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A very similar story to mine Miss Daisy, i started off with plus500 lost money and than eventually ended up here at forex signals. I can assure you 1 thing that this place is amazing and have made quite a lot of money. i started my journey with as little as £500 and now i am doing pretty well. 1 advice i would give is follow FX-Viper by far he is the most consistent trader i have seen.
The amount things i have learned is icing on the cake. Nick is doing a great job and let me assure you that you are in the right place for a forex business. Welcome to the site and enjoy your journey.
If you decided to go with Copier services then the cost of VPS and Subs will occur. This means you will have to keep an eye on trade, where as MAMM, all you do is leave the fund with ICM and all is done by them. No VPS required, All you pay will be 30% of the profit made for that particular month. Any other question please ask i will be more than happy to help.
I recommend the posts above too, stick to the MAMM, plug in some money whenever you feel comfortable. Maybe £300 per month or whatever you think you can afford. Follow FX -Viper, hopefully nothing will wrong but he is by far the best consistent trader I have ever seen. I have never felt worried investing with him.
P.S Plus he is also trading a very large amount of money! I can trust my couple of thousands with him :-)
i feel that signal providers still provide an extrememly advanced software i mean sure its good but it scares me that a users should know what lot size to use and what tp and risk factor too place before copy a signal. Also another thing that scares me is the possibility to interfer with the trades.
I would probobly only use MAM even if my account get bigger maybe if i would like too try out some cool signals for a mix or something then it would be fine.
Now forexsignals have alot of resources and you can probobly get alot of help to setup a perfect setup for your own personality or money balance.
Its a lot simpler then you think. Simpletrader calculates everything for you . The. More you understand about the product you are investing in the better. So its worth learning at least the basics in any case. Good luck
Miss Daisy, I don't know where you are at the moment as it has been some time. I am sorry for your loss and trust me there are thousands like you out there. I think the main concern is that traders are unaware of the risks myfxbook that certain traders exploit, especially when it comes to the drawdown and leverage. There is a great article by ddmarkets called "How the smartest are being outsmarted in the forex and binary options market." It is a long article that discusses social trading, EA's, fund manager etc. I strongly recommend you or anyone else to read it to prevent from being victimized in the market. Highly recommended by me.
As others have said, the MAM/s is the way to go with 1000GBP starting balance. If you look at monthly % returns then you will not cover the monthly subscription fess at recommended risk levels (1x to 3x max. depending on Trader).
Regarding your first post and trading a standard lot (1.0 lot) on a ~£500 account. This is crazy risk! As a rough guide adhere to the following:
100k balance: 1.0 lots per trade
10k balance: 0.1 lots per trade
1000k balance: 0.01 lots per trade
Regarding systems and signals elsewhere, "if it seems too good to be true then it probably is...." also, "Forex isn't a get rich quick thing, but maybe a get rich slowly" e.g. a trader / system doubling the balance every month isn't going to last too long before the margin call comes.