Speaking of managed Forex accounts, it is extremely easy to know that there are many different brokers out there who started using this feature. Within the next lines we will try to explain the idea of managed Forex accounts, because it is really essential for every successful broker to know a couple of things about this.
Basically the managed Forex account represents an account in which a special money manager traders the client’s account for a fee. This means that if you are not feeling comfortable trading with real money, you can start using the managed forex account service. Basically it is really similar to hiring an investment advisor that will manage the traditional account of yours. However, the returns and fees of those managed accounts might vary a lot.
However, it is really important to make a really good research on the professional manager you want to hire, because if he or she is not a good one, then you risk losing your money. On the other hand, there is nothing better than trading with your own account and money and doing this will help you gain experience.
Where to Trade in 2013
There are different managed forex accounts and it might not be a bad idea to find one that involves the “teaching” method. This means that you will be able to teach your manager and tell him your requirements. Plus you will also be able to let him know what signals to pay attention to and how to interpret them in the best way possible. This form of managed forex accounts actually inherits the psychology out of managing personal losses and wins.
Different kind of managed forex account type is the one that uses the brokerage firm’s own proprietary system of trading. However, it is really important thing for you to know that there is such thing as ‘successful strategy’ or ‘holy grail’ of forex trading. You will have to obtain lots of experience in order to be sure that everything will be as you want.
Once again we would like to remind you that the most common mistake among young forex traders is the fact that all they want is increase of the profits. Don’t do this! The first thing that you always have to think of is how to decrease your profits. Below we will post a list of some forex brokers that accept managed forex trading so you can choose one.
By the way it is important for you to know that if you want to become a good forex trader, it is better to trade on your own simply because all those managers and managed forex services will not teach you to anything. Don’t think that once you start using this service you will actually start earning lots of money. Actually, in most cases the managers are not as good as you want them to be and instead of winning money, they can lose yours.