Hi guys, I tried to search this topic on ozbargain but got nothing, so here we go.
I have been trading for a while now and I am confident that I have got a very good working strategy. So I wanted to increase my income by charging people to copy my exact trades that I place on my account. I’m just not sure about rules/laws going about it. Do I need licence or business registered to be able to do that?
Thanks for your help!
Forex is currency
I understand that it is the foreign exchange market trading.
Its just guys i know into forex seem to have fingers in a few different pies and had lots of either penny stock tips or short seling positions too. just want to know if this guy has any hot tips on the share market too.
I am extremely interested in this persons forex scam.
The only way this could be a better opportunity is if it involved bitcoin!
a) you don't have a system (well a foolproof one). Check out long term capital management for why not.
b) but it doesn't matter, you can still earn an income doing what you want if you are persuasive. The traditional way is to open a subscription newsletter.
Not going to comment on your strategy, but the straight answer to your question is that "it's complicated". You can't simply just take people's capital and invest it, however, nobody is stopping you from telling other people and charging them money for it. I would say that it's almost impossible for you to really make much money from charging people for tips.
There are issues of front running that you need to contend with.
You need to be clearer when you say "copy" in terms of timing. E.g. I intend to place trade X at the open tomorrow or I've already placed the trade Y.
I’ve got commodities some traders have been barred from some CFD’s providers .
We all know what that means :)
If you’re so good at trading forex, why do you need other people’s money as well?
To pay his debts
There's this thing called 'making more money'
Leverage
Managing other's money is better than leverage 99% of the time.
Leverage - When you win, you win with leverage. When you lose, you lose with leverage.
Managing other's money - When you make money, you take a cut, when you lose money, the investors take the L.
There are mobs like zulutrade and others (DYOR) where other traders can link their account to yours and 'follow' you and you get commissions based on your performance.
As an FX trader myself, if your strategy is that good why not increase your lot sizes instead?
You don't think increasing his size will just increase his risk of ruin?
Not if he uses proper money management. That's the whole point after all. :)
You want an FX broker that offers a 'percent allocation management module' (PAMM).
Darwinex seems good for that, but, I've never used them.
Dude, just make money for yourself and we'll be right.
Otherwise, give it away on live streaming on YouTube.
If you're working strategy beats the 80 to 85% of losing traders (as published) at I believe all CFD providers worldwide (that's the CFD business model afaik), telling others will probably just decrease your odds.
Being a veteran, I usually suggest people go in to legitimate trading (non-margin), or better just get a good job.
Thanks guys, for your support I was more after the laws regarding trading other people’s account, I do roughly 85% Ford and the rest some indices, crypto…not really into it. I have created a telegram channel to showcase my progress and see whether my strategy is viable in the long run as well. I know nothing is guaranteed in forex…when I started a few years ago I lost roughly about $10k but since then have recovered and gaining steadily so far. For the time being I will keep to myself and not invite others in case they get blown accounts and they mark me as scam. Hahhaha. I love ozbargain community here. You guys are the best.
how much??
do you have any tips on companies to short too?
when can we buy the tips?