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FAQ
What is Account Management?
Forex account management entails hiring a professional to trade your capital in the forex market. Instead of actively trading yourself, you delegate this responsibility to a skilled money manager. This service suits investors lacking time or expertise for trading. Typically, a profit-sharing agreement exists between the investor and manager, such as a 70-30 split. With Precision FX the profit split is 50-50. The investor funds a forex broker account and grants trade-only access to the manager, who trades on their behalf. This arrangement involves two parties: the investor and the forex account manager (the trader).
How Account Management Works?
A managed forex account operates like a regular trading account on a reputable broker platform. However, instead of the owner trading, a hired forex trader manages it. The investor retains sole ownership and sets restrictions to prevent third-party access. Only trading activities are permitted by the appointed manager. This account type is available through various reputable forex brokers and comes in two main types: Individual Managed Forex Account and PAMM Account. It falls upon the investor to meticulously seek out and designate a forex account manager who will adeptly navigate and execute trades on their behalf.
What an Account Manager Does?
A proficient forex account manager's primary task is to generate profits using the investor's funds. They must possess exceptional skills and a track record of success in forex trading. The crucial decision of selecting an account manager can determine the outcome, whether it leads to profits or losses. Let's explore strategies for identifying lucrative account managers.
Do Legit Account Managers Exist?
While there are indeed profitable forex account managers, they constitute a minority in the industry. Consider this: according to data from FX Pro forex broker, a staggering 86% of traders end up losing money. This statistic underscores the rarity of consistent profitability amidst the vast pool of forex traders globally. The root of the issue often lies in the gambling-like approach many traders adopt towards forex trading. Tales abound of investors and traders losing substantial sums in the volatile forex market. At Precision FX, our foremost focus is on robust risk management. Our clients can attest to the efficacy of our approach, marked by tangible results and unwavering transparency. Exercise caution to avoid entrusting your funds to reckless speculation.
How Account Management Works?
A successful Forex account manager embodies a spectrum of traits pivotal for adept fund management and consistent profitability. When scouting for the right fit, scrutinize the following attributes:
1. Seasoned Expertise: Look for a manager with a proven track record, boasting extensive industry experience marked by unwavering performance.
2. Robust Risk Management: Prioritize managers equipped with a meticulously crafted risk mitigation strategy, ensuring safeguarding of investments while optimizing returns.
3. Transparent Practices: Opt for managers who operate with utmost transparency, openly sharing trading strategies, fee structures, and performance metrics, fostering trust through regular updates and responsive communication.
4. Analytical Proficiency: Seek managers proficient in both technical and fundamental analysis, enabling informed decision-making grounded in market dynamics, economic indicators, and broader contextual factors.
Downsides of Opting for High Return Forex Managed Accounts
Opting for high-return forex managed accounts can carry several drawbacks. While the promise of substantial profits may be enticing, it often comes with elevated risks. High-return accounts typically involve aggressive trading strategies that can lead to significant losses, especially during periods of market volatility. Additionally, some high-yield accounts may be associated with unscrupulous managers or fraudulent schemes, posing a threat to investors' capital. Therefore, it's essential to carefully evaluate the potential downsides and consider a balanced approach to forex investment that prioritizes risk management and sustainability.
How To Find A Successful Forex Account Manager?
Regrettably, there isn't a centralized hub for locating forex account managers. However, platforms like eToro, which provide copy trading functionality, host some of the top-performing traders. It's crucial to recognize that any forex trader can transition into an account manager role. Thus, the primary focus should be on identifying a profitable and successful forex trader. Assessing a trader's track record through past trading accounts becomes paramount in gauging their success. Before engaging with any forex account management service, ensuring the manager possesses extensive experience and a proven strategy is imperative.
The Way We Manage Accounts
At Precision FX, there are two models of account management.
1. Traditional Account Management: You have funds, and you want us to manage it. Here you will need to have a broker account, which is funded. We'll be needing your trading account (MT4/MT5) details to execute trades on your account. At the end of month we will charge 50% of the profit made on your account.
Note: We will never ask your master account details. We will only need your MT4/MT5 details where we are able to execute trades only. A master account is the account you create while registering with a broker, through which you perform all the financial activities like depositing and withdrawing your money. Your master account contains all of your personal and financial details. We strongly recommend investors not to share their master account details to anyone under any circumstances.
2. Bot Account Management: If you have purchased any of our bots and you want us to manage your account with the bot may be because you are too busy or prefer a professional to do the job, we do it all for you. We charge $50 per $1000 investment per month. For instance, if your account has $2000 balance, we charge $100 per month for managing your account with the bot you purchased. Whatever the profit your account makes is yours to keep.
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