When I subscribed to a managed accounts with my broker, I felt confident that my trading account will be successful because my broker is a trustworthy broker. By paying a nominal fee, I am able to take advantage of the expertise of my broker. But, I do monitor my accounts daily, just to check how much money I made for the day. With managed accounts, I don’t have to handle the nitty gritty affairs of the actual forex trades.
However, just like all other good offers, managed accounts do have their share of disadvantages. For one thing, trust with the chosen broker is really a big thing. There may be brokers who take a percentage of your income as their fee for managing your accounts while there are some who charge a flat fee for managed accounts. The choice is really yours. Also, managed accounts don’t provide 100% successful trades all the time. However, these accounts do assure traders that majority of their forex trading transactions are successful. The secret in taking advantage of managed accounts is, first and foremost, trust with your chosen broker.
Is Mini Managed Account Better?
Like you, I’ve had moments of indecisions. There are times when I’m really undecided on how much risk I can handle. These times had been numerous occurrences when I was just starting with forex trading. Thus, it was a good thing to start with a small investment first. Instead of paying around $2,000 for managed accounts, I started with a few hundred dollars in mini managed accounts. Just like in any other forms of investments, it always pays to start small and add additional money when I had grown accustomed to the ins and outs of forex trading.