Hi Guys and girls.
Here is my equation:
Lets assume that I have 20 000$ and one year in front of me
How to invest 20 000$ in the FX market and become finacially independant in one year?
Lets assume the following:
I am new to trading and will be happy to use PAMM and fund managers… any proven ones? what portfolio distribution is best?
I am willing to trust automated trading systems or signal providing systems if any goos ones…
I have the time and the will to sit and learn, but there is no guarrantee that I will ever become a good trader at all… what percentage shall I risk managing myself???
I welcome even the wildest suggestions.
you’re wasting your time…
$20k wouldn’t be enough to make you financial independent (least of all in an expensive country like Sweden) even if you had the knowledge to trade.
‘investing’ your money in PAMMs would be akin to throwing them in fire
you should leave your money in a bank account and try to learn trading on demo.
20k will more than get you started it you won’t be independent in a year. You can make some good extra money, but you’d be best suited building your account. It will probably take a few years at least for you to learn how to be profitable at least.
Your best bet is to take 10k and get into an in person trading school that will teach you how to trade correctly and that has ongoing coaching after you’re done. After you finish the school, if lucky, in a year you might be able to get by with a part time income.
As a newbie you are likely to be far off your target. You will face losses and 20K is not enough to become financially independent unless you decide to live in a third-world country where you can get by with a few hundred bucks a month and even then you may be challenged as what works on paper does not translate into the real world.
[QUOTE=voukonov;675222]Does it mean that all the PAMM, EAs, Signals are all bad?[/QUOTE
Can’t say ‘all’ but it takes a lot of time and experience to find the needle in a haystack.
I wouldn’t start with the whole amount. 20k is a lot of savings and with little to no experience, that’s a pretty big account to surely blow. Demo trade til you have your strategy down, then start small like 1k trading 50 cents or less a pip.
I wouldn’t trade with a great deal of money until you know how to trade consistently, and by that time you can easily grow a thousand dollar account into 20k or more.
As for how many accounts, one works fine. Or have your deposit account with the bulk of your money, no more than a thousand or two, and use a sub account to move a portion of funds from your deposit account.
[QUOTE=“voukonov;675223”] Is it better to open an account only or many small accounts with 20 000$?[/QUOTE]
[QUOTE=“voukonov;675222”] Does it mean that all the PAMM, EAs, Signals are all bad?[/QUOTE]
Eas don’t work in the long run and signal services are not always right. Most people are 50% right on winning trades, but proper money management makes your money. Law of probabilities says you should be able to guess correctly half of the time given a long enough period, so no real point of paying someone for signals when you can do as well with some practice and knowledge.
Your best bet is to learn price action trading and keep things simple.
Thanks man.
That is the type of advice I am out for.
keep posting if you find any info, trick that can help me in the line of that project.
I will update my successes or failure on this thread in the future