Brendan Wilson is an experienced Forex Trader and is associated with
Managed Forex Trader
and WG Forex - Forex Reviews
For many investors Managed Forex Accounts represent a feasible way of trading the forex market without having to take the time to develop the necessary skill set to trade their own forex account. The simple fact of the matter is that most people find it difficult to allocate the necessary time to be able to learn the skills required to successfully trade this challenging market segment.
Even given the time most amateur traders fail to be able to consistently trade at a profit. The figures you often see quoted suggest something in the realm of 95% of retail forex traders fail. From what I have seen over my years of trading forex I believe that these figures are perhaps even worse. Most traders wipe out at least one or two real money trading accounts before they either throw in the towel or gain the necessary skills to consistently trade at a profit. Either way it is a steep, and costly learning experience. The alternative is to have a professional money manager trade your account for you. This allows you to benefit from the opportunities offered with the forex managed account without having to actually trade the market yourself. You must however, choose a money manager carefully. Unfortunately, experience has shown that this type of managed forex investment also open up investors to the down side of this type of managed investment, such as ponzi scams, trader mismanagement and unscrupulous brokers.
Sadly, over the years we have witnessed a lot of managed investment scams, most recently of course, perhaps the largest scam of all time is the Bernard Madoff case, where tens, perhaps hundreds of billions of investors funds were lost, in the worlds biggest Ponzi scam. Managed account scammers invariably ask victims to invest more money than they can really afford for this type of risky investment. Sometimes they suggest investing borrowed funds or securing a loan from your mortgage. Another factor to consider is that even the best intentioned forex account manager can still empty your account balance through mismanagement and just plain bad trading.
With a managed account is most important to always have complete control over your own funds. This means investing directly with a reputable, regulated broker and offering only limited power attorney to the account manager, to allow them to trade the account. A pooled account whereby the funds are handled directly by the manager do not offer the investor this type of protection.
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