Over the last few years, more and more people are seeking out higher returns than the standard bank interest. As a result, more and more investors are seeking a managed forex account or copy trading service to help them generate additional cashflow. Both products are offered by WhyLose.com
We are going to look at how they can potentially help you achieve your financial goals with less stress.
When it comes to trading the global Forex markets, there are two main ways to generate returns.
Let’s look first at self-directed trading
When you trade your account, you must have your psychology spot on, as there are a lot of emotions involved.
Many traders tackling the Forex markets for the first time set high expectations. Instead of ‘learning the ropes’ they go in with hopes of generating unrealistically high returns.
Unfortunately, generating a high return during your first few years of trading is often more luck than skill.
Inevitably, you suffer a series of losses in a row, and your account goes in to drawdown.
Your confidence is now at an all-time low and, as Murphy’s law would indicate, the minute you stop trading, your system’s best trades come up, without you on them.
Fear then sets in, you procrastinate, and you fail to take every trade your system generates.
Now you are in a worse position than when you started. Your account is down, your confidence is low, and you still don’t have an effective trading system.
A managed forex account or copy trading service, on the other hand, simplifies everything for you.
There are many benefits associated with a managed forex account or copy trading service, and we’re going to cover them here.
Why do people choose to trade their accounts?
One of the reasons people trade their accounts is they are curious to see how their trading ideas will perform.
Many traders believe they can outperform the professionals who have dedicated their life to their pursuit. Some mistakenly believe they can transfer their current work or life success across to the Forex markets without putting in the years of study and lessons learned.
The second reason people like to trade their account is they see some people turning a small amount of money, maybe $10,000 into a much larger amount of money in a very short space of time.
Now, anyone interested in making money is going to be quite captivated by the large returns some people quote.
The third reason people trade their account is they are motivated to generate an additional stream of income.
Trading for income makes a lot of sense as most first world countries are quite expensive to live. To try the nice things in life, additional income streams are needed.
The forex markets appeal to those who wish to generate money on the side because it can be traded 24 hours a day, five days a week. The Forex markets are very liquid, which means you can get your money in and out with ease.
What is the main goal of a trader?
The number one goal of any trader is to earn a positive return on the money invested.
While this sounds easy on paper, it is much harder in real life.
Many so-called successful traders make it sound as easy as buying a few currency pairs, hitting sell and banking all your profits.
They neglect to mention the ten or more years of blood, sweat and tears that went into carving their Forex trading career. The countless late nights, dozens of trading books and failed trading ideas.
At the end of the day, your goal should be to generate a positive return. Don’t get this confused with having to do it yourself.
Therefore, you must seriously consider a managed forex account or copy trading service as part of your financial strategy.
For example, instead of having to:
stay up late at night;
analyse all the currency pairs;
listen to the key economic reports;
chat with other traders on online forums;
pour over dozens of charts across multiple timeframes;
adjust your risk management parameters daily; and
adjust your spreadsheets,
you can have a professional trading your account for you daily.
You still have the result of getting a positive return in the market, except you don’t have to spend the time, money and energy associated with generating those returns.
If the main goal for you is to generate a positive return, then you need to consider a managed forex account or copy trading service.
Why is it important to keep the end goal clear in mind?
It is essential to keep the end goal of what you are looking to achieve front and foremost in your mind. You must constantly be thinking about how to generate a positive return from your funds under management.
In fact, for many people heading into retirement, earning a positive cash flow is such a beneficial thing it can truly change the way you live and the lifestyle you have.
Taking the time to consider a managed forex account or copy trading service may be the exact thing that you are looking for.
The reason being is you do need to generate a positive return on your money, but you don’t need to spend the time, effort and money and resources to do it yourself.
If you get a buzz out of staying up late at night watching the forex markets, then set up two accounts. The first account is your base. You set the money for the first account with your managed forex account or copy trading service.
The second account is your trading account. Set your goal to see if you can outperform your WhyLose.com account.
What are the top three benefits of a managed forex account or copy trading service?
The first major benefit of a forex managed account or copy trading service is time.
Time is our most precious resource.
Don’t just think about the time of actively trading. Actively trading is often the fun part of executing the trade and following your stops.
What people fail to realise is it can take at least 6 to 12 months of developing a sound, low-risk trading idea. Then you must backtest your new strategy. This will then give you the confidence to trade the idea and your new setups.
If you are only thinking about the time it takes between 7pm and 10pm to execute your system; then you are mistaken.
Think about the time it takes to proactively build and manage and backtest a fully developed trading system. A professional trading system includes your entry, exit and risk management parameters.
The second benefit of working with a managed forex account or copy trading service is you get to work with a professional. The managed forex account or copy trading service you select at WhyLose.com will be run by a team of professionals who have been in the markets for years.
It’s their life.
They live and breathe the forex markets.
The third benefit of a managed forex account or copy trading service is you control your deposit amount and can start and stop when you like.
Not everyone understands this.
When you open a managed forex account or copy trading service, you control the amount of money you put in.
Sure, we have a minimum account opening balance, but at the end of the day, you can control your initial deposit above our set minimum. It’s £2,500 if you want to cover our fee and make a profit. Or £250 just to try us out and watch the percentage gain you make. You can then add more funds later 🙂
Here are some points to consider about your account:
You control your account 100% of the time.
The copy trading service only has authority to place trades on behalf of your account.
We can never withdraw cash from your account.
We cannot transfer funds from your account.
Remember, you control when you start and stop trading the managed forex or copy trading service. You need to keep this in mind as well.
How do I get started with a managed forex account or copy trading service?
Getting started with a managed forex account or copy trading service is simple.
Open an account with XM. To trade our FX50 account the minimum you need is £250. If you intend to deposit less than £2,500 select a micro account.
Filling out the online forms only takes a couple of minutes.
You submit your forms and then you will be able to fund your account.
Then to start copy trading please subscribe on the Register button below for a free 7 day trial. Alerts are sent by SMS direct to your mobile immediately.
Alternatively, if you have been introduced by an existing client of Lion Asset Management and can fulfil our compliance requirements than please open a managed forex account with us here.
As you can see, there are several benefits of a managed forex account or copy trading service. It is easy to set up. It will save you time. It will remove the emotions from your trading. You get to work with professionals, and you control all deposits and withdrawals to and from your account.
The founder of WhyLose.com has been a member of the Personal Finance Society and its predecessor since 1987. The Personal Finance Society is part of the CII Group which was granted its Royal Charter in 1912. The Group is the leading professional body for the global financial services profession with over 100,000 members in 150 countries.
We have provided Forex Managed Funds And Forex Alerts Since 2002.