Managed Forex Accounts vs Trading Your Own – Pros and Cons

Do you want to know more about managed forex accounts and the possibility of hiring somebody else to trade for you? Watch our latest video to find out pros and cons of managed forex accounts.

Managed Forex Accounts – Hire somebody else to trade for you

In this video, I discuss the possibility of hiring somebody else to trade for you. There are plenty of places to find money managers on the Internet, and as a result you will sooner or later asked this question of yourself: “Can I make money, or should I hire someone else?”

There is a case to be made for doing either. Quite frankly, there are a lot of people out there looking to trade your money. It’s not hard to find someone willing to do it. However, it’s not necessarily easy to find one who’s good at doing it. You need to find a verifiable record, and you should be very leery of people who claim any extraordinarily large gains. They typically will blowup sooner or later, due to using far too much in the way of leverage. You will run into people who claim to make as much as 50% week, which is a really bad scenario.

If you are looking to trade on your own, that comes down to whether or not you have time to learn how to trade the markets, or even if you have enough time, can you make the money necessary to make it worth your time? If you don’t have enough time to learn, trade, or don’t have the profitability, then you obviously will need to look for someone to major funds. However, keep in mind that there is a percentage that they take out of the gains, so having said that it is more expensive down somebody else do it.

If you are a profitable trader, you can save yourself quite a bit of the profits by doing it on your own. Again though, there aren’t that many people who are good at doing this, see you have to be very careful with hiring someone, or for that matter trading money yourself. There are plenty of people out there willing to manage your money, but the larger firms tend to be the ones that are regulated and a little bit more verifiable. This isn’t to say that small traders can’t make money for you, it’s just that they are less likely to be as verifiable.

I personally have friends who are great analysts, but can’t make money trading the markets due to a lack of discipline this is also another reason why you may find yourself having to hire someone else, as perhaps you don’t have the discipline. There is an argument to be made for both, but you have to be careful and diligent as far as hiring someone else. At the end of the day, if you can use a demo account and make money, and if you have the ability to stay disciplined, you should be able to do this on your own.