BFM Assets 2 Discussion

Hi guys,

I would like to share with you all some useful info, in case you are ever going to deal with this guy, who pretends to be a professional trader. Therefore, I will fill you in a little story about a business partnership between me (founder of SmartTradingClub.com) and Mike Fowler, known as Blindfoldedmonkey on the net. You can also find him at:
• www.bfmassets.com/‎
• www.forexstreet.net/profile/BlindFoldedMonkey955‎
• blindfoldedmonkey.tumblr.com/‎
• https://stocktwits.com/Blindfoldedmonkey
• https://www.meetpips.com/members/Blindfoldedmonkey
• https://blindfoldedmonkey.blogspot.com.es/
• https://www.fxstat.com/de/user/profile/Blindfoldedmonkey
• https://www.fxstat.com/lo/performances/view/Blindfoldedmonkey_Indexes-19043
I first met Mike on the Fxstreet Meetup in Barcelona. He then claimed to be a professional forex and indices trader. He declared to have 10 years’ experience in the financial markets and that he had been a consistent trader, without any losing months for the past four years. I did believe him, ignoring the fact that he wasn’t able to show me his performance. He was only able to present a track record for the last 3 months. I have to admit that his salesman skills were impressive.
I decided to give him money to invest and manage on the financial market. He did great at the beginning, but unfortunately for me, he started losing more and more in the following weeks. Within first month he managed blow up my first account. You might ask how this could ever happen to a trader who hadn’t got any losing months in the last four years… Since he was my business partner, I believed his story and the strategy. We made then an agreement that if he loses again, he would refund the money. At that point I invested more as I had no risk and hoped to get back the money that he has lost. And guess what?!! After a month my second trading account was broke. I couldn’t believe in what I saw… Two accounts gone in two months??? Unbelievable…
I’ve been trying to get the money back he has promised for the past half a year. He first said that he was going to pay me back… After never ending emails, I finally lost my patience and realized that this guy is the biggest scumbag I have ever met. I haven’t heard from him in ages, he’s just disappeared.
On the net you can find many of his blogs, adds and offers to manage your money. You will also find extremely good track record of his indices trading on myfxbook.com or fxstat.com. Don’t look at it blindly… Why? I want to point out few things about his strategy:
Indices:
• He is only long indices;
• He buys and closes position with small winnings and reopens again which gives him a nice looking graph;
• As we know in the markets has been very bullish in the past two years > how can you lose money if you buy in the bullish market?! You can’t.
• If market goes against him, he keeps buying. That trading style is called “Averaging Down”; for those who understands trading, this is the worst thing trader can do!!!
• If the market keeps going down, he starts selling without closing any long positions;
• Risk for this strategy in the financial crisis is very high and can lead to investor’s bankruptcy!
Forex:
Mr. Mike Fowler used to trade Forex a lot, so ask yourself why doesn’t he show you his track record? The answer is very simple: he has burned all his clients’ forex accounts, including mine. He is trading on H1 charts and enters and exits position when the H1 candle closes. His Forex strategy is very risky. He doesn’t even use stop loss! He has many small profits and huge losses, especially if there are some news against him.
I made a huge mistake letting him to manage my trading accounts!!! Don’t make the same mistake. Be aware !!!