In the previous article, i showed you how to trade without money. In this article, i will show you one way to trade without any financial market skills.
It's possible to make money, lots of money! from the Forex market with zero skills about the financial markets. In fact millions of people all over the world are doing it so if you need some extra cash, this is one of those things you can do as a side hustle. or a main business.
Where to start
It's easy because you just need to find someone who is trading and making good profit and you do exactly what they are doing. Most people get lost at this point because they don't know anyone trading Forex and living large from the profits. Even those that they know might not be willing to show them what needs to be done without asking for a fee.
Luckily, there is an easy way to find people. There is a concept called copy-trading whereby Forex companies allow people like you who want to make money from Forex without the hassles of learning the market to copy experts. You just need to find a company already offering the service, then evaluate the people already trading on that platform and decide which one to copy.
How to choose an expert
Look at the list below. Form a casual look, you will see that there is a percentage next to each name. That percentage is the profit amount the person has gained over the last 12 months. You can see some have as little as 1% while others have made over 40%.
You just need to look at the percentage of the profits made to decide whether someone can give you the return you are looking for.
What could possibly go wrong when you decide to entrust your hard earned money in the hands of a stranger?
First, you need to realize that you only make profit when the person you are copying makes a profit. So, it follows that when he or she make a loss, you also lose money.
Another problem is just looking at the total percentage and not individual monthly returns. If someone makes 200% profit in January, then loses 10% for all the months that follow, by December, his account will still show a profit of 90%. If you had copied the person from February, you would have lost everything by December. This means that you should check the returns made every month. Only copy people who show consistency in their trades.
In the next article, I will discuss how to secure your copy trading effort from losses. Do you know that you can make profit when the person you are copying is making losses?
Don't miss the next article where i will show you how.