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Sector Capital 1 - PriorFX (By BP33 )

The user has deleted this system.

Sector Capital 1 - PriorFX Discussion

johndoe2016
Oct 13 2016 at 07:08
58 posts
I have withdrawn everything from priorfx, good that this works.

For compensation I have asked whether we will be compensation for their malfunction of their system and got and 'wait and hold' response.

From my experiences in forex I have yet to see any serious investment manager, 99.99% are basically running a wild west show to profit from the market a few months maybe a year and then a crash happens.

nicalberg
Oct 13 2016 at 07:08
2 posts
My loss is at this moment 58%.
smyri
Oct 13 2016 at 07:09
5 posts
This is really strange. I have 75% losses and some of you have under 60% losses. Have been running months same account without touching balance. We should have same losses... The level on unprofessional action from PriorFX is really on the next level. Well one thing is sure. I will not take this and will look for forward actions.

Christina (clte)
Oct 13 2016 at 07:10
17 posts
@BP33

Can you please confirm if you plan to continue trading on SC1? Yes or no?
If yes, I will leave some cash in the pot. If no I will remove it.
I don't want to apportion blame, I don't want to sue anyone, I don't want to go to the complaints commission. I took a risk on you. I knew it was a risk. End of story. All I want is to get back to every day life.

So, please BP33: Will you continue to trade? Or will you stop?
It's never too late
vilija
Oct 13 2016 at 07:10
12 posts
i can not access to clients area. It is only for me ?
vilija
Oct 13 2016 at 07:11
12 posts
i has recive money. Not all. But it is not scam.
innovative
Oct 13 2016 at 07:13
31 posts
vilija
Oct 13 2016 at 07:14
12 posts
fire_kid posted:
Jamal20nat posted:
Investor loss almost 50% of his equity. Bp don't had any loss. BP is big gainer, cz he got 100k USD success fee from his client. He has no tension for his client, he enjoyed his happy time. Real is that, he make money from his client. Now if he don't take any action for his client, he is responsible for his client loss his full life. Its his fault, hotforex refund many clients fund, if now we was in hotforex we also get refund.

BP is the gainer, but he has no tension which is not correct. in hotforex he was managing 2mil+ but then he decided to leave hotforex without able to tell his client where he is going. everyone found him from myfxbook..anyway it will take long to explain but if i am not wrong he is full time trader. if he cannot bring money for his client he also don't make any money. and i believe he is a good trader, not like luckily 5~6month his trades go good then shut down.

@BP33 any update? when will we start to trade. sooner we start trade, sooner we will recover loss.
No mater what we will be write this. BP has write about this.
I think BP very bad cary about as. Him go to this strange broker.
And now - nothing for help as.
Only write to regulator may be help as.
May be every body known how do this ?
Franck44
Oct 13 2016 at 07:39
21 posts
Hi

I loss 52% of my capital. Bad news, but Market is always right.
We must accept our loss, it's the trading rules.

BP we all support you. I'm sur you'll be able too make some evolution to your system to avoid what happened.

I agree with everyone here : When will we start to trade. sooner we start trade, sooner we will recover loss.

Best Regards.
leo23
Oct 13 2016 at 07:43
631 posts
Actually there is no reason for the trader to move from broker to broker when he is trading with such a large volume of funds. Simple solution will be choosing a FIX API account and trading from fix account.

A fix account from any well regulated broker can solve 99% of issues like orders not getting filled, execution delays etc. Apart from that with such a high frequency strategy I am sure the trader would have got at least double the monthly return in fix account as compared to the trading results in mt4 account since both the spreads and executions will be perfect in fix api account.
Artificial General Intelligence
fire_kid
Oct 13 2016 at 08:18
50 posts
fxtrader555 posted:
ISFurlan posted:
Are you going to move to another broker?


of course he is. But somewhere else again. There're still few believers who will follow him... so he can gain again compensation on the profit he make, then when he blew up the account again, he will leave you all behind with your loss. Like he's doing now. Wake up people! Some find him a good trader. I ask you: will a good trader blew the account? Will a good trader expose your account so big to one single currency ? Will a good trader buy GBP after brexit decision? Come on.

You will see that BP33 will not take his responsability and recover the loss. In fact, he's the only one who benefit from this all.

so he moved from hotforex to priorfx for that reason? before leave hotforex, last month loss was only 4%.

priorfx could not execute some order, so do you want bp33 should take full responsible?
===

i think bp33 still waiting reply from priorfx, hopefully within this week everything will be settled and bp33 will start trading as soon as possible.

plop1234
Oct 13 2016 at 11:26
8 posts
Fixed API will not help, the best suggestion is for him to spread the algo over several brokers for the following reasons

you get better spreads for smaller amounts.

when and if you have to bail out, its faster and in smaller tickets easier for brokers to absorb
leo23
Oct 13 2016 at 11:31
631 posts
fire_kid posted:
fxtrader555 posted:
ISFurlan posted:
Are you going to move to another broker?


of course he is. But somewhere else again. There're still few believers who will follow him... so he can gain again compensation on the profit he make, then when he blew up the account again, he will leave you all behind with your loss. Like he's doing now. Wake up people! Some find him a good trader. I ask you: will a good trader blew the account? Will a good trader expose your account so big to one single currency ? Will a good trader buy GBP after brexit decision? Come on.

You will see that BP33 will not take his responsability and recover the loss. In fact, he's the only one who benefit from this all.

so he moved from hotforex to priorfx for that reason? before leave hotforex, last month loss was only 4%.

priorfx could not execute some order, so do you want bp33 should take full responsible?
===

i think bp33 still waiting reply from priorfx, hopefully within this week everything will be settled and bp33 will start trading as soon as possible.

Exactly. Have anyone noticed why the monthly returns reduced in priorfx !! Because the spreads were high in priorfx and the trader was getting that extra mark up spread as affiliate commission for each and every trade executed.

Let us pay attention to the performance closely. You can see that the trader was targeting around 10000 pips or more per month with a monthly return of 5% approximately with a 45% equity protection. So for 45% hit, it will require a drawdown of 100000 pips or more approximately which is not easy to hit in one day or in one pair even if you just place trades randomly, because you will always have large number of pips and pairs to cover that floating equity within few days.

But it can be easily known that the hit of equity protection is bound to happen may be once in a year or once in 4 to 6 months by looking into the number of pairs traded and number trades opened and closed every day. That is just to get commission on each trade. It's a matter of volatility in all pairs and how many current open trades etc. But sadly this time it happened in this account within few months. So you have to face it...

So when it happened in hotforex, the trader moved to priorfx and now he may move to some other broker if investors are still there.
Artificial General Intelligence
fxtrader555
Oct 13 2016 at 11:40
5 posts

i think bp33 still waiting reply from priorfx, hopefully within this week everything will be settled and bp33 will start trading as soon as possible.


no it's the end. Did you read peter's last post? he does not receive answers from priorfx. he also mentioned that we have to contact regulator and he wishes us goodbluck.... means we don't have to count on him any further. There will no more solution/answer from peter nor from priorfx.
kimjstuff
Oct 13 2016 at 12:41
10 posts
The only questions left is this BP33. When are the system up running again? And do you gonna make any changes to the system?
mort778c
Oct 13 2016 at 12:58
5 posts
We need to accept our losses. We signed that stoploss would be 45%, but we also signed that we can/could lose more than our balance in cases of a thin market where stoploss doesn't work because of a gab in the price. This happened and was very unfortunate. I do not think you will get any compensation from PriorFX, because the problem was the illiquid market at the time where the Flash Crash happened + the few seconds it took.
Jamal20nat
Oct 13 2016 at 18:23
38 posts
See that, onada broker.... Priorfx don't send confirmation mail.

Attachments:

mort778c
Oct 14 2016 at 06:22
5 posts
However, the wierd thing in this case is the fact, that not everyone have the same percentage loss, and that sounds like PriorFX messing up.
ebokai
Oct 14 2016 at 17:03
23 posts
Official statement by Priorfx:

Following up on our previous correspondence regarding the GBP “Flash Crash”, we would like to inform you that our team is currently investigating all accounts affected by this unfortunate incident.
The delay is due to the high amount of orders (above 250 000) that are being checked against the records provided by our liquidity providers.

As we are still receiving enquiries from some of our clients we would like to offer additional clarification concerning two major issues:
Why some clients were closed differently; and
Why account balances were changed afterwards.
During the force majeure situation of the 7th October 2016 the system started closing orders at the 45% drawdown level as it should be. But there was practically no market on the opposite side and some banks have withdrawn themselves in such unpredictable circumstances. As soon as some opposite direction orders appeared the system started closing orders gradually on the available liquidity.
Trying to save clients’ funds PriorFX took extraordinary measures to close open positions manually at approximate prices which took some time and contributed to the difference in closing prices although saving a substantial amount of clients’ funds which otherwise would have been wiped out by the sharply falling GBPAUD pair.

During the weekend after the GBP flash crash our team made corrections from artificial prices to actual prices that the orders have been executed at.
These steps helped to limit further losses. Therefore PriorFX has fully met its obligation to provide best execution to its clients at the best price available on PriorFX’s liquidity at that moment.

Therefore, the difference in the levels for losses of different investors is caused by a combination of several factors: force-majeure drop of GBP being the major one, very shallow or non-existing liquidity on the opposite side of the market, huge number of very small orders, difference in deposit size and time of joining the Sector 1 system, different closing quotes provided by different liquidity providers etc.

PriorFX would like to assure you that we put all our efforts in having the investigation finished within the shortest time possible and that once the final results are ready we will get back to you.

We apologise for any inconvenience that this may have caused you, and we appreciate your patience and understanding in this matter.
If you have any questions please do not hesitate to contact Our Support Team on +357 2525 8220 or email us at [email protected]
ebokai
Oct 14 2016 at 17:10
23 posts
By the way, I have removed all my funds from my priorfx account. I hope any corrections will be deposited into the account if it turns out mistakes were made. I'm curious to see if sector 1 will continue trading in the future, but it will take a long time to get back to normal levels. I wish you all the best in your investing future.
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