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Miembro desde Feb 16, 2010 99 mensajes
Lion Asset Management (WhyLose)
Jun 15 2010 at 20:45
(editado a las Jun 15 2010 at 20:46 )
Guys, in most countries it is illegal and a criminal offense to advertise for retail forex clients unless you have a license from the relevant country's regulator. This usually means where you are based but there are exceptions.
If you're based in France, for example, you need to contact the Direction des Agréments, des Autorisations et de la Réglementation to establish an exemption unless you are already registered with http://www.banque-france.fr In Malaysia you need to be a Licence Holder as provided under section 77 of the Capital Markets and Services Act 2007 at http://www.sc.com.my Time is more valuable than money. You can get more money, but you cannot get more time. |
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Miembro desde Apr 20, 2010 727 mensajes
DoubleTrap (ForexSeeker)
Jun 16 2010 at 00:36
Thank you to Lion Asset Management,
Your statement did bring up a good discussion about the forex market activity. Glad that someone has more experience join in to explain more about the approach of management. Well, me is very new to Forex market. But I think Malaysia did not recognize or approve Forex as a business in this country as it is a high gain high risk investment, so there are no advertisement in public media. So is consider your own risk investment if you involved thus it did not approve forex establishment company. As then there is still some branches of Forex company in Malaysia, is just that they marketing is low profile not in public. The activity just going on through social connection. So since myfxbook is not found in my country, so If I public advertisement in internet will not consider as having activity of business in Malaysia rite ? Myfxbook is a social forex network portal for discussion and sharing information. I also wonder, if I setup FX manager web page to get retail forex client from all over the world. Is it consider illegal activity ? Well if we do not sign any document and the managing basis just base on trust, there will be no legal documentation that can bring up a legal case. Even the client complain that you loss all his money, the will be no case can bring up to court as no company registration, no paper sign, investment beyond country, just personal email record only. I think there will be an issue if you get mass client that have no idea about forex in your own respective country, and after you lose their investment they go public and ask help from government, then you will be in trouble. And the law enforcement activity that go hunt any illegal investment in all country is zero rite ? Action only taken if there is a log of complaint, and as said before hardly any document to log complaint, and require many people report being feel scam from your investment promise. So the question is, is there any law of internet business ? Do they apply same to all country ? I think obviously no rite ? As I'm still very new on internet business only have some common cents, so if anyone has common dollar please fill in my pocket. Thank Q! Information is Gold when come to organised. http://winterwongforex.com |
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Miembro desde Aug 20, 2009 202 mensajes
kennyhubbard (compuforexpamm)
Jun 16 2010 at 04:02
ForexSeeker,
I tend to agree with you......you may be breaking the law in some countries, but I believe these things are impossible to prosecute. By way of example, I don't trade your account......I am a technician. I hook up a robot to YOUR trading account(I say this by way of example.....I am no longer in the managed FX business). I also think that in many countries, the laws govern the receipt of funds ie you need to actually be given direct access to the funds. Since you are paying your money to a licenced broker, I think they would have a hard time proving anything. As to people that simply wire funds to the traders' account, well, its too bad they don't have a cure for stupidity(actually they do.....its called experience). At least sites like this promote education, so that people can learn that there are facilities that will prevent outright fraud, such a PAMM accounts. I have zero respect for the various 'financial regulatory' bodies worldwide. They do NOT protect the average investor(and that includes the UK) so screw them. I believe they amount to nothing more than, either a taxation, or an 'old boys club'. And, yeah, I would say my point of view has been jaded by past experiences, one of which was UK based, so I know useless when I see it. And lets face it, qualifications does not make a good trader.......I can offer my provident fund as proof of this. The pros managed to lose 44% of it in 2008. Wealth Creation Through Technology |
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Miembro desde Apr 20, 2010 727 mensajes
DoubleTrap (ForexSeeker)
Jun 16 2010 at 04:44
Back to the Manager Fun Issue.
As I never use PAMM or let other manage fun before. I have some question about the losing month fee calculation. Let said I invest 1k USD in my account, then give to a FX manager trade. End of month it lose 400 USD. No fee paid. I top up 400 USD next month, and the FX manager able gain balance become $2000 end of the month. So that net profit earn this month is $1000. Do manager fee on this month base on $1000 or will minus last month loss of 400, base on $600? If the customer withdraw out this month and wait after 2 month join you again, do you still give the privilege to minus back the loss of 2 month again from this month net profit ? How does the legal professional FX group handle this kind of issue ? Information is Gold when come to organised. http://winterwongforex.com |
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Miembro desde Mar 04, 2010 379 mensajes
SIM (pip2cash)
Jun 16 2010 at 05:51
i think the fee paid is based on the monthly profit. If it is losses on the particular month then might be no fee paid(it depend on the manager, some manager still will charge investor).
The fee paid is not depend on your deposit or capital. Only based on monthly return. Regards, SIM Low risk consistent return! For More Information on Professional Managed Account Service, Kindly visit: http://www.forexmanagedaccounts-fxmac.com/ref/6566136 |
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Miembro desde Apr 20, 2010 727 mensajes
DoubleTrap (ForexSeeker)
Jun 16 2010 at 10:04
(editado a las Jun 16 2010 at 10:05 )
Look like I should charge $50 handling fee in advance, If got profit , $50 will rebate back from manager fee.
If loss , I still get $50 for labor setup fee. Well for unknown and nobody status of me probably have to base on your deposit to calculate net profit so there always a win-win situation to keep both party happy. Information is Gold when come to organised. http://winterwongforex.com |
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Miembro desde Dec 19, 2009 87 mensajes
Fill or Kill (cateful)
Jun 16 2010 at 10:33
Usually you get paid a percentage of new profits based on High Water Mark, that is, losses must be made back before any new fees are deducted.
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Miembro desde Apr 20, 2010 727 mensajes
DoubleTrap (ForexSeeker)
Jun 18 2010 at 01:03
Anyone know any PAMM account that give high leverage ? So far I know is Alpari that has 1:100 with 3k deposit required.
So there could be actually twist the term of FX Manager for FX EA Management Installing Contractor. Which I do not trade for you, but I'm the technician to make sure your EA is maintain and in good running condition. The fee charge will still same as like the real manual FX trader base on percentage. Information is Gold when come to organised. http://winterwongforex.com |
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Miembro desde Feb 15, 2010 54 mensajes
bwizard (bwizard)
Jun 18 2010 at 01:08
I do agree i have to go through extensive sec, ctfc and ftc regulations and agreements every year to keep my manager position open and there are no disclaimers any where mentioned from any of these managers. I dont advertise people just come to me. So it does make it easier but you must be real careful as an individual trading other peoples money. Being setup with a corp trading acct and managment will protect you and your assets if something bad were to happen.
You will never go broke by taking profits |
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Miembro desde Apr 20, 2010 727 mensajes
DoubleTrap (ForexSeeker)
Jun 18 2010 at 05:36
I see, if you do not advertise on public media, you probably can skip the extensive certificate and regulation if you never meet the customer and hide behind the scene of internet.
Can you share me the technique how that people come to you ? You publish your statement in forum ? How much your client usually want to invest ? Isn't a normal risk agreement document sign by client already protect you from being sue by customer ? If you got some small fish client that only want invest 500 USD and able gain 100% ROI in a month, kindly refer him to this forum blog. Thank Q. Information is Gold when come to organised. http://winterwongforex.com |
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