A growing trend in the Forex industry, besides Social Trading, is the use of PAMM accounts, or Percent-Allocation Management Module, for money managers to trade on behalf of Forex traders globally. Many of the more successful money managers using this system started out providing trading tips to friends and family and blogging about it which eventually turned into a small business for the trader.
"If you read about Jim Cramer's life, he got his start in trading by placing stock tips on his answering phone to friends. And now he is the guru's guru on trading ideas." says Eric Harbor, CEO, CaesarTrade FX-CFD. "With the internet, traders with ambition and a love of trading can find a global audience for their style of trading. And it is available to any trader with a few hundred bucks, not some institution, I think that is the ultimate secret of the success of online Forex trading. Anyone can do it."
From the meetings CaesarTrade FX-CFD has had in London that seemed to be the case as each money manager has come from a variety of backgrounds: from Small Business Consultant to chemical engineering to holistic healing. Another interesting fact that CaesarTrade FX-CFD noted was that they shared personal disappointments in trading and how they overcame their challenges.
"Just an observation, but maybe the good traders are like that. Have had some bumps on the road and are humble enough not to make claims that are very enticing that we have all fallen for at one time or other. But instead focus on and share what they enjoy about trading." concludes Eric Harbor.
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