this is the Forex Q&A podcast this is VPprofessional Forex prop trader answering your user submitted questions everyMonday 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 beenon your mind as long as it's forex trading related I will get back to you within 48hours and your question might make an episode of the show so we are only onEpisode six I have shot seven episodes because I did an episode zero I justwant to say the response to this has really been tremendous it's been wayabove and beyond anything I would have expected at this point that I'm talkingabout the sheer quality I've gotten and the excitement level that people haveshown me so far you guys are charged up and that's awesome that gets me excitedtoo and it makes me want to keep doing this and building on to it more and moremay I think on YouTube for every like 9 or 10 views I'm getting I'm getting onethumbs up that ratio is ridiculous you don't see that anywhere and I think in alot of the videos I forget to ask for a thumbs up so really with all thosethings considered I'm really really thrilled at the response I'm gettingfrom you guys so far turns out a lot of you are just really starting out I hadno idea was gonna be that way and that's the reason why I'm kind of going slow onthe podcast to where on the YouTube channel we're already starting to getinto actual technical analysis things that you can start to implement rightaway and/or avoid because if you guys have watched the elimination video whichI will link below you already understand how important it is to know what toavoid and what to get rid of before you even start and if you haven't watchedthat video go watch it like I said I will link it down below so it'll be easyfor it to access but if you don't know what to eliminate and you haven'teliminated it already it does not matter what I tell you from this point forwardyou're pretty much wasting your time now I have made this easy for you I have putup the Dirty Dozen video on YouTube it is my favorite video that I have put upso far maybe not even the most important I think the the elimination videothe big banks video don't be a reversal trader video things like that areprobably more important but in terms of what to actually eliminate and what mostof you have probably already used in the past or are currently using that videois super important I'll link that one below too but I know and I know becausea lot of you have told me that you're already wanting me to start to tell youthe indicators and the system that you should use to get into the best tradeentries and there's a reason why I haven't done that yet guys every singleone of you was set up to fail from the start and that totally sucks thesepeople should not have done that to you because you deserve so much better thanthat you're the one that actually took the time to learn something that mostpeople have no idea how to do that's risky that involves losing your moneyand you went for it people like you I will always support now you did do itwrong you went to the wrong place you didn't focus on the right things butfor one they didn't tell you to focus on the right things but when you finishedlearning how you were in absolutely no position to go out there and starttrading your actual money but you did it anyway and that it's not your fault youdidn't know any better you just knew what you knew and you fell flat on yourface but because you have found this podcast and because you have found theNo Nonsense Forex YouTube channel you get the chance to be set up the rightway the way you should have been set up before but weren't and that is what I amhere to do however if for some reason you think I have already done that ifyou think that I have already given you enough information here in late July2018 to go out and start trading your hard-earned money you could not be morewrong very soon I'll be making a video that's going to go in my forex tradingpsychology series called the three qualities every Forex trader absolutelymust have and I'll go ahead and foreshadow it for you right now one ofthose is patience if you don't have patience you're done instantgratification has no place in making money anywhere anytimeand I could really go off on a tangent about this but I'll save it for thevideo my point is I haven't even come close to setting you up the way you needto be set up to go out there into the real world and start trading but that'sokay enjoy the ride just like most things the ride there'sthe fun part if you have taken in every podcast in every YouTube video or everyblog either way you like to do it that I have put out so far you are light yearsahead of any Forex trader that has ever walked this earth in terms of how wellyou're set up to succeed but we have a long way to go before you can everbefore I recommend you ever start putting your real money out there andthat leads in perfectly to this week's question our question is from Callumfrom Scunthorpe in the United Kingdom and Callum asks how long should I demotrade before transitioning into real money I love this question now what I'lloften do is when I get a question I will go research what other people have saidabout it just to see how their answer is differ from mine and they always do andit makes me sad when I see it's like I was saying before that their answers arereally bad and they're setting people up so horribly and not only that if youwere to come to me with a question like this would you want some kind of answerthat says you should well you know you should probably just demo trade till youfeel comfortable blah blah but no you want if you're coming to me with aquestion like this you probably want something direct and exact say hey justgive me a blueprint I can follow and I'll do the rest don't say just do ituntil I feel comfortable I was gonna do that anyway I need some guidance heregive me something so that's what I'm gonna do I'm gonna tell you exactly whatI think you should do and I hope you execute on it and if you really do havepatience this is the way you will approach it so for those of you who arebrand new on any brokerage platform out or at least they'd better do this orelse do not use them as a brokerage platform but you can demo trade whichmeans you get to trade fake money and the mechanics of the platform workexactly the same as if you were doing it for real which is great so you can tradein real and kind of see how everything moves andreacts and you can do all of this as if you were trading real money which youshould do you shouldn't take any liberties you wouldn't take if it wasreal or not but you can trade and actually see how you would do based onthe system and the style of trading you are currently using it's fantastic butso many people are in such a hurry to start trading real money that they don'ttrade it long enough now if you have done this in the past I guarantee youone of two things happened either you started losing fake money and you saidwell this sucks and you either stopped or you just hit the reset button and tryit again and if you chose the latter good on you because that's what youshould do you keep trying until you find something that actually works or maybethis happened to you you started making money right away in your little fakemoney demo account and I can say this because this is what happened to meyou made start making money and you thought well okay what am I doing hereI'm just I'm leaving money on the table at this point I should go ahead andstart trading real money and start getting some of these returns and thenwhat ended up happening yep crash so here's how you prevent that fromhappening and here is what I want you to do the magic number is six months andnow I don't mean demo trade for six months and then immediately go starttrading no I am going to ask and hopefully require that you go longerthan that you need to see a six-month sample in where you have made a sixpercent return based on what you started with at the beginning of that six monthperiod so for example if you started out at fifty thousand dollars for example alot of demo counts will start out with an arbitrary number like that you needto be at least at the fifty-three thousand dollar mark then and only thencan I recommend that you start trading real money and most people will notachieve this right from the start so you just take whatever money you had startedand then six months later do the math and figure out if you've made a sixpercent return or not and by doing this I don't mean land onegigantic over-leveraged trade in the first monthand then just stop you know that's cheating and you knowit's cheating that doesn't count you have to be actively trading for sixmonths and get a six percent return before I will ever recommend that you goout there and start trading real money and guys don't despair this like I saidis the fun part this is where you put your system together this is where youtest your money management out this is partly how you test your tradingpsychology out the trading psychology really won't take complete effect untilyou start trading real money but you can definitely get started here this is thecool fun building part this is the part too when I do make those videos where Igive you a really cool indicator to use you can plug it in and see if it reallyworks for your trading when I give you a money management concept you can startimplementing that and see how it works for you it's probably gonna work reallywell and you would not have had that had you'd start trading real money now thisis the cool exciting part and the best part is unlike real money if thingsdon't work you can hit the reset button there is no better option you can havethan to hit the reset button if things don't go your way because in real lifethings never work that way and for at least six months you get to have thatluxury now if this six month time frame or what's gonna end up probably being alittle longer than that sounds too long for you just understand guys you'regonna feel like you're leaving money on the table you are not you are leaving abunch of losses on the table you are leaving a bunch of heartache and despairand self-doubt on the table spot forex trading is probably going to be aroundthe rest of your life which means you are going to be able to trade thismarket the rest of your life if you cannot give 6 to 12 to even 18months of your time to get it right before you get startedthen you don't deserve all the benefits that it has the potential to give youyou just don't in this podcast and my youtube channeland my blog are just not for you we go slow we're patient we do things theright way why because nobody else does and many ofyou have been to those places and it didn't help you one bit it only sets youup to fail now how did I arrive at that 6 percent number well the American stockmarket on average does just under 12 percent rate of return year after yearyou need to be able to beat that because if you can't your best move from aninvestment strategy is just to put your money into the American stock market ifyou can't beat 12 percent a year just go do that I mean wait till the recessionhappens first we're very much overdue for one you know you I want you to getin cheap as possible if you're gonna go that route but in my opinion if youcan't do that then it's just not worth the time and effort until you actuallycan I mean even if it takes you three four years to do it so what how muchlonger do you plan on living you know 30 40 50 years it's a very very small priceto pay and then once you do go real money start very small because I hadmentioned before psychologically it is a completely different game and you haveto get used to that first but hopefully for most of you we are a long time awayfrom that and you don't even have to do what I say you can approach this channelin the podcast in any way you choose but if you want a real blueprint forabsolute success this is what I recommend because let me tell you Iwould have become a pro much sooner had I have done things this way all of thoseblown accounts that I talked about probably would not have happened butlike a lot of you I got excited I got charged up I saw some success early andI jumped into the pool way earlier than I supposed to now speaking of mistakes Ihave been making mistake I think almost every podcast I have been asking youguys to give the the podcast a like on iTunes and the reason why I did this isbecause there is a one of my favorite podcasts from a while ago that isn'teven on anymore at the very end would always say heygive us a like on iTunes I don't think they do that anymore and I'm not oniTunes I'm on stitcher so I don't really how that works but I don't think likesare a thing from what I've been gathering from people if you would if you'd be sokind go and give me a review on iTunes thosethings really go a long way and I've already had a few people ask me hey howcan I make sure this podcast keeps going do you have a patreon account is thereanything I can do and I've told them no just give me a like on iTunes which isnot even a thing apparently and by the way no I do not want your money Ibelieve Forex education should always be free I set this back in episode 2 andthe podcast and the YouTube channel and the blog are here to stay but a nicequick review from you will go a long way into vaulting me ahead of some of theForex podcasts that aren't even around anymore they are still ahead of me iniTunes and probably will be until I get some reviews down so I will be more thanhappy to keep these coming every single Monday if you just do that one thing forme but regardless great new podcasts comingin to you every single Monday so much cool stuff coming out on the youtubechannel and on the blog you can find it all at nononsenseforex.
com which is agreat place to go because everything's right there in front of you and you canjust pick what you want to learn but whatever you do I wish you the best oftrading this week go out there and get it.
