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Sector Capital 1 - PriorFX (By forex_trader_100568)

The user has deleted this system.

Sector Capital 1 - PriorFX Discussion

Apr 04, 2016 at 17:23
10,544 Views
302 Replies
Member Since Jun 08, 2016   2 posts
Oct 11, 2016 at 06:32
Maybe stay in hotforex would not be that bad afterall.
I have to admit that PAMMV2 of hotforex is a decent system and more fair in fund allocation base on investor funds percentage
Member Since Mar 22, 2016   29 posts
Oct 11, 2016 at 08:11
very silent here ... nobody cares about what happened ?
Member Since Feb 12, 2016   52 posts
Oct 11, 2016 at 08:14
nemonemo posted:
Maybe stay in hotforex would not be that bad afterall.
I have to admit that PAMMV2 of hotforex is a decent system and more fair in fund allocation base on investor funds percentage
Yes it must be because of that they suddenly closed all PAMM accounts. 😄
Member Since Feb 23, 2014   55 posts
Oct 11, 2016 at 08:20
i think they closing only EU pamm manager accounts
johndoe2016
forex_trader_314834
Member Since Mar 25, 2016   58 posts
Oct 11, 2016 at 08:35
Well hotforex is no longer an option for European investors since hotforex management has decided not to offer PAMM anymore for EU citizens.
johndoe2016
forex_trader_314834
Member Since Mar 25, 2016   58 posts
Oct 11, 2016 at 08:36
jajest posted:
very silent here ... nobody cares about what happened ?

what do you suggest?

I care about it but what can do other than avoid this algo and priorfx?
Member Since Feb 20, 2014   12 posts
Oct 11, 2016 at 08:36
Of course we care. I think it went silence after the mail from priorfx came. Do not know what @BP33 should update us on, if he doesn't have anything to tell. He could of course say that he does not have anything new to tell.
Member Since Mar 22, 2016   29 posts
Oct 11, 2016 at 09:14
few messages back there was a message saying that he would have a meeting with prior management. I think as a PAMM manager he must feel some resposability towards us, his investors, which he brought us here to priorfx, to inform and advise us what to do?
Member Since Mar 21, 2016   17 posts
Oct 11, 2016 at 10:04
Personally, I would like to hear from @BP33 whether he plans to continue trading or not. Chances of a similar crash occuring again are fairly small and apart from the last few weeks BP33 has so far had excellent track record. I am afraid that BP33 is however quite disheartened at the moment, as the account is now less than half the size of what it was and he will not start gaining any success fees until it is back up to where it was. So we are talking about possibly several years of work ahead with as good as no income from success fees for him. Nevertheless, the past is the past, and I am willing to give it another try if he is willing to pick up the trading again.
It's never too late
Member Since Mar 22, 2016   29 posts
Oct 11, 2016 at 11:27
clte posted:
 as the account is now less than half the size of what it was and he will not start gaining any success fees until it is back up to where it was.

good remark! We'll see if and how he react on this.

BP33
forex_trader_100568
Member Since Nov 25, 2012   121 posts
Oct 11, 2016 at 11:35
Hi everyone,

I'll update you with what I can.

Key points:

1) Direct questions have been asked, in writing, of PriorFX with regard to events such as orders not being filled BEFORE the flash crash in GBP. PriorFX have so far provided nothing in the way of an answer to those direct questions. For the avoidance of doubt, it is my concrete opinion that investors should not have been stopped out at all as it was completely avoidable if market access was not altered/denied.

2) PriorFX appear to be treating the issue only as though the stop-out has happened (eg: ignoring any other questions about their own processes) and are somehow STILL calculating what they think the final stop-out amounts are for each investor. For the avoidance of doubt, should a stop-out occur then each investor should be stopped out once 45% drawdown occured as per the forms the investors signed. That does not appear to have happened correctly at all.

3) The investor agreements are between the investor and PriorFX. To lodge a formal complaint go to https://priorfx.com/en/about-us/complaints/

4) Regulation info for PriorFX is on their website should you wish to pursue this with the regulator.

That's all the info I'm able to provide. Doesn't seem to be anything more I can do, seeing as they aren't exactly communicating, so if you're an investor and you don't get satisfactory answers from them pursue whatever avenues you see fit, such as a complaint to the regulator.

Best of luck to everyone getting a satisfactory resolution.

BP33
Member Since Mar 01, 2013   582 posts
Oct 11, 2016 at 13:19
BP33 posted:
Hi everyone,

I'll update you with what I can.

Key points:

1) Direct questions have been asked, in writing, of PriorFX with regard to events such as orders not being filled BEFORE the flash crash in GBP. PriorFX have so far provided nothing in the way of an answer to those direct questions. For the avoidance of doubt, it is my concrete opinion that investors should not have been stopped out at all as it was completely avoidable if market access was not altered/denied.

2) PriorFX appear to be treating the issue only as though the stop-out has happened (eg: ignoring any other questions about their own processes) and are somehow STILL calculating what they think the final stop-out amounts are for each investor. For the avoidance of doubt, should a stop-out occur then each investor should be stopped out once 45% drawdown occured as per the forms the investors signed. That does not appear to have happened correctly at all.

3) The investor agreements are between the investor and PriorFX. To lodge a formal complaint go to https://priorfx.com/en/about-us/complaints/

4) Regulation info for PriorFX is on their website should you wish to pursue this with the regulator.

That's all the info I'm able to provide. Doesn't seem to be anything more I can do, seeing as they aren't exactly communicating, so if you're an investor and you don't get satisfactory answers from them pursue whatever avenues you see fit, such as a complaint to the regulator.

Best of luck to everyone getting a satisfactory resolution.

BP33

Thanks BP33 for the update and info.
Never Give Up or Give In To The Market
Member Since Mar 22, 2016   29 posts
Oct 11, 2016 at 13:52
so ... that's it ?
Member Since Feb 23, 2014   55 posts
Oct 11, 2016 at 17:46 (edited Oct 11, 2016 at 17:50)
BP33 posted:
Hi everyone,

I'll update you with what I can.

Key points:

1) Direct questions have been asked, in writing, of PriorFX with regard to events such as orders not being filled BEFORE the flash crash in GBP. PriorFX have so far provided nothing in the way of an answer to those direct questions. For the avoidance of doubt, it is my concrete opinion that investors should not have been stopped out at all as it was completely avoidable if market access was not altered/denied.

2) PriorFX appear to be treating the issue only as though the stop-out has happened (eg: ignoring any other questions about their own processes) and are somehow STILL calculating what they think the final stop-out amounts are for each investor. For the avoidance of doubt, should a stop-out occur then each investor should be stopped out once 45% drawdown occured as per the forms the investors signed. That does not appear to have happened correctly at all.

3) The investor agreements are between the investor and PriorFX. To lodge a formal complaint go to https://priorfx.com/en/about-us/complaints/

4) Regulation info for PriorFX is on their website should you wish to pursue this with the regulator.

That's all the info I'm able to provide. Doesn't seem to be anything more I can do, seeing as they aren't exactly communicating, so if you're an investor and you don't get satisfactory answers from them pursue whatever avenues you see fit, such as a complaint to the regulator.

Best of luck to everyone getting a satisfactory resolution.

BP33

thanks for the info, but we really don't have any info regarding 'order not filled before the flash crash'.

1. priorfx cannot provide us current equity (only can know from myfxbook)
2. priorfx do not provide which currency currently opened, position, lot size (only can know from daily confirmation e-mail, however lot size shows wrong)
3. according to myfxbook this month our loss is 41.75%. but investor account showing this month loss 58%
4. friday after market close balance was different than today's balance.

@BP33 whats your future plan? are you going to trade on priorfx or go back to hotforex? or if you have any other plan let us know. as soon as you start to trade we will able to recover the loss faster.
Member Since Dec 05, 2015   38 posts
Oct 11, 2016 at 17:51
priorfx fx cheating with us. they don't send us daily confirmation. how we see the trade? bpge go to action because its ur fault. we don't come this broker.
Member Since Sep 29, 2016   6 posts
Oct 11, 2016 at 18:41
BP33, you can pursue the matter and keep fightning for the answers. Besides that, we are still people that have 75% loss, please sort that out since that is not the correct amount loss percent others are having.

Its to early to give up.
Member Since Apr 07, 2016   5 posts
Oct 11, 2016 at 18:42
Hi BP

Thanks for the update. Can you provide more info as to point 1? If orders prior to the flash crash were not filled then there is definitely some explaining on their behalf to be made and it would help if we had some details to show them.

Thanks
Member Since May 11, 2016   8 posts
Oct 11, 2016 at 18:42
BP33 posted:
Hi everyone,

I'll update you with what I can.

Key points:

1) Direct questions have been asked, in writing, of PriorFX with regard to events such as orders not being filled BEFORE the flash crash in GBP. PriorFX have so far provided nothing in the way of an answer to those direct questions. For the avoidance of doubt, it is my concrete opinion that investors should not have been stopped out at all as it was completely avoidable if market access was not altered/denied.

2) PriorFX appear to be treating the issue only as though the stop-out has happened (eg: ignoring any other questions about their own processes) and are somehow STILL calculating what they think the final stop-out amounts are for each investor. For the avoidance of doubt, should a stop-out occur then each investor should be stopped out once 45% drawdown occured as per the forms the investors signed. That does not appear to have happened correctly at all.

3) The investor agreements are between the investor and PriorFX. To lodge a formal complaint go to https://priorfx.com/en/about-us/complaints/

4) Regulation info for PriorFX is on their website should you wish to pursue this with the regulator.

That's all the info I'm able to provide. Doesn't seem to be anything more I can do, seeing as they aren't exactly communicating, so if you're an investor and you don't get satisfactory answers from them pursue whatever avenues you see fit, such as a complaint to the regulator.

Best of luck to everyone getting a satisfactory resolution.

BP33

Hello BP33,

I only have aquestion,

Is the trading going to continue?, as i see very little chance for PriorFx to honor its word, i would like to keep investing with you @BP33 as long term results still very good, i know its hard to decide if you will keep using PriorFx as a broker and when you will resume, i think if you keep doing what you do best we can get back to our feet in a couple of months, Regards.
Member Since Jul 30, 2015   5 posts
Oct 11, 2016 at 18:43
Seems so. I´m still fighting about account losses. People have very different losses between 50% to 75% even though people had same positions and no withdraws or deposits done during DD. Have made official complainant, but they are not answering. Also have asked for overall account losses so I can compare it to my losses, but no answer. I guess they are still 'counting' the losses which is very very strange. I will need official account statement so I could double check the trades, but nothing has arrived.

If it gets difficult with them (which I suspect it will) I will contact the regulator. I´ll bet they know they have made mistakes as account balances are screwed and now they try to cover the issue.
johndoe2016
forex_trader_314834
Member Since Mar 25, 2016   58 posts
Oct 11, 2016 at 18:44
from priorfx when I asked them about whether there was a system failure and whether we will receive compensation.

'As the matter still under investigation, we won’t give you any answer that we are not sure.
 
As soon as we will have more details on the matter, we will get back to you.'
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