Making tons of money is a dream for every trader. They want to earn even with their eyes closed, even when they cannot execute trades themselves. For such traders, there is an option for personal account managers.
What is a Binary Options Accounts Manager?
The account managers or account consultants are the pro traders who manage your trading accounts for you. They will work even when you sleep so that you can gain some additional returns.
This is a good way for those who want to earn passively through binary trading but don’t have enough time or skills to do so.
Why use an Account Manager?
The managed accounts give two possible outcomes:
- They will produce more returns for you.
- You don’t have to deal with trading events every day and can continue with your professional life.
They will manage your whole trading account and give you more than what you could have accomplished.
Advantages of using an Accounts Manager in Binary Options trading
Giving your trading account to someone who is a pro trader will generate more profits and returns for you since he is working on your behalf. The likelihood of winning trades increases exponentially with a manager.
Your account falls in the hands of an expert who has experience of years and who knows his work, and they will have numerous strategies up their sleeves.
Following are the benefits of using an account manager:
- More Scope in Trading
When you have a manager, you know the room for executing trades increases. This is because many new traders make themselves comfortable with one or two types of assets. But a professional conducting trades for you means that he can execute deals in more assets, ultimately giving you more profits.
- Better Chances of Winning
You will get positive outcomes not only because they are experts but also because they have access to many advanced software and statistics that are not available to everyone. The technical analysis is done using this information which helps in reading the graphs in a much precise way.
- Your Budget, Your Profit
It is obvious that they will take their fair share of the money, but you can set your budget. If you want to hire a manager, you will agree on a set budget. This means that for less, you will get more in return.
- More Execution of Trades
You will get to perform more dedicated trades even if you are a full-time worker who has less time spared for trading.
This was all about getting an account manager and making profits but are they really trustworthy? Or do they really perform what they claim?
Why you should not get an Account Manager in Binary Options?
Having your account managed might be a good idea only if you are acquainted with the manager personally or if they are being provided by a reliable broker itself. However, sometimes using them is also a bad option.
Trusting your money blindly with a third person might be a huge mistake that could cause you serious monetary loss.
There are many reasons why you should not get your account managed like:
- You Can Get Scammed
The managers will guarantee you that they will take care of your account and will produce more and more profit, but many a time, they will leave you scammed.
The most common case is that they will put a halt on the funds and will ask you to give full access. When you do so, all your money will be gone.
- Can’t Even Trust the Brokers
Many brokerage firms offer the facility of personal managers. But do you know, your unsuccessful trades benefit their firms? The money you lose in failed trades eventually helps the brokers to make money.
So, the managers are actually working for them, and you never know when they will turn your money into unsuccessful trades.
- Cannot Determine Manager’s Authenticity
Either you will get the manager from the broker, or you hire them independently; there is no data that can put a stamp on his professionalism. You don’t have any means to check the reliability and expertise of the manager until you let him work for you. And the chances are that the information provided is false and scripted.
- Full of Risk
The account manager can deliberately make you face losses. Even if not intentionally, you still have to pay him. Whether you make a profit or not, managers will take their shares.
- Contractual Terms
The managers are taken on a contractual basis. Many traders, without assessing the terms and conditions, approve them. This is where everything starts going wrong.
They might add something which is not a suitable condition for you, but because you have agreed to that deal, you will face losses.
Hence, it is advised to always read the contract thoroughly before making a deal with any personal manager or brokers.
The list of these problems will go on and on. The maximum time it’s the beginners who fall into their traps since they trust the third party with their eyes closed.
They get hyped by learning the fact that they can earn more returns, and they don’t even have to use their platform often because someone else will deliver profits to them. This sure does sound tempting but is definitely not.
So, is there any way to earn without hiring managers?
The answer is affirmative. If you are one of those who can’t devote much time to trading but wants to gain from it, here are some alternative choices for you.
Substitutes of Accounts Manager
#1 Using Automated Robots
The robots are computer configured software that works just like the personal manager. They will examine the market trend and, based on the data, will execute the trades for you.
For them to place trades, it is important to give these robots login access to your account. After this, the software company will then handle the trading for you. Before using this, you must ensure that your trading terminal supports third-party software.
In order to do that, you can contact the customer assistance staff of the broker and ask them to link the robot with your platform. Though many brokers allow it, some do not have the technical means to connect them.
If you want to use the robot but have not signed up for any broker, it is best to contact the software company first. They will provide you with a list of brokers who are compatible with their robots. Based on that, you can make your decisions.
The biggest pro of this alternate option is that robots are not maintained by the brokers. Hence, you can stay rest assured that robots would not make your trade unsuccessful purposefully because the company will make money only when you make profits.
Everything has their downfall, so does robots. It is evident that they won’t scam you, but since it is only computer-generated software, it could make some mistakes. Therefore, it is important to keep tabs on your platform regularly.
#2 Using Signals
Signals are trading programs that guide you regarding possible openings. Signals are extremely easy to comprehend. Just like robots, they also read the market trend. The difference is that robots make the trades automatically while signals don’t.
They will send you alerts via emails or SMS. You can either ignore them or take action. With signal providers, you can take a subscription. Good signals can win you huge profits.
The signals are made through –
- Professional Traders
They recommend you the trades by observing the market flow. On finding an opening, they will intimate you. The more professional a trader is, the better his signals will be. Nevertheless, you can always choose not to act upon them.
- Computer Software
Many companies have formulated software that will automatically send you signals. These signals are reliable, and you earn high profits.
#3 Social Trading
The most used and dependable option is social trading. Through this, you can copy the trades and strategies of another trader. Many brokers offer this opportunity which is used by many people, especially by the novices.
When you enable social trading, you will be given a list of the most successful traders. Select the person you want to copy, and then all his trades will automatically be reproduced in your trading platform.
This way, you will win for his successful trades and lose for his unsuccessful trades. By using this option, you can stay guaranteed that the other trader is trying his hard not to lose any trade.
These are some of the most used forms of managed accounts other than hiring a personal manager.
For new traders, the choice of hiring a personal manager is very tempting. It is more than ever attractive when they have the means to afford a consultant. Having a manager is a nice option if you have faith in the broker.
But in many situations, it is found to be a swindling case. Hence, it becomes important to protect yourself from those who try to con you. Therefore, you can opt for other legit alternatives available.
You can select robots, social trading, or signals which will work almost in the same way. Remember, nothing comes for free. As a trader, you have to stay focused and continuously monitor everything and, most importantly, use the broker who is right for you and your strategies.