but if you can save account back then you should make profit. if you can make profit then why you use this system for your own profit.
there is only one answer which is
the account already dead. so client has already lost a lot. you use risky but profitable system as grid or other short term profitable but risky system to save it . if you save it you are great according to the client. if you fail it is not big deal due the account was already dead.
I am using this system for myself also :) Max Risk is 1% per trade and hit rate is high.
The strategy used is the same one being used on the Intellitrade rescue account that is linked and verified on my profile. I started using the strategy on this account in October - feel free to check out the growth charts.
Commission would be the standard 30%.
I aim for a steady geowth on the account, not high risks for high profit.
PipGnostic - with this Id only be interested in accounts with a minimum 10k of funds left over to make it worth while with commissions still being the standard 30% - however I agree that those 1k accounts are still worth looking at IF I can get multiple clients.
Steve totally - some of the worlds most successful men have tried and failed at forex however may still have accounts that are failing but still have equity left..
The way I see it if somebody is there to help rescue this account and will only make money buy the profits generated on the account then it is a logical thing to consider.. the more and more profitable months I have on the Intellitrade strategy the more clients will be attracted to this idea.
Also - when it comes to clients handingthe money over I will make sure this is done through the broker so that they feel safe and protected..
The most important thing to note is that my max risk is always 1% so there is no chance of the account being blown.
But then you're not really rescuing accounts, you're looking for clients.
We know for a fact there's at least a 100 000 losing accounts out there, all of them worth anything from $1 to $10 000. If you're any good then it doesn't matter if it's even $1, the compounding will do the work, get the client and who knows, a year later he might slap down 10k, 100k, whatever....don't let entry amount fool you.
Anybody with half a brain will test the manager first with a small amount. For at least a year or two before putting down a decent amount.
PipGnostic its true, but I already run my own micro account fund... go to any fund manager who has a portfolio of clients and who knows exactly what they are doing and ask what their minimum investment terms are - Most wouldn't touch anything below £50K... it would take a very long time to see any returns (worthwhile) in commissions on lower accounts even with compounding...
The idea behind going for people with accounts that are of marginally lower value and in draw down is because realistically a lot of fund managers out there won't be interested, or have the patience to do it so you'll find that these account have been sitting quiet for a while. Of course when the client sees their account finally broken even then there's the hope of continuing to trade that account and gain access to further funding.
I do agree though - $1 to $1000 will pay off over time... but for me - I can and will be investing similar figures into my own fund each month, so to add clients to my portfolio id want considerably more to justify the extra time I will be spending whether its general day to day admin and reporting or even Account Management/Customer service... it all needs to be taken into consideration. Also the smaller the investment, the MORE hassle you have from clients... fact... another thing to consider.
And yes of course any person with half a brain will test a manager.. but the thing to remember is a) we all use FXbook and are all building up a credible track record which is a good start to gain SOME trust.... b) yes investors would invest a small amount to test the manager, but by the same account, a SMALL deposit from an actual worthwhile investor could be anything from 50K upwards...
Personally from what Ive learned over the years and knowledge I've gained from the traders I know who do have access to the 10m accounts, 100k is a standard entry/test figure for a worthwhile investment... then after you've proven your worth, 10million and upwards is more like the sensible amounts to be discussing once you have proven yourself to them with the smaller account.
Steve - sorry, I've been making a youtube video for some trading buddies Ive recommended myfxbook to - they were having trouble verifying so I made this for them today ( hence deleting the account - you can see for yourself... SO ill be verified again once myfx updates. Also NOTHING has changed in the account as you'll see - myfx includes all trades from the mt4 account. Sorry for any inconvenience this may have caused.
Hi there Mr Woland - I'm in the third month of an Account Rescue which is linked and being verified within my profile - please feel free to follow the account.
Well thanks to the 1 on 1 training i've had for 3 years by a very successful trader who trades a $10million account, runs a mentor service, travels the world teaching people, has a published book, and is well respected in the real forex world.. thats not the case... i've been ready for some time. Just keep an eye on the results and they will prove themselves... Im not trading some rubbish EA (we all know EVERY single EA fails eventually) I trade a manual strategy I developed, I use both technical and fundamental analysis, and have several very strict entry and exit rules within my strategy and its all manual... I already have a year of Demo trades on this and am on the 2nd month of proving it on real money. Then you will be able to see that I know exactly what I'm doing.
Im not expecting investments or account handovers yet - although id confidently take them on - right now im generating the interest and contacts.
No offense but you don't have Live trading experience neither anything in the books to show.
1 year demo trading is good for nothing. The psychology of live trading is completely different from demo trading and no matter how good your mentor is, you and him are 2 different persons. Just because he is successful that doesn't imply that you will.
Before you rescue someone from ship wreckage you should prove that you can stay afloat in a real live situation and that is not done in 1 or 2 months. Nothing can guarantee your survival in the ocean.
Many before you have said the same thing and they sunk after a few good streaks of winning.
Mr Woland, After all of your advice I assumed you must be a very succesful trader, so I was disappointed to see that not only do you not have any accounts listed and verified with myfbook, your only activity here seems to be a) having a dig at other people here b) poaching for clients...
Look myfxbook is a community not a witch hunt - Im telling it like it is and im publishing my results and verifying them - time will tell and soon enough youll see. Im well aware of the psychology of trading - I took the time to learn about this before even looking at a chart, im well aware people are different, nothing can guarantee my survival in the ocean, then again nothing can guarantee yours.. the difference between me and these many other people you speak of - the system chasers, the crashers and burners, the bulls that turned to bears, the '95%' - ive already spent the time making mistakes , loosing money etc BEFORE building an online profile.
So youll see, but as mentioned this is meant to be a professional discussion, not a witch hunt, i appreciate you getting involved but looking at your profile and the only activity that happens im sure you and any bidy else here can understand where I am coming from.
Look I wish you all the very best, really, I do, but please Im not here to be preached at when you are telling me things I knew 3 years ago... but thank you all the same, genuinly.
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