How to choose a manager for your Forex account
Since it will be necessary to manage your investments for you, choosing your manager is not a task to be taken lightly. Before you start your quest, start by defining what you're looking for: would you rather go through an independent manager or a firm? Which compensation method is best for you? Let's look in detail at the steps that will allow you how to choose a forex manager to find the manager that best meets your needs.
You may not be doing your trades yourself, but you're still the investor. So it's up to you to decide what goals to achieve. If you know which way you want to go, it will be easier to find a manager to take you there.
You don't improvise as a forex account manager. This is why it is important to verify that potential candidates have at least an undergraduate degree in business, or even a doctorate. Additional industry-specific qualifications such as "financial advisor" or "financial analyst" are an undeniable bonus.
If you go through a firm, try to check the experience of the manager who will take care of your account. The firm as a whole can do very well, but they are in fact only the average of all the managers who work there. You'll be more comfortable if you first make sure that the manager assigned to your account has the ability to grow your capital, or at least not to squander it.
You will have an additional security guarantee if your manager invests his own funds in the same investments they advise you. If there is a possibility that he will take risks with your money, he is unlikely to take any with his.
Fashions and trends
Some managers record exceptional results and thus become the darling of investors. Unfortunately, these results are often not the result of hard work and experience, but a stroke of luck. Rather than following the movement, try to find a manager who has proven his abilities by recording good results over the long term.
What to watch for
Find out as much as you can before you put your money in the hands of any manager or management firm. Check their history, their reputation, how they are paid. There are some signs that are not wrong. A firm where managers come and go, are never long the same, or that record irregular results is clearly a firm to avoid.