Forex Trader – 6 warning signs of a trading service or account manager
Forex Trader or Forex Affiliate – Learn to Read the Warning Signs When Hiring a Forex Trading Account Service or Account Manager
I am very surprised at how people can blatantly sell supposedly lucrative systems on the internet, especially products related to the forex trading industry. They all claim that their systems will earn you money while you sleep. Why then do they invest so much time and effort in selling these systems on the Internet for a mere profit of a few dollars?
Instead, they should be using their own systems to trade currencies and earn millions, and all while they sleep!
The fact is, there is no get-rich-quick scheme and absolutely no get-rich-while-you-sleep scheme.
Read on to find out the warning signs that will alert you to a forex trading account service or account manager –
Making a profit from forex trading is always hard work and if you can’t do it yourself, you will have to share some of your gain with someone who is willing to do honest work for you.
Yes, I am talking about forex trading using expert professionals or fund management services. It’s not a business that anyone can do. Not because of the risks involved, but because beginners in forex trading simply cannot make consistent profits day after day. People who have learned the secrets of the trade are certainly not going to teach the world and their wives the secrets of the trade. These people need capital, the more the better! This capital comes from people willing to tap into the world of forex trading.
For a small percentage that can be as low as 5% or as high as 50% of your deposit; these professional traders will make profitable trades day in and day out for interested people who want to make regular profits trading forex but don’t have the time or expertise to learn everything there is to know about the ups and downs of forex trading.
However, in order to be a smart forex trader who outsources your account, look for the following warning signs of an account manager’s forex trading terms and conditions to avoid being cheated:
1. The merchant wants a monthly fee to maintain the account.
2. The merchant wants an account opening fee.
3. The trader will stipulate a fixed income like 20 USD per trade plus commission.
Remember that all the trader needs is capital. If he has the necessary expertise, he will mint money with the capital he can get from small investors.
Other Marketing Tactics to Beware of: More Warning Signs
4. The trader will show all kinds of charts where he entered and exited trades. These charts can be doctored to look authentic with some losing trades added
5. Videos of what past transactions looked like can be just as misleading as these can also be doctored
6. Promises of huge profits in a short time are also signs of overconfidence or an outright scam, so avoid Fx account managers tied to such offers or stipulations with their services
Get the Best Fx Account Management Deal: Tips for Choosing an Ethical Forex Account Manager or Service
- Request a week-long demo on a demo platform you open. Charts and reports cannot be edited on these platforms, even by you, the owner of the demo account. Once you are sure of the trader’s abilities, offer a large commission for each transaction. 25% should be enough.
- A good trader will be able to make a minimum profit of 5% every week on any deposit, although I have experienced profits exceeding 400% on good trading days in some months.