Well, hi there welcome to the Forex Q&A podcast, my name is VP I am your host and this is episode zero where I tell you all about the podcast what it's going to be about and why the information you will be receiving on this podcast as it relates to forex trading is not only different but Far far better than anything you're seeing out there right now What's out there right now is not good.
It's very limited It's repetitive a lot of it is a waste of time and more important than anything, it is one of the biggest reasons Why you and so many other forex traders all over the world are being held back from getting the results They're looking for now.
Some of this is your fault too, and we'll cover that But you're also being set up to fail every single day it started when you first learned how to trade Forex and it never stopped and This is why I have created this podcast to give you real straightforward answers to your forex trading questions that you can go and actually use Now before I talk about why that's so important.
Let me tell you who I am first You might be sitting there already thinking, “Well, you're awfully opinionated.
Why should we listen to you?” Well, whether or not you listen to me is completely up to you But I will tell you this: I learned how to trade Forex in 2009 It was very exciting.
So exciting that when I was finished learning Before I even entered a trade on demo I said to myself, “this is what I want to do For the rest of my adult life and I will do whatever it takes to make that happen” I was never really good at investing before that.
I never had the capital to really make a dent.
I always felt overwhelmed I always felt like I was the last to know which I was I Was a fairly heavy sports bettor back then and I was actually good at it But I just didn't feel like that was sustainable going forward and I felt myself getting older and I waited tables for a living I didn't want to do that much longer and I needed someplace to turn and when I learned forex I learned it so easily and it was so fascinating to me that that's the decision I made that's a big decision What are you gonna do for the rest of your life? What do you want to do? And most people have no idea.
But I knew right then and there that I'm going to make this work no matter what I have to do And so what did I go do right after that? I demo traded I had some success there I felt like I was leaving money on the table.
And so I started trading real money and In a very short amount of time I took three real money trading accounts all the way down to zero — all the way down to a margin call I just couldn't figure out why this was I mean when I learned how — I took a little course online and every example of every tool they showed me worked so well every time they used it and if I could just take maybe two or three of those tools and combine it on a chart you know I figured there's no stopping me and then I demo traded and sometimes it worked and Sometimes those trades do really really well and so I started trading real money and my first trade there did really really well until they didn't.
I would combine a string of losses with some really dumb mistakes and Sometimes that's all it takes to go from a lot to a little and that's what I did three times But for some reason I kept going and I'm glad I did But before I started up a fourth time I had to take a step back and evaluate what I was doing and In doing so I had this strange epiphany that I don't think anybody else ever has or it certainly seems like they don't first off I said okay, staying on top of all these news events isn't working because a lot of times they don't affect price at all and other times when they do Price will end up going the opposite direction of where it was supposed to go.
What's up with that? And then sometimes price will go exactly where it was supposed to go based on the news event But I couldn't get my trade in in time or I felt like they were institutions or Traders with more money than I had that had these little devices that could catch on the news events before me and I was right Now luckily it's forex.
It's not stock trading So I knew I had the option to go almost straight from my charts if I wanted to.
Now that was great But this also proposed a different problem everybody out there who had a Twitter feed who had a website who had a YouTube video that would talk about Forex as smart and educated and savvy as they sounded all seemed to use the same combination of the same 12-13 technical tools done in some combination on Cherry-picked charts and when it came time for me to use it, it wouldn't work or Even worse it would work sometimes Which would really make me a believer and then I would ignore the next three times where it didn't work Because I just wanted to believe We all want to believe But I learned that these were the type of things in my trading that we're starting that downward snowball effect And I had to ask myself were there other ways to trade? You have all these super smart guys trading almost the exact same way But it doesn't work when I do it.
Are there other ways are there other tools? let's go look and see and so I did and Holy shit were there ever! there have been over ten thousand different indicators created for technical analysis many of them created for Forex and Many of them created in this century in this millennium things You cannot say about any of the tools or indicators These other people were using now the good news was there was absolutely another way to go about this The bad news was I had my work cut out for me.
So every night after work instead of going out and having a drink which I really wanted to do at the time or Instead of going home and going straight to bed which at times I also really wanted to do I would stay up Test out three or four of these indicators on every timeframe on every currency pair and go back through years of trading Just to see if these indicators were actually any good and if they could be used in conjunction with other indicators Now most of them were terrible, but when you finally did find a good one You really had something you had something that was better far better than a trend line or the RSI indicator Or stochastic and almost nobody else knew about it And so over time I would get a good collection of about a dozen or so these indicators out Of those dozen or so, whittle it down to about four or five of the best of the best Piece them together like a puzzle and I created something called an algorithm Which is not as scary as it sounds all An algorithm is by definition is a set of rules that have to come true before you take an action so if everything on my chart and only when everything on my chart said go long I would go long and conversely when it said go short I would go short I had an indicator two on there that told me when to get out of a trade So over time I used it with real money And perfected it as best I could and while I was doing that I was also working on the right money management What was the right amount of risk? Where should my stop-loss go? When should I take profit and how much it's really hard to back test those things you have to actually learn by doing When it comes to that, but I did and once I put it all together, I got good But I didn't have a lot of money my bank account.
I Hammered out a 24% return one year, which is better than Warren Buffett But 24% of my bank account was not much I couldn't live off that I could barely eat off that So I shopped my skills around and I got offers from a couple firms picked the best one and ever since 2014 I have been a professional forex prop trader for a great company here in the states You'll hear people online say they're a professional Forex trader and by definition they're not lying to you But they're not being very upfront either.
By definition, if you're trading real money at all, You're trading professionally.
I Actually trade Forex for a living which was my dream It is on my tax return as a prop trader which means I trade for a large firm that has a lot of money they give me their money to trade and I get a nice percentage of the winnings all because I was able to show results Pass their tests and stay consistent no matter what the market conditions were I've made it four years with the company without falling off that's not easy to do you have to actually be good and consistent and Guys, here's the catch.
Here's why you should listen to me.
I would have never ever Gotten to this level Had I not realized what I had learned a long time ago in Order to really get to the top to where you can actually do this for a living to that upper 1% You have to get completely away from all the stuff they're telling you to do right now and This is gonna be a hard sell for some of you who've been doing Fibonacci who've been doing trendlines who have been using Bollinger Bands and have had some success with some trades and Therefore it's can be hard to tell you to stop doing it.
But your trading account is going to tell the real story Are you making great, Consistent gains year after year, despite all the times that Fibonacci entry gave you a really great trade Despite all those times the stochastic told you exactly when the reversal was coming Ignoring all the times it didn't Your trading account probably cannot say that but I'm telling you right now getting away from everything you're hearing right now and doing something completely different and might I also add doing things a lot more easy is The absolute best way to achieve your Forex goals, and I've talked to traders all over the world Their goals are pretty much the same they want to trade Forex for a living too, and this is what this podcast was designed to do and By answering user-submitted questions.
I am going to do my best to get you there in the quickest way possible By taking all of the conventional wisdom out there and going completely against it The answer is that most so-called pros would actually give you to some of the questions you have given me already Won't help you at all the things that are really really important when it comes to forex trading like at its core aren't even being talked about and If only there was somebody out there to actually tell you these things and you were to actually listen to it and apply it your trading would be Dramatically different and you have a choice right now What direction do you want to take? do you want the end of the rainbow or do you want the hamster wheel if It's the former if it is the end of the rainbow, I have got you completely set up.
Here's how Not only do I have this podcast that's gonna come out once a week every Monday so you can start your trading week off rightI also have a youtube channel called no-nonsense Forex that has all of those core concepts already talked about already there and I'm adding more I Also have a blog called nononsenseforex.
com that also has access to pretty much all my videos at least links to where you can go find those videos and A place called ask VP where you can ask me any Forex trading related question you want and I will get back to you as soon as I can Typically within under 48 hours and a lot of times those questions will make an episode of this show We're gonna spend a good handful of the early episodes going over some of the basics because most people don't even get the basics Right, and so before the game even starts they're already behind or worst case scenario They're completely set up to fail before they even start trading but then we're really gonna start getting into core concepts Indicators that work indicators the don't and why all the conventional tools out there and why they don't work money management Which is so neglected, but probably the one most important thing in all of trading but it's not super sexy So people don't want to talk about it We're gonna talk about it because you we need to talk about it and we're gonna go over trading psychology too for those exact same reasons Trading psychology is some of the best work I've ever done with people I can tell you exactly what to do and exactly how to do it You'll still screw it up because emotions are getting in your way.
It happened to me, too But I would be doing you a disservice if we didn't tackle that too So all of these topics we found either right here on the podcast or the blog nononsenseforex.
com or the YouTube channel No Nonsense Forex When it comes to learning how to trade Forex and how to actually get good at this game to where you can really get to That level you want to get to look no further over Time I'm looking to provide you every single thing you're ever going to need So if you have chosen the end of the rainbow and that's the path you want to go on You have chosen wisely in return do this one thing for me subscribe to this podcast You can subscribe to the YouTube channel as well.
That'll be nice But this podcast is just starting out really everything starting out right now You're kind of hitting this at the beginning depending on when you found this episode zero, but give me subscribe Give me a like on iTunes and I will Deliver for you in return and I will ask one more thing be a bit patient with me on the podcast I am I've already recorded about 6 or 7 episodes and it's one of those things where you look back at your early podcast and you're just Disgusted by it.
Well, I was disgusted by episode zero and I and I have yet to release all these to the public So I am shooting this over But I will say episodes 1 & 2 were a little bit choppy when it comes to the pausing I wasn't quite on the same page as my podcast editor and that was my fault but then we clean things up in episode 3 and then we've hit the ground running ever since oh and by the way, All of its free so let's get excited, huh? The days of you chasing news for no good reason or over the days of you using failed technical tools from the 1970s are Over the days of you getting set up to fail are over But only if you want them to be hit subscribe and I'll do the rest But welcome aboard my friends.
Oh the places we're gonna go.
I'll see you in episode 1 go get it.