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#1 March 30, 2008 00:32:00

BeFocus
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How to pick a good FX Manager?

Hi all traders & potential FX Manager,

I think FXManager idea is really a good idea of Oanda. I think there will be many good FXManager appear here. Also, more and more traders will be the clients of the good FX-Managers. All parties benefit from this kind of relationship.

I would like to have a discussion on how this new kind of market should be regarding to both the FX-Manager and the investors (Clients) point of view.

I myself is looking for a good FX-Manager Account to invest my money into but not really sure how to choose one. To me, whoever can have a consistent %gain > 20% per month in FXContest is a good candidate.

I hope to we can come up to some kind of standard how an FX-Manager should be, what kind of documentation to be provided before a client can feel comfortable to invest in his/her FXManager account.

Regards

[ March 30, 2008, 12:40 AM: Message edited by: BeFocus ]

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#2 March 30, 2008 06:52:00

Machiavel
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How to pick a good FX Manager?

FXManager is the same as the 'Admin' of any 'high yield investment program' known as HYIP who claims to create wealth through Forex.

There is a twist.
Unlike in the HYIP 'arena' the FXManager's identities are known.

That doesn't guarantee that your 'hopes' will be met.
You WILL find out that they ALL end up failing at some point.

Before you send your 'hard earned dough' to the Admin, you should ask her/him.
"Why do you want to trade OPM?"


Edit
As in "Warren, why do you trade OPM?".
And the great Warren replies "......."
And you : Wow! Is that so ? Okay, take my money. [Wink]


 -
The mean, ignoble, abject, sordid, DARK SIDE of Yoda.

[ March 30, 2008, 06:58 AM: Message edited by: Machiavel ]

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#3 March 30, 2008 11:22:00

BeFocus
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How to pick a good FX Manager?

The good thing is the FXManager's identities are known.

I don't think that "they ALL end up failing at some point". Even if they will, I think we (clients) have more control on our account (we see what the trades are, the NAV,...) in FXManager (Client), and so we some how can prevent the disaster. For example, we can periodicaly (monthly for example) withdraw 10% of the profit.
Also, we can pick severall FX-Managers to invest into so that we don't put all the invested money in one basket.

I see this can be a new trend of investors.
-------You wrote---
As in "Warren, why do you trade OPM?".
And the great Warren replies "......."
----------------------
Please share, what Warren replies.

Thanks

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#4 March 30, 2008 12:32:00

Machiavel
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How to pick a good FX Manager?

quote:
Originally posted by BeFocus:
The good thing is the FXManager's identities are known.

I don't think that "they ALL end up failing at some point". Even if they will, I think we (clients) have more control on our account (we see what the trades are, the NAV,...) in FXManager (Client), and so we some how can prevent the disaster. For example, we can periodicaly (monthly for example) withdraw 10% of the profit.
Also, we can pick severall FX-Managers to invest into so that we don't put all the invested money in one basket.

I see this can be a new trend of investors.
-------You wrote---
As in "Warren, why do you trade OPM?".
And the great Warren replies "......."
----------------------
Please share, what Warren replies.

Thanks

His reply is SUCH that it will ASSURE you that he is okay to be trusted.
Now what kind of reply will make you trust any manager?
It depends on WHY do 'profitable' traders want to trade OPM.
Why do they want to manage OPM since they can be immensely wealthy trading for themselves ?
They OWN the goose with the golden eggs. Why do they want to give you some of those eggs ? WHY ?

 -
The mean, ignoble, abject, sordid, DARK SIDE of Yoda.

[ March 30, 2008, 12:52 PM: Message edited by: Machiavel ]

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#5 March 30, 2008 13:21:00

BeFocus
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How to pick a good FX Manager?

There are some reasons I can think of:

They don't have much money yet. It doesn't worth the effort if they start with 100USD with 10% per month rate of retrun, for example.

May be they will be more carefull trading Other People Money. Since their performance can be seen by many others (FXTrade Manager's client accounts), they want to built their credit for the bigger future plans.

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#6 March 30, 2008 13:35:00

Machiavel
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How to pick a good FX Manager?

quote:
Originally posted by BeFocus:
There are some reasons I can think of:

They don't have much money yet. It doesn't worth the effort if they start with 100USD with 10% per month rate of retrun, for example.

May be they will be more carefull trading Other People Money. Since their performance can be seen by many others (FXTrade Manager's client accounts), they want to built their credit for the bigger future plans.

Think about this : If you lose 100 and it doesn't make you a beggar you can start trading aggressively, very aggressively and 10% per month is not aggressive at all. You should aim at 10% PER DAY and compound your tradings until you reach the threshold of "hmmm...I gotta cash out something". Be sure you understand that trading aggressively is not trading at random!!!

[ March 30, 2008, 01:39 PM: Message edited by: Machiavel ]

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#7 March 30, 2008 13:50:00

BeFocus
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How to pick a good FX Manager?

Yes, if they have that kind of rate of return, they won't need to trade for others. I think many of FX-Managers don't have better than 10% per month consistently for years.

It is more like this: lose 100 is not a big deal, start agressively again, loose again (because too agressive, high leverage,...), loose again, loose again, win 100%, loose again,... The rate of return after 1 year is something like -1000%.

You may have some good agressive trading style, but you know what I am talking about.

Regards,

[ March 30, 2008, 01:56 PM: Message edited by: BeFocus ]

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#8 March 30, 2008 14:00:00

Machiavel
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How to pick a good FX Manager?

If you want to trade to the top with a small bankroll, you HAVE to trade aggressively.
Even if you need 1 or 2 or 3 years to 'prepare your mindset', it will be WORTH the effort.
OR
you will find that trading is not the way for you to get financial freedom.

But if you are happy to 'trade' for peanuts, then the whole matter has to be redefined.


Working 9-5 is no shame.

[ March 30, 2008, 02:11 PM: Message edited by: Machiavel ]

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#9 March 30, 2008 15:09:00

BeFocus
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How to pick a good FX Manager?

---You wrote---
If you want to trade to the top with a small bankroll, you HAVE to trade aggressively.
---------------

How do you come up to that conclusion? Every investors love big rate of return AND small drawn down. What it count is the long term rate of return. If you have big rate of return short term like 10% per day, you need to meet one more criteria to be considered by investors (if you need them): consistency.

While the bank lend their money with only 6-7% per year? If you can come up with only 10%per month-->214% per year. Do you think it attractive enough to thousands of investors?

Anyway, do you think FXManager of Oanda is a good tool for clients and real FX Managers to meet their needs? Do you think showing good trading in FXManager in game account or in contest (for long enough) is enough to have many clients. I think it is very possible. There will be a big move from mutual fund, 401,... to Good- FX-Managers here.

Where are FX managers in this forum? nn11? moe green?

Regards,

[ March 30, 2008, 03:16 PM: Message edited by: BeFocus ]

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#10 March 30, 2008 15:38:00

Machiavel
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How to pick a good FX Manager?

quote:
Originally posted by BeFocus:
---You wrote---
If you want to trade to the top with a small bankroll, you HAVE to trade aggressively.
---------------

How do you come up to that conclusion?
...

How long do you think you'll live?

[ March 30, 2008, 03:51 PM: Message edited by: Machiavel ]

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