Many people who have repeatedly looked to create their own profitable forex system, but have absolutely failed to achieve this goal, look for an alternative way to make money. Thankfully you can still generate profits from currency trading without having to trade yourself, but is it worthwhile?
Well let's examine some of the options you have. In my experience you basically have three choices.
The first option is to give your money to a professional forex trader so that they can trade the markets for you. These people are very hard to find, but there are some people out there that will agree to trade your money as long as they receive a certain percentage of the profits in return. You can also put your money into a managed fund as these are also run by experienced currency traders.
A second option is to subscribe to a forex signals service. If you go to your favorite search engine and search for 'forex signals' or 'forex signal providers', for instance, you will find lots of different providers.
They will all appear to be profitable because obviously if they posted poor results on their website then no-one would subscribe. However the trouble is that you will often find that once you subscribe to one of these services and start trading the signals given, you will not generate the kind of profits that you were promised on the sales page.
A final option you have if you do not want to trade yourself is to buy an automated robot so that they can trade for you. These robots are also referred to as expert advisers and they are generally used on the MetaTrader4 platform. They automatically enter and exit trades based on the criteria and trading conditions employed by the creator of the robot. So if you are using one of these expert advisers, you are basically putting all your faith in the person that created the robot in question, which is obviously quite risky.
So the point is that even if you are unable to come with a winning system yourself, you can still make money from currency trading. You can hand your money over to a top currency trader or fund manager so they can trade for you, you can pay money to a signal provider and trade the signals that are sent to you, or you can employ some kind of forex robot to place trades automatically. I personally like to trade the markets myself and would not be comfortable handing over responsibility to someone else, but I just wanted to discuss some of the options that you have.
Source by James Woolley