How do you want to be involved in the forex market? If you want full engagement and authority over your forex positions and money, then this account type might not be for you.
But, if you choose to have an expert trade for you and risk your funds following their set trading methods and software, then this account may be best for you. To start, your manager should identify your risk resistance level and take note of strategy directions you may have.
Managed Forex Accounts are perfect for you if you're one of the following:
Too occupied and can’t watch the market.
Several people just don’t have the time, knowledge, or order to trade in the forex market. Paying attention is a full-time duty, but career or family responsibilities can occupy and avert your thought. A managed forex account provides you the freedom to continue other activities that you might not be able to do.
Choose to let someone else do the trading.
If you have experience in the forex market, you have an idea of the directional change most traders undergo and the volatility currency pairs can occur. Know your boundaries, if you have an issue in taking failures, then opt to employ a trading professional preferably.
Don’t have the emotional make-up of a trader.
Some individuals lack the emotional character type best suited for trading. For instance, if you can never acknowledge your mistake, clinging onto a losing position could clean out your entire trading account. Another instance would be fondness to overtrading because you find it interesting. Though, trading excess can also take its losses financially, physically, and mentally. You may like to seek a good account manager than risk trading yourself.
For traders in Singapore, do check Singapore Managed Forex trading to know more.