Have you ever heard of No Nonsense Forex? It’s a trading strategy and the website. No Nonsense Forex site became public in 2018. It is claimed by an individual forex broker Victor Patrick. However, individuals by and large call him VP. The website aims to convey the verified Forex trading strategies, trading psychology hints, and methods of trading on the Forex. Of course, the method can be also applied to stock trading.
In general, it is a good starting point for beginners and upgrading for those who advance in Forex trading by learning how to use technical analysis.
The website’s tutorials and trading materials encompass the trading strategies for 28 major currency pairs, but also the Singapore dollar. It also encompasses the following topics: no-nonsense forex algorithm, no-nonsense forex algorithm indicators, no-nonsense forex top 100 indicators, and money management.
No Nonsense Forex – Outline
Victor Patrick has been trading Forex starting around 2008. He has passed through numerous highs and lows during his trading venture.
Also, he experienced enormous misfortunes a great deal of time yet never turned his back and continued trying with new exchanging thoughts. Following quite a while of battle and hard learning, he at last transformed into a genuine jewel.
Besides the site, VP possesses a YouTube channel. He has been showing individuals Forex for the past 06 years. You can observe many recordings covering essentials and high-level exchanging tips and methods on his YouTube channel.
Throughout recent years, his YouTube channel saw record achievements. With over 262K supporters, the No Nonsense Forex YouTube channel has become the most famous learning platform accessible for forex students.
One might feel overwhelmed by the quantity of the trading materials on the YouTube channel, from VP podcasts and its blog.
However, everything is explained simply and straightforwardly so that beginners can grasp everything from the psychology of trading-to-trading algorithms and no-nonsense forex top 100 indicators.
To dive deeper into the matter, check the No Nonsense Forex Discord trading channel, where you can benefit from the exchange of thought among the followers of this strategy.
No Nonsense Forex Trading Forex for a Living
When getting into trading, every beginner wonders if they can make a living from trading. Let’s say that’s a legitimate question. However, it should be kept in mind that there is no such thing as a 100% safe and risk-free investment. And this, especially in financial markets such as Forex. Nevertheless, many traders managed to achieve consistent gains that made them millionaires.
As a result, they have managed to afford the life they have always wanted. Many hobby traders become professional freelance traders and make a living out of it.
Be aware, however, that most of the time to earn a living from a small portfolio, you have to take a lot of risk via leveraged investments. And leverage effects allow you to earn money faster and lose it faster!
No Nonsense Forex – Make a life with Forex trading: Reality or Illusion?
Whether it’s Forex, commodities or stocks, all you have to do to make money is to sell an asset that is more expensive than you bought it.
Take the example of Forex. Forex is a market in which currency pairs are traded. It is, therefore, a question of investing money to buy a currency and then selling it at a higher price in order to make a profit.
Thus, to make a living with Forex, you just need to know how to place the right trades to get the maximum profit. Obviously, since the exchange rate differences are tiny, you must either have millions to invest in generating profits or use leverage effects (the broker then allows you to bet 30X what you have in your portfolio so that you can buy more currencies and therefore earn more profits).
It is, therefore, theoretically possible to earn a lot of thanks to the leverage effect on markets such as Forex, which is often favored by day traders (traders who open and close their position on the same day). At the end of the day, your only job will be to have made more winning trades than losing trades.
However, it is not as simple as that. Understanding the evolution of the price of a currency, a financial index or the price of a share is a complex matter.
There are many influencing factors. It can be a political crisis, a drop in the turnover of large companies that help maintain the market, a decision by the central bank, etc.
To earn a living, a trader must therefore master financial analysis (technical and graphic analysis) as well as trading tools while constantly keeping an eye on macroeconomic events.
Earning a living with trading is not as simple as that!
No Nonsense Forex – The importance of trading psychology
The mindset is an important factor in the success of the trader
Many articles tell you about the importance of trading tools. Trading robots are mostly scams. If someone had the silver bullet to get rich without doing anything, why would they waste time selling it to you?
What allows an individual to make a living from trading is their ability to hang on, their desire to progress, to master the mysteries of the world of finance… in a word, their passion!
If your only goal with trading is to get rich, but you are not passionate about trading, move on. It is not possible to become a winning trader if you spend your time counting your gains and losses. On the contrary, a trader must be able to disconnect from money and its value.
He must disregard losses and gains in order to detach himself from his emotions. He should only focus on the market, its analysis, strategy and trading plan. So, the question is no longer really, “Can you make a living from trading?” but “Can you become a trader?”
You have to question yourself about your own qualities. Do you know how to demonstrate discipline, diligence and self-control? If you are impulsive, forget about trading. Day trading is one of the most stressful activities there is.
Very often, we wonder when to take a position or exit it, which currency to buy, will the trade we are about to make will win, etc. Faced with all this avalanche of questions and uncertainties, the trader who does not keep a cool head will not be able to succeed.
Super traders who have managed to get rich have shown self-control, prudence, diligence, discipline, positive attitude, etc. Thus, it is important not to be impulsive and give free rein
s to fear in its investments, whether on the Forex or on the stock market.
It is an extremely difficult job for the nerves. Moreover, it is not for nothing that most pro traders have short careers.
Don’t run behind the quick wins at the risk of losing everything
One should not give in to the temptation and ease of making a quick living with Forex trading. Even if you are a short position trader, trading remains a long-term affair.
Otherwise, the risk is that we win two or three times and then lose several times to become discouraged. In the category of novice traders, 90% of them trade in the short term and on small movements. And statistics show that most of them lose their start-up capital within 90 days. It makes you think, doesn’t it?
You need to have a trading plan, prepare for failure, and start investing in your own trading education. Then you can consider making a living from trading. You have to aim far and proceed calmly but intelligently. It should be exactly like starting your own business. Success cannot happen overnight. It takes organization and planning.
No Nonsense Forex – Organize yourself to make a living with Forex trading
The organization is a key aspect of making money from trading. The organization includes the development of trading plans and a calendar for trades.
Added to this is the necessary discipline, as Warren Buffet puts it so well: “You need discipline!”
Many novice traders pick up bad habits. As an example, some traders overtrade once and double their account on a fluke in just a few positions. Then they continue that way and then face big losses. A trader who does this cannot make a living from Forex.
Indeed, making money on the Forex is not a question of luck but of organization.
Here are some essential tips to follow if you want to make a living from trading:
- Do not rush into or out of positions
- Take the time to develop a plan and strategy that suits your expectations and goals
- Ensure the reliability of your trading plan and strategy
- Stay faithful to your trading plan: do not trade too much and under any conditions
- Aiming for the long term to make a living with Forex rather than short-term success
No Nonsense Forex – In conclusion: Can you make a life with Forex trading
According to the No Nonsense Forex tutorials and other trading materials – yes! But be careful. It’s a difficult path. You must have the attitude and personality that will allow you to successfully withstand the vagaries of trading.
You also need strong analytical skills and to be quick on your feet. If you are passionate about the financial markets and ready to invest your body and soul in it, get started. Otherwise, give up. The path to easy enrichment by trading by copying the best traders or robot trading does not exist. Only novice traders who are ready to invest, train, fall and rise again will be able to make money from trading.
- Trading Instrument
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