The Forex Market is one of the top notch markets on this planet to make huge profits. Even if you are not an expert, you have the possibility of getting a decent income every month. But keep in mind that 90 percent of all traders worldwide fail to make money. So, I bet you are now thinking, how can I become one of the traders in the 10 percent who make a living on the Forex market? I'll show you how; just keep on reading this article.
Ever heard of Social Trading? Here you can choose from a wide range of Forex signals offered by traders. All you have to do is find a good signal and connect your trading account to the signal. When the trader of the signal is opening / closing trades, it will do exactly the same to your trading account. Through these means, when the professional trader is making money, you will be making money too.
The key is finding a good signal. There are tons of trading signals out there with good performances, but you will have to dig a bit deeper to filter out the good ones. Check how long the signal has exhausted. Look at the trading history of each signal. How high was the highest drawdown of the signal? These are the things you should take into consideration before you connect to the signal.
The good signals with big profits are often using high lot sizes. So, if you are on a low budget, say less than $ 1000, your broker will not open the trade. That's because your equity is too low. You will need a tool that will customize the lot size from big to small. For example, the lot size of the signal is 1.0 this specific tool will decrease the lot size to 0.1 or 0.01, anything you like. Conversely, if you find a good signal but the lot sizes are too small, you can increase the size from say 0.01 to 1.0 or any other lot size you wish. Would not that be cool?
Let's go a step further. If you have found several good signals you are connected to, you could copy all of these trades to one new single signal and offer this new mega signal to others. You could even become a signal provider and charge a monthly fee to your subscribers and make even more money. Sounds good, does not it?
On a side note, the tool can even do reverse trades. Reverse trade meaning that when you connect to a losing signal, all short trades of the signal will be reversed to long trades and make you money, even when the original signal is losing. Other traders lacking this knowhow are losing money but you will be making a profit!