Managed forex accounts are ideal for those who are living a busy life. People who are sticking to their regular jobs and who moonlight as traders will find this a good option to continue their trading tasks while taking care of their different businesses. Managed forex accounts are types of forex accounts where an Account Manager engages in trading transactions in behalf of his clients in exchange for a fee (or commission). This means that there is a relative involvement of the traders (the client) when it comes to the trading transactions themselves. So what makes the best managed forex accounts? Let’s find out.
- Account Managers ask what you need: Because you are entrusting your money to a trading professional, he must exercise caution when approaching trades. This means that he has to abide by the instructions you leave him. These instructions may include the indicators he needs to look for, the number of positions he can open, or the exit strategy in reference to a stop loss value. In view of the preference of his clients, he should not make decisions that involve risk which can jeopardize his client’s money. Otherwise, he should consult with his client for the latter to make informed decisions. So when it comes to the best managed forex accounts, you also need to possess enough knowledge of the components in trading to be able to make sound decisions.
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- Account Managers are credible:When looking for an Account Manager to work with, credibility should come first. If you want to work with a solo practitioner, you need to make sure that he is credible enough to handle trading. He should have the necessary background and licenses in order to practice forex trading. Above all, he should possess integrity in what he does and place his client’s interests before his own. The same principles apply when working with an Account Manager representing a brokerage firm. Note that Account Managers are similar to Investment Bankers or Consultants in terms of their functions so they should be able to provide the best managed forex accounts services.
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- Best Managed Forex Accounts Offer Options:When it comes to managed forex accounts, there are two types: normal and pooled accounts. Normal accounts are those that have your name on them, and where money comes from your account towards the Account Manager. In reverse, pooled accounts are those where your money is given to the Account Manager as a whole and his task is to trade it in behalf of the clients he is working with. Either way should bring revenues, so it is up to you to decide which type you want.
- When it comes to the best managed forex accounts, you have to be wary of fraud: There are some people who will take advantage by wiping out your savings by making your believe that they are legitimate Account Managers or who work for reputable brokerage firms. Finally, know that there is no such thing as best when it comes to the “best managed forex accounts”. What matters is your working relationship with your Account Manager to meet your financial goals.
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