
I'm just glad they did and I'm glad I
waited if you have not yet go to iTunes
and leave this podcast a five star
review be ready for new trading video on
Thursday in a new podcast episode on
Monday traders whatever route you take
whether it's forex trading options
trading buy and hold or all of it
because why not
we're here to build so go get it