Aman Managed Forex Accounts is a new service promising to take control of your trading accounts using professional traders that have a proven track record. The creators of the service want to give their clients the opportunity to “invest in the market that never sleeps,” regardless of their skill level. Today we will be providing a review, and letting you know if this investment program is worth your time and money.
Despite claiming to be professional traders, that creators of this service do little to verify this information. They do not provide us with a location for their headquarters, and don’t introduce us to any of their market analysts. When dealing with managed account services, this information is imperative. If we don’t know the reputation of a trader, then it’s very unlikely that we will consider investing money with them. We hope that this vendor realizes this lack of transparency is a mistake, and does something about it when they read our review.
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Aman Managed Forex Accounts Review
The Aman Managed Forex Accounts website is well put together with a handful of different sections covering their strategy, performance, account types, process, research, compatible brokers and job listings. They start with a breakdown of “what is aman” where they tell us that this work represents “the symbol of life and prosperity,” which is why they chose it to represent their company and what they stand for.
This section also goes on to tell us that their group consists of professional Forex traders, risk managers and market analysts are working together to provide a “low risk trading performance that is tailored fit your predefined risk tolerance.” Sadly, as we mentioned above, we aren’t introduced to any of these traders or analysts which makes it difficult to believe they exist.
In this breakdown, they mention that they have been from Forex with a 70%+ average return and a maximum drawdown of 20%. We will certainly be analyzing these numbers closely when we go through their trading results, in that section of our review.
According to the Aman Managed Forex Accounts team, there is no magic approach to the markets, that they use “a combination of capital preservation techniques, continuous market scanning, and in-depth analysis.” They focus on risk mitigation by analyzing the markets and avoiding volatile conditions.
As it stands, there are 8 factors that all contribute to their trading strategy:
- Market analysis methods including price action.
- Trade planning and understanding advanced scenario analysis.
- Finding the right entry and exit points.
- Position sizing.
- Risk management, which is essentially just position sizing let’s again.
- Having traders continuously monitor the markets around the clock.
- Using different trading tools, including proprietary custom indicators and pattern recognition software.
- Providing complete transparency with no lockup period.
All of these elements are important, but none of them get into the true details of their trading methodology. We would like to see a little more information about their actual trading approach, and maybe some example trades per they walk us through the specifics.
There are currently 4 managed accounts available, Bronze, Silver, Gold and Diamond. All of these accounts are pretty similar, with no management fee, no lockup period, a monthly fee payment and withdrawal notice of 7 days. The only real difference in the accounts is the performance based on the initial investment. The bronze plan is for traders investing under $50,000, which comes with a 40% performance fee. The silver plan is for initial investments over $50,000, which comes with a 35% performance fee. The goal plan is for initial investments about $200,000, which comes with a 25% performance fee. Lastly, the diamond plan is for initial investments over $500,000, which comes with the performance the 20%.
They don’t really get into details about how they calculate the performance fee, but we assume that they take 20-40% of all winnings, like other managed account services. You can see many of these services in our recent reviews of Xeconds Strategy, Standard FX, and Aeir Capital.
The Aman Managed Forex Accounts team provide a single Myfxbook account for our perusal. This is a live account with the House of Borse broker, but the track record is not verified. This account is showing a gain of 51.86%, with a drawdown of 43.14%. It’s been running since August 23rd, 2016, but stopped trading over 2 years ago on June 29th, 2017. So, the developers really haven’t had any trading results in the past few years.
The account itself doesn’t meet the expectations of the managed account providers, as they promise average yearly returns of 70+% and a drawdown of 20%. When looking at these results, they have never achieved either of these numbers, and have over double the maximum drawdown they promise.
While there are impressive aspects to the Aman Managed Forex Accounts service, they just don’t have the trading results to back up any of their claims in 2020. We won’t be able to provide a recommendation until they find a way to prove their services viable.
If you have anything you would like to add to the review, please leave your questions and remarks below the article now.
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Aman Managed Forex Accounts is a managed account service with 4 different trading plans.
4 different plans
No lock-in period
Accepting low deposits
Little strategy insight
Trading account inactive
Not meeting promised numbers