Service Providers

Has anyone had good/bad experiences with signal providers? I have “hired” three providers that do three different pairs (due to FIFO issues…I don’t like my custodian) and 0.02 lots on zulutrade. (Limit one active trade per provider) I only have $500 in the account and feel like my money management tactic is fine. If I find success with this I will step it up.

I have been trading equities for 20+ years and am a licensed broker. I have no experience with FX but I understand markets, trading, etc. I look at FX purely as educated gambling since you aren’t buying/selling a tangible asset partially based on the fundamental structure of the underlying “security”. It is all just anticipation and seems to have more to do with good money management and expectations. It is NOT investing and I have seen people justify themselves as traders and not gamblers…but I guess it is all in the success ratio. :wink:

My goal now is to try to “pay for lunch”. :wink: It is a general goal, please don’t be literal about it. I think that currency markets are going to be in for a lot of volatility in the next few years and I feel FX trading could be an opportunity. I have most of my money in equity markets and would like a little more diversification.
Eventually, I would like to get the account large enough to do more trading myself and hire a money manager. I trade equity markets all day so it isn’t a stretch for me to also do FX. I can’t seem to get a good gauge online if retail FX trading really is something I can quit my day job over. It looks like 90% of people have high expectations and blow the money out within a year. I just keep thinking about the professionals and institutions who do it right and would like to be in that 10%.

Based on my experience, most people are financially illiterate so I really don’t think that the pool of FX newbie’s success is indicative of the FX market.

Again, while I am a newbie with FX, I have years of finance and market experience/education. I just want to get an overall sense if I am on the right path. Being a US investor I am very limited to what I can do (which may be a good thing) but would like to get to a place where I could supplement some income. I am prepared for losses and am willing to put more money in the account but would like to keep risk to a minimum. I am just trying to find the best strategy to do this.

Any thoughts? Ideas? Concerns?

If you already trade other “things” and use a technical chart then you should not have a problem with FX.

The only thing you have to watch out for is the leverage and the risk you are taking.

Other then that its the same thing. Buying and selling.

But if you are not used to technical charts and how to “gamble” with them, then its a different ball game all together.

Finally, signal providers are all fine, if you just want money and are prepared to loose X amount if things go sour.

On the other hand, those who want to do this for a living have no options but to learn and take their “fate” onto their own hands.