Managed Forex Accounts

The forex market can be quite confusing to the beginner forex trader, this is the largest and most liquid financial market in the world and to learn how to trade this market successfully it can take a trader a lot of time to learn the basics and understand how the forex market works. In addition a trader may also be required to practice trading the market for a while using a demo account to gain the necessary experience that will enable them to trade successfully.

Forex analysis requires a lot of time to learn, in addition there are two types of forex analysis and these are fundamental and technical analysis - a beginner trader may not know which one to use especially if they do not have enough time during the day that they can dedicate to learning these concepts. A trader may not know which trading style method to select & when to buy or sell when trading the forex market.

Managed Forex Account

For these beginner traders the best option for them is to choose a managed forex account where they can let their account be traded by professional traders that have experience trading currencies and have a profitable track record.

This article talks about a different type of managed account, these managed accounts are account where traders open their own account using MT4 platform and after that they then copy trades from profitable traders directly from their platforms.

The trader will be provided by a list of all profitable traders known as signal providers, traders can then go to MQL5 website, the official website of the owners of MT4 platform and then one can review the track record of the trader that they have chosen and after that they can subscribe to the copy trading service provided by these traders.

To learn More About This Service: Copy Trading Signals Managed Accounts

The trader will then set parameters such as the lots to be traded and the percentage of account balance that can be used to open transactions at any one time for example a trader might specify only 5% should be used to open trades at any one time. Trader can also specify that if their account makes losses above 10% then the copy trading should be stopped automatically, that way a trader knows that their account cannot lose more than 10% even as the managed copy trading signals are being executed on their account.

With this account a trader will just need to login to their MT4 Platform and monitor their account balance and view the open trades at any one given time and also they can view reports of all closed trades as well as the profit and loss account statement from the MT4 platform. A trader can also stop any signal service at any time and choose another trading signal.

One advantage of this type of managed account solution is that a trader remains in control of their account at any one given time. The next advantage is that a trader does not pay the person providing the signal service based on a cut of their profit, the trader only pays a fee of $30 or $40 every month.

Another advantage is that this service is provided by MQL5 the owners of MT4 platform which means it is a more reliable service than when a trader looks for a managed account over the internet & does not have a way of verifying the results of the profit track record from these service because the same person providing the managed account service is the owner of the managed account service and therefore there might not be very much transparency for independent money managers, but for MQL5 service the service is regulated by MQL5 and therefore no trader can manipulate their track record. Also in MQL5 there is proof of how long a trader has been trading for example a trader might have traded for 81 weeks, 63 weeks, 55 weeks & these shows that a trader has a long track record of trading profitably. Also the providers of the service will be tracked using the overall profitability of their trading system, for example a trader who has traded for 81 weeks may have made a profit which will be shown on their track record. Also every subscriber has the number of subscribers using their service for examples a service provider may have 200 subscribers, another may have 155, another might have 67 & a trader who wants to use this service can use the number of subscribers subscribed to a signal to ascertain which provider to select for their account.

For traders wanting to invest their money in the forex market but who do not have time to trade during the day, this is the best option to choose from instead of the traditional managed account. For this option a trader will remain in control of their account at all times and they can monitor their account any time they want from their computer.

To learn More About This Service: Copy Trading Signals Managed Accounts

For those traders who want to learn more about this Copy trading service the above tutorial provides enough data about this topic.