re. offer to have my account traded by someone else

dazza_in_oz · (#1 (**permalink**))

hi, i have met someone thru this forum who claims to be making around 400% a week using a system. he is offering to trade my account for me, initially through northfinance / interbankfx's PAMM module (where i can see the account being traded - seems transparent enough!), though now he doesnt like the low leverage there and prefers gainscope.com (1:500)

has anyone else done this type of arrangment or have any advice on how to protect my funds? thanks

journeyman · (#2 (**permalink**))

I'm a money manager myself. Many people claim they have the ability to trade forex and make so much profit. The bottom line is, you have to see a live statement covering at least 6 months with positive results. Backtesting of any system is meaningless. If someone could let you log in to their account as a non-trading guest, and you can see the past live results for at least 6 months, that'd be great. Past results cannot not guarantee future performances, but they do give you an idea of what to rationally expect. I would not trust anyone showing any statement in screenshot or html format because numbers can be changed and altered in these format.

3BlackCrows · (#3 (**permalink**))

Quote:

Originally Posted by journeyman

I'm a money manager myself. Many people claim they have the ability to trade forex and make so much profit. The bottom line is, you have to see a live statement covering at least 6 months with positive results. Backtesting of any system is meaningless. If someone could let you log in to their account as a non-trading guest, and you can see the past live results for at least 6 months, that'd be great. Past results cannot not guarantee future performances, but they do give you an idea of what to rationally expect. I would not trust anyone showing any statement in screenshot or html format because numbers can be changed and altered in these format.

I agree with Journeyman totally.

Would just like to add that it is always best to develop your own system so that you don't have to rely on somebody else. That way you will always have that knowledge and will always be able to make (or lose!) money whenever and wherever you are.

It's not easy, but can be done. It just takes a lot of hard work and research.

Good Luck!