How To Use Other People’s Money To Boost Your Trading Income

Podcast:

Click Here to Check Out The5ers.com Interview with Ryo Chong

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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,