What Equipment Do I need To Trade Forex? (Podcast Episode 7)

this is the forex q&a podcast this is VPprofessional Forex prop trader answering user submitted questions andbroadcasting them to you every Monday morning now if you would like to ask mea question don't be shy go to nononsenseforex.

com/askVP andthought little forum ask me any forex trading related question you want toknow and I will get back to you typically within 48 hours and then ifall falls right your question just might make an episode of the show that's how Ido the show now podcast numbers are going up nicely every single week andI'm really happy to see that and if anybody out there is listening to thispodcast for the first time I have one piece of advice binge on this almosteverybody else is and it makes me really happy to see I can see a lot with mypodcast analytics not to the point where it's creepy and I can see your exactbehavior but what I have noticed is almost everybody that is finding thispodcast for the first time isn't just trying to be entertained it doesn't justwant someone off podcast they can just blow fifteen minutes with they actuallywant to learn they are going back and they're listening to every singleepisode of the show and that just warms my little heart because what it'stelling me is that my listeners actually really really care about becoming greatforex traders they want to be set up to succeed they were probably set up tofail before more likely than not and either through the youtube channel orthrough the podcast or through the blog they were able to tell right away thatthis is very very different it does not take long to figure out that bylistening to this podcast and the YouTube channel that you are going to bein a much better position to succeed through these channels as opposed toanything else out there because everything else out there is the samethey broadcast to the 99% of people who can't make it in forex trading and theyare part of the reason why that number is so high in the first place and mylisteners get that that is really really refreshing I didn't know how this isgoing to be perceived I guess would be the best word by people when I firststarted I figure it could have gone either oneof two ways either I could have been some lunatic some heretic some weirdconspiracy theorists saying that you know everything you're hearing andlearning right now is completely wrong all the way down to why a currency pairis even go long or go short in the first placeyou know most people could have been really really dismissive and thatwouldn't have stopped me I would just I would've just kept going but turns outthe opposite was true most people were like yeah we're sick ofit we're not getting anywhere it's the same recycled stuff over and over bypeople who really seem like they know what they're talking about and it worksreally well when they do it and show it to me but then when it comes time for meto trade and then I try to do it I'm not getting anywhere and a lot of times I'mgoing backwards and I am here to tell you yes there is a much much better wayto do things and after 10 years of forex trading I'm finally disclosing all of itand I'm doing it in these little bite-sized pieces so it's easy toprocess you can actually go and apply it for an entire week and then we move onto the next concept there is nothing overly complex about what I do but weare still attempting to go into a 4 to 5 trillion dollar a day market take moneyfrom it and then leave it's also not super simple there is a process to it itis very easy to learn I am just attempting to ensure that it is learnedthe right way and it is learned at a pace that everybody can follow theinstant gratification crowd will be phased out over time the people whocan't really hack it will be phased out over time and what will be left I'mhoping even if that's just a small handful of people are people who havecompletely transformed their trading careers into something that is highlyprofitable all of the time people who because they have a system in place thatthey know works can absorb all of the highs and lows and come out the otherside at the end of the year look back and say wow that was those are somereally great returns that nobody else out there is able to duplicate all thosepeople that went to college and majored in finance and took jobs at brokeragefirms you're going to be able to beat returns far more often than not and it'sgonna be hilarious because like me you probably did not take the route theytook I majored in finance in college but I was terrible at it I flunked out and Iwent on to wait tables but that was the best thing that could have ever happenedto me because it allowed me the time to get away from conventional thinking andput together the system I did and it's been great ever since and now I'msharing it with you and if my analytics are any indication you are exactly thetype of traitor that I'm looking for the type who binges on this podcast the typethat goes to the YouTube channel and watches every video takes notes andactually applies it as opposed to the people who just listen to one episodeand hope and dream that's who I'm looking for and so far that looks likethat's what I got and I am over the moon about it I could not be happier a nightlaw of diminishing return I'm sure it's not always gonna be this way goingforward but let me just say you guys early on are legit and you're in theright place and so in a way this kind of leads in to the question we have forepisode 7 because in a way I think it dispels another myth yet another myththat brand new traders have about forex trading and I think we it's important wetalk about this if anything because especially if you're starting out thisis going to save you a lot of money going forward let's go ahead and getinto it this week we have Raj Raj from Gainesville FloridaFlorida is my first repeat area here on the Forex Q&A podcast good on youFlorida the question is what equipment do I need before I start forex trading Idon't want to get started and find out that I'm missing something so just likea lot of you I'm sure Raj is just starting out and wants to start out theright way and this is the perfect place to do that and the problem I guess withthe question is it didn't quite give me enoughhe didn't say he wants to trade like I do and that's kind of why I led intothis question the way I did because you know I'm not so arrogant to think thatpeople who listen to this podcast or wanna gonna sit there and tradeexactly like I do the way I trade to some people is not very exciting becauseI trade for 15 minutes day and then I'm done yet to some peopleonly having to trade for 15 minutes a day and still achieving really goodresults sounds amazing so I don't know who you are who I'm dealing with but Iwill answer the question the way I would answer a question if I was trading theway that I trade and this there's some good news and that good news is youdon't need much I think a lot of you probably at some point have seen all thepictures and videos of people with these really sick setups with the twokeyboards and ten monitors that are all attached to each other tablet and a cellphone off to the side and then a telephone over in the corner it'sridiculous if I had to have all that to trade I wouldn't trade seriously I wouldgo do something else for those of you who have seen pictures like the one Ijust described that is a called a day trading setup all right those are peoplewho are pretty much forced to trade that way because either they just don't knowany better and they thought that was the only way to do it or if they're not ontop of the market all the time they have no chance of pulling any gains out andthe life of a day trader is not a good one they have they're under copiousamounts of stress a lot of them have to do some kind of drugs or some kind ofspeed or stimulant to just keep it going their family lives are usually a messtheir mental health is all out of whack I feel legitimately sorry for thesepeople but traders just starting out probably see that in there like wow whata sweet setup I wish I had something like that and you know it's like beingat the center of a space station I get to have all these currency pairs rightin front of me I get to stay on top of them I'm gonna have a TV with Bloombergon it off to the side so I can always stay informed yeah, no it's the lastthing you're ever gonna want and you will find that out very soon once youget everything started that all that money you spent on all that equipment isprobably money you're not even gonna make back in the first 2 3 years oftrading if you're gonna take that kind of approach now again a lot of tradersare very insecure they're not really doing this for the right reasons if youwant something really cool to show off to your friends and put up a bunch ofForex charts and make it look like you're some kind of hottraitor that is tuned into the market more than anybody else if you want towatch CNBC and Bloomberg and be able to regurgitate everything they say to yourfriends to make yourself look really smart and keyed into the market and eventhough your returns are terrible well you go right aheaddon't allow me to stop you but needless to say I do not recommend any of this asfar as actual equipment goes here's what you need a laptop the end I don't know awhole lot about tablets because I've never owned one but you could probablyget away with just having a tablet – and that's it that's all I use one laptopthat's it you could I'm not gonna say can do it onyour phone I don't think we're quite there yet you can you can have actuallyhave mt4 on your phone but you can't put in custom indicators so if you want todo things my way I don't think it's gonna work on a cell phone just yetmaybe someday we'll get there but we're not there right now so all of you youngtraders out there that are overwhelmed and daunted by all the stuff you mighthave to have just to become a legitimate Forex trader believe you me you don'tneed much one laptop will do it and it doesn't even need to be an expensive oneso I've noticed – through my podcast analytics I got a lot of viewers andespecially on the blog I have a lot of people from developing countries andfrom third world countries and let me tell you guys if you have a laptop youare right there on par with everybody on earth in terms of how well you can tradeyou will have to buy nothing else and I'm gonna tell you what guys it is somuch better this way the most beautiful advantage from being a professionalForex trader and only having to use a laptop and nothing else is you can go dowhatever you want and not be tied down by anything you have agility which to alot of people they would say that's worth more than money itself I live inLas Vegas for eight months out of the year I don't live here during the summerfuck that I go way north and I get out of this heat and I go have fun and Icouldn't do that if I had to lug ten monitors around and the desk and anoffice chair and crap like that there's no way I take with me at all times alaptop and an external hard drive and is it and you don't even need theexternal hard drive I just have that around in case everything goes sidewaysor the laptop gets lost or damaged I can go ahead and just pick up everythingright where I left off but as for you Raj and as for most of you out therecost of entry in this market is very very low much lower than you probablythought it was so whatever a laptop costs you must have you already have oneand then that's it now you don't need money to trade with because if youlisten to last week's podcast you should be demo trading for a very very longtime before you even think about trading real money go check out episode 6 tofind out more now a few housekeeping things before we wrap it up I have anemail list and there are two ways to get on that list one is to go where I toldyou before nononsenseforex.

com slash ask VP and ask me a question or there isa little form at the bottom right hand corner of the blog you just put yourname and email address in there and it's cool because I give my list things thatother people don't either just don't get it all or won't get for a while they geta sneak peek at videos they get some cool little indicators and stuff likethat they can use it's a cool place to be but the problem is at least latelythat I don't send stuff out very often it's been a while since I've sentanything out to my list and I wanted to do it again this week I want to givepeople a sneak peek at the the best indicator in the world video which I hadjust put out on Wednesday I tried to send that one out on the Saturday beforeI think and I also had a nice little tool in there as wellproblem is I switched email service providers over to activecampaign alittle while ago and once I finally rounded everything up and tried to sendout a blast email I got a letter back from active campaign saying this let mepull it up real quick it says hello VP your campaign was notapproved because it appears to violate our Terms of Service and or acceptableuse policy we don't allow day trading tips Forex cryptocurrency etc also otherproducts or content that is in our sole judgement objectionable or likely toupset recipients so how about that well gee whiz activecampaign if sending out abunch of free stuff that my listeners have enthusiastically double opted intois deemed as upsetting then maybe you and I really aren't on the same pagehere and we need to part ways now thankfully almost every other emailservice provider on the planet does not feel this way so this coming week I'llbe switching everything over to a different provider and some of the formsmight change a little bit and there might just be a little bit of a learningcurve but I doubt it and when I'm done because you all waited I am going tosend you something really cool and then probably send more things out more oftenin the future so that's gonna be my project for this week I'm going to be inthe air a lot so probably no bonus YouTube video this week but everythingwill redeem and continue next Monday with episode 8 of the podcast and thenat least one brand new video out every week on the YouTube channel along with abrand new blog and a little by little we are going to slowly turn you in to thatkick-ass Forex trader that has that rare combination of money and time none ofthat twelve monitored trade setup nonsense just you and a laptop kickingass in the world's largest trading market and then living your life any wayyou choose to live it as always the choice is yours now if you would pleasego to iTunes and leave a five star review that is the one way you canreally give back to the podcast and it takes very little time so I'd reallyappreciate that if you would be so kind but either way boys and girls I will seeyou in episode 8 go out there and get it.