SharePosts by Raiden
| Previous 1 2 3 4 5 .. 25 Next |
|
They went down within their set parameters and should recover given time. That's the plan at least. ;)
|
|
@FCMReform: Thanks for posting, just letting you know it's being read.
|
|
[quote]
sandelchayes posted:
Ahh yes, what I found was for some reason the price would get pegged on the chart at a certain price, and not update very quickly. then you could open the instant execution pane and see bids and asks and the actual market price (verified by using another feed for prices) so basically the platform had the price pegged and allowed you to execute a trade at that price, and also the actual current market price. Then you could open a trade at the "peg price" and close it at the "real market price" or vice versa and instantly capitalize on the differe......
|
|
[quote]
James_Bond posted:
How can they do that? That is quite misleading for new customers who have no clue of the current situation. Newly deposited funds will be probably only used to reduce losses for existing accounts. It's like they're taking part in the scandal.
[/quote]
It would be better for the trustee to place a notice on the site and divert any attention to the necessary links/emails for resolution. But as with any business failing, much less one this sudden, and with fraud involved, things get a little messy. I understand there's a skeleton crew but they would most likely be doin......
|
|
Unlikely, from the Notice of Member Responsibility Action under NFA Compliance Rule 3-15 issued, they are "prohibited from soliciting or accepting any additional customer accounts or customer funds, except as margin for existing positions."
So technically, you could deposit more money to maintain your existing positions, but I'm pretty sure not a single person/entity is doing that.
|
|
That's tragic, sorry to hear that.
I'm reading that Jade FX was domiciled in Belize, and run as a bucket shop. It sounds like it would have folded in time had the CFTC not got involved, in which case, you might have gotten nothing back at all if Jacob Juma Omukwe absconded.
http://forexmagnates.com/cftc-shuts-down-jadefx-owned-by-jacob-juma-omukwe/
|
|
Would be interesting to hear about your recovery process from the trustee.
I note amusingly that you can still download their MT4 platform, along with connecting to their trade server.
I wrote a small observation on counterparty risk rising from this incident.
http://raidenworks.com/2012/07/14/your-specific-counterparty-risk-is-pretty-much-a-crapshoot/
|
|
At this juncture, being selective of what Acmehedge said as the truth is not sound.
You are right to point out that the trades did not close at 2300 server time as would have been done by HTH. This is in line with Acmehedge's intention to not have any losses, and subsequently deploy the method I outlined above. (Incidentally, this could be what Acmehedge considered a 'recovery mode'.)
And yes, you are right too about the seconds being recorded. Apologies for speaking out of my ass.
This, however, reinforces the belief that the system was deployed on a fictitious 0-pip, or low, spread data fe......
|
|
For the sake of better understanding, a few things need to be cleared first.
myfxbook records trades that do not exceed 1 min in length as 0s.
If deployed on a 0 pip, or exceedingly low, spread feed, it is very easy for a system to close a trade within a minute.
The system has nothing to do with arbitrage.
(No offense meant, but I believe your definition of arbitrage may not be in line with the financial vernacular)
The trades look completely in line with HTH Trader's logic. http://codebase.mql4.com/4671
The increased lotsize is because of the increase in balance. If you look carefully, the......
|
|
It didn't have a recovery mode. The system they were deploying was already outed in page 8 & 9 as HTH Trader, an open source algorithm which strategy was flawed. The only way it worked is likely due to it being deployed on a custom feed with a close to 0 pip spread.
Even with all the warning signs and notifications by posters here, it is surprising that people can still be scammed. The victims were all too careless and greedy.
|
