NelsonN

I don't know much about Forex or Forex Managed Accounts. I am however interested on receiving some information on Forex Managed Accounts.

Are managed Forex account passive? Or does the person putting money into them have to know something about Forex?

Has there ever been a Managed Forex account that has lasted for years? Or are these somewhat like HYIPs, that is, they rarely last past 2 or 3 years before going broke or ending the program?

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JoseLeon

Hello NelsonN,
in a managed account you don´t need to know about Forex but it´s interesting that you can understand what the trader is doing with your money, nothing more.

And in most of them you are free to withdraw your money, it´s your forex account and your money.

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Jude

NelsonN.

What exactly happens is you put money into a brokerage firm. You're in control of your money, but you don't know how to trade or manage it.

You sign a piece of POA (Power of Attorney) to let a trader manage the account for you. As a trade off for the professional service they render, you'll either be charged a nominal fee monthly or/and a % cut of the profits they do for your account if they make money.

Managed accounts can be in different form. As in the case of forex, there are probably few outstanding ones that lasted for years, though I haven't really gone through the process of looking for one.

Maybe allinvain is the better person to ask about for this.

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NelsonN

I have been looking around at managed Forex websites and I think Galleon FX is a good one to start with. What do you guys think?

Have you heard anything bad about these guys?

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JoseLeon

That´s right, both the trader and the investor send the ID,s and a bill to the broker and they sign a POA where the investor gives power to the trader to trade his/her own account.
What I don´t know if there are some companies offering managed accounts in a different condition (galleonfx?).
Sure that Alan can tell us if it´s different in some companies or not.

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tulasu

Hi NelsonN,

Did you have a look at the thread here in the forum on Galleon FX? You might get a better idea whether you want to get in there or not. Not everyone's happy with their style of trading, but you might be. Just take your time and look over all the options before you decide.

The best, Tulasu

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NelsonN

tulasu,

Thanks. How did I miss that thread! Jesus.

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tulasu

LOL I'm afraid he won't help you.

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rocky

LOL........

I wouldn't touch GalleonFX with a TEN FOOT pole at the moment.

Some of the members' have their account DOWN by 40 to 60% for the last few months.

Look somewhere else...............

allinvain

I am sad to count myself in the 60% drawdown club.

Anyone here who has been with them since the beginning?

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