The business of foreign exchange trade has always been known to be a risky and confusing venture especially with people who have no knowledge of how the market works, people who have no time to study and observe and those who do not possess the patience and psychological trait needed to carry out a forex transaction; hence the existence of the forex account manager.
A forex account manager is a person who transact or handles an account on behalf of another person or client for a fixed amount of money or profit made. It is in other words just like transferring an account’s power of attorney to another person for the purpose of conducting successful transactions in the forex market.
RESPONSIBILITIES OF A FOREX ACCOUNT MANAGER
The responsibilities of a forex account manager vary depending on the type of account he manages and the agreement with the account owner. Basically, he is charged with ensuring adequate satisfaction of his clients by making successful transactions. He is also responsible for making transaction decisions, takes care of the opening and closing of deals, identification of opportunities corresponding to the account he runs and the proper day to day running of this deal until its completion. In addition, he takes responsibility for the gains and losses invited by the accounts he manages. Ensuring the successful execution of market strategies and objectives while trading to meet the expectation of his clients is his sole goal.
THE IDEAL FOREX ACCOUNT MANAGER
A good account manager first and foremost has a proven track record of successful sales and transaction trailing his person. One who cannot manage his own account cannot manage another’s and as such, the ability to have a trail of winning trends in one's chosen field can only determine the level of success he will have with a client’s account.
Experience is the trait to have for everyone that wishes to manage other people’s forex account. This ensures his ability to take care of investments entrusted to him, and is not surprised by unpredicted stunts that might be hauled or pulled at him in the market.
To excel as a forex account manager, a good background of customer/client service relationship should be established. A client seeks for trust and loyalty from his account caretaker which cannot be obtainable if there is an awkward relationship between them. The manager needs to create an air of believability and ease around the client to be able to arouse the trust in them.
Aside from being a trading expert, he needs the much needed emotional control to be able to make level headed decisions which may avert huge losses Jan the case of a disaster during transactions.
In conclusion, the forex account manager should possess the right education, be target driven and oriented, dynamic and innovative in carrying out his duties to his client for the sole purpose of sales profit and gains.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.