We will provide money to the trader for trading on Forex
There is a category of traders who have been consistently earning money on Forex for several years; their earnings are not great, but they are stable.
Their main problem is the lack of money to increase the volume of transactions, since an increase in this indicator due to leverage will break the entire trading system.
You are about to register a PAMM account and act as a manager, but then you receive a call with a tempting offer: “We will provide money to a trader for trading on Forex.”
Tempting because, based on it, you receive initial capital immediately and you do not need to earn a reputation for years as a PAMM account.
You, as a promising trader, are offered from 10,000 to 100,000 dollars to manage, and there may be more.
At first glance, everything seems more than attractive, but as soon as you give your consent to participate, “minor” nuances begin to emerge, the essence of which boils down to the fact that to participate in the project you will still need some money: 1. For opening
an account - After all, this is quite logical; many brokers require you to deposit a certain amount into your account to start trading.
In our case, this is an amount of 500 dollars or more, actually a trifle, because you are promised 100,000 dollars to manage, and the money for opening will go to your account. 2. For training - to start working you need to undergo training, because you understand that the manager must be qualified.
The cost of training is also not less than $500. 3. For participation in the competition - it turns out that you are not the only contender, and the company must choose the best and only he will receive the coveted capital.
It immediately reminds me of the lottery of the 90s, you won a prize, but whoever has the most money will take it. At first glance, it seems that everything is more than fair, but this is only if you do not know that the result of such actions will definitely be the loss of your money.
Such companies are not engaged in trading, they are aimed at taking money from the population.
Since everything usually happens according to the following scheme - first you pay for opening an account, then for training, and then you participate in a competition for a manager and do not win. As a result, your money goes to pay off various expenses and there is nothing you can withdraw.
The situation is initially absurd since no one will entrust money to be managed by an unknown trader who has not proven his professionalism.
Moreover, almost everything listed can be obtained absolutely free of charge - opening an account, training, participation in a competition, from one of the real brokers - http://time-forex.com/spisok-brokerov
By taking part in the so-called “Prop trading” you only risk losing your money.
If you are really confident in your abilities, it’s better to become a PAMM manager - http://time-forex.com/pamm/upravly-pamm-schet
The most successful managers manage funds in the amount of more than a million dollars, and can withdraw their deposit at any time without restrictions.