Greetings to you subscribers and guests of my blog! Almost all of you read The Count of Monte Cristo in your youth. This is about the fact that a man was thrown into prison on a false denunciation, he escaped, found a treasure and profitably invested it in various financial instruments, becoming the richest man in the world.

I, of course, exaggerate: the novel is much more serious, but for us, traders, it is this part of its plot that is important. But what do you think, do you have a chance literally from scratch to become a modern Count of Monte Cristo?

I'm not talking about a prison, don't think, but about whether it is possible in our time to find a treasure and dispose of it just as competently? You can and should! Our topic today is “how to become a PAMM account manager”.

We have already discussed what a PAMM account is in the article titled "". But suppose you are not going to trust other people to manage your finances.

Perhaps you are not ready for this psychologically, perhaps you could not find a sufficiently experienced manager, and perhaps you yourself know how to work in the forex market with higher profits than other traders are able to offer you.

To be realistic, in a short period of time (1-2 years) to repeat the achievements of Larry Williams, who managed to increase his capital more than 100 times, neither I nor you, most likely, will succeed.

But Williams was setting records in the World Trading Championships where speed and risk were required. Fortunately, there is an opportunity to get initial capital without investing your own funds, which means without risk and stress, and then, on the basis of this capital, create your own PAMM account, which will allow you to reach decent trading volumes in a reasonable time.

How to get initial capital without investment?

I have already mentioned that it offers a good service for working with PAMM accounts. But besides this, Alpari annually holds contests for the best trader in several nominations.

"Big jackpot"

For example, a competition on a real account called "Big Jackpot" has the largest prize pool. It is interesting and profitable, but it requires a lot of investment: to trade with the optimal level of risk, you will have to open an account for at least $ 1000. Many are not ready for this.

"Virtual reality"

But Alpari has another competition called "Virtual Reality". As the name suggests, this contest is held on demo accounts. To participate in it, you do not need to invest anything, it is enough to register as a participant and open a special competitive demo account.

The prize fund, of course, is much less than for real accounts, but in the competition that is currently taking place, for 1 place you can get $ 500 at each stage, and there are 4 stages in total, because all competitions in Alpari have been going on for exactly a year.

So, suppose you have successfully traded in the Virtual Reality competition, but have not won. This does not mean that you will not receive a prize. The prize fund is distributed among the participants who took the first 10 places. And you have a chance to be among the 10 winners 4 times a year!

"Formula FX"

Let's say you once managed to be in the top ten. What's next? And then, with the received winnings, you can take part in a competition on a real account called "Formula FX". This competition is the shortest. It is held every 2 weeks, but there are as many as 20 prize places in it!

What to do next?

And finally, you have the long-awaited thousand dollars. It doesn't matter how long it takes: you can join any of the contests in Alpari at any time of the year.

Strictly speaking, it is possible to participate in the most prestigious competition "Big Kush" with 100 dollars, but this amount will require opening a deal for the entire deposit at once, and the value of the relative drawdown is monitored around the clock.

In short, the more funds you initially have at your disposal, the better your chances of winning with less risk. By the way, in order to receive a cash prize at Alpari, you can not only trade on an account, but also write competitive market reviews and forecasts.

One way or another, but after 1-2 years of diligent and attentive work in the forex market, even if you came with absolutely no money, it is quite possible to put together the initial capital to open your PAMM account.

If you can invest even a small amount (1-2 thousand dollars), it's okay: you will already have a good school for participation in competitions, a school that is more useful than book theory and quiet trading in comfortable conditions without time limits.

Opening your account and working with investors

How to open a PAMM account is described in detail on the websites of companies offering the corresponding service. In general, there is nothing complicated: a special form is filled out, in which contact information and the amount to be deposited are indicated, and then the account is topped up.

It is important for investors to know what conditions the manager offers them. This is called an offer. There are several conditions: the minimum amount for the investment, the percentage of the profit paid to the manager for his services and the schedule for the payment of this remuneration, as well as the procedure for withdrawing funds from the account.

At first, you shouldn't invite investors. It is better to trade calmly for at least six months in order to collect statistics on transactions, then a potential investor will be able to assess your trading style.

When working with money, it is not so much the reaction speed that is important as the literacy of the trading decisions made.

It is important to remember that unlike trading "for yourself", your successes or failures on a PAMM account will be visible to everyone. This is a major stressor. That is why participation in competitions can be of great service by preparing in advance for a variety of non-standard situations.

Choosing a reliable site

The question of which company is the best to open a PAMM account is very important. The fact is that over time, a significant amount can accumulate on this account, and both investors and the manager himself must be sure that, if necessary, money can be withdrawn without problems and restrictions.

This means that several factors play an important role at once: the reputation of the company, the availability of access to the pool of interbank supplies of cash liquidity, the total turnover of all branches of the company (this determines its financial stability), as well as whether the company is tied to large banking groups that are ready at any time. carry out the supply of liquidity in the required volume.

From these positions, it is worth highlighting the already mentioned company Alpari with its annual turnover of 120-150 trillion dollars, as well as Alfa-Forex, which is a member of the international consortium Alfa-Group. In addition, Alfa-Forex additionally credits profit to open trading accounts in the same way as to any bank deposit, which favorably distinguishes this company from many others.

The service for working with PAMM accounts in both companies is organized in a rather similar way: a potential investor can get complete statistics for the last month and year, including profit, number of investors, current account volume, maximum relative drawdown, scale.

As for the delicate question of whether transactions are brought to the real interbank market, Alpari's managers answer it as follows: an aggregate position is formed from a number of traders (not everyone has a sufficient amount on the account to withdraw to real transactions) and it is brought to the market by the bank itself ...

Alfa-Forex, however, emphasizes that thanks to its participation in a banking consortium, the company brings absolutely all transactions to the interbank market. My personal opinion is that both are cunning. It is unlikely that transactions are displayed anywhere at all.

Sometimes, in Alpari and some other brokerage companies, for the victory at the end of the year in the most prestigious of the competitions held, they are given the right to manage a ready-made investor account.

Such a prize is not always the case, but in this case the manager does not invest his money and from the very beginning works with large capital, receiving from it a pre-agreed part of the profit. However, here the rights of the manager are limited: he cannot attract other investors.

Instead of output

Summing up, I would like to say once again that the forex market provides each of us with a unique opportunity to take a worthy place in the world of influential people. Digital technologies have done a miracle: now there is no need to search for treasures on an old map, risking their lives and surfing the oceans.

The modern tools of the treasure hunter are the computer, internet access and discipline. Go for it and you will succeed. And to get it even faster, subscribe to my blog news and see you soon!