Compare Forex Managed Accounts: Best Way To Make Money?
Managed forex trading can be an attractive option if you're trying to make money from Forex but don't have the inclination to learn to trade for yourself. With a managed account you don't have to do any trading at all, somebody else will trade for you...
An experienced forex trader is likely to make a lot more money than a beginner, so a managed account can be very profitable. In addition, you don't have to spend time learning the basics of trading...though, even when you have someone else trade for you, it's important to have a basic understanding of the Forex market and the risks involved in trading.
Risks in managed forex trading? Is it easy to make money with managed accounts?
You have to accept that even skilled account managers cannot predict the markets 100% and you may have to take some losses. Nobody, not even the most successful trader, makes money on every trade. However, if you're a beginner, they're likely to do better trading with your money than you would yourself, in the medium to long term.
You need to be aware of the two main different types of managed accounts that you may find...
Standard Managed Account:
Many of the best forex managers will only deal with large accounts, so this option may not be ideal if you only have a small amount of capital. Most managed accounts require a large minimum deposit, for a standard managed account the minimum investment is usually around $25,000.
With this type of account, your money is kept in your brokerage account under your own name and the manager has access to your account so as to trade on your behalf. You can see how much is there and how it is doing at any time or make withdrawals.
Pooled Account:
However, there is another investing option in managed forex trading which is a pooled account. Here your money goes into a pool with other clients' funds, to be traded all together. You're paid a share of their declared profits. In this situation it doesn't matter how much your individual funds are and the company will usually accept smaller initial investments.
The costs for a pooled account should be lower too. However, there is more of a risk with pooled accounts in that you cannot see what is happening. You have to trust that the funds are being held safely and the results are accurate. It is very important to check up on the background of the company and particularly, whether they are members of any regulatory bodies that will protect you.
Research the company offering pooled accounts very carefully before you decide to invest. Check the company's incorporation, their history and trading record. Try to avoid managers who insist on you signing up with their preferred broker. That usually means that they get a commission on all your trades. It's better to sign up with a company who will let you choose your own broker, even if they charge a slightly higher fee. Remember these easy tips and you shouldn't have any trouble finding a good Forex manager to trade your account for you.
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