Fund Manager seeking a great advise here
Miembro desde Sep 24, 2012
posts 26
Dec 07, 2012 at 15:03
(editado Dec 07, 2012 at 11:12)
Hello pips, what will you do if you are in my shoe like this:
You are a fund manager, and you signed a contract with a group of 5 clients that introduce each other to you, and you made agreement never to share or update their accounts online, the contact was to last 8 months, and 50/40 is the profits sharing for all accounts, and they made you sign that you will only trade for their groups and no one else till the contract runs out and you keep to that.
We also agreed that they we will pay me off by the 8months contract end, only what they need to be sending me weekly was to be billing fees and expensive fees i use for in the course of their trading, in which they never fail to do, now this group of investors are from asia
Client 'A' Deposited 5k and was the one that introduced the rest, so in eight months, after so stressful time trading, all i could make as profits for clients A was 522%
Client ''B'' Deposited 20k, i use different system on his, so all i coud Get for same eight months was 350%
Client 'C'' Deposited 100k, all i could get same period for him was 370%
Client 'D' deposited 100k, all i could do is 250% , i use same system with Client C for him, but could not get same result because of the requoting of his own broker , so deadly is the requoting
Client '' E' deposited 500k, all i could get for her was 230% in same period
Now here is the problem, i do not have issues with client A and B, both where greaftful, but the rest is what i have issues now with, they refused to pay up as agreed, and insist i should complete the percentage get fro client A same as theirs, that will will pay me as soon as i get to that , that they are ready to give me 50% of my payment, then the rest when i get to the target as they stated
Me refused and say i need my money, because i abid to all their rules, but the one with 500k now bring up another stupid conditions i do not want to hear about, she said ok, she will pay me, but she has to remove Tax of 35% from my total payment, in which i refused, now this is so painful because one focuse on the group and never traded for no one, and i have mapped out what i want to do with all this money, the stress i go through trading is not what money can buy, i even sometimes i wake up i mid night to trade, sleepless night just to satify all one.
Please what do i do in this case, and how do i protect myself for further givning clients the upper hand to control funds?
Now they just change passwords that is the annoying part of it all, what should i do? please advise needed here, am fighting for my right
You are a fund manager, and you signed a contract with a group of 5 clients that introduce each other to you, and you made agreement never to share or update their accounts online, the contact was to last 8 months, and 50/40 is the profits sharing for all accounts, and they made you sign that you will only trade for their groups and no one else till the contract runs out and you keep to that.
We also agreed that they we will pay me off by the 8months contract end, only what they need to be sending me weekly was to be billing fees and expensive fees i use for in the course of their trading, in which they never fail to do, now this group of investors are from asia
Client 'A' Deposited 5k and was the one that introduced the rest, so in eight months, after so stressful time trading, all i could make as profits for clients A was 522%
Client ''B'' Deposited 20k, i use different system on his, so all i coud Get for same eight months was 350%
Client 'C'' Deposited 100k, all i could get same period for him was 370%
Client 'D' deposited 100k, all i could do is 250% , i use same system with Client C for him, but could not get same result because of the requoting of his own broker , so deadly is the requoting
Client '' E' deposited 500k, all i could get for her was 230% in same period
Now here is the problem, i do not have issues with client A and B, both where greaftful, but the rest is what i have issues now with, they refused to pay up as agreed, and insist i should complete the percentage get fro client A same as theirs, that will will pay me as soon as i get to that , that they are ready to give me 50% of my payment, then the rest when i get to the target as they stated
Me refused and say i need my money, because i abid to all their rules, but the one with 500k now bring up another stupid conditions i do not want to hear about, she said ok, she will pay me, but she has to remove Tax of 35% from my total payment, in which i refused, now this is so painful because one focuse on the group and never traded for no one, and i have mapped out what i want to do with all this money, the stress i go through trading is not what money can buy, i even sometimes i wake up i mid night to trade, sleepless night just to satify all one.
Please what do i do in this case, and how do i protect myself for further givning clients the upper hand to control funds?
Now they just change passwords that is the annoying part of it all, what should i do? please advise needed here, am fighting for my right
Always Preserve Capital So To Trade Next Time
forex_trader_29148
Miembro desde Feb 11, 2011
posts 1916
Dec 07, 2012 at 15:14
i think next time go for pamm acc,your% is automatically deposited
Dec 07, 2012 at 17:42
(editado Dec 07, 2012 at 17:44)
The problem is that ,if u ever want to take up private accounts for private investors do with a legitimate forex broker that provides MAM and etc, by saying so is they provide POA
Power of attorney forms, u have them signed, the broker will act on behalf as middle man to transact the winnings, management fees and etc directly to ur wallet or account, so there's no need for u to deal with ur clients when u make money.
Obviously, u have been USED!
If u can make them kind of return, seriously, STOP TRADING FOR OTHERS!, trade ur own money, open a public PAMM. If u open a public PAMM with a broker via POA its very accessible and investors join u easily, i have been unknown new persons doing public PAMM managing few hundred thousands, so why cant u? Why must u deal with idiots like them? If ur are so good, u can even consider to provide ur statements for trading firm and they will hired U!. Since u already traded 100-500k account not the 1-2 k kind of thing.
Its nonsense about % return, it's dollar perceived, a 300% on a 20k account is way different from a 300% on a 500k account, ridiculous, u have been make use and manipulated, learn to be smart. U wasted ur time and life with morons like these.
For me, in my opinion, they are the one to lose not u, just leave them! there's no such thing as Tax as i traded with so many brokers before, u can lose money in Forex trading, don't talk about tax, unless some lame countries requires that.
They can make quick bucks from u, so be it, u have ur experience and edge, u can easily roll the money eventually with ur careful planning.
Seeing ur returns, u just need to adjust ur management skills u can easily achieve what u want. I done 1k to 10k before, so i don't see a problem for u.
Power of attorney forms, u have them signed, the broker will act on behalf as middle man to transact the winnings, management fees and etc directly to ur wallet or account, so there's no need for u to deal with ur clients when u make money.
Obviously, u have been USED!
If u can make them kind of return, seriously, STOP TRADING FOR OTHERS!, trade ur own money, open a public PAMM. If u open a public PAMM with a broker via POA its very accessible and investors join u easily, i have been unknown new persons doing public PAMM managing few hundred thousands, so why cant u? Why must u deal with idiots like them? If ur are so good, u can even consider to provide ur statements for trading firm and they will hired U!. Since u already traded 100-500k account not the 1-2 k kind of thing.
Its nonsense about % return, it's dollar perceived, a 300% on a 20k account is way different from a 300% on a 500k account, ridiculous, u have been make use and manipulated, learn to be smart. U wasted ur time and life with morons like these.
For me, in my opinion, they are the one to lose not u, just leave them! there's no such thing as Tax as i traded with so many brokers before, u can lose money in Forex trading, don't talk about tax, unless some lame countries requires that.
They can make quick bucks from u, so be it, u have ur experience and edge, u can easily roll the money eventually with ur careful planning.
Seeing ur returns, u just need to adjust ur management skills u can easily achieve what u want. I done 1k to 10k before, so i don't see a problem for u.
Miembro desde Jan 14, 2010
posts 2299
Dec 07, 2012 at 18:05
If you are this good as you claim, still I suspect you are using atrocious risk to achieve those results. why not to consider looking for some prop firm where you can trade nice capital without too much risk and stress while getting paid regularly.
I think it is one of the best for good good and profitable trader.
I think it is one of the best for good good and profitable trader.
Miembro desde Sep 24, 2012
posts 26
Dec 08, 2012 at 10:17
Thanks for the replies, please am on phone, now when am on system, i reply accordingly and updates
Always Preserve Capital So To Trade Next Time
Miembro desde Jan 14, 2010
posts 2299
Dec 08, 2012 at 10:19
Salted Croc, your rudeness and lack of self control over small matters makes you moron yourself.
and what i am saying is a smart thing to do. Good trader can become millioner trading OPM with firms' capital.
and what i am saying is a smart thing to do. Good trader can become millioner trading OPM with firms' capital.
Dec 09, 2012 at 01:30
Personally I would get a lawyer. All countries have different laws and ways of handling things. If the contract was done according to legal standards then it should be binding and you may have a case (but you will need a lawyer to deal with that as there may be loopholes in the contract you may have overlooked). The amounts could also mean that the type of court may differ between the different clients.
Where I am from:
A contract signed and agreed by both parties is legally binding. period.
You are responsible for your own taxes (income tax), so tax is deducted from your share and paid by you, for you. The investor cannot pay taxes on the full amount, only on their share. The tax is also dependent on the amount, so little gain could mean no tax payment required.
There may be other laws that can nullify the whole agreement based on illegal practices, for example if you may have been required to register as a financial services provider or be a member of some financial institution that regulates your activities, and didn't.
My suggestion in the short term, get legal assistance in your country. For the long term and in future, either get a lawyer to draft the contracts and be present as witness. Or the easiest route is to use a brokerage PAMM type system as previously suggested. Always state YOUR terms, if the investor doesn't like your terms, then they don't invest, simple as that. You could now state that the contract has ended and if they want to re-invest for higher returns they can do so under a new contract (provided your due share is paid as agreed in the previous contract), but now on your terms and under your contract as I explained above.
Best of luck to you!
Where I am from:
A contract signed and agreed by both parties is legally binding. period.
You are responsible for your own taxes (income tax), so tax is deducted from your share and paid by you, for you. The investor cannot pay taxes on the full amount, only on their share. The tax is also dependent on the amount, so little gain could mean no tax payment required.
There may be other laws that can nullify the whole agreement based on illegal practices, for example if you may have been required to register as a financial services provider or be a member of some financial institution that regulates your activities, and didn't.
My suggestion in the short term, get legal assistance in your country. For the long term and in future, either get a lawyer to draft the contracts and be present as witness. Or the easiest route is to use a brokerage PAMM type system as previously suggested. Always state YOUR terms, if the investor doesn't like your terms, then they don't invest, simple as that. You could now state that the contract has ended and if they want to re-invest for higher returns they can do so under a new contract (provided your due share is paid as agreed in the previous contract), but now on your terms and under your contract as I explained above.
Best of luck to you!
For every loss there should be at least an equal and opposite profit.
Miembro desde Jan 14, 2010
posts 2299
Dec 09, 2012 at 01:50
(editado Dec 09, 2012 at 01:51)
Nasty story indeed. I think in any case it is their loss if they lose this kind of fund manager. I think with this kind of skills you should not have problem to get more clients and either set your own terms as other put it or get to trade with firm's capital to avoid all the hassle.
Just do not let this get to you.
Just do not let this get to you.
forex_trader_8139
Miembro desde Mar 04, 2010
posts 423
Dec 09, 2012 at 02:24
(editado Dec 09, 2012 at 02:30)
Hi,
I think you should move on and take whatever they want to pay you. You don't have to waste time dealing with this type of dishonest investors. It simply does not worth you to spend time and money or whatever resources to 'teach' them. Obviously they are greedy investors, after they broke relationship with you, they will pass their money to another account manager soon(I am sure they will, they think that they will be so lucky again and meet with another good account manager easily and make easy money from Forex market), and eventually their money will disappear from thin air due to their greedy behavior. So let them learn themselves.
For you, take whatever that they pay you, and start trading for yourself, replicate whatever you did to those 5 investors' account, and soon your fund will be many times greater than their account. From there you never have to deal with any investors anymore, make your own money silently, and live rich and happy with your family.
All the best.
Regards
SIM
I think you should move on and take whatever they want to pay you. You don't have to waste time dealing with this type of dishonest investors. It simply does not worth you to spend time and money or whatever resources to 'teach' them. Obviously they are greedy investors, after they broke relationship with you, they will pass their money to another account manager soon(I am sure they will, they think that they will be so lucky again and meet with another good account manager easily and make easy money from Forex market), and eventually their money will disappear from thin air due to their greedy behavior. So let them learn themselves.
For you, take whatever that they pay you, and start trading for yourself, replicate whatever you did to those 5 investors' account, and soon your fund will be many times greater than their account. From there you never have to deal with any investors anymore, make your own money silently, and live rich and happy with your family.
All the best.
Regards
SIM
universalfunds posted:
Hello pips, what will you do if you are in my shoe like this:
You are a fund manager, and you signed a contract with a group of 5 clients that introduce each other to you, and you made agreement never to share or update their accounts online, the contact was to last 8 months, and 50/40 is the profits sharing for all accounts, and they made you sign that you will only trade for their groups and no one else till the contract runs out and you keep to that.
We also agreed that they we will pay me off by the 8months contract end, only what they need to be sending me weekly was to be billing fees and expensive fees i use for in the course of their trading, in which they never fail to do, now this group of investors are from asia
Client 'A' Deposited 5k and was the one that introduced the rest, so in eight months, after so stressful time trading, all i could make as profits for clients A was 522%
Client ''B'' Deposited 20k, i use different system on his, so all i coud Get for same eight months was 350%
Client 'C'' Deposited 100k, all i could get same period for him was 370%
Client 'D' deposited 100k, all i could do is 250% , i use same system with Client C for him, but could not get same result because of the requoting of his own broker , so deadly is the requoting
Client '' E' deposited 500k, all i could get for her was 230% in same period
Now here is the problem, i do not have issues with client A and B, both where greaftful, but the rest is what i have issues now with, they refused to pay up as agreed, and insist i should complete the percentage get fro client A same as theirs, that will will pay me as soon as i get to that , that they are ready to give me 50% of my payment, then the rest when i get to the target as they stated
Me refused and say i need my money, because i abid to all their rules, but the one with 500k now bring up another stupid conditions i do not want to hear about, she said ok, she will pay me, but she has to remove Tax of 35% from my total payment, in which i refused, now this is so painful because one focuse on the group and never traded for no one, and i have mapped out what i want to do with all this money, the stress i go through trading is not what money can buy, i even sometimes i wake up i mid night to trade, sleepless night just to satify all one.
Please what do i do in this case, and how do i protect myself for further givning clients the upper hand to control funds?
Now they just change passwords that is the annoying part of it all, what should i do? please advise needed here, am fighting for my right
forex_trader_29148
Miembro desde Feb 11, 2011
posts 1916
Dec 11, 2012 at 22:38
pt49 posted:
I think the original poster is just fishing for clients.
yes sir,crookie deed indeed
Miembro desde Jan 14, 2010
posts 2299
Dec 12, 2012 at 08:03
(editado Dec 12, 2012 at 08:04)
Absolutely. No doubt about that now. actually was my first thought but now I have no doubt.
pt49 posted:
I think the original poster is just fishing for clients.
Miembro desde Sep 24, 2012
posts 26
Dec 12, 2012 at 08:42
Well you opionions i respected, but do not laugh at others precaments, if am looking for clients, i know how to get clients and have what it take to
Please stop making me feel angry about already what i have experienced. stop you childish clients talks, thanks for you opinions
Please stop making me feel angry about already what i have experienced. stop you childish clients talks, thanks for you opinions
Always Preserve Capital So To Trade Next Time
Miembro desde Sep 24, 2012
posts 26
Dec 12, 2012 at 08:44
Chikot posted:
Absolutely. No doubt about that now. actually was my first thought but now I have no doubt.pt49 posted:
I think the original poster is just fishing for clients.
Ig iwa
If am looking for clients, below is what you sent me, and did i ever replied your PM? now who is looking for clients?
Chikot Dec 09 at 11:04
Hi universalfunds, despite what that idiot Crock told it is a good option for good trader to get into the business via trading firm's capital.
If you are as good as you claim there should be no problem. I have a firm on my list that puts traders on 10-20 days simulator trading with set risk and profit parameters which are not high by what you say. 20 days you only need to make 10%. but with risk parameters they have and few other requirements also risk related. Once you give them what they want: consistency, good risk control, enough statistical data and 10% for 20 days less for 10 days they can back you with starting capital form $30 000 to $150 000 equal to what you traded on demo. They pay 70-80% of what you earn.... However you gotta pay a fee for entering this demo simulation. also, if you do not meet 10% but still make money and do not break any rules they give next attempt is free or you can get your money back. then after you trade live and make certain %%% they can give you more funds.
Looks like simpler and better way than doing complicated legal stuff and dealing with bastards you described.
From my previous experience. stop trading for them.
Let me know, if you are interested I will give you that firm's name and contact info.
regards.
P.S: the firm mostly trade futures but they also have eur/ usd...FX.
Always Preserve Capital So To Trade Next Time
Miembro desde Sep 24, 2012
posts 26
Dec 12, 2012 at 08:47
(editado Dec 12, 2012 at 08:48)
I have already moved on as some wise people told me here, that is why i did never reply to the thead again so the matter will die down, so please think before you start mocking someone, am trading my private account now and am happy for it, if i want clients, i know how and where to, so stop messing around and move on
Always Preserve Capital So To Trade Next Time
Miembro desde Jan 14, 2010
posts 2299
Dec 12, 2012 at 11:08
(editado Dec 12, 2012 at 11:09)
LOL, you even more stupid that I thought. Sharing private messages without even replying is a sign you are not better than those invented clients of yours.
I am done here. It is called private message cause it is private....
I am done here. It is called private message cause it is private....
universalfunds posted:Chikot posted:
Absolutely. No doubt about that now. actually was my first thought but now I have no doubt.pt49 posted:
I think the original poster is just fishing for clients.
Ig iwa
If am looking for clients, below is what you sent me, and did i ever replied your PM? now who is looking for clients?
Chikot Dec 09 at 11:04
Hi universalfunds, despite what that idiot Crock told it is a good option for good trader to get into the business via trading firm's capital.
If you are as good as you claim there should be no problem. I have a firm on my list that puts traders on 10-20 days simulator trading with set risk and profit parameters which are not high by what you say. 20 days you only need to make 10%. but with risk parameters they have and few other requirements also risk related. Once you give them what they want: consistency, good risk control, enough statistical data and 10% for 20 days less for 10 days they can back you with starting capital form $30 000 to $150 000 equal to what you traded on demo. They pay 70-80% of what you earn.... However you gotta pay a fee for entering this demo simulation. also, if you do not meet 10% but still make money and do not break any rules they give next attempt is free or you can get your money back. then after you trade live and make certain %%% they can give you more funds.
Looks like simpler and better way than doing complicated legal stuff and dealing with bastards you described.
From my previous experience. stop trading for them.
Let me know, if you are interested I will give you that firm's name and contact info.
regards.
P.S: the firm mostly trade futures but they also have eur/ usd...FX.
Miembro desde Jan 14, 2010
posts 2299
Dec 12, 2012 at 11:16
(editado Dec 12, 2012 at 11:17)
of course you will not reply. Those guys will make clear in few trading days of who you are. you can bullshit regular folks but not Chicago pits guys...
