Here is a great Forex trading strategy that works very well for me. No it's not the regular advice that you get everyday from other traders that are probably losing their money in the market too. Most people will advise you to read all the books about Forex, take all the courses out there, practice for 5 years then see where that take you. We know that this is non-sense.
When we decided to invest in the Forex market it was because we wanted to invest money and see some returns quickly without having to go through a learning curve that takes forever, then if you got really lucky it might work for you.
I decided to take a different approach and think a little bit out of the box. I figured, I do not have to be an expert in Forex to make money in that market. Let me give you an example. If someone filed a lawsuit against you, you do not have to study law for 10 years so you can win in court! You simply hire a lawyer that knows what he's doing to take care of that for you.
It's the same thing here, I am an investor I need to make money investing in Forex. There is no point in studying it for years and try to come up with strategies that only god knows if it will ever work or not. I even end up spending money on training courses and I find my self in the end losing money without even getting started in trading.
I took a different path, some might call it laziness but I frankly do not care. All I care about is to see returns on my investment without learning how to trade from scratch for years. I invest my time looking for qualified traders that have a track record and the skills to increase my portfolio unfortunately every day. There are traders all over the world with outstanding trading skills there is nothing wrong with hiring or following some of them and in return they take a small cut, at the end of the day everyone is happy.
It's not easy task to find a good trader with the skills needed to trade your money, but it sure is much easier for me than trying to learn all about Forex for years and even spend tons of money on courses and EAs. Let me tell you the key features that I look for in a trader. There are 7 key features makes a trader qualified to trade my account and I am going to share them with you.
The 7 Key Features / Skills That Makes a Trader Qualified To Trade For Me:
- Risk should not be more than 3% of the account in a single trade.
- A track record and history of live trading on a live account for at least 1 year.
- Risk: Reward ratio 1: 1, I prefer 1: 2 mean profit should be double the risk.
- Open positions should not be more than 3 at any given time.
- No Scalping! I do not go for 3-5 pips in profit per trade that does not work.
- There should always be a "stop loss" and a "take profit" target in place.
- SL targets should never be bigger than the TP targets.
Take the time to check online traders, and I mean real traders not robots. Make sure they have the above skills, study their history carefully and start partnering up with them. Trade a small amount of your capital and as you get comfortable increase your trading balance a bit by bit. This is a very realistic approach, and it works. I advise you to cut your losses today stop spending money on courses / trainers and look for real traders that can actually trade and help you grow your portfolio.
Source by Mohamed Rabea