All, I'm new to this forum so wasn't sure whether this should go on this section or main. Apologies if it should be elsewhere.
I've used practice / demo account for about 18 months or so. Mainly DBFX, FXCM, but also looked at many many black box systems, robots, experts etc. etc. and from what I can see, it is possibly to make large amount of money with forex, but also possible to lose large amounts of money very quickly too. Some systems work for a while then they don't, others are just useless from the outset and other claim to promise the earth.
So, I've been looking out for a managed forex service / account. ie where the trader takes my money and returns me X % per month, quarter etc. ideally I want a trader who trades little, and often, and relies therefore on compounding, rather than making massive returns each month. However, whilst I know there are many many brokers, traders, companies who trade forex professionally, I can't find such a service being offered anywhere? Does such a thing exist at all - and if so, where? is it only for very very wealthy individuals?
The reason I ask is that I've actually come across a service which claims to be able to return me 8% to 10% per month and being perfectly honest, it just sounds too good to be true! it seems to fit the requirements perfectly. Low stop loss, trading little and often, modest (relative) returns each month etc. If I look at the figures and assume that i invest say, £10k with this service, in 4 or 5 years time, I've got the same capital as a small African country's GDP!! AND, it would be paying me 10's of thousands of pounds per month!!
There are a number of reasons why I'm very cautious about sending some dosh over to these guys. Primarily, its because they say its offshore and therefore unregulated- the reason they give for this being the tax advantages. Understood but seriously, if you are making so much money, do you really care about paying tax - and why not do it in this country - with the protection of being regulated etc.? There are other reasons why I'm so cautious, which I can't really go into on here.
Sufficed to say, they will pay me a commission based on the cash that others that I introduce to the service put in. Suddenly, the alarm bells start ringing! is this a Ponzi scheme - ie get as much cash from as many people as possible until the company suddenly loses all your money in a "bad" month?
So, am I being completely blinkered by the gains that they claim can be made? Are the returns realistic? So such other services exist - and if so, where and who are they?
thanks.
I've used practice / demo account for about 18 months or so. Mainly DBFX, FXCM, but also looked at many many black box systems, robots, experts etc. etc. and from what I can see, it is possibly to make large amount of money with forex, but also possible to lose large amounts of money very quickly too. Some systems work for a while then they don't, others are just useless from the outset and other claim to promise the earth.
So, I've been looking out for a managed forex service / account. ie where the trader takes my money and returns me X % per month, quarter etc. ideally I want a trader who trades little, and often, and relies therefore on compounding, rather than making massive returns each month. However, whilst I know there are many many brokers, traders, companies who trade forex professionally, I can't find such a service being offered anywhere? Does such a thing exist at all - and if so, where? is it only for very very wealthy individuals?
The reason I ask is that I've actually come across a service which claims to be able to return me 8% to 10% per month and being perfectly honest, it just sounds too good to be true! it seems to fit the requirements perfectly. Low stop loss, trading little and often, modest (relative) returns each month etc. If I look at the figures and assume that i invest say, £10k with this service, in 4 or 5 years time, I've got the same capital as a small African country's GDP!! AND, it would be paying me 10's of thousands of pounds per month!!
There are a number of reasons why I'm very cautious about sending some dosh over to these guys. Primarily, its because they say its offshore and therefore unregulated- the reason they give for this being the tax advantages. Understood but seriously, if you are making so much money, do you really care about paying tax - and why not do it in this country - with the protection of being regulated etc.? There are other reasons why I'm so cautious, which I can't really go into on here.
Sufficed to say, they will pay me a commission based on the cash that others that I introduce to the service put in. Suddenly, the alarm bells start ringing! is this a Ponzi scheme - ie get as much cash from as many people as possible until the company suddenly loses all your money in a "bad" month?
So, am I being completely blinkered by the gains that they claim can be made? Are the returns realistic? So such other services exist - and if so, where and who are they?
thanks.