These are forex accounts that are not traded by you, but by a money manager on your behalf. This is a similar situation to employing an investment advisor to trade equities and bonds on your behalf. It is suitable for use if you do not have sufficient knowledge or time to trade yourself. Many traders do not want to learn the often complex and intricate mechanisms of this large financial market. Individuals who prefer having a professional manage their funds would prefer this type of account.
The Advantages of a Managed Forex Account
One of the most important advantages of a managed forex account is that your money is held by your broker and not by your manager. This gives the money manager the responsibility to do the trades for you, but he or she will not have the authority to withdraw money from your account.
The other advantages linked to this type of account are:
• Large brokerages offer you extensive experience in this market which you have access to. Your money manager will inspect your portfolio on a regular basis and diversify your investments if necessary.
• You do not need to have experience in the forex market as your manager will be doing your trades. This provides you with a knowledge base based on practical experience which is to your advantage.
• You will normally receive a daily report on all the positions you currently hold.
• The possibility of showing profits irrespective of the state of the market is increased by using this type of account.
• Through your money manager, you will have access to the market 24 hours of every day. If you choose to trade personally, there is always the possibility that you may miss out on a profitable trade because you were not online at the time.
Disadvantages of a Managed Forex Account
Since you are not personally managing your account, you may face several risks. The risk of being scammed is high as you may have chosen to use an untrustworthy broker. You may be assigned a money manager who is incompetent and this could cause you to lose funds.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services to individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 25 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
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