Paid help for newbie forex investor

I am 27 and planning to invest some savings of about 120k. I chose forex market to invest a part of this .
The aim is to target about 5-10% ( approximately/hoping/dreaming) return monthly. I know I wont make money in all months.
But I want to use a tighter risk management to protect my capital
Help (Paid) I need :
1. Can you help me in developing a strategy for finding people to follow in social trading sites like etoro, zulutarde , currensee, tradency – This can be hourly pay or a profit sharing job .
2. If you offer a managed account or PAMM account I will be interested but I will need verifiable track record


Apart from these If anybody of you have any suggestions /interest to help a newbie investor to make some informed decisions please feel free to drop a note here or



emaaail : tbd2562 (at) gmail.com --here at stands for @

lesson N 1 and its FREE -------------- dont even think about investing 120k . ever
 lesson N 2 and its FREE aswell ------ if u manage to get 120k before u 27 years old , keep doing what u wher doing and forget about forex at list for now ..


enjoy

If you are realy a newbie:

1. Open demo account. Preferably Oanda because of good money management features.
2. Develop long term high time frame based minimum dailies trend following strategy. No day trading. Forex is not a good place for day trading. You can kiss your money good bye with day trading FX market.
3. Never risk more than 1% per trade.
4. Cut losses let winners run.
5. When you are profitable for a while and your average loser is smaller than your average winner you can start thinking of trading $120 000 live.
6. Once you have the plan that works psychology is the most important thing.

I used to have the kind of money you have got but trust me wife can be even more destructive than FX markets 😉
I wonder, may be we should not get married too 😕 ?

Hi There - the plan is to invest only a certain percentage of that in forex trading -- That percent depends on how confident I get about the opportunity

Again please post back if you think it adds value to the discussion

For ohers who read his : If you genuinely can help me invest in anyway post here if you think I shouldnt invest then Please donot waste your time and digress the discussion

Chikot posted:
I used to have the kind of money you have got but trust me wife can be even more destructive than FX markets 😉
I wonder, may be we should not get married too 😕 ?

He he he..hope your wife is not reading this

Chikot posted:
If you are realy a newbie:

1. Open demo account. Preferably Oanda because of good money management features.
2. Develop long term high time frame based minimum dailies trend following strategy. No day trading. Forex is not a good place for day trading. You can kiss your money good bye with day trading FX market.
3. Never risk more than 1% per trade.
4. Cut losses let winners run.
5. When you are profitable for a while and your average loser is smaller than your average winner you can start thinking of trading $120 000 live.
6. Once you have the plan that works psychology is the most important thing.

Thank you -- these are nice tips -- But unfortunately I currently have a very demanding job - thats why the money - so i cannot engage my self in full time trading - So i need a semi automatic way like i posted in my first post - ofcourse I am not looking at get rich quick with no effort sort of thing

insighter243 posted:

Chikot posted:
I used to have the kind of money you have got but trust me wife can be even more destructive than FX markets 😉
I wonder, may be we should not get married too 😕 ?

He he he..hope your wife is not reading this

I meant first wife 😉

exactly why i mentioned long term trend following from daily charts. No need to go auto. You can trade it manually too. entries for me are mostly at night.

You can try currenesee. It is the only platform I know where traders have to trade real accounts with at leat 10k of there own money. Only a successeful and confident trader would do that. Stay away from Zulutrade. Everyone can open a SignalProvider account there.
To say more I'd need to know more about the strategy you are lookinh for. PM me if you want.

This is my PAMM Account based on Hedge System for 8% ~ 12% / month

https://instaforex.com/pt/pamm_monitoring.php?trader=2126546

Thanks

First thing you MUST focus on is to developing av trading plan that really works, and stick with it! That's a must! Here is somthing that your plan should include.

- Set Risk Level

- Set Exit Rules, Most traders make the mistake of concentrating 90% or more of their efforts in looking for buy signals, but pay very little attention to when and where to exit. Many traders cannot sell if they are down because they don't want to take a loss. Get over it or you will not make it as a trader. If your stop gets hit, it means you were wrong. Don't take it personally. Professional traders lose more trades than they win, but by managing money and limiting losses, they still end up making profits.

Before you enter a trade, you should know where your exits are. There are at least two for every trade. First, what is your stop loss if the trade goes against you? It must be written down. Mental stops don't count. Second, each trade should have a profit target. Once you get there, sell a portion of your position and you can move your stop loss on the rest of your position to break even if you wish. As discussed above, never risk more than a set percentage of your portfolio on any trade.

- Set Entry Rules

- Keep Excellent Records, All good traders are also good record keepers. If they win a trade, they want to know exactly why and how. More importantly, they want to know the same when they lose, so they don't repeat unnecessary mistakes. Write down details such as targets, the entry and exit of each trade, the time, support and resistance levels etc.

Chikot posted:

insighter243 posted:

Chikot posted:
I used to have the kind of money you have got but trust me wife can be even more destructive than FX markets 😉
I wonder, may be we should not get married too 😕 ?

He he he..hope your wife is not reading this

I meant first wife 😉

Ha Ha.. Makes sense

Never deposit that much, just 20k only, and study about 3-6 months, study and if you see that it is save, then this is the time for you to go all in. Dont worry, the market is there, it does not run anywhere, and forex is very recordable, you will never too late, just dont haste in. You are right to be an investors from beginning, trader way is not easy and nothing for sure that success is waiting at the end of the road.

Cheer,
Willy

myfxpedia posted:
Never deposit that much, just 20k only, and study about 3-6 months, study and if you see that it is save, then this is the time for you to go all in. Dont worry, the market is there, it does not run anywhere, and forex is very recordable, you will never too late, just dont haste in. You are right to be an investors from beginning, trader way is not easy and nothing for sure that success is waiting at the end of the road.

Cheer,
Willy

No way I am going to invest 20k at the starting - the initial investment will be a very small amount and slowly depending on my confidence in the system / MM I will build

I would not put no $20 000 now if you are really a newbie.
Open an account with Oanda and deposit $100. You can trade $100 live same way and with same money management as $120 000.
It takes long time to make it in this business especially for those who are not insiders like us.

insighter243 posted:

myfxpedia posted:
Never deposit that much, just 20k only, and study about 3-6 months, study and if you see that it is save, then this is the time for you to go all in. Dont worry, the market is there, it does not run anywhere, and forex is very recordable, you will never too late, just dont haste in. You are right to be an investors from beginning, trader way is not easy and nothing for sure that success is waiting at the end of the road.

Cheer,
Willy

No way I am going to invest 20k at the starting - the initial investment will be a very small amount and slowly depending on my confidence in the system / MM I will build

Hi David,

First of all, congrats on your decision to take your finances into your own hands. From what you wrote, it seems that you have exactly the kind of resources and mindset that can lead to long term earnings through low risk responsible investment in the forex market.

I'll answer your second question first. We do not offer managed accounts at eToro because we offer free social trading facilities that eliminate the need for paid managed accounts.

As for your first question, here are a number of tips for developing a social trading strategy. Please note that these tips apply to eToro's social trading network alone because of the specific stats generating algorithms we use. Other social trading providers may use other algorithms and definitions.

1. Use the Guru Finder feature on eToro OpenBook (Rankings page) to find the traders that match your criteria. I would advise searching for traders to copy according to Risk Level (leverage), Winning Weeks (the ratio of profitable weeks the trader's had as opposed to losing weeks), Weekly Drawdown (biggest loss over one week) and Gain. Other stats such as Win Ratio can be misleading because it doesn't teach you about how profitable the trader is in absolute terms.
2. Check the trader's profile and portfolio. It's better to choose traders who mostly trader instruments that you're relatively familiar with so you can monitor your copied trades and intervene if necessary with some confidence. For example, if a trader is trading mostly indices, which you're not familiar with, you will be less able to control your copied trades.
3. Check the comments on the trader's wall - this way you can gauge the level of satisfaction of the trader's other copiers.
4. Check if the trader's portfolio is made up of autonomous trades or copied trades. If he/she's a copy trader, check who they're copying and consider copying them too, rather than the copy trader.
5. Don't start copying traders immediately. Add them to your Follow list first and monitor them carefully for at least 2 weeks. If you see that they're relatively active and consistently profitable then start copying them with a small percentage of your margin. As your confidence in the trader grows increase the percentage (or vice versa).
6. Diversify - try not to copy too many traders that are trading the exact same currencies, it elevates the risk of copying trades that cancel each other out (e.g. a long EUR/USD position and a short EUR/USD position). Also monitor your copied trades and if you see that you're selling and buying an instrument at the same time close one of the positions (you can base this decision on your own knowledge or on your confidence in the trader who's position you copied).

These are the basic tips I can give you, but I'm sure you'll pick up many other tricks by heading over to the OpenBook platform and checking it our for yourself, or talking to other users. I definitely recommend getting in touch with our support team if you're considering opening an account to see what kind of VIP benefits you're eligible for. You can also check out the premium accounts page on our website to get an idea of what we can offer you besides our standard professional services.

Happy trading!
Andy, eToro Team

Follow this advise and you will never learn how to trade. But as I said, do not risk even $20 000.
Open live account with Oanda, deposit $100, develop strategy you can pick some reasonable stuff at Forex Factory.
Trade only longer term from daily chart never risking more than 1 % per trade.
You should know that although $120 000 sounds like a lot of money, it can dissapear like snow in spring if you do not know what you are doing and cannot control yourself.
Once you are in trade which goes and keep going against you it will be an eye opener. therefore, do not risk anything until you know what you are doing and at least BE trader.

Chikot posted:
Follow this advise and you will never learn how to trade. But as I said, do not risk even $20 000.
Open live account with Oanda, deposit $100, develop strategy you can pick some reasonable stuff at Forex Factory.
Trade only longer term from daily chart never risking more than 1 % per trade.
You should know that although $120 000 sounds like a lot of money, it can dissapear like snow in spring if you do not know what you are doing and cannot control yourself.
Once you are in trade which goes and keep going against you it will be an eye opener. therefore, do not risk anything until you know what you are doing and at least BE trader.

Very well said Chikot. I would like to add that you should keep in mind that forex is very risky and it may appear easier than it looks - double and triple check that everything goes according to plan before investing big.