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New Forex wannabe

Jeff_fx
Oct 03 2014 at 11:34
20 posts
Hi.
I have just signed up to your community after browsing it and I really like it.
I hope you can help me to start forex.

I'm interested in trying forex given that:
1- I don't have enough experience or time, so looking to find a reputable company to manage my account or a trusted robot to do the thing.
2- I'm not looking of course to make a million out of 1000 USD in a year, looking at reasonable monthly income with reasonable risk.
3- I prefer a broker who can offer me a debit card (visa/master) to withdraw profits and use at ATM and POS
3- My main problem is that when I research a broker, a manager, a robot or whatever I get tons of conflicting info either on the web or from the brokers themselves. For example one famous broker had on their website that they offer debit cards, but when I emailed them they replied to me they don't offer debit cards!)

I feel lost in forest... ooops forex I mean.

Can you help me guys what should I do, or give me your experience.
jotekfinance
Oct 04 2014 at 08:21
138 posts
Hate to talk about another site here, but load up babypips .com school of pipsology. THey give a LOT of good information for the beginner. Also, just troll the treads here. There are a lot of people who have given good reviews.
topastop
Oct 04 2014 at 08:24
21 posts
1 - You are looking at the wrong place. There are a plenty of people saying that their EA does XXX or gives YYY but in fact they all fail.

2 - That is good.

3 - XM.com allows you to do that. I have been trading with them and they seem professional.

If you are going to invest as low as 1000$ don't do it. you will just lose your money.

If you have more, let's say 25000$, then talk to your bank. Most banks offer Hedge Fund solutions (you will need more than 25000$ on the other hand).

And most important: Don't trust anybody! Especially people who come to you asking you to purchase their EA's!!!
TLCLife
Oct 04 2014 at 08:24
26 posts
Hi Jeff_fx
we do support our investors and offer a great service.
Get in touch with us and we are willing to share you confident information to get what you need.
Yours faithfully
Total Life Changes
Bayer Global Macro (ralfbayer)
Oct 04 2014 at 08:29
4 posts
i work with JFD Brokers ... good broker ... some more information you can find on my website ... www.bayer-global-macro.com or on my facebookpage www.facebook.com/bayerglobalmacro
"My son, enjoy doing business during the day, but only the kind of business that allows us to sleep peacefully at night." - Thomas Mann "Buddenbrooks"
Jeff_fx
Oct 04 2014 at 15:21
20 posts
thank you guys for sharing your experience.
So, maybe I should look for an account manager?
But how come I came across info stating that almost 70% of trades are being done by robots https://en.wikipedia.org/wiki/Automated_trading_system but for stocks

What about sites offering to "copy" successful traders?

A lot of websites are saying robots work... at least for beginners... sometimes they fail in unfavorable markets.

Thanks for your patience.
TLCLife
Oct 04 2014 at 15:23
26 posts
Ok, then I will also give my website: https://www.tlcforex.com

@ralfbayer you don't share any system on myfxbook, why so?
Total Life Changes
topastop
Oct 05 2014 at 06:51
21 posts
Jeff_fx posted:
thank you guys for sharing your experience.
So, maybe I should look for an account manager?
But how come I came across info stating that almost 70% of trades are being done by robots https://en.wikipedia.org/wiki/Automated_trading_system but for stocks

What about sites offering to "copy" successful traders?

A lot of websites are saying robots work... at least for beginners... sometimes they fail in unfavorable markets.

Thanks for your patience.


It is totally different! Those 'robots' are actually super-computers/super-fast networks operating on High Frenquency Trading hedge funds: https://en.wikipedia.org/wiki/High-frequency_trading



The big deal with 'successful traders' is that they are not really successful traders. Let's get serious, even if they won like 5000$ a month (which is 2x the maximum I have seen) for having people copying their trades they would be still making nothing when you think of what a successful trader do (the guys making millions at hedge funds):

Even singular traders, someone with a 2 million dollar account pulling 25% a year makes about 41k a month. Does it worth to make more 5k/month and have tons of people copying you?

There are one or two expections that I know that would fit investors starting withouth a big stake, but if it is not your case in my opinion you should go for an account manager, but of course it depends of your capital and the risk you are willing to take...



I am being really honest with you, I don't reccomend EA's, but if you are really interessted in EA's I do have EA's that I had traded with in the past (it has about 20% monthly return), but just like you said, sometimes they fail in unfavorable markets (average 1 fail every year). If you are really interessted in this EA send me a message with your skype and we can talk about it later.

Jeff_fx
Oct 05 2014 at 06:58
20 posts
@TLCLife

Thank you for your offer to help.
I am still trying to find out my way in forex.
I saw your web site... it looks interesting.
Are you offering me to manage my account with the broker?
What is the best way to communicate?
Jeff_fx
Oct 05 2014 at 06:59
20 posts
Jeff_fx posted:
thank you guys for sharing your experience.
So, maybe I should look for an account manager?
But how come I came across info stating that almost 70% of trades are being done by robots https://en.wikipedia.org/wiki/Automated_trading_system but for stocks

What about sites offering to "copy" successful traders?

A lot of websites are saying robots work... at least for beginners... sometimes they fail in unfavorable markets.

Thanks for your patience.

Any comments on the above? Especially robots... I believe robots can do much more trades than humans and therefore much more profit... so I assume if I withdraw profits regularly till I recover my initial deposit any extra profit is just pure gain... even if it failed later... I already have my initial investment plus whatever left.
savantfx
Oct 05 2014 at 11:32
101 posts
Read through babypips first. It is going to take a while before you may succeed.
Jeff_fx
Oct 05 2014 at 11:34
20 posts

Thanks for your input.
So, where can I find a reputable account manager?
I'll assume that I would start with 1000 (increase later depending on performance to 5000 in a month then 10000 USD the following month)
I can be taking 30% DD risk.
So after 3 months I would have deposited 10000 USD to the managed account.
I've seen a thread here talking about 100 to 1000 in 4 weeks https://www.myfxbook.com/community/new-traders/is-it-possible-turn-100/523708,18#?pt=2&p=1&o=523708
That is 10 times in 4 weeks!

If that can be done can I get only 5 times in a month?
What can be the maximum with 20%-30% DD risk?
Jeff_fx
Oct 05 2014 at 11:35
20 posts
So, I should be looking for an account manager, right?
How can I find one reputable company?
I have seen a thread around here saying that 100 USD can be up to 1000 USD in 4 weeks!
OK. Let me assume I want to start with 1000 USD and ready to take 30% DD risk.
What is the maximum possible increase in 1 or 3 months?
Where can I find a company to manage my account?
TLCLife
Oct 06 2014 at 06:26
26 posts
Jeff_fx posted:
@TLCLife

Thank you for your offer to help.
I am still trying to find out my way in forex.
I saw your web site... it looks interesting.
Are you offering me to manage my account with the broker?
What is the best way to communicate?

@Jeff_fx
The best way to get in touch first is through inbox.
Depends of the amount of your investment we can discuss two different options and manage everything if you want.
We also show you what secondary services will be helpful to handle all the money transactions or how to get a passive
income if friends of yours wanna join in.

For beginners it's hard to be successful in Forex, you need many years of experience and you need to create your own
confidential system.

So you can participate with us, meanwhile you may learn more about Forex.

Yours faithfully
Total Life Changes
savantfx
Oct 06 2014 at 06:31
101 posts
@Jeff_fx Only look for a manager with a good track record. If you see an account with a TP of less than 5pips with a too good to be true results..know, that is arbitrage which will not work in a real account after account has been flagged.

Stay away from dangerous grid martingale and bad MM. You really have to educate yourself first to make sure you could make an educated selection if you decide to hire a fx manager.

Hiring a manager can be a good way to profit from the market but that is only if the manager knows what he is doing.

You may go to forums such as forexfactory and donnaforex to learn more of the market.

Cheers,
Savantfx


Jeff_fx
Oct 06 2014 at 06:42
20 posts
Jeff_fx posted:

Thanks for your input.
So, where can I find a reputable account manager?
I'll assume that I would start with 1000 (increase later depending on performance to 5000 in a month then 10000 USD the following month)
I can be taking 30% DD risk.
So after 3 months I would have deposited 10000 USD to the managed account.
I've seen a thread here talking about 100 to 1000 in 4 weeks https://www.myfxbook.com/community/new-traders/is-it-possible-turn-100/523708,18#?pt=2&p=1&o=523708
That is 10 times in 4 weeks!

If that can be done can I get only 5 times in a month?
What can be the maximum with 20%-30% DD risk?
Bump!
No replies yet?!!
Jeff_fx
Oct 06 2014 at 06:42
20 posts
Jeff_fx posted:
So, I should be looking for an account manager, right?
How can I find one reputable company?
I have seen a thread around here saying that 100 USD can be up to 1000 USD in 4 weeks!
OK. Let me assume I want to start with 1000 USD and ready to take 30% DD risk.
What is the maximum possible increase in 1 or 3 months?
Where can I find a company to manage my account?
Bump!!!
Jeff_fx
Oct 06 2014 at 06:43
20 posts
@savantfx @TLCLife

Thanks for your input.
Wonder how can we communicate easier?
Can you email me?
Any comments about my last 2 posts?
Thank you.
TLCLife
Oct 06 2014 at 08:13
26 posts
@Jeff_fx you got message in your inbox ;)
Total Life Changes
topastop
Oct 06 2014 at 13:35
21 posts
Jeff_fx posted:
So, I should be looking for an account manager, right?

If you don't want to lose money. Yes.

Jeff_fx posted:
How can I find one reputable company?
Talk with your bank, it is the best way.

Jeff_fx posted:
I have seen a thread around here saying that 100 USD can be up to 1000 USD in 4 weeks!
It can even go up to 1 000 000 USD, but of course that is VERY unlikly to happen. People who turn 100 USD to 1000 USD are gambling, not speculating. They must be using huge leverages to achieve those results and they take huge risks. Those people 99.9% of the time end up losing all the money.

Jeff_fx posted:
OK. Let me assume I want to start with 1000 USD and ready to take 30% DD risk.
That is both a small stake and a big risk, but reasonable if you are putting the money in someone who isn't a professional trader.
If you are going for a professional trader (and I must say it again, you won't find one here) you should think about increase your stake before. Hedge fund ask for huge deposits so your bank might have better options for you.

Jeff_fx posted:
What is the maximum possible increase in 1 or 3 months?
There is no maximum, however professional traders aim for a 2% - 2.5% a month. You see things here like 50% a month which is totally crazy and those accounts on day or another end up in the 0's.

Jeff_fx posted:
Where can I find a company to manage my account?
Hedge funds and banks. Basically, real and professional traders.



@TLCLife Looking at your track record I see nothing special. Your oldest account has less than 1 year and it reach a DD of 46.88%... It doesn't seem a good ideia to be inviting people to a PMM before having everything tested for more than 2 years.
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