Using a Forex trading account management service can make your life a whole lot easier. While successful traders make trading sound simple, they actually spent years carving out a career, reading dozens of trading books, and failing many trading ideas along the way. Ultimately, they aim to make a positive return on their money. Whether you need a little guidance or a whole team of professionals to trade your account daily, a managed forex trading service can help you achieve your trading goals.
The main difference between a managed account and a self-managed account is that you’re no longer in control of your account. The money manager can make trades on your behalf but will still be able to make withdrawals and deposits as needed. Because the forex market is wildly volatile, profits and losses are not guaranteed. Managed account agreements should be clearly stating that you may lose money. Most clients choose to give their money manager complete control over their account and instruct them on strategies and trading signals. This approach eliminates any emotional issues you might have associated with winning and losing trades.
Some managed account providers offer a mix of both. Some of the top managed forex account providers, such as FxPro, offer excellent accounts for money managers. These accounts come with flexibility, great liquidity, and leverage, and fast order execution. Some of the downsides of managed accounts are limited product offerings and lack of investor protection for traders outside the EU. However, the upside of using a managed forex account management service is that you can choose how much you want to invest.
Forex managed accounts are typically run by a professional forex trader with a proven track record. The manager will make trade decisions in accordance with your expectations and risk tolerance. Because of this, they’re a great choice for those who don’t have the time to trade every day. This means you can focus on your business or other activities while your money manager makes money. And you can rest easy knowing they’re working for you.
A Forex managed account management service is typically a paid service. The fee is calculated by the percentage of profits earned by the managed account. It’s usually 20-30% of net profits, and some services even charge a hefty incentive fee for this. The minimum balance required for this fee will vary, so it’s worth asking about it. If you’re not sure if a managed account management service is right for you, read reviews carefully to find out which ones are the best fit.
Managed forex accounts offer a number of benefits. First and foremost, they’re easy to set up. You can control your account’s deposits and withdrawals, and work with a professional who understands the markets. Forex managed accounts are the best way to remove emotions from trading. And, unlike a broker, a managed forex account management service will allow you to take advantage of any potential profit opportunities. A forex managed account can help you maximize your profits and reduce your risks while working on your business.