If you want a company to manage account for you, it’s your right to have daily report to keep on been updated what is going on with your money; guaranty that they will not risk more then 10% of your capital.
As we all know Forex is highly risky ; don't invest money that you can't afford to lose, because the probability of losing your account in the beginnings is high, especially when you sign an agreement giving your account to a company to manage it for you.
1 - first of all don't believe statements, I've seen many statements doubling accounts, tripling accounts in one month ; if those who declare these statements are honest (unfortunately the majority they are not honest).
2 - Then i asked my self another question, why these money management companies keep on asking for accounts to manage ; they don't have good performances, it's simple they hunt new traders inexperienced ones ; they take their money, this is why never ever give cash money to someone who manage accounts. ( it's not legal in all countries) ; the majority are introducing brokers for scam companies with real bad reputation all over the internet in other words.
(bad ones enjoy working with bad ones, good ones enjoy working with good ones). Managing an account for another person is not easy because this company will be taking decisions to increase your account. The manager of this account need to be 100% honest, discipline, someone who know ; having a talent in managing accounts. Always transfer money directly to a reputable broker company.
3 - You will find many declaring that they double accounts in a month, other triple accounts in a month time, using technical studies, yes it's possible but not always can happen, and when u want to double an account you will be risking more then 50% of the account, this is why is better to stay away from Forex gamblers, because you will end up losing your account in a short time.
4 - I love Forex cos it is an amazing challenge, cos it need strength to support stress, wisdom to know when ; how to act, skills to investigate; to know what other are doing in this business. Always it's better to test brokers with small accounts, because unfortunately the majority of Forex brokers are greedy and they want your money.
5- Always it's better that you learn Forex ; manage your account with the help of a professional trader (an honest one) ; if you don't have time it's better to make a deep investigation about these Forex management companies; if you found one; you felt they are good and you want to invest with them, it's much better to sign a clear agreement showing in a clear way how they will manage your money.
- how much they will risk (a good trader can make an account grow from 10% only) this is why is
better to mention that they will not risk more then 10% of your account.
- that they will send you a daily, weekly, monthly full report showing ; explaining actions,
briefing results,(honesty, transparency, is needed)
- as we all know Forex is about predicting where the price will go; nothing is guaranty how
much a trader will make next week, but it's better to mention that your account management
company will do there best to achieve good results managing your account.
- this is so important: never pay in advance for managing your account, if
they are good let them make money first and then they can take their profits.
- its better to learn about Forex during the managing process, you will be more familiar with
trading Forex till you reach a level where you will manage your account alone ( if not you will
know what is going on in your account).
If you start learning how to trade Forex then the best choice is to find a coach!
There are to types of coaches:
- (Coaches that are good in Forex when they teach they make Forex look easy with good discipline,
good strategies; a good money management)
- (Coaches that doesn't know nothing about Forex, or they still weak in it, when they teach you, they will
stress you, and let you feel like Forex is a big mountain no matter what you do, you will never reach the top).
Anyway wish you all a great weekend, for new traders keep in mind that knowledge is power, concentrate on getting knowledge; profits will come along the way!
