Hi,I'm new to forex trading.Have been using a demo a/c and like most newbies,made money and then lost some too.Am looking forward to being mentored by a full time forex trader.Anyone out there willing to help out?Am also willing to share profits?
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Thread: ForexTrading Apprentice
08-14-2011, 06:23 AM #1Recruit
- Join Date
- Jul 2011
08-14-2011, 05:02 PM #2
Be careful asking questions like this. Forex mentors who want to charge a lot of money and/or want a cut of your money (via IB commissions or % of profits) are common. Successful full time traders with enough time to properly mentor you are rare.
Why should you worry if they are your IB? Simple - they get a cut of the spread on every trade. This gives them a financial incentive to convince you to over-trade your account.
Why should you be cautious about them wanting a cut of the profits? They may decide to take high risks with your money. If it goes badly, they've only spent a little time. If it goes well, they get a cut of profits . . . until the day that it goes badly.
03-21-2012, 05:58 AM #3Recruit
- Join Date
- Mar 2012
03-21-2012, 05:07 PM #4