Do not go for the managed trading account in Forex

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Blue word FOREX on trading chart

When traders go to the first time for their life in the broker’s office, they always want to find an easy solution to make money in this market. We do not blame the traders. Everybody wants to make some money. That is why there is an investor class in the society who gives money to the needy people in exchange for their profit. Traders also are human beings in search of money and many brokers offer these traders to trade in their accounts for them. This is the managed account. To be precise in managed account other traders will trade for you in the market.

The name tells itself what this account means. In managed account, brokers will trade the market for you. You will have no control over your account. If you want to place a trade, you may not be interested because there are many signals and patterns and all of these are related to your placing trade. Understanding these patterns of your chart take time. You will feel happier to let anyone other trades in this account and take a percentage of your profit. That is where the brokers come to you with the commercial of managed account. There are two types of traders in support of the managed accounts.

Hidden trap

The first type of traders thinks interested people can give money to the brokers to place a trade in their account. Trading takes time and not many people can use their time to understand the market. It is a better choice to leave it to the professionals. In this scenario, there is also a chance of scamming the other people. Most of the time, there are many brokers who offer the interested people in the market managed account. These brokers can also be a scam. If you fall into their trap, you will have lost your money. If you look at the professional traders in the CFD trading industry then you will notice that every single one of them trade the live assets with their own trading strategy just like the experts at Saxo. They simply use their own intellect to earn money in the online trading world.

Associated Risk

The second type of people thinks the other ways. To them, trading in the Forex is risky and these people already knew that. If they are to trade the Forex market with money and risks, it better be themselves who are trading. Forex brokers are not gods and they can also lose your money. If you are placing trades on the CFD trading industry and losing your own money, it is better than to have someone who loses your money. Why pay to other people to make a trade in the market with your money when you can trade the market yourself? Accept the risks and trade in your own account.

Conclusion: Do not open a managed account. It is better to buy a car that you can rent than opening managed account in the Forex. Every single successful trader in the CFD trading industry always trade the live assets based on their own trading strategy in the market. If you are relatively new in the forex market then chance are very high that you will lose money at the initial stage so make sure that you follow proper money management in the market. Always try to trade the higher time frame on the market and use price action trading strategy to execute the best possible trades in the market.