As the owner of www.RichLazyTrader.com I often have people asking if I do managed accounts and the answer has always been 'No' because I value my freedom and don't trade every day. However, it's a good concept. Some brokers these days run 'trade copiers' allowing you to automatically place the same trades as another trader - obviously, you'd choose one of the best who has a winning track record. However, some produce big losses! I can highly recommend the method below and I am personally getting over $400 a month from my $2,000 live test account with no charges or commission. Of course, you should only use money you can afford to lose and look upon it as a high-risk, high-return investment.

    Our new default broker for all our trading is *AvaFX* - it has commodities, stocks, indices and a direct connection with 'MirrorTrader' - which is what you need to sign up for by clicking the link on the right. Please use this - it costs you nothing but makes me a commission!

    Fill in your registration details and then make a deposit of at least $500 and preferably $1,500+ completing the sign up process. Below, you can see my account with Max Positions set to two - just in the safe zone!. You really need a minimum of $1,200 to trade the default three systems but $1,000 is acceptable. Any less capital and you must reduce the Max Positions so that you stay out of the red. Or, use any two instead of three.  You need to access the Mirror trader platform as described in the yellow box below - a separate application needs to be made. Note: Pminvestcapital trades over $3 a pip on just 10k, so it produces bigger gains/losses than others. It is better to set a lower quantity and have 3 max positions.

Below is my $2.4k setup at the limit.

 Free Copy Top Traders, Gold Breakout!, The Real Secret or Success For Traders - mail me after depositing at least $500 and making one completed trade.

Check back frequently for updates in Strategies

    To do this, click on Strategies, click the double magnifying glass and hunt for the three shown on the left. Use the search by name function to find the strategies and make sure you select the correct currency pair as most trade several. Then, click 'Add', adjust the Amount to per EA to keep you out of the red, set Max Positions to two (maybe 3 for Pminvest) or if your capital is low, set to one. These three average about 50 trades & 1,500 pips a month.

   You will then see them in your Portfolio on the right - make sure they are all Active and your Mirror Trader account funded.  My plan is to monitor the performance and make any necessary changes to recommended systems on this or the final web page. If you have very low capital, you will still get fantastic results running just ThirdBrainFx and Maloma - over 4,500 pips in the last 60 days of 2011.

    The Exposure Meter will go into the red with low capital but these have so far proved to be very safe EAs with usually low drawdowns. If you are using less than $1,200 capital, adjust the Max Positions and/or number of systems to keep yourself out of the red (orange is OK).

Showing the last 90 days to 25th January 2012 over the very difficult Xmas/New Year period when many systems showed big losses. Systems should be selected for steady growth and no big draw downs. ThirdBrainFx trades the EUR/AUD, which has a very large 10 pips spread but since the average pip gains per trade is over 200, this is not a problem... Since we limit ourselves to a maximum of two trades open per system (to limit our risk), our profits would have been less than this because some systems can have four open trades at any one time.

Note current conditions are very volatile (particularly the EUR/USD), do not overextend your portfolio (slow and steady is better)!

Trading with the Minimum $500

    It is possible to trade just Pinvestcapital with Max positions set to 2 with just $500 capital. Past performance shows that this can produce excellent profits with such a small risk capital. Below shows the performance over the last 60 days, including the difficult Christmas/New year period and you can see that it produced 500 pips (about $8000). This is with a Max positions of 4, but even with 3, your money would have doubled in 2 months.

    Choosing good systems involves many factors including rollover charges, maximum losses, trade frequency and duration, intra-trade DD (more than final draw down) and profits over 14 days, 30 days, 90 days and 180 days. Some spreads are impossible to trade such as the AUD/NZD at 15 pips! Of course, you may want to select another system for your portfolio and other contenders are interCMS EUR/USD, 108trend GBP/USD and Pip Daddy EUR/CHF.. Although this is a 100% automated system, I often monitor the trades and close them manually before the weekend (trades left over the weekend can turn into huge losses Monday morning) or when either I can take a quick 10+ pips or close for a small loss when the trade looks bad but be aware that some systems have an average trade time of several days, so give them time to do what they do best. You can set the stop and take profit to custom levels. Maloma in particular seems to miss several 20+ pip gains only to allow it to slide back into a 100 pip loss - meaning a long wait for it to come back up - so I sometimes manually close trades when in decent profit in order to play safe.

   Quoted results are for trades closed automatically. Some of the systems are pure EAs some are purely human traded and some are a hybrid.

     ** AvaFX was the subject of a widespread campaign a few years ago claiming it was a scam. This was entirely false and fuelled by people with interests in other brokers and the inevitable few clients who lost money and blamed AvaFX. it was made worse by the fact that, at the time, Ava extensively promoted themselves in 'Third World' countries (and were themselves based in the British Virgin Islands) and so had many poorly educated and inexperienced clients! They have undergone a major campaign to improve their image including opening a UK office, EU regulation and registration with the UK's Financial Services Authority. This can be verified here. They now have over 150,000 clients and trade $60 billion a month and have won numerous industry awards.