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open a SECTION individully for investors in need to find good FX manager vote results

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open a SECTION individully for investors in need to find good FX manager Discussion

donnie (szdonnie)
Jun 10 2010 at 03:55
19 posts
i think maybe it can realize this website, traders, and invetors all-win. sorry for my poor english.

safe,steady,excellent
Ethan (Staff)
Jun 10 2010 at 06:40
1392 posts
Hi donnie, it's a nice idea - could you please give more details as to what should be in the section?

Thanks.

donnie (szdonnie)
Jun 10 2010 at 07:48
19 posts
It's simple. traders basically believe your website, investor basically believe your website. so in this section, your site act a bridge-connecting role. if you bridge would help willing traders find matched investor and vice versa, this section is a bulletin.
Then your website attract more and more excellent FX traders and investors and the same time your site value will get great promoted. Just a suggestion.

safe,steady,excellent
Andy (FXAndy)
Jun 10 2010 at 07:54
6 posts
I think this is a very good idea.

In terms of a section for managers, I think you'd need to have a list of elegibility requirements before a manager can apply to be listed in this section - off the top of my head:

- minimum amount of time the account has been trading for - I would suggest a minimum of 3 months.

- need to disclose the broker you are using, so a potential investor can assess the spreads/reputation of the broker etc

- minimum amount the account needs to be funded with - I would suggest a minimum of at least $500. If a potential manager is opening an account with $10 at a bucket shop, hoping to attract investors, it hardly instills confidence.

- a much higher level of disclosure - none of this locking access to open trades. If a potential manager is holding a position with a huge unrealised loss, I want to know about it. At the moment, this skews the stats and makes it highly confusing to assess and compare systems.

- beefing up the reporting stats requirements - if a system isn't updated for a certain time, for me thats an alarm bell - I would suggest that the account be removed from view until it is.

At the moment, there are a number of ways MFB can be manipulated, especially by unscrupulous 'traders' who actively seek funds to invest. For example, I can set up 8 real trading acounts, each with a bucket shop broker which offers $10 accounts and 500:1 leverage. I take massively leveraged long positions on 4 accounts, and short positions on the other 4. The 4 accounts which are not blown up, I then repeat the process - 2 longs, 2 shorts. Then again for the remaining 2 accounts. At the end of the day, for just $80, I have an account which has great looking stats, 3 winning trades, 100% win rate, and a huge account gain %age. Some of the above suggestions will at least make it harder for these sorts of managers to slip through the net.

You might also want to think about charging a nominal fee for a manager to list his account, thus attracting only serious managers.

donnie (szdonnie)
Jun 10 2010 at 07:59
19 posts
Here already have many traders infomation and performance , so investors' introduction maybe needed at first. I like your site arrangement, so i think this site has a very good development.

safe,steady,excellent
donnie (szdonnie)
Jun 10 2010 at 08:04
19 posts

FXAndy posted:
    I think this is a very good idea.

In terms of a section for managers, I think you'd need to have a list of elegibility requirements before a manager can apply to be listed in this section - off the top of my head:

- minimum amount of time the account has been trading for - I would suggest a minimum of 3 months.

- need to disclose the broker you are using, so a potential investor can assess the spreads/reputation of the broker etc

- minimum amount the account needs to be funded with - I would suggest a minimum of at least $500. If a potential manager is opening an account with $10 at a bucket shop, hoping to attract investors, it hardly instills confidence.

- a much higher level of disclosure - none of this locking access to open trades. If a potential manager is holding a position with a huge unrealised loss, I want to know about it. At the moment, this skews the stats and makes it highly confusing to assess and compare systems.

- beefing up the reporting stats requirements - if a system isn't updated for a certain time, for me thats an alarm bell - I would suggest that the account be removed from view until it is.

At the moment, there are a number of ways MFB can be manipulated, especially by unscrupulous 'traders' who actively seek funds to invest. For example, I can set up 8 real trading acounts, each with a bucket shop broker which offers $10 accounts and 500:1 leverage. I take massively leveraged long positions on 4 accounts, and short positions on the other 4. The 4 accounts which are not blown up, I then repeat the process - 2 longs, 2 shorts. Then again for the remaining 2 accounts. At the end of the day, for just $80, I have an account which has great looking stats, 3 winning trades, 100% win rate, and a huge account gain %age. Some of the above suggestions will at least make it harder for these sorts of managers to slip through the net.

You might also want to think about charging a nominal fee for a manager to list his account, thus attracting only serious managers.



very good , Andy

safe,steady,excellent
Zebra
zebra
Aug 11 2010 at 04:42
55 posts
100% agreed.


Requirements to be Displayed on Money Manager Section:

1.) No hidden Equity
2.) No hidden Account balance, deposit, withdraw,
3. No hidden Broker- We also need to filter out the Bucket shops.. So any broker that is NOT older than 2 years.
3.) Trading history can be private- Because the Analytical Statistics already displays the W/L , Pip gain, Trading activity Etc
 However, we will need to fix the Drawdown calculations so we can have access to how many Pips did the trade go against the Money manager, before the trade was closed, whether at a Loss/Gain.
  Well Maybe we should get POLL VOTE on Trading History... because as an investor, we need to know the accuracy of our Money Manager...

Any more suggestions??

Zebra
zebra
Aug 11 2010 at 04:55
55 posts
''Stevetrade'' made a great point about Double verification on another Suggestion box....

In order for a External Money manager to be displayed. their system needs to be linked to another source, like a signal provider to confirm that these gains can be achieved on another broker. Tradency, C2, zipsignals are creditable.

Also, I understand that some External Money managers will not allow to offer their Signals to the public for a mere $100 monthly fee.

Solution: that Money manager can easily Charge a rate fee of $999 a month to ensure that If investors want to use that particular money manager, they will use them instead of the signals...

But the double verification is 100% needed.
 

Steve B (stevetrade)
Aug 11 2010 at 11:36
1408 posts
I actually think that only full disclosure on MyFxBook should allow entry into the money manager side of things.

11:15, restate my assumptions: 1. Mathematics is the language of nature. 2. Everything around us can be represented and understood through numbers. 3. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
Steve B (stevetrade)
Aug 11 2010 at 11:55
1408 posts
I have a suggestion for this actually, rather than have a separate section, simply allow systems to be marked as 'for commercial purposes'. Then add a filter into the systems selection.

Marking your system as 'for commercial purposes' basically restricts your ability to mark anything on the system as private.

11:15, restate my assumptions: 1. Mathematics is the language of nature. 2. Everything around us can be represented and understood through numbers. 3. If you graph these numbers, patterns emerge. Therefore: There are patterns everywhere in nature.
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