As you may see we have a slightly improved account today, although it is far from ideal. The two trades running in the account are monitored at least every 10 minutes, 24 hours a day and our next step is to close out of EURCHF longs to free more breathing room in the margin if needed. Aside from closing all trades and locking in the large draw down, it seems this is the best choice to allow a bit more flexibility in the eurgbp trade. Again, we did not get to close the trade, or the 50% of it as planned, prior to the GBP news a couple of weeks ago. Our trading systems are still working well in other accounts, but clearly we cannot place a new trade until we gain some margin and free up some draw down. We are seeing the same winning percentage in our own accounts as we have over the past few months in this PAMM account and we have used a similar strategy for years in these markets. In the future we will cut our risk exposure greatly and possibly offer a trade copier service so you can access our trades, but set your own risk level as you choose. Thank you for the kind words and encouragement as we are in this together as our own funds are also in the program. That's all for now as things are still in the same holding pattern until the market moves again...which could be anytime.
We had well over half of the draw down eliminated over night, only to give back much of that performance on the EURGBP pair once again. To be clear, we have not placed any new trades for a while, but the trades moved much higher late last night and then gave back a chunk of those gains in the morning hours after the ISM numbers from the USA as it hurt the euro currency. Currently, we are still in a much better place than 1-2 days ago, but not nearly as good as overnight. There was a rise in the EURGBP from bottom to top of around 75 pips, then a retracement from peak to current price of around 45 pips. As always, we will monitor the traded pairs many times per hour and post if there are any changes.
So far every bit of news for the euro (namely Italian, German, and French data) has been terrible...actually the worst in several years for all three. The unemployment rate is also shown to be rising for the euro zone. It seems we are in a perfect storm of euro weakness, which I am not concerned about for our EURCHF trade, but I am concerned about for our EURGBP trade. We will begin scaling out of EURCHF soon if need be to free up margin in the account. We are looking for poor GBP news in about 30 minutes which could help to rise the price on the EURGBP.
Well we have had very poor news from every euro zone country and better than average news for the GBP....this is not a good combination for our EURGBP trade at the moment. The last bit of support is on the weekly chart back in June of 2010. We will see how the markets react.
Here is an update for USA clients about Hot Forex finally having to give in to USA tyranny and over regulation:
Yes, we knew it would only be a matter of time before they closed to USA clients and were threatened and forced with lawsuits like dozens of other excellent brokerages around the world. The USA has blacklisted it's clients in all markets like clients from Nigeria, Iran, etc....it is so so sad. Now, we need to find another new broker, or quit trading all together. I will never use a USA brokerage and have tiny leverage, have to follow the most foolish rule ever created (first in first out, where you have to close your trades in the order you placed them), and also have no ability to hedge...among many other things. There are many companies who still take us and have great PAMM programs as well, but they will all kick us out in due time as uncle Sam screws us even more. Either way, the accounts in the PAMM program are protected as there are many open trades still running so we are fine for now. I am speaking the co-founder of Hot Forex tomorrow and we will see how it goes.
Here are some frustrating links (also, I have had to change my overseas broker 4 times in the past 2-3 years...Hot Forex was the best thus far):
Yes, I have no idea of what happened with the CFTC and Hot Forex, but they closed for the same reason as brokers overseas....pressure from the US....either courts, CFTC, NFA, whatever it may be. They have not been sued or have any complaints against them that I know of. But there is only one reason they, and 95% of other brokers around the world, no longer take 'us'. I have been 'asked to leave within 2-4 weeks' from Exness (Russia), Instaforex (Russia), GoMarkets (Australia), and two others. I am not sure which had actual cases filed, but they sure all had the same reason....USA pressure. ;) I feel embarrassed to be a USA resident, it's a shame. Yet, I live within 2 miles of a casino and could gamble $5000 in an hour and no one would care, but if I use Hot Forex it is too 'risky' for 'me' to realize and it is for my 'protection'. Sad.
Here is a section from their email: Even though HotForex does not have any offices and/or operations in the U.S. and does not engage in the solicitation of clients it was communicated to us that the CFTC does not allow us to offer our services on a cross-border basis to U.S. clients. Therefore, it is with great regret to inform you that HotForex will no longer be offering its services to new or existing U.S. clients.
We have has this PAMM since January of this year. USA residents are no longer able to trade with our brokerage of choice however....as listed above.
We had two important news events for the Great British Pound (GBP) here overnight which both were nicely in our favor. Both of these numbers were poorer than expected for the GBP, which is what we wanted to help our EURGBP trade, however we have not seen the market move in our favor much at this point, maybe 10-15 points for a short time.
As you have seen, the EURGBP has closed against us due to the margin used, but a portion is still running and live. If you can see a chart, there was about a 10 pip whipsaw down and all the trades that closed were with a mere 5 pips from the very bottom. I was actually on the phone with my contact at Hot Forex as the news came out and we are going to have a Skype session tomorrow (we only had around 5 minutes of phone time today due to his schedule) to chat about the current situation both with the PAMM account and with the US residents as well. I will post more updates and things transpire of course. For those of you around since the beginning in January, you will note we have had around 2,000 trades with an 75-80% win ratio (not including the withdrawals from each client that showed 15-25 losers each as our open trades closed in each account). From all the trading, it was this one single pair and the scaled in entries that erased most of the balance. We made 300% in Jan., 116% in Feb, 42% in March, and April shows 7%, but half of that month we were in the draw down as you know. For US clients, please note that as long as you have open trades in your personal accounts or the PAMM account (which we do have open trades in) you should be alright with Hot Forex until June 4th or 5th as the email stated. The talk with Hot Forex tomorrow morning will tell me more about where to go from here and what the future holds for the PAMM and the US clients, etc. For now, we still have sizable trades running live in the market.
What the****, He lost all our money as I predicted few days back . I have doubt that he did this with the help of the broker. He showed us 300% return in Jan, 100+% in Feb just to attract us. We were having bad news about euro but he never closed the big positions. He only closed few small positions in eur/gbp.
Jason God will never ever forget you for what you did with us. 100% God is gonna catch you some day. I suspect there are few other people involved in this scam who are regularly posting their positive msgs about him here.
I am goona write every where on the internet about this guy (Jason- Fastpip.com). How he made us fool and still he is making us fool.
Mark my words Jason, GOD is watching you and HE will never forgive you for what you did with us for snatching our money.
I had doubts about this guy because he closed his facebook account last week from where he used to market about his business.
No more words for you GREEDY man. I will ask for a justice from GOD and I will write truth about you (what u did with us) on every networking site on the internet.
Hey now....Shahid....my facebook account is only a tiny part related to forex. There is nothing there to hide and it should be back on shortly. I private messaged you here via myfxbook email and offered to talk and answer any questions. I am not a mean person or a scammer. I had 5 figures of my own money in the account. What is the reason for me to post all these updates, email people at all hours of the day and work so many long hours on this account if I only get paid when the clients make new profits? I am sorry you are disgruntled and I understand. I will work to grow the small amount in the account the best that I can. I am not partnered with the broker other than working in the PAMM. Your claims are not true....sorry. The account size was not lost in a matter of minutes, it was in a large draw down for the past couple of weeks as I posted and everyone knew they could withdraw at anytime by closing their account. Shahid, we have shared no less than 40-50 messages over the past month and I answered every question as detailed as I could and drew attention that I never made a single claim of earnings in any post or message. You and I even messaged about 10 times just the past week or two again as you know, plus I messaged you through this site privately as my facebook is not activated. Please calm down and think before damning me before the Lord for working every day and awaking every hour of the night to monitor these trades for the past few months. Recall please, that I contacted a few investors when we were 30-50% in draw down and not one wanted to close at that time and each knew they could close their own account at any time. Clearly an account that earns 300% one month and over 100% in another is high risk, that's why I have always told every person to only use money they could afford to risk and to test things first until they were comfortable. Also, there was over $100,000 withdrawn from the account since inceptions and some investors removed small amounts of profits. Fortunately, most everyone knows better than to take your words seriously that I 'snatched' your money or how other people on this discussion board are working in tandem to trick you, etc. Everyone in this discussion board I met only through this board and the PAMM account. Anyway...that's all I will write. Those who know me know better, but I had the need to respond to you after a crazy post like that.
Just as a side note, I will not entertain any further slander or false claims here. Remember, I created this page simply to update investors at all times and I have done that. I will post any updates about the PAMM as I find out more information from Hot Forex, but if you have more detailed questions, simply message me here. I have nothing to hide, everything is clear and transparent....albeit not good. There are still live trades running in the market as well.
I have private messaged you, as you wrote earlier that you are not even a client. Why are you posting to make things worse? I see this is simply becoming a hate board so I will leave it alone. I have done my best and posted everything in great detail over the past few weeks as it unfolded over time....the real clowns and emotional posting of hate only makes it more difficult on everyone and investors. Clearly you do not care about them, but I do...that is why I am still here and writing and working to do my best. Thank you.
I ran into similar comments during the last two large draw downs, then when the account recovered, everyone was nice again. Those who have been around since the start recall the hate posts and I deleted the discussion thread. After several dozen investors asked to have a new one so they could be kept up to date, I agreed...as long as things were kept honest and friendly...come good or bad. It's too bad some people are nice and friendly when they are making money, then hate and condemn when they lose it. I did not see any positive posts from those posting hate messages when we had 20 winning days in a row but on the first loss they were there claiming scam, etc. That is all from me, please make your own unbiased judgements. I am signing out and will post updates as promised as things move forward. Thanks to all of you who read and use the information, and those who posted support along the way.
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Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
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