Pharaoh
Brigadier General
- Messages
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Thanks for the heads up Pharoah, I will ensure I filter out such off-shore brokers that do not have the long term interest of their clients. It is a good idea to let money managers do the trading for you, instead of diving in and losing a bulk of your own money. Are there any particular money managers you recommend?
Also, it would be best for new traders to be educated on money management and trading techniques? I can't imagine a new trader ever earning money with some basic techniques though, is there any way to save them from that plight?
Hiring an account manager can save you a lot of time, but increases your risk. Now you've got a broker that could turn out to be bad plus an account manager who could have a problem at some point.
For those who do go for a managed account, a basic understanding of the market and of risk management is essential to being able to evaluate how well the account manager is doing. What good is 10% profit per week if there's a 90% chance of blowing the account by the end of the month?
Happily, you don't need a PhD in forex to understand the basics of risk management. This will help:
https://www.forexpeacearmy.com/fore...2272-how-manage-risk-while-forex-trading.html