FX Managed A/C Pitfalls ?!

I’m about to invest a large sum of money in a FX Managed A/C.

Are there any pitfalls that i should be aware of ?
Shall I get any clarification from the ‘trader’ on any of the following issues:

  1. Leverage
  2. Max. drawdown
  3. Risk level
  4. Profit withdrawal penalty
    Or any other issue ?!