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managed account?

Discussion in 'Beginners Bootcamp' started by gorblox, Apr 2, 2008.

  1. gorblox

    gorblox Recruit

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    hi everyone
    im new here

    out of curiosity how many people here are using or have used managed forex accounts before?

    ive been trying to do some research and many sites offer good returns but i want to look for feedback before i commit any money

    can anyone list any reputable companies that do this service? and if you had any experience please tell me any pros and cons you find comparing these kind of companies thanks
     
  2. Pharaoh

    Pharaoh Colonel

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    Tough question. There are some managed account companies in the review area, but I'd want to only use that as a starting point. If one seems well-reviewed, then do a LOT more research on them. See how long they've been in business, who regulates them, etc.

    Trading forex for yourself is risky because you can make mistakes and your broker might cheat you. Managed forex accounts allow someone else to make mistakes and possibly cheat you, plus the potential problems with the broker.

    I'm sure that there are some good account managers out there, but finding a good one will take some serious effort.
     
  3. odee911

    odee911 Private

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    Hi Gorblox

    I too have also been doing research in this area, I like how the brokers allow us to allocate the funds to a account manager. I think with total control of your own funds, the only risk would be that your manager isn't performing as advertised... in which case you withdraw. There are definately good companies out there. I am also doing the research and I am currently about to test a promising company out. Will post a review shortly.

    J
     
  4. gorblox

    gorblox Recruit

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    thanks for the feedback guys,
    i will do some homework and look into those reviews. :(
     
  5. Pharaoh

    Pharaoh Colonel

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    It depends. Some managers allow you to pick the broker. Others make you sign up through them (and they then get a cut of ALL spreads as an IB, even if you decide to place some of your own trades). Either way, a bad broker can ruin your day even if you have a very good account manager.
     
  6. odee911

    odee911 Private

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    Yes you are right, thats why i would only choose a company(manager) that is using a broker that i currently use myself... as i have done the DD already on that broker. Everyone is always at risk of the broker anyhow, i mean they are always good up until something funny happens... . Unlike before where people just sent a wire to the managers, the top brokers now allows us to allocate funds to managers through their platform. The only downside risk on top of the broker would be if the manager false advertised their performance. Whereas previously the manager either ran a ponzi scheme or just straight ran with peoples money.
     
  7. gorblox

    gorblox Recruit

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    you both have good points mates

    i lost money with refco before when they just closed shop
    and they were considered one of the most reputable market makers at the time

    the only way to avoid this is if your government offers some kind of insurance for this type of investment.

    i hear up in Canada they are insured for up to 1 million.
     
  8. Nyust

    Nyust Private

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    Acording to my personal experience, 99% of managed acounts are scam I am now trading on my own.
     
  9. odee911

    odee911 Private

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    Well i would have to say that is untrue...% wise. There are some great managers out there. I do agree you have to do your research and weed through the bad ones. I currently have a portion of my funds being managed and i trade myself on top of that. It has been working quite well, the manager is very disciplined and often offsets some of my own losses and has made my fx portfolio grow quite steadily.
     
    #9 odee911, Apr 16, 2008
    Last edited: Apr 16, 2008
  10. forextraderfl

    forextraderfl Recruit

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