Paid help for newbie forex investor

insighter243 posted:
f anybody can recommend or give pointers in finding good managed accounts -- will be great

look for length of history - the longer the better. it will also help you to asses the risk involved and how consistent a trader is with his trading system. also, i would check for the amount of funds committed by the trader himself - this not only affects his psychology but also tells you how well he appreciates his own trading system.

aj90151 posted:

insighter243 posted:
f anybody can recommend or give pointers in finding good managed accounts -- will be great

look for length of history - the longer the better. it will also help you to asses the risk involved and how consistent a trader is with his trading system. also, i would check for the amount of funds committed by the trader himself - this not only affects his psychology but also tells you how well he appreciates his own trading system.

absolutely right. It's very easy to tell someone that ' look, eur usd is going down, you better sell that pair; but only novice will trust you, only if you sell ten lot of EUR USD and then say to the guy, hey, look, I sell 10 lot, you can sell 1 lot, if you lose, i lose 10 times more than you.

If you do looking for any forex services, make sure 'Let's the money talk' :)

I would point to different criteria.
When trader is connected to myfxbook it is easy to see statistics. The most important to consider are the following:

1. Does trader uses hard stop and how consistent he in implementing them. which means no over sized losses like some 100 pips and then 600 pips. No hard stops is not good whatever the returns might be. Black swans happen and account might got blown overnight or in the day light like May 6, 2010.
2. Very important: average winner must be larger than average loser. It is also related to number 1. If average winner is smaller than average loser the trader is not there yet to manage OPM.
3. Win rate doe snot matter much as there are a lot of guys who show 100% or smaller a bit win rate and are account blowers. On the other hands good trader can be profitable with even 20% win rate depending upon big winners comparatively to small losers.
4. Good to see some draw down months and how trader managed to get out of DD.
5. Money management. When in DD trader should cut their size according to new reduced balance. it is what you want to see, no increased trade size but decreased. No averaging down ( adding yo losers to exit later at Break even price).
6. Risking no more than 1% per trade from current balance.
7. Consistency in his strategy application. Cause if no consistency and things constantly changed this will not work.
8. Length of the record is good but with all other things in proper order time is of second importance.

very good points Chikot, but don't forget the human factor - you should know who are you dealing with - you can ask for reviews of other users and have a quick chat with the trader to get a feel if he is honest or not.

I think the above points are enough. If trading record confirmed you can see what kind of trader he is.

aj90151 posted:

insighter243 posted:
f anybody can recommend or give pointers in finding good managed accounts -- will be great

look for length of history - the longer the better. it will also help you to asses the risk involved and how consistent a trader is with his trading system. also, i would check for the amount of funds committed by the trader himself - this not only affects his psychology but also tells you how well he appreciates his own trading system.

Thank you aj90151 -- until now The moment I ask investor password to verify their past performance - they keep saying all sorts of stories -- Initially they say I am a super start trader trading since 10 years - When I ask investor password to verify their performance they cant ven show 2 yrs worth records -- I know everybody will have losses - I am not expecting a 50% return every month -- but then man such a tough job

I am sure there are legitimate managed accounts somewhere - but it is very tough to find them

Chikot posted:
I would point to different criteria.
When trader is connected to myfxbook it is easy to see statistics. The most important to consider are the following:

1. Does trader uses hard stop and how consistent he in implementing them. which means no over sized losses like some 100 pips and then 600 pips. No hard stops is not good whatever the returns might be. Black swans happen and account might got blown overnight or in the day light like May 6, 2010.
2. Very important: average winner must be larger than average loser. It is also related to number 1. If average winner is smaller than average loser the trader is not there yet to manage OPM.
3. Win rate doe snot matter much as there are a lot of guys who show 100% or smaller a bit win rate and are account blowers. On the other hands good trader can be profitable with even 20% win rate depending upon big winners comparatively to small losers.
4. Good to see some draw down months and how trader managed to get out of DD.
5. Money management. When in DD trader should cut their size according to new reduced balance. it is what you want to see, no increased trade size but decreased. No averaging down ( adding yo losers to exit later at Break even price).
6. Risking no more than 1% per trade from current balance.
7. Consistency in his strategy application. Cause if no consistency and things constantly changed this will not work.
8. Length of the record is good but with all other things in proper order time is of second importance.

Chikot - Amazing answer -- Very detaild and infrmative

If you have some bandwidth - you would be a good help for my project -

Man I dont want to be robbed - even if i dont make huge profits that fine

you need to know what to expect in terms of risk. I wonder also why investor's password? if account connected to myfxbook investor can see everything trader is doing.

btw, what is bandwidth?

I would say you want to watch trader for sometime trading as you are watching. Like I am doing. My account is open and I am building trading record to join some firm. everyone can see me trading so any trader who wants to manage should do same.

Chikot posted:
I think the above points are enough. If trading record confirmed you can see what kind of trader he is.

I will say a few things:
Forex trading is not a game!
You need to understand the essence of the cause, mechanism of changing prices.
a strategy that worked last year may not work now. adaptation to the current situation, this is the main criterion for a successful trader!

To understand how PROFESSIONAL trader trades, you yourself make the journey. There is no single criterion.

For example: We can see a list of the most successful traders and how much they earned in $. but we do not see % profit on turnover.
Soros earned $ 1 billion. (but seldom you do find information on how he did it? that was activated, for this, resource of about 7-8 billion + Paid media news)
I know dozens of traders who can make 10-15%😄
but we must remember that moment as the size of the deposit.
because it provides a Leverage for different amounts - Various 😎

Hi, guys!
many of you are quite smart, and good at Forex.

I want to ask you one thing: what is main target of the market?

Chikot posted:
you need to know what to expect in terms of risk. I wonder also why investor's password? if account connected to myfxbook investor can see everything trader is doing.

Chikot posted:
btw, what is bandwidth?

Bandwith is your free time available to work on other projects

Mars30 posted:

Chikot posted:
I think the above points are enough. If trading record confirmed you can see what kind of trader he is.

I will say a few things:
Forex trading is not a game!
You need to understand the essence of the cause, mechanism of changing prices.
a strategy that worked last year may not work now. adaptation to the current situation, this is the main criterion for a successful trader!

To understand how PROFESSIONAL trader trades, you yourself make the journey. There is no single criterion.

For example: We can see a list of the most successful traders and how much they earned in $. but we do not see % profit on turnover.
Soros earned $ 1 billion. (but seldom you do find information on how he did it? that was activated, for this, resource of about 7-8 billion + Paid media news)
I know dozens of traders who can make 10-15%😄
but we must remember that moment as the size of the deposit.
because it provides a Leverage for different amounts - Various 😎

some things change some do not. Trends happen as they always happened.
But short term definitely things change.

insighter243 posted:

Chikot posted:
you need to know what to expect in terms of risk. I wonder also why investor's password? if account connected to myfxbook investor can see everything trader is doing.

fxbook can be manipulated -- I am a software engineer

did not know this. but I think there is easy low tech ways around this problem.

insighter243 posted:

Chikot posted:
you need to know what to expect in terms of risk. I wonder also why investor's password? if account connected to myfxbook investor can see everything trader is doing.

fxbook can be manipulated -- I am a software engineer

sure about this? What is the point of using this whole site then? If you can manipulate it can you show an perfect account of your?

myfxpedia posted:

insighter243 posted:

Chikot posted:
you need to know what to expect in terms of risk. I wonder also why investor's password? if account connected to myfxbook investor can see everything trader is doing.

fxbook can be manipulated -- I am a software engineer

sure about this? What is the point of using this whole site then? If you can manipulate it can you show an perfect account of your?

You can buy an MT4 server for $100k, set up a fake broker website and edit the trading record as you wish - this is actually not a flaw of MyFxBook but of MetaQuotes - they don't care who they sell their software to and how it is used as long as they cash in on the way.

I guess you didn't find anybody here - the majority of the people here still fail to see the difference between an Investor and a Trader!

Telling you to learn by opening a demo account, lol