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The following article was published in our article directory on June 20, 2014.
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Managed Forex Accounts: Some Drawbacks

Article Category: Finances

Author Name: James Smith

Financial markets may appear confusing and daunting especially to beginning traders. There are just a lot of things to understand and most people do not have the free time to study them in full detail. Although many are willing to try and succeed in managed forex trading, factors such as the overwhelming amount of data and information, different trading styles, or contradicting signals, can always scare potential traders away. Fortunately, those who are having second thoughts have managed forex accounts as an option.

What is a Forex Managed Account?

Managed forex accounts are accounts that are fully segregated and owned individually by clients at a brokerage firm, but the trades are managed by a master trader on their behalf. The only access traders have to these individual accounts, however, is their permission to trade using the investor's funds. This means that clients or investors still have the full control over their own accounts.

The trader can be authorized to trade the investor's money when the investor signs a document called "Limited Power of Attorney" agreement, or LPOA. This agreement basically says that a trader can trade on an investor's account on his behalf without the need for the investor to transfer any amount to the trader's account. Investors can check their balance anytime, see the market activities, as well as deposit and withdraw funds whenever they want.

For those who are eager to improve their fortunes in the world of financial marketing, managed forex trading is one of the most practical ways to trade your money if you are after control, security, and true transparency.

Managed Forex Accounts Drawbacks

Having your forex account run by a professional trader indeed seems promising, especially if you aren't confident with your trading skills. After all, you are investing a large sum of money and you will not want to make crucial mistakes because of your ignorance. However, relying too much on managed forex accounts also has some drawbacks.

When you allow a trader or manager to trade your funds on your behalf, you benefit greatly from this person's experiences. However, you also take away your chance to learn the secrets of trading on your own. If you always rely on your trader then you will probably not develop the much needed decisiveness and analytical mentality that is necessary to thrive in the trading world.

You also hand over the emotional repercussions of trading to your manager, and as a result, you will not be familiar with the emotional pressures involved with trading. When this happens, it would be difficult for you to properly evaluate the market by yourself and thus you will probably not be confident with your own judgments at all.

Generally, being in control of your own account and trading small amounts with low leverage is usually better than relying on managed forex accounts. You can always view their ratings and portfolios but in today's world, many fraudsters can take advantage of unsuspecting beginner traders for their own good. Of course, reliable traders are really out there too, but you just have to take caution and perform the essential background checks to ensure that you will choose someone who is qualified to manage your wealth.

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