How To Use Other People’s Money To Boost Your Trading Income
Podcast:
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Click Here to Check Out The5ers.com Interview with Ryo Chong
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course – Click Here
#444: How To Use Other People’s Money To Boost Your Trading Income
In this video:
00:25 – Boost your trading income by using other people’s income
01:09 – Prop firm trading
01:37 – What is a Prop firm?
02:50 – Once you know how to trade, the income potential is massive
03:09 – Ryo’s interview on the5ers
04:50 – The one thing that changed Ryo’s trading
05:44 – Are we a match?
06:25 – Have a look at Blueberry Markets
07:42 – Don’t rush out now signing up with Prop firms
I’m going to explain how you can use other people’s money to boost your trading income through your trading. This is really exciting. Let’s talk about that and more right now.
Hey traders, Andrew Mitchem here, the owner of the Forex Trading Coach with video and podcast number 444.
Boost your trading income by using other people’s income
And I’m going to talk about how you can use other people’s money to massively boost the income that you make from your trading. This is something that’s just going to affect so many people and benefit so many people once you know what you’re doing.
So the best thing that I see about trading the Forex market is really your income is unlimited. There is no limit to what you can make through trading the forex market, but once you know what you’re doing. Now, traditionally, you could do things like trade for a few family and friends. You could sell trading signals. You could do things like that.
But more recently, there’s a lot better way of making money by using other people’s money.
Prop firm trading
And it’s a fantastic concept. And it’s called prop firm trading. Now I mentioned this on last week’s video on podcast. And I said I was going to put together a how-to guide listing and how you can go step by step and set up accounts or prop firm traders, and how you can make money through profit share. And I’m putting that together and I’ll let you know once that is ready.
What is a Prop firm?
But a prop firm is basically an organization where you can apply generally for a fee upfront to show them how well you can prove. And generally they have different challenges or different levels, different steps that you have to go through. But when you get to achieve those levels and you prove to them that you can trade through the rules that they set, whether it be leverage, drawdowns, number of days, closing over weekends, all those type of things. Different prop firms have different rules, but basically what the end goal is to get to is to use their money.
And you can trade like $50,000, 100,000. Some of them I’ve seen up to like two million dollars of their money when you get to the top levels. And if you are making X percent on that account, according to their rules, you are then on a profit share of those gains. And with almost all the prop firms, the profit shares, once you get to the higher levels are like 60/40, 70/30. I’ve seen some at 80/20. And so you get to keep, let’s say, 80% of the profits and they keep 20% of the profits, but it’s their money that you are trading.
Once you know how to trade, the income potential is massive
So you can soon see that once you know how to trade properly, and once you’ve been those different steps, challenges, to get to those higher level accounts that they can offer you, the income potential for you is incredible and you are trading other people’s money.
Ryo’s interview on the5ers
So just this morning, and this is the reason I’m making this video and podcast on this exact subject today is I’ve received an email from one of our clients called Ryo over in Singapore. And Ryo is a very, very good client of ours. He’s on all the webinars. He’s on our forum sites and a lot of homework, a lot of due diligence in terms of going through training, methodically asking questions. And he is now trading for a company called the 5%ers.
And Ryo sent me a link to an interview that they did with him. I didn’t even know about this until this morning. And I’m going to put a link to that interview on this video and podcast post, so you can go and see that for yourself. And they’ve interviewed Rio and they’ve talked about his style of trading and how he’s achieved, what he’s done, his whole background, his family work situation, et cetera, and his challenges that he’s faced in trading.
And one of the nice things that I’ve seen there from my point of view is that Ryo credits us at the Forex Trading Coach with changing his trading around. And that is so satisfying to see, because he’s gone and joined us and he’s doing really well on his own account. But because he is doing so well, he is now passing the challenges of these prop firms. And he’s credited a lot of his sort of background, his strategy through to us and what we’ve done to help him.
And from our point of view, as the coaches, that is just absolutely phenomenal. We are just so thrilled to see this because that’s what we do. We like to help people trade the strategy that we trade and teach, and for them to do well.
The one thing that changed Ryo’s trading
And Ryo’s mentioned on that interview that he’s done, the one thing apart from the strategy and the support that we’ve given him, the one thing that changed his trading around was using limit orders.
So go and have a read of that interview that is on the 5%ers site. Like I said, I’m going to put a link here that you can go and see that yourself. It’s really good. But what it shows is how anybody, any of you watching or listening, once you have a strategy or you come on board with us and you get to understand and trade our strategy, it just shows what can be done if you’re serious about trading. If you’re thinking that you’re just going to be a gambler and you’re going to… or you’re the sort of person that joins a course or a programme and then gives up a month later, then we are not the right people for you, and you are certainly not the sort of person that we have on board at the Forex Trading Coach.
Are we a match?
But if you are the sort of person that wants to do this properly and seriously with low risk, and read and listen and learn and ask questions and develop, then you are the perfect match for us and the strategy. And you are the sort of person that we want on board, because we know we can help you to achieve exactly the same that Ryo and lots of others just like him who are clients of ours are achieving.
So that’s something for you to consider. I’ll put a link to our course as well, so you can get to see exactly the same course. You can be on the same course, the same membership site, the same forum site as Ryo has done and is still currently doing.
Have a look at Blueberry Markets
The other thing I wanted to mention to you is I always get question into that brokers. Where should I go? Which broker’s a good one? I always come back to the same answer, because they’re just good, and those Blueberry Markets. It doesn’t matter where you live in the world, unless you’re in America or a couple of other countries, pretty much everybody else can have an account with Blueberry Markets. They’ve got servers all around the world. So if you live in Europe or other parts of the world, it’s just not Australia, New Zealand based, it doesn’t matter because they have service in different countries and 24-hour support, etc.
So Blueberry Markets would be one of the brokers that I think that you should seriously consider looking at if you want to get yourself a really good high-quality forex broker. If you get onto their MT5 platform, they’ve got all sort of other markets like the cryptos, the indices, commodities as well.
They’re just good people. I’ve met them in person. I talked to them sort of once, twice a month, just to keep in contact with them. Incredible customer service. You will not find better customer service. Just decent people, quality people to deal with, quality company to deal with. So, that’s Blueberry Markets. And again, I’ll put a link to them, to their website that you can go and check them out if you’re looking for a new broker. So that’s it for this week.
Don’t rush out now signing up with Prop firms
But it’s really important. Don’t just go rushing out and signing up with multiple prop firms. First of all, you have to know how to trade properly. If you just start signing up the prop firms, you’re probably wasting your money right now, unless you know how to trade. So learn how to do the trading first. Practice it on a demo account. Practice on your personal small account. And once you can prove to yourself that you can trade properly, then look at the prop firms. Do it in that order, because it will save you time, it will save you money, and it’ll make it a lot more enjoyable.
So I hope that helps. Check out the links that I put on here. And if you feel that this video and podcast will benefit other people, feel free to share it, like it, and subscribe. And I’ll see you this time next week. Bye for now.
Episode Title: #444:How To Use Other People’s Money To Boost Your Trading Income
Click Here to Check Out https://the5ers.com Interview with Ryo Chong
Find out more about Blueberry Markets – Click Here
Find out more about my Online Video Forex Course – Click Here
Podcast: Play in new window | Download
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