Hey guys, how are you all? Nice to see a place where all professionals help newbies like me and discuss the trends and other topic related to Forex. I have been playing in the stock market for a long time but I am now interested in Forex trading. Now I am not too sure about the market how it works and how to keep looking for trends but I have some saving with me and I want to invest in Forex. Now my friend is making around $6000 every month by basic Forex trading and usually by keeping short term deals. Now I know that my friend does not have much knowledge in forex but he gave me an idea. Basically he has hired a agent in UK and the agent takes around GBP 150 per month and added him in a group where he shares the his knowledge and when to buy a currency and when to sell it. So basically he is paying 150 pound and earning 5000 GBP. I want to ask you guys that is it viable and good idea to invest in forex with this strategy? As I told you guys that I dont have much knowledge and I really found this trick very useful in making money and the winning percentage of that broker is 95%. I asked him to give me his number he didn’t give me but told me that you can find many good agents online itself. So how is this strategy guys? Should I move on with this strategy? Whats your input in this?
The main advantage is that the money stays with you and you will only make the trades he will only give you advise as to what to buy and what to sell and when to sell. Basically spoon-feeding.
Thanks
Does that professional allow the people in this group to trade on their own brokers or is it that they have to work with one that he’s picked?
I’ve been looking into JFD Brokers’ Invest service. With a fairly small investment (500 GBP/EUR/USD) minimum to join their mirror trading strategies it seems to be a good place you can actually monitor and decide where and when (which strategies) to turn on and for what amount of time.
They are actually vetting the strategies and backtest them before they are added and shared to their clients.
So, it seems like a good place to invest.
The other thing that I liked is that HWM fee scheme. - you get charged only when there is a profit.
Source: Automated Mirror Trading | Copy the Best Trading Strategies | JFD Brokers
P.S this is not meant to be an advertisement and I am not affiliated with that company. If it’s in breach of any rules - feel free to delete my post.
Thank you for thereply and its always good to hear and learn about agents, market leaders. Thank you for recommending JFD broker though.
And yes, that professional allow you to trade with their own broker and with your own platform and with your money. He will only guide you which one to buy and which one to sell and when to sell. He is not affiliated with any organization or broker. Does that change anything?
It’s usually a sign that there is something fishy going on.
"add your money to this platform and trade like I tell you"
Meaning that they might be an IB or just a covert scam for you to lose money.
The broker is a MM, the trader is working for them.
When you lose, that trader gets a part of what you lost.
At first they are giving you tips on how to win, until you add a big enough sum, then he gives you a hint - you follow it and the broker makes the price go in the other direction so that you lose all your money.
Thank you so much for the information. In my case its a good thing that he wont interfere in choosing any platform, broker, agents or any of that sort. So I am rest assured that that wont happen in my case. As I said that he will only guide me when to but, which one to buy or sell. Its just tips basically and nothing else. Everything would be in my control. Thanks for the info by the way. So as per your knowledge do you think its a good idea to go ahead with such type of options?
Thanks
Not. . . . Like anything else. You need to spend your time making sure the opp is a scam. Investigate, how long in business, talk to clients, do searches etc Spend your time in the beginning and threr’s a strong possibility you won’t be disappointed in the end. Don’t assume normal market losses are a scam, the idea of a managed account is to manage your account, like a stock broker, or any financial advisor.
Like everything in life, no secrets, no short cuts, no freebees. There’s you at work and your money at work. Be careful that’s all. I’m a full time trader and I’ve been looking at adding a couple of managed accounts to my business. So someone saying "usually a sign something is fishy is maybe his experience I don’t know, but it is a viable of way of getting the benefits of trading in the forex without doing all the work it takes to be successful. Of course my opinion
Gp