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You got scammed? Someone disappeared with your money?The NOT DO DO and NO GOs
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Member Since Sep 04, 2009 835 posts
pc8multifx (pc8multifx)
Jun 04 2010 at 21:43
Since I see for quite some time people posting about unethical business behaviour when they deal with others, I try to give some basic advices:
MANAGED ACCOUNT: Dont send money to unknown 'account managers' never ever. Its very likely you see this money never again. No need to give away your money, since your money can be traded on your own account on most or even all mt4 brokers. In this case only you have access to your money, nobody else (besides the broker ofcourse, but this is another chapter) Otherwise this may happen to you as well http://www.myfxbook.com/community/trading-systems/sonche08-demo/16552,1 https://cp.commercialnetworkservices.net/aff.php?aff=623 |
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Member Since Aug 01, 2009 941 posts
Elkart (Elkart)
Jun 04 2010 at 22:34
Ja, if it's to good to be true, it's to good, but I guess some hapless victim will always give it a try.
The saddest thing of all is the real money manager, the guy who can make the money is competing against those results, so his 10% a month just disappears. Can't say I have to much sympathy with the victim in this case. That's what you get for being greedy. Chang beer is evil. |
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Member Since Aug 01, 2009 941 posts
Elkart (Elkart)
Jun 04 2010 at 22:37
And also look out for those locked statements. If it's locked, it's no good. Then there is something to hide.
Chang beer is evil. |
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Member Since Feb 16, 2010 99 posts
Lion Asset Management (WhyLose)
Jun 05 2010 at 09:21
If you are serious about considering any form of Managed Account then any third party who does not follow a compliance process is, at best acting irresponsibly or, at worst, if you're based in the EU, acting illegally.
They need to have a compliance procedure which means they only deal with HNW individuals and investment professionals. This is EU law which applies in all countries within the EU and each has their own regulatory framework. For example if the company or you or both is based in the UK then the company (or individual) you deal with has to comply with FSA article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001. This applies even if they do not hold client funds as PC8 describes in his post above. IMO this thread is long overdue. Thanks PC8. I have commented elsewhere here on FXSalt - http://bit.ly/9EOPuZ Time is more valuable than money. You can get more money, but you cannot get more time. |
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Member Since Dec 19, 2009 87 posts
Fill or Kill (cateful)
Jun 05 2010 at 16:19
Elkart posted: The saddest thing of all is the real money manager, the guy who can make the money is competing against those results, so his 10% a month just disappears. That is SO true. |
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Member Since Sep 04, 2009 835 posts
pc8multifx (pc8multifx)
Jun 26 2010 at 02:26
pc8multifx posted: Since I see for quite some time people posting about unethical business behaviour when they deal with others, I try to give some basic advices: MANAGED ACCOUNT: Dont send money to unknown 'account managers' never ever. Its very likely you see this money never again. No need to give away your money, since your money can be traded on your own account on most or even all mt4 brokers. In this case only you have access to your money, nobody else (besides the broker ofcourse, but this is another chapter) Otherwise this may happen to you as well http://www.myfxbook.com/community/trading-systems/sonche08-demo/16552,1 On the other hand, dont 'forget' to pay the serious manager his fee when he made money for you or you get outed here as well  REBATES: Be careful when you get private 'money back' offers when you trade trough an Introducing Broker (IB) Do it only when he gives you a signed document with the conditions or you may wait for your money very long or even forever.. In most cases professional cashback providers are the better choice, cashbackforex is one of them with I have good experiences, there are some others around, just google for it and compare their offers. to be continued... P.S. Please feel free to complete this and tell about your bad experiences, so others will be warned. Plz read the post of hforex: http://www.myfxbook.com/community/trading-systems/stylefx/29400,7#?pt=2&p=8&o=29400 https://cp.commercialnetworkservices.net/aff.php?aff=623 |
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Member Since Sep 04, 2009 835 posts
pc8multifx (pc8multifx)
Jul 01 2010 at 01:38
pc8multifx posted: pc8multifx posted: Since I see for quite some time people posting about unethical business behaviour when they deal with others, I try to give some basic advices: MANAGED ACCOUNT: Dont send money to unknown 'account managers' never ever. Its very likely you see this money never again. No need to give away your money, since your money can be traded on your own account on most or even all mt4 brokers. In this case only you have access to your money, nobody else (besides the broker ofcourse, but this is another chapter) Otherwise this may happen to you as well http://www.myfxbook.com/community/trading-systems/sonche08-demo/16552,1 On the other hand, dont 'forget' to pay the serious manager his fee when he made money for you or you get outed here as well REBATES: Be careful when you get private 'money back' offers when you trade trough an Introducing Broker (IB) Do it only when he gives you a signed document with the conditions or you may wait for your money very long or even forever.. In most cases professional cashback providers are the better choice, cashbackforex is one of them with I have good experiences, there are some others around, just google for it and compare their offers. to be continued... P.S. Please feel free to complete this and tell about your bad experiences, so others will be warned. Plz read the post of hforex: http://www.myfxbook.com/community/trading-systems/stylefx/29400,7#?pt=2&p=8&o=29400 New chapter: NO GO broker http://www.forexfactory.com/showthread.php?p=3842055#post3842055 https://cp.commercialnetworkservices.net/aff.php?aff=623 |
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Member Since Mar 07, 2010 256 posts
duzyfx
Jul 03 2010 at 03:06
I just got scammed by the money manager ... he wanted to secure himself so I pay him his profit so he demanded $500 up front for trading 10K account. In 3 weeks he didn't manage to make any profit (and luckily for me didn't loose anything) however he will not refund the $500 even though he was supposed to earn it at 70/30 ... He was placing very loose daily entries and I just got tired of it!
Also I paid with paypal and guess what paypal does not protect the users for services ... so if you pay with paypal and you want a refund you won't see the money ever ... it stays with the scammer ... I'm thinking I should have used some Escrow service ... never used one before .... anyone can suggest one ? |
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Member Since Mar 07, 2010 256 posts
duzyfx
Jul 03 2010 at 03:08
Also what protection does a customer has against the money manager placing deliberate loss trades ... or simply devastating the account ? Especially when most ppl here trade $100 accounts or better -> demos ... if I want to make serous money and would commit 30-40K to be traded I probably would not trust anyone that doesn't trade the same account size .... how can you trust a money manager that claims 100% through 1000% a month if they only have $100-$1k to show for ...
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Member Since Mar 07, 2010 256 posts
duzyfx
Jul 03 2010 at 03:10
pc8multifx posted: New chapter: NO GO broker http://www.forexfactory.com/showthread.php?p=3842055#post3842055 |
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