If you are a beginning forex trader, you can’t be blamed if you find the details of the market trading confusing. You will be confronted with the different types of technical analysis, the varying kinds of signals and data, the growing number of choices when it comes to brokers, the different styles of trading, the great deal of time needed to sort out every element and put everything in place. By choosing to have a forex managed account, you can finally stop worrying about the voluminous press release, data updates, news analysis and other stuff that do not seem t o make sense. And no more emotional agony for watching your capital simply slip away from your pocket just because you lack experience.
Now is the time for you to grab your share from the total of three trillion dollar daily profit pie. There are two easy ways to do it – do it yourself or allow a professional account manager to handle the job for you. For beginners, the second option or having a forex managed account seems to be the more convenient and productive option. Is it even possible to do that without handing over the money to your account handler?
It is possible with a forex managed account with such an account, all you have to do is to deposit a definite amount (commonly $5,000 or more) and hand it over to your professional account handler alongside with a power of attorney granting limited access. With these, your designated manager can now trade according to his or her preferred style, pace, and decisions. But since the power of attorney grants limited access only, your account manager do not have any control over your cash. Therefore, they cannot withdraw from the account.
Moving on, it would be better if you will be exposed to both sides of the coin. Knowing the upside and the downside of foreign exchange managed accounts will help you decide if it is truly worth a try. To begin, the following are the pro’s of forex managed account:
- You can spend your own time doing other things while your forex account manager assures that your account is constantly earning.
- A professional manager has a vast experience in trading. They have a better idea on how the market works. This gives them better chances of winning in the forex trading game.
- Using the forex managed account, you can easily check your available balance at any point in time. You can also withdraw your cash whenever you prefer.
However, there are also perceived disadvantages or con’s in hiring a professional account manager. Some of these are the following:
- You really have to double check the credentials and actual performance of your forex managed account handler to be sure if it is in good hands. You should do your deal of research in order to have enough confidence over this matter.
- Since you are going to give your account handler a regular salary, make sure that he or she is creating a decent profit. More than enough to pay for the salary and to set aside as returns.
In order to be truly successful in the field of forex trading, always aim to be an expert trader yourself. Having a manager should be limited to being a learning experience for you.
