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Managed Forex Accounts vs Trading Your Own - Pros and Cons | The Diary of a Trader - YouTube
Channel: The Diary of a Trader
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Hi.
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In this video I'm going to be talking about
managed futures or forex versus trading on
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your own.
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And this is a question that people run across.
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Sooner or later there are several different
reasons why you would want to do one or the
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other.
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And I'll talk about those.
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The reality is though there are a lot of places
on the Internet where you can find people
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who are willing to trade money for you.
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That isn't hard to find.
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What is hard to find is somebody who's good
at it.
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So that's the first thing you need to keep
in mind.
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It's very difficult.
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You would hope to have some type of track
record to look at in order to take advantage
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of it as you need to.
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Be able to hopefully gain over the longer
term.
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You should be leery of anybody who claims
extraordinarily large gains.
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Those are typically people who will eventually
blow up because they use far too much in the
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way of leverage and you will run across that
you will run across people claiming 50 percent
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a week things like that.
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That's that's a recipe for disaster sooner
or later things go really bad in that scenario
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as far as trading on your own.
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That obviously comes down to learning the
markets whether or not you have the time to
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put in because let's face it a lot of people
don't.
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So if you don't have much time to trade or
more realistically much try and time to learn
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how to trade because that's really the time
consuming part that it might make sense to
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have somebody manage your money.
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It's just like your retirement account or
something like you know for when K. in America
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or you know whatever your investment accounts
are in your home country it's the same idea
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really.
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Quite often they will take a percentage.
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It tends to be a little higher than you would
be used to.
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But on the other hand in theory the profits
are greater.
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Now again you have to try to find some type
of variable verifiable track record.
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And that can be a little bit difficult at
times it really just depends on who you're
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dealing with.
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There are larger firms who are a little bit
more regulated and stuff as opposed to an
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individual trader but that's not to say that
there aren't individual traders out there
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that make money.
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There certainly are.
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So there is a little bit of a leap of faith
as you have with pretty much all investment
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decisions if you are going to have somebody
manage your money.
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Truthfully.
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It's a bit of a mixed bag.
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Either way it comes down to discipline as
well.
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Do you have the discipline to make great trading
decisions.
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I have friends who are excellent analysts
but I'd put them in front of a computer trading
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money and they make foolish decisions.
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The psychology just isn't right.
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There.
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Is the difference again with the fees if you
can do it on your own.
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Certainly it's cheaper.
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You don't have to split your profits with
anybody.
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Sometimes you can see fees as high as 50 percent.
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Most places aren't that steep but they do
exist as opposed to on your own.
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You get to keep all the profits but then the
question.
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Itself can you make profits.
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So there's a reason there's an argument may
be made for both quite frankly managed and
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trading on your own but you do have to be
very careful you have to be very diligent
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do your homework on whatever trader or firm
you are using.
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Again though if you can use a demo account
and make money as long as you can hold your
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discipline intact you should be able to do
it on your own.
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