Why are managed accounts better than Forex robots?
To answer this question, let’s look at what is needed for them.
In order to use Forex robots, you need:
Basic knowledge on Forex trading, as such circumstances may often arise when the robot loses the control over the position opened by it, and then we need to know what and how to do.
Advanced IT knowledge. Anyone who does not understand it, has insurmountable problems with connecting to a VPS server, uploading the files and installing MetaTrader and the Forex robot.
VPS Server: it is not safe to run your home computer permanently around the clock. To do this, you need a computer that ensures continuous operation and has a backup power source and Internet connection.
Suitable Forex robot: I think this is the most critical point of trading with Forex robots. I checked more than one hundred Forex robots in the recent years and I tried out quite a few, since I dealt with this topic full-time in the past several years. I still could not find a robot that I would dare to trust safely with higher amounts of money. At the moment, I do not have a live account that would be running for at least a year, with any Forex robot.
Suitable Forex broker: this question is not really about reliability, since they all operate under the rules of some kind of financial supervision. But rather about the question, of what type of account of which broker suits best a certain Forex robot. This, unfortunately, you can be found out during long months of testing.
For a Managed Account
Unlike Forex robots, usage of a managed account needs only a registration. All other, operation-related tasks are taken over from us. In addition, you can join an account that has several years of live account history, so the risk is much lower.