ABOUT MANAGED ACCOUNTS:

If you want a company to manage account for you, it’s your right to receive daily report  and to keep on being updated about what is going on with your money, a guaranty that they will not risk more then 10% of your capital.
As we all know, Forex is highly risky! Don't invest money that you can't afford to lose because the probability of  losing your account in the beginning is high. Especially when you sign an agreement on giving your account to a company to manage it for you.

1.
I've seen many statements doubling accounts, tripling accounts in one month! Majority of those who give these statements are  not honest!  You will find many who are declaring that they double accounts in a month, other triple accounts in a month time, using technical studies. Yes, it's possible, but cannot  happen always. When you want to double an account, you risk more then 50% of the account. This is why it's better to stay away from Forex gamblers. You will end up losing your account in a short time.

2.
Then I asked myself another question: "Why do money management companies keep on asking for new accounts to manage?"  It is simple: They don't have good performances, they hunt new traders, inexperienced ones.  They take their money. This is why you should never ever give cash money to someone who manages accounts ( it's not legal in all countries).  The majority of them work as introducing brokers for scam companies with real bad reputation all over the internet. (Bad ones enjoy working with bad ones, good ones enjoy working with good ones). The manager of this account needs to be 100%  honest, disciplined, someone who knows  and has talent in managing accounts. Always transfer money directly to a reputable broker company. It is better to test brokers with small accounts, because unfortunately the majority of Forex brokers are greedy and they want your money.

3.
It would be better if you learned Forex and managed your account with the help of a professional trader (an honest one). If you don't have time, it's better to make a deep investigation about these Forex management companies. If you found one and you feel they are good and you want to invest with them, it's much better to sign a clear agreement in order to show in a clear way how they will manage your money.

- how much will they risk (a good trader can make an account grow from 10% only) this is why it's
better to mention that they shouldn't risk more then 10%  of your account.
- they should send you a daily/weekly/ monthly full report, explaining actions,
briefing results(honesty and transparency is needed).
- as we all know, Forex is about predicting where the price will go. Nothing guaranties how
much a trader will make next week. However, it's better to mention that your account management
company should do their best to achieve good results by managing your account.
- this is so important: never pay in advance for managing your account. If
they are good, let them make money first and then they can take their profits.
- it is better to learn about Forex during the managing process. You will be more familiar with
trading Forex, untill you reach a level where you are able to manage your account alone(if not, you will
know what is going on in your account). If you wish to start learning how to trade Forex, then the best choice is to find a coach and start a training!

 4.
There are two types of coaches:
- Coaches that are good in Forex. When they teach, they make Forex look easy. With good discipline,
good strategies there is a good money management
- Coaches that don't know a thing about Forex or they are still weak in it. When they teach you, they will
stress you and let you feel like  Forex is a big mountain. No matter what you  do, you will never reach the top.

5.
I love Forex cos it is an amazing challenge, cos it need strength to support stress, wisdom to know when ; how to act, skills to investigate; to know what other are doing in this business.

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Anyway, wish you all a great weekend! For new traders,  keep in mind that knowledge is power. Concentrate on getting knowledge and profits will come along the way!

Posted in: About managed accounts