Changing My Focus From Managed Accounts To Trading For Myself
Most of my exploits in the forex market have been connected to forex managed accounts. There are many of them and they produce a wide variety of results. If you choose a good one, it will be a terrific source of revenue, both for periodic cash flow and also long term capital gains. However good, or bad they are, they all have something in common, and that is that they charge a performance fee, which is a percentage of profits, and some charge an annual management fee too.
I had been thinking for a while that I wanted to learn how to trade for myself to see if I can duplicate or even outperform the results that these professional fund managers can achieve. I am under no illusion that it will be quick or easy but I was willing to try my utmost to become a profitable forex trader. All with the added benefit that I wouldn’t have those performance fees deducted from my account.
I have an idea in mind that one day after a few years when I become a profitable trader that I will start up my own managed forex fund so that people can invest with me. That is a long way into the future though.
I know that 95% of traders lose money in the short term and the long term so I had to get some serious training and experience under my belt. This meant getting hold of a trading course which would lead me by the hand through all of the nuts and bolts and importantly, it had to produce results. I did much due diligence and scrutinised many reports and read a lot of forums to see the best course that I could get. I settled for a course called The Complete Currency Trader. There are many accounts on how good a course and how ground-breaking it is and I came across very few bad reports so I thought that this is the package for me to learn with.
The concept behind Complete Currency Trader is different from the majority of other courses in that it adds together the total inherent strength of each separate currency and it compares it against the total strength of the other currencies. In other words, the GBP might have an accumulated strength against all of the other currencies of 78% while the JPY may have a total strength of 46% against the other currencies. This strength is worked out by a mathematical equation and the results can be posted on a chart along with all of the other currencies. In this case the GBP is strong and the JPY is weak.
Most other courses and traders use individual currency pairs and see if they can spot a pattern emerging. They use all types of lines, measurements and indicators in the hope that they will provide some sort of clue to future price movements. The reality of this strategy is that the patterns that are formed are totally random from a technical analysis point of view. By looking at one currency pair, traders are not taking into consideration the effect that all of the other currency pairs have on that pair. By scrutinising one currency pair, they are studying a tiny percentage of the full picture within the forex market. Every currency has an effect on every other currency.
This course that I am learning how to trade with is comprehensive. It explains everything that you need to know about trading, forex knowledge, risk, the business side, trading training, use of the software and so much more. All of the theory can be learnt relatively quickly but mastering the software so that you become highly profitable can take a long time, probably due to the psychological aspect more than anything. Learning to wait for the perfect time to place the trade can be hard to do because as traders we want to trade. It can be difficult waiting when we want instant gratification.
I am really loving learning to trade and the Complete Currency Trader makes it a joy to learn. That was the “problem” with managed forex accounts, the fact that I had no control over my trades. It wasn’t a problem at first because I didn’t want to trade for myself and they still are a great way to make money and I am still investing in them. Now though, I want more control. I want to take my future into my own hands and not rely on anyone else.
You can follow my training progress if you want to by visiting www.acorn2oak-fx.com/training/myresults.html