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Many traders and investors in the Forex market employ money managers, to deal with the profits in their portfolios that they are not placing further orders with. In fact, some Forex traders make use of them in order to make progress without any work. They will employ money managers to deal with all of their open positions and account transactions over extended periods of time. The better Forex money managers will employ multiple experts. Each expert will specialize in a different area, which might be in finance, business or economics. Choosing the right money manager is an important decision, since they literally manage your money. Different managers will have different track records: do not underestimate how much these track records can vary, as some managers are far more effective than others. The better money managers will rely mainly on the income they derive through taking small percentages out of the sizes of the accounts they manage. When they take a small percentage out of the size of your account, they will have an incentive to work more effectively. This is good, because ideally, you want your manager to work as effectively as possible. Always avoid managers that charge you mainly through transaction-based fees. You do not want your Forex money manager to make much money through you in any way other than through the size of your account. It is vital that your manager has a strong incentive to work as effectively for you as possible. You may even want to avoid managers with systems that are based on annual profits, because they might decide to look into investments that bear more considerable risk. After you have established how each one of your potential money managers earns their money, you should examine their records. Although annual returns are very important, you should examine the strategies that each manager uses too. Try to judge whether or not you think the investment strategies used by each one of the money managers are good for the long-run. You should also find out whether or not each manager bases their decisions on good and thorough research. It is also a good idea to find out whether or not each manager is biased towards particular investments in particular sectors, since you might not believe that these investments and sectors are particularly ideal to work with, in the long-run. By taking a look at the resumes and qualifications of each of the money managers that you are considering to hire, you should be able to narrow down your list of potential managers, by picking out the more ideal candidates for the job. In conclusion, finding and choosing the right money manager for you can be difficult. However, as long as you take everything you need to consider and to take into account, the process of choosing one will seem far more easier. Remember to also make sure that the money manager
you do select can respond to your individual needs - your needs may also change over time, so make sure that your manager can be dynamic. Lastly, try to establish some personal rapport between you and your manager. Try to consider your manager as a partner rather than an employee and try to let them work with you rather than for you, as this will help to increase both the performance of your trades and investments as well as your chances of success.
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