MoneyMakingForex.com

How to Become a Forex Advisor

Trade Profitably

This is so obvious I almost feel funny for stating it, but before you can presume to instruct others on forex trading, you need to be able to trade profitably yourself. And when I say trade profitably, I'm not referring to winning on a few trades. I'm not referring to having several winning months.

No, you really need to have several winning years--about five years minimum. If you can trade profitably that long, you've shown that you have what it takes. Most traders won't make it that long, and that is usually attributed to the fact that they break down mentally.

It's kind of like Chuck Knoblock and his problem throwing to first base. (I really liked Chuck.)

So what if right now you want to be a forex advisor, but you aren't trading profitably? I have two comments. First make sure that you indeed really want to be an advisor. It's not going to be easy, so if this is just a passing fancy, get over it. Otherwise, buckle down; it's going to be a journey.

Second comment, if you're really committed and you can't seem to trade profitably, it's time to simplify things. It's time to get down to the basics. Simplify your market analysis. Get rid of most of your indicators. Return to the beginning. Will that alone make you profitable? No, but it will lay the ground work for it.

Also, you should slow the timeframe you are trading in. Get away from the 10 minute charts. Work off of daily or four hour charts. You want to get to the market moves. On the fast timeframes all you see is market "noise".

Audited

After you've traded profitably for a number of years, it's time for you to have your trading recorded audited. Is this some kind of requirement? Of course not. But think about it.

If you wanted to hire an advisor, would you want someone who could prove that they were a profitable trader? Or would you pick someone who just claimed to be able to make a lot of money? Well?

If you live in the US or Canada, pick an auditing/accounting firm in New York City or Chicago. If you live elsewhere in the world, pick a firm from the financial center for what ever area you live in.

No, this will not be the cheapest thing to do, but it will go a long way to establishing credibility. Remember, if people don't trust you, they won't do business with you.

CFA

The CFA Institute has tests (that aren't easy) that you can pass to become a Certified Financial Analyst. This too is a huge credibility booster.

Expect to spend more than $1000 on tests and reference materials. However, after you pass, you can use those initials after your name. Now you're John Doe, CFA.

Marketing

Finally you're ready to get clients. I'm my opinion you should stay away from direct forms of advertising (direct mail, etc). Focus on public relations. Learn how to craft killer press releases. Do radio interviews. People trust editorial content. Remember that.

You should most definitely read the book Marketing to the Affluent by Thomas J. Stanley. Assuming that your cliental will be made of people who have money, learn how to market to those people.

If you're committed, you can do it. Just start taking action. I've laid the steps out here. Start where ever you're at and go from there.