Do you lack the time to learn how to trade forex? Do you want to be a member of the Billionaire’s Club?
If you responded “yes” to these two questions, you are a victim of the FX managed accounts scam!
You can reach us at 1-800-4XFRAUDS!
This scheme works by having an investor “invest” with a “professional” trader who exchanges the investor’s funds for a percentage of the gains.
This may sound enticing, especially to newcomers who don’t know what they’re doing or don’t have the time to learn.
“Well, he’s a ‘professional’ – he must know what he’s doing!” they reason. It’s a hundred times better than if I traded alone!”
The issue with this is that the user is putting his or her money in the hands of a complete stranger.
It’s a little like taking candy from a baby.
In many managed account cases, the manager diverts funds to unrelated luxury things such as vehicles, islands, and castles.
When the manager is finally apprehended, he is unable to repay the entire amount of stolen capital, resulting in disgruntled clients and multi-million dollar lawsuits.
Yes, we understand that it appears excessive, but it happens all the time, and people can lose their entire investment.
However, not all managed accounts are harmful. Some have several years of trading expertise and are well-qualified to trade real money, but they are the exception rather than the rule.
Some trading platforms even allow traders to serve as managers by utilizing the broker’s account structure.
This stops someone from spending money on Los Angeles Lakers tickets, trips to the Bahamas, or an Aston Martin Valkyrie.
While this is a safer choice than letting an independent manager handle your money, you will miss out on the invaluable knowledge and experience obtained through studying forex trading.
If there is one thing we want traders to remember, it is EDUCATION.
There is absolutely no substitute for the knowledge earned through personal study and trading.
Finally, the only sure approach to profit in the forex market is to be knowledgeable, practice, and maintain discipline.
We’ll only leave you with one question.
Would you put your money in the hands of a complete stranger?
If you’re still interested in trying out managed FX accounts, make sure you complete your research and choose a TRUSTED manager.