Best Money Strategies & the FOREX Dream…FOREX Trading Paradise on Auto-Pilot!
Let’s talk about the Forex Market and the crazy love affair it draws. Everyone knows that it’s the largest trading system in the world. But very few people know how to win and make money “consistently” in the Forex Market. Why is that? That’s what this quick discussion is about today. How do you make money consistently playing in the Forex Market?
There are Expert Advisors, Auto-traders, Robot programs, and Guru’s that claim to be the “holy grail” of Forex trading. How many techniques have “you” tried? Which method works best for you? Are you successfully making money in the Forex Market? I think we all have gone thru the predictable phases of becoming a Forex trader. First, there is the I’m in love phase. Everything you heard about Forex makes it seem so easy and so much fun. Then there is the lucky phase where you make your first few trades and actually make some money! Go trader, it’s your birthday, we gonna party like it’s your birthday… Unfortunately, we all hit the “WTH” happened phase. All or most of your trades go against your master plans. You are bleeding like a runaway chicken with its head cut off. Seriously, what happened! The final phase is the all or nothing stage. You decide to make a last ditch effort to regroup and right the ship. If it works, you are sticking with this Forex thing. If it doesn’t, you convince yourself that it was only a couple thousand dollars anyway 🙂 And this is where 98% of the people end up. Losing a nice chunk of money and giving up on the System. But there is hope Traders, I promise… If you want to make money consistently in the Forex Market, you must use a system that has relevant trading education as well as the option to pay to play. What do I mean? You have to take the time to learn how to trade with discipline and a defined system or you have to find the Guru that has the winning track record. Those 2% (Guru’s) typically allow their students or members to copy their trades via a PAMM or MAM account. A Percentage Allocation Money Management (PAMM) account or a Multi Account Manager (MAM) account allows you to open your personal trading account and link it to the Guru’s trading account. Meaning, your account is protected and accessible only by YOU. The key aspect of this arrangement is that your personal account is linked to the Guru’s account and will shadow trade (copy) automatically. So, the Guru, buys USD:CAD, your account automatically buys the same currency pair. The major difference is that you will be provided instructions on what your account settings should be in order to allow your trades to execute properly according to your account size (money available for trades). Example, an account with $500 USD will only trade in the smallest Lot sizes (typically a Micro Lot) but a $50,000 USD account will trade Standard Lots. This is a safety feature that allows you to play but play in the appropriate league.
So, that’s it Traders… You have choice! Learn to trade properly (6 months min to 12 months ideally) or find a Guru that you feel comfortable with that has a proven, winning track record. Connect with said Guru and “pay to play” folks! Some charge a lot and some charge reasonable fees in order for you to become a member of their Forex trading system. Please, chime in and let me know what techniques you use, what works. What hasn’t worked, and are you a Forex winner… Next post will cover additional details on finding “said name Forex Guru”.