A client should have parameters he likes to see a fund manager roughly adhere to, however, they should not be cast iron, died in wool absolutes... to do so would definately put the manager under unnecessary stress, leading to mistakes most likely.
In my experience a trader does best when he has zero (or near to it) emotional involvement in his trading. Placing STRICT limits on the trader DOES increase the traders emotional involvement.
Trade parameters should be a 2 way street between the client and manager (trader).
If I were looking for a managed fund, and that is a big IF, the manger would already have to be doing that, and not just now trying to conform to my requirements If that were the case, there would be no additional stress :)
I don't quite agree that trade parameters should be a 2 way street either. I wouldn't want my manager to be adjusting parameters to suit each and every client either. It would either
1. cause too many changes to an already winning formula,
2. give the manager too many parameters to think about, possibly leading to human error
But thats just my $0.02. To each their own.
The market will go up, failing which, it will go down.