Bro…let me be straight with you here. Success at this game is 90% psychology. The attitude you’re bringing to the table reveals that you have underlying thought patterns which are going to prevent you from seeing any type of long-term rewards.
Most people turn to Forex in hopes of getting rich quick. I’m not against that idea as there are just as many people who’ve gone from zero to hero in a relatively short span of time as there are who have slugged it out over years and years so that they can barely enjoy the fruit of their labors in their glory years. Also, when you go to the bank they don’t ask you if your cashing a “slow money” check or one that came from a get-rich-quick activity. There is no bonus for slow money. So I totally believe that large sums of cash can be made in short periods of time.
That being said, the idea of not only getting rich quick…but getting rich quick with no time investment at all is the foundational thinking of a gambler. A shrewd trader and a gambler are both hoping to fill their pockets with large sums of cash in short periods of time, but that’s pretty much the extent of the similarity between the thinking of these two very different types of individuals.
If you think that you’re going to be able to sit at home playing xbox and make a mil in a couple years riding the coat-tails of a Forex super-star…well you’d better think again. Playing the lottery has the same goal in mind, but it requires less of a time commitment. Both approaching to getting money are probably about as likely to succeed.
Sure, there ARE services like[B] Zulutrade[/B] and [B]Currensee[/B] which allow one to open a broker account and clone the trades of top performers for a fee. The trick with these things is that you STILL have a modicum of control. You can still screw it up. Here are some examples:
Position Size - if the signal provider advises that you only use 0.1 lots max with his systems and you double it to try and speed up gains, you’ll most likely margin call the account during a particularly large floating drawdown that was factored into the providers signal at 0.1 lot but not at double that risk.
Early Withdraw - in most cases, signal platforms allow individual account holders to terminate open trades at will. If a signal provider is going through a phase of losses, one might be tempted to pull out of losing trades early before it “gets worse” on another trade only to see price move back into the profit zone which would have made up for previous losses if one had kept the faith. Alternatively, one could pull out of profitable trades early instead of letting winners run and thus not have the available profit to overcome past or future losses because of the interference.
These are only two examples. There are dozens more, I’m sure. Letting someone else trade your account doesn’t absolve you of the responsibility to develop the thinking patterns of a winner. If your thinking is on a losing wavelength…then you cannot win because, psychologically, you won’t LET yourself win.
Read what you originally posted all over again as if you were reading the words of a someone else. What you wrote doesn’t come across well. They didn’t come from someone operating from a winning state of mind…which can only mean one thing. And it’s not good.