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Sector Capital 1 - PriorFX (By BP33 )

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Sector Capital 1 - PriorFX Discussion

tomazxyn
Oct 07 2016 at 08:42
27 posts
@BP33 would we get a kind of compensation from priorfx for not honouring our orders?
BP33
Oct 07 2016 at 08:46
121 posts
tomazxyn posted:
@BP33 would we get a kind of compensation from priorfx for not honouring our orders?

I'd like to be able to answer that but I cannot say I know.

I'm waiting for a definitive explanation from them as to why orders were not filled.

Until I receive that, I'm unable to provide any more updates.

What I do know is that the issue of orders not being filled occured at multiple brokers, so I suspect liquidity providers have a lot to answer for.

There are precedents for such a thing occuring, the issue with the SNB is a fairly recent one.

I'll update when I know more.
forex4noobs
Oct 07 2016 at 10:36
1 posts
If you do not trade with dodgy brokers from Cyprus, this does not happen. Brokers from the UK, US, Switzerland, Australia, and any other well regulated country would be more likely to handle this well. And, if they did not, you would be far more likely to get compensation.
fire_kid
Oct 07 2016 at 11:27
50 posts
mcpeacock posted:
@fire_kid - blown account.... it seems....

you should check your balance at the client area of PriorFX.... and prepare to be shocked.
mine says this: -9.22337203685e+16 😲😲😲😲

- instant update - now my balance at priorfx is back to just around my initial deposit number.... :S


haha yeah i saw something like that. i think there was a big investor may be invested nearly 1million usd. after see huge dd probably he decided to withdraw all money and priorfx gave wrong balance/equity info which corrected within couple of min. if i am not wrong, account balance was 5mil+. currenct balance 1.9mil and loss 2.3million, so i assume there was a big investor :P
=====================

according to myfxbook current month loss is 41.75% could anyone calculate your account, if this is correct? in my account loss is approx 49%

not sure if myxbook showing less loss due to almost 1million withdrawals
====================

BP33, this one important: we have 45% equity protection when we fill up the document. yesterday equity went to 15% drawdown, but account was still running. i will send them e-mail about this issue, but it will be also good if you ask them too.
tomazxyn
Oct 07 2016 at 11:51
27 posts
I really do not see any benefit of switching to priorfx..getting a compensation from them for their own error now looks difficult.
fire_kid
Oct 07 2016 at 12:19
50 posts
at this moment GBP and EUR completely unpredictable. it will be nice if we stay away from EUR and GBP.

not sure if it's priorfx fault. read this article:
https://www.telegraph.co.uk/business/2016/10/07/pound-flash-crash-sees-sterling-plunge-6pc-within-minutes/

instead of money compensation may be it will be easy if we ask lower spread for some pair.

 

Pablo51
Oct 07 2016 at 13:20
91 posts
Hi BP33,

I am really sorry for the loss. Really. However this is forex and show must go on.

I would like to know what are your plans. Are you going to abandon the account or keep trading. Do you have any suggestion regarding recovering from the loss?. ALways markets are unpredictable but most of the times the risk is managed provided you have a solid risk management plan.

You are very good trader. May be it would be possible to continue trading increasing a bit your normal exposure in order to get similar results as you were getting in hotforex and therefore accelerating the recovery. At the same time, and in order to compensate for the additional risk, may be you can set equity protection at a reasonable level (may be 15%).

I am willing to keep my money in the account but I need to see your plans. Otherwise,please let us know asap. In this way we will recover the loss using different solutions.

Thanks.
Pablo51
Oct 07 2016 at 13:21
91 posts
fire_kid posted:
at this moment GBP and EUR completely unpredictable. it will be nice if we stay away from EUR and GBP.

not sure if it's priorfx fault. read this article:
https://www.telegraph.co.uk/business/2016/10/07/pound-flash-crash-sees-sterling-plunge-6pc-within-minutes/

instead of money compensation may be it will be easy if we ask lower spread for some pair.

 


I believe it is a very good idea.
fire_kid
Oct 07 2016 at 13:45
50 posts
@Pablo51

as long as we have money on account we can always recover. currently we lost approx 42%(if someone invested money from the start). so if we do not deposit any money, account have to make 72% profit to recover the loss.

consider every four month we making avg 15% profit, it will take approx 15month to recover full money. and if we deposit money monthly basis recover will be fast.


bp33 best arrangement is '45% equity protection'. but sadly this protection did not work properly. as soon as 45% equity hit priorfx system suppose to close down all trades automatically. i asked support about this issue, they replied they upgrading it and they will send me an e-mail next week about this issue.

anyway i am happy i have 52% equity. i would not be surprised if account blown. bp33 was trading all gbp pair. almost 1K pips spike for a min 😁

bp33 please settle down all problem as soon as possible and start trade 😎
tomazxyn
Oct 07 2016 at 13:49
27 posts
i notice since when he moved to to priorfx the monthly performance dropped unlike when he was with hotforex..i am yet to be convinced priorfx is the way forward..
tomazxyn
Oct 07 2016 at 13:52
27 posts
if we were earning a minimum of 5-10% for the past 4months like when we were in hotforex we would probably have less to worry about after yesterday CRACKDOWN
Pablo51
Oct 07 2016 at 13:56
91 posts
fire_kid posted:
@Pablo51

as long as we have money on account we can always recover. currently we lost approx 42%(if someone invested money from the start). so if we do not deposit any money, account have to make 72% profit to recover the loss.

consider every four month we making avg 15% profit, it will take approx 15month to recover full money. and if we deposit money monthly basis recover will be fast.


bp33 best arrangement is '45% equity protection'. but sadly this protection did not work properly. as soon as 45% equity hit priorfx system suppose to close down all trades automatically. i asked support about this issue, they replied they upgrading it and they will send me an e-mail next week about this issue.

anyway i am happy i have 52% equity. i would not be surprised if account blown. bp33 was trading all gbp pair. almost 1K pips spike for a min 😁

bp33 please settle down all problem as soon as possible and start trade 😎

WEll there was an agreement about the 45% DD. Let's see what the broker says but if they do not respond properly I would consider other actions.
rob559
Oct 07 2016 at 14:00
1916 posts
watchme
Oct 07 2016 at 14:02
582 posts
i hope there are further updates soon.
Never Give Up or Give In To The Market
tomazxyn
Oct 07 2016 at 14:04
27 posts
Platform was frozen..trade could not be taken or exited..orders were not honoured..if not for the expertise of BP33 our account would have probably ended up with nothing or below 15% in our balance..Trading with such a broker is high risk to me..A well regulated broker would compensate its client for its own own errors..
watchme
Oct 07 2016 at 14:06
582 posts
tomazxyn posted:
Platform was frozen..trade could not be taken or exited..orders were not honoured..if not for the expertise of BP33 our account would have probably ended up with nothing or below 15% in our balance..Trading with such a broker is high risk to me..A well regulated broker would compensate its client for its own own errors..

totally agreed
Never Give Up or Give In To The Market
Pablo51
Oct 07 2016 at 14:18
91 posts
The broker is regulated in Cyprus (OK…I know..). It claims there have segregated accounts. The fact is that if they are not honouring their agreements it is easy for them to lose credibility and therefore the entire business. I believe we have to wait for an answer from them. Otherwise I suggest we look for legal action.
jajest
Oct 08 2016 at 05:53
29 posts
I did not receive a daily confirmation mail today ... that doesn't look good. What is going on ?
majamivice
Oct 08 2016 at 08:08
52 posts
jajest posted:
I did not receive a daily confirmation mail today ... that doesn't look good. What is going on ?
It actually seems good. It means something is going on.
jajest
Oct 08 2016 at 10:25
29 posts
majamivice posted:
jajest posted:
I did not receive a daily confirmation mail today ... that doesn't look good. What is going on ?
It actually seems good. It means something is going on.

I hope so but I thought it meant that our account is closed...
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