Managed Forex Accounts
Have you ever thought about trading a forex account but know that you don’t have the knowledge to manage your own forex account? Or maybe you don’t have the time to sit and watch the charts. Why not consider the option of managed forex accounts. This is where you can open an account with a company who specialise in managed forex accounts. Your money is in an account in your own name and the company you choose to manage your forex account does the trading for you. There will be a team of traders who will have years of knowledge and experience between them of trading the forex currency markets.
If you don’t have the skills and experience to trade your own money then it is possibly a little more like gambling than trading. Think about it! Why have all the stress and anxiety of watching the charts and keeping up with current affairs and money markets to see where the forex markets are going? Research the companies who deal in managed forex accounts and do your due diligence on the company rather than on each and every trade. This way you feel secure that the team of traders who specialise in managed forex accounts have a great deal more experience in trading the forex markets.
The companies who deal in managed forex accounts may promise you the world! But do they have their trading history available on request? Use a company who reside in the UK and have FCA regulation. Look for their address on the website and where their head office is located. Are the details of the FCA licence clearly displayed? This way you can be confident that the managed forex accounts are being traded under regulated guidelines.
You will find that some of these companies generally take a fee only when your account is in profit, and from the profit the trade has made. For example, the company would make their income by taking 30% from a profitable trade and leave you with 70% profit in your account. Ideally you would like to use a company who doesn’t charge any fees if the account should go backwards. The managed forex accounts may or may not have a fee charged monthly. Choose a company who don’t take any fees until your account is back in profit should it have taken a loss.
Managed forex accounts are an opportunity to become involved in the money markets, without having yourself completed a course of education in forex trading. There is no harm in doing some research though and educating yourself in this huge industry, perhaps enrolling in a training course, even if only to familiarise yourself with the trading terms and terminology.
A little research goes a long way. Do your due diligence and that way, when the company you ultimately choose who specialise in managed forex accounts call to welcome you on board, you will be happy to move forward knowing you have chosen wisely.