Hi, as you can see this is my first post so please be gentle. :o
I have looked at FOREX for a while now but I must admit I am quite a while away from trading.
My question is about setting up a managed account (I think that is what they call it) do they work, are they any good or am I better learning as much as I can and doing it myself.
I ask this because these companies must have experienced (which I am not) people trading the account and so would possibly (or should that be definitely) do better (less risk of losing my money) than if I traded myself, but, would the return on my capital be smaller.
Is there a site I can look at for unbiased information.
I think that it is better to at least learn the basic, that way you will at least appear to know what you are talking about when you talk to a broker. As far as if you should do it or not. Ask yourself if you like a 401k account (managed retirement account in the USA). If you don’t mind other people handling your money then go for it. But remember they are not gaurenteed to make money.
Please note I have no experience with managed accounts. That being said, why use them? Why have someone trade for you when you can trade yourself! Unless you totally lack confidence and think you will never be successful at trading then sure go ahead, hand your money over to someone else!
look at the forexbastards.com website for reviews on managed accounts. Also, there is a guy by the name of Matt Pavlovich, who I have heard does a good job at managing money. He does have a pretty big initial investment requirement - 100k I believe. Anyway, the site is Matt Pavlovich Forex Trading Home
Just looked at his site… his minimum investment is $250k and only open to those with a net worth of over 10,000,000!!! If you had that kind of money you wouln’t be here…
His conseltations are $2500/hr. 2 hr minimum. What can you really learn in 2 hours for 5 grand? shmuk…
My Advise it to open a demo account and try a few strategies… you might find that it’s not rocket science just good money management.
I have looked at the forexbastard site (good site) and the other guy (pavlovich), well enough was said about him (your right, if I had that kind of money, you know the rest).
Well I will try to learn as much as I can (I have about 6 months before I need to go live) so I will probably look back at this post and remember where it all started.
Well, believe it or not, some people out there do trade with very very very large accounts Remember, if you have money, there will always be a place for you to spend it. You sell it, someone will buy it.
I would agree with the others. It is important that you learn the principles. Managed accounts do get decent amount of profit, but the get the real juice flowing, you must know how it works, and deal on your own.
If you would like someone to manage your account then that is fine but with all things there are good brokers and bad brokers and quite simply a good broker will make you money and a bad broker will lose you money.
If you did decide to persue it then make sure you are comfortable with the person who will be trading your funds. Make sure that they are on your wave length and fully understand the risks that you are prepared to take.
If you do find a broker that you think you can work with then don’t throw all of your money at him. Like you would when you learn to trade give him a small proportion of your money and see what he does with it… He will always be glad to invest more of your money sometime down the line if you have found him to be successful and decide to invest more.
I notice that you are in the UK so make sure that the company is fully authorised by the FCA and check on the FCA register to make sure that they fully authorised to give advice and that they have had no corrective actions or black marks against their name.
If you put money with a broker and you decide you are not comfortable with their strategy then pull your funds and look somewhere else.
And lastly… Why has this thread been unearthed from 2007?
Managed accounts are better off when your account manager is a pro and can guarantee you X amount of profit per month. Also, you must sign agreement on the amount of loss you are willing to accept. Overall, managed accounts are really cool, making money doing nothing.
I can see that you still singing the regulation praise songs. Being regulated does not stop a broker to playing games with trades or making business difficult for traders. Do you want me to start giving you examples of regulated brokers (especially under FCA) that is not healthy for traders? What about their trading condition? Horrible enough to make a trader forget about the meaning of regulation. Please, if you know a broker with a good track record, then you are free to invest, regulated or not.
is about setting up a managed account (I think that is what they call it) do they work, are they any good or am I better learning as much as I can and doing it myself.
you know the rest).