IX Global doesn't touch your broker account, the only thing connected is the automation service so you can withdraw and deposit as and when you want. What you earn in your trading account is yours and you deposit and withdraw from your broker account as you like.
However to benefit from the opportunity to increase your lot size and compound interest -it's best to keep all your equity in your broker account. If you do withdraw try to limit it to about 30% but really its up to you!
Yes you can increase or decrease lot size. eg. if you start with 1000 then the lot size is set at 0.01 and when your equity rises to 2000 then you can increase to 0.02. As the equity in your account increases you can increase your lot size.
If you withdraw funds from your account then it is important to decrease your lot size too. This ensures your capital is managed with the appropriate leverage and you are adhering to good risk management guidelines.
Risk management is an important pillar in trading and its important that one understands this. Alot of people lose money with forex trading because they have over leveraged their trading account and are risking too much of their capital on trades.
I've seen this a number of times now when people send me their screen shots of their MT4 app and its very upsetting to see this. When you don't adhere to proper risk parameters many find themselves where their trading accounts just bleed money. If you are risk averse then this is also an important pillar to learn.
Scalping can be very profitable for traders who decide to use it as a primary strategy, or even those who use it to supplement other types of trading. Adhering to the strict exit strategy is the key to making small profits compound into large gains. The Trader sets a trade to earn a few pips and then take the profit. Its a common strategy within an automated trading service too.
With IX Global's automated trading service it doesn't recommend running automtion and manual trading in the same account. This is because with both running you wouldn't have enough equity to accomodate the automated strategies and place your own trades. You will also put your capital at higher risk and overleverage your account.
If you want to scalp trades its recommend you create your own account and set about running manual trades you can scalp.
IX Global don't do a profit taking process.
There is a monthlhy member fee of US$180 which gives you two automated trading connections. What you earn in your trading account is yours.
Your monthly fee also includes:-
a) Access to two automated forex trading accounts
b) Full access IX Social app / website
c) Full access to the IX Academy (education and learning)
d) Access to the Forex alerts so you can do your own trading (if you want)
e) Weekly live sessions for learning
We also have an automated Gold trading service which is still in BETA testing but is available to members at an additional monthly fee.
Key Automation Questions: The automated trading service is it a managed account ?? ( as i have no time to continually monitor it )
IX Global provide an automated managed service. This means this is very much a 'hands off' approach. You link up to the service via your brokerage account and then all you have to do is watch the trading happening via your MT4 app. You don't close trades, open trades, just watch.
This is very suited to those who want to make thier money work smarter for them but don't have the time to place and monitor trades because of busy lives. For example jobs, family, travelling.
I have a busy life so this opportunity suits my lifestyle. I check my trades weekly so I can share them and I monitor them monthly to see the overall growth in my account.
If you have any further questions then please ask.
Forex trading is the buying and selling of foreign currency for profit. You will have experienced it when you are travelling and a currency will be weaker or stronger against another currency.
The primary players in the forex markets are the banks, large commercial corporations, hedge funds, large investment houses and a small portion are the retail traders - which is what I am. The market is really driven by the bigger players.
The currency prices move up and down daily and this is called a trend. A forex trader will follow the trends of a currency and set trades in play to profit from the rise and fall of the currency. Trends are caused by macro and micro economics and a level of people sentiment too.
The forex market trades about US$5 trillion a day and is one of the biggest industries out there. The general public don't really pay attention to the value and size of this market.
All retailer traders will have a brokerage account - which is like your bank account. You will deposit funds for the purpose of trading. Retailers also connect their brokerage account to a platform called Metatrader 4 which is an online global trading platform which shares all the currency pairs out there that are being traded.
There are a set of major pairs which primarily are currency pairs like EURUSD, USD/JPY, GBP/USD, and USD/CHF. These are the major players and most retail traders will have one or all these pairs in their trading portfolio.
Trading isn't a skill we can learn quickly it takes years to be a good trader. It takes a lot of testing of strategies, testing of your own mindset and testing of your ideas. The facts state that 90% of new traders will lose all their investment within the first 90 days of doing trading by themselves. There is a lot of educational material out there to help with trading and a number of FB groups too. My personal route with this topic has been to do automated trading first so that I could learn and earn as I go and not waste my investment.
Automated trading is using artificial intelligence and professional traders to set trades on your behalf. AI is used now by about 80% of traders these days as it helps reduce the emotional side of trading and allowing investors to get into trades when they are not at their computer. AI with trading basically means the technology look for a set of trends and markers which help decide if the technology will set the trade or not.
The forex marketing is open 24 hours a day, 5 days a week and you can trade in any market through an FCA registered broker and the MT4 app.
Risk management and leverage are also key concepts to learn and consider when you start out trading as this will determine the potential profit and the potential loss. I always air on the side of lowering my risk management and ensuring I only trade about 1-3% of my capital in my trade at any one time.
A great place to verify traders and their technologies is a website called 'Myfxbook.com - it’s a great site for reviewing profits, drawdowns, history and trades in play for traders you are looking at. Its a space to analyze , get answers and ask more questions. The automated service I use has a link on here to review to help see the statistics of the trading tool.
Those are some salient points. If your son is keen to trade manually - have a look at www.babypips.com - there is some education there and some learning too which I use. If automated trading is something, he wants to start with so you can learn and earn then I can help with that too - as that is what my platform uses.
There are some points - I hope I’ve been able to make a few things clear. If you have any questions - just ask. Or if anything above is confusing, then let me know.
Trading is a good career to have but it does require a lot of learning, skill growth, commitment and time but if you get it right then it could be a good option.
I started this journey July 2019 and I wish I had started it so much earlier - its the one career choice that I do feel I have control over and feel I could achieve more money abundance even in this pandemic....but like all things we need to test, check, test, check....
When we understand it better we can see how when applied to our own money it benefits us in the long term so our money works harder for us.
Use a compound interest calculator to help you see how it can help your money grow.
You will also understand better the interest you pay for the debts you may have and see how banks are making a lot of money using compound interest on your accounts. this particularly applies to credit card debt.
Forex trading has one of largest market share in the world. It earns about $3 trillion every year worldwide. But Forex trading is mainly speculative, the profits and losses are based on the currency movement. The big turn-out in profits attracts a lot of investors. Even those who are still beginning in this field are interested in joining, to make it easier, there is an automated Forex trading system that could help them make the transition easier.
With an automated Forex trading system you would have a programmed system that could monitor the progress of the Forex trading real time. It utilizes an expert advisor and a set of indicators that interprets the Forex trade and can even show you an opportunity to trade.
What is good about utilizing an automated Forex trading system is the quick way of picking things up. If you are a newcomer in trading, this would minimize the lengthy process of learning the market and its rules. You do not have to stay glued with the Forex market 24 hours to understand the Forex trading market. The software would keep tabs on the trade 24 hours a day.
This would keep you abreast with what is happening real time. This would enable you to make changes to your account real time based on changes happening in the market. Major trading changes could happen in a matter of just a few seconds.
Aside from that, the automated Forex trading system gets rid of the emotional and psychological aspect of trading. There would be times when series of losses can affect your way of thinking and analyzing the market. This could result to bad and rash decisions in the market. But the automated Forex trading system and software would help you deal with it.
The software is also easy to use and simple to install. It can be allowed to run into autopilot. Configuring the software would only last for a few minutes and then it can be allowed to do its work and its magic. You can be successful in automated Forex trading especially, if you are using a system that is suitable for you and at the same time, you are familiar with.
This would also enable you to be flexible and have diverse Forex trade. The automated Forex trading system can work with different types of brokers and different types of currencies. You would be able to trade with different markets and currencies. You can trade while on travel.
But the automated Forex trading system is not perfect. If it is, then a lot of people would be winning the trade. Money management is still important. You have to know how much you are willing to risk. To be successful, most traders would always have a fixed percentage of their equity at risk. They could increase the size of their trade in winning or decrease if losing.
If you already have an automated Forex trading system, then it would be better not to make any changes on the settings or the configurations. Having an automated Forex trading system does not guarantee success. Nor, is it the only thing that you should rely on to be successful in trading.
There are some factors that could influence trade. Forex market changes very fast depending on different factors and situations.
Love this man's giggle!
Les Brown is someone you should take a wonder through his video's. He's just so real, tell you 'how it really is' and just help drive whatever action you really want to take.
Having an automated Forex trading system can give you an edge in Forex trading, but having a Forex strategy can give an upper hand. If you want to reap long term profits, then you just do not trade using your instinct or just because a particular trade excites you. You need a trading system or a strategy to make sure that you are getting solid trades and transactions.
A Forex strategy or system consists of rules that guide you on how to make trades in the Forex market. A Forex strategy or system provides information on when to enter a trade and how to exit the trade. It would also enable you to apply and use risk management rules.
There are ways to know if your Forex trading strategy is really successful or good.
• Start knowing how successful it has been in the past. It pays to know how much previous or existing users of the system have earned so far by using the strategy. Aside from that, also obtain some information on how much is the maximum drawdown of the system in its previous trading.
• There is a win-loss ratio which you can also check. It is about how much you have won compared with much you have lost. Aside from that, there is also a profit-loss ratio. This s about the average winning trade compared to the losing trade.
• You would also have to know how consistent the system is in delivering profits.
When choosing a Forex strategy, you do not only have to factor-in the success rate and profit percentage. You would also need to consider your lifestyle and what system can be used to fit or suit it. You would have to know what Forex trading system can be used appropriately in your time zone.
A useful strategy used in Forex trade is what is called leverage. With the leverage strategy, you would earn about a hundred times the amount of the money that you are trading in your account. A lot of traders have testified that they were able to win a lot of profit by using this kind of strategy. So if you have a funded Forex account, you can use this strategy to get more profits.
Another strategy is the stop-loss order. This strategy works by identifying a point where you will not trade. This trading point is identified and determined before the trading begins. When using this kind of strategy, you would have to be able to analyze trading signals so you would not be mistaken with your prediction. If your predicted trade did not go on as you expected, the stop loss system could be very disadvantageous.
The automated Forex trading is anther kind f system or strategy. Entering and exiting an order will be determined by your automated system. Again, the price and the point where the program would enter or exit a trade is predetermined.
These Forex trading strategies would help you have better trade opportunities in the Forex market. Whether you are using the leverage, stop loss or automated Forex trading system and strategies, 100 % success is not guaranteed. These strategies do not aim to give your perfect trades, because that is impossible. These trading strategies are here to help us minimize the risk of losing in the trade.
I serve people who want their money to work harder for them instead of it sitting in the bank.