What is the SOP for a managed account?
Mar 20, 2010 at 23:41
1,054 Views
3 Replies
Mar 20, 2010 at 23:41
(edited Mar 20, 2010 at 23:42)
Hi guys,
I am sorry if I missed it but I have been searching for a thread that discussed the standard procedure for a managed account and still could find not it.
I know people are using myfxbook as a platform either to promote managed account services or to looking for money manager. But what is the myfxbook oficial stand on this matter? It seems to me that it is up to the investors and the managers to agree on the managed account procedures and myfxbook is merely a meeting place for them and will not involved in the process, am I right?
If so, could someone provide the guidelines for setting up a managed account? Thank you.
I am sorry if I missed it but I have been searching for a thread that discussed the standard procedure for a managed account and still could find not it.
I know people are using myfxbook as a platform either to promote managed account services or to looking for money manager. But what is the myfxbook oficial stand on this matter? It seems to me that it is up to the investors and the managers to agree on the managed account procedures and myfxbook is merely a meeting place for them and will not involved in the process, am I right?
If so, could someone provide the guidelines for setting up a managed account? Thank you.
forex_trader_7
Member Since Aug 01, 2009
941 posts
Mar 21, 2010 at 00:02
Quite right, it doesn't have much to do with myfxbook and I don't think that's even their focus. The automated stats alone will bring a lot of traders. I got so tired of all the spreadsheets.
It can be used to find clients, but it's not a very effective way to do it because most people here are traders themselves.
The managed account guidelines are up to you although brokers will have a say as well. The biggest guidelines are the legal ones of your region of origin. In some countries you'd have to be registered with the legal entities that regulate the investment industry.
There's no one set of guidelines for setting up a managed account.
It can be used to find clients, but it's not a very effective way to do it because most people here are traders themselves.
The managed account guidelines are up to you although brokers will have a say as well. The biggest guidelines are the legal ones of your region of origin. In some countries you'd have to be registered with the legal entities that regulate the investment industry.
There's no one set of guidelines for setting up a managed account.
Mar 21, 2010 at 00:22
(edited Mar 21, 2010 at 00:23)
Thanks Elkart for your insights.
Looks like it is entirely up to the investor and the money manager to work up among themselves. Not all brokers are offering PAMM accounts (such as Alpari Rusia and FxOpen) and forex trading is mostly not strictly regulated in Asia region.
Looks like it is entirely up to the investor and the money manager to work up among themselves. Not all brokers are offering PAMM accounts (such as Alpari Rusia and FxOpen) and forex trading is mostly not strictly regulated in Asia region.
forex_trader_7
Member Since Aug 01, 2009
941 posts
Mar 21, 2010 at 00:34
(edited Mar 21, 2010 at 00:50)
Or anywhere. But you have to keep the law in mind. You mess up someones going to come for you. So the paperwork needs to be right before you end up like Madoff. I know from experience, everyone wants to share the profits, but no one wants to share the losses...
Especially in Asia you have to be careful, the western societies are more likely to take legal action, where in the east I think they're more likely to take any action, legal or not. Lose money for the wrong person here and you'll wake with your....errrr....errrr...family forum this....
I been hanging around the east for a while now. Can still be a bit wild in places. Even Thailand which is fairly civilized they love their scams. Recently they had a case where some Burmese people crossed the border, Thai dude jumped out behind a bush, demanded money, they didn't have any to give him, so he just killed them all. Something like 8 people. Imagine losing money for that guy. And you don't always know who your clients are and where their money comes from, but they know who you are...
Especially in Asia you have to be careful, the western societies are more likely to take legal action, where in the east I think they're more likely to take any action, legal or not. Lose money for the wrong person here and you'll wake with your....errrr....errrr...family forum this....
I been hanging around the east for a while now. Can still be a bit wild in places. Even Thailand which is fairly civilized they love their scams. Recently they had a case where some Burmese people crossed the border, Thai dude jumped out behind a bush, demanded money, they didn't have any to give him, so he just killed them all. Something like 8 people. Imagine losing money for that guy. And you don't always know who your clients are and where their money comes from, but they know who you are...
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