FX Manager Listing Board

you cant seriously be offering managed account with a 1 month demo account !

yoorforex posted:
    1. Minimum Acc : 5keuros or equivalent $
2. Broker digit : FXPro ecn, or Varengold 4 STP
3. Leverage : 500 or 200 (varengold)
4. Manager Fee : 30% depending on amount invested
5. Duration : 1 month
6. Estimation ROI per month : 15%
7. Type of Management : Direct Control Your Account
8. Myfxbook sample account: https://www.myfxbook.com/members/yoorforex/yoorforex1/31416
9. Description of your trading strategy :
Salping, trending, averaging, grid, hedging
Own engineered ea (not commercial)
Tp between 4 and 30 pips
Sl around 135 pips (the ea does not wait SL to be touched in most cases)

how long do you guys think someones real preformance should be before they open a managed account service?

It's not just about performance. You need to create a solid foundation for your business.

Create a business plan.

Trade your investment strategy on MFB for at least one year whilst sorting the other bits.

Set your budget and timeline of completion - I'd favour two years but for me it was eight. I was in my comfort zone.

Define your fee structure.

Instruct your legal team to create managed account documents and the necessary registrations.

Choose a prime broker.

Build an early relationship with an auditor who will provide year-end tax work for your business, investor's report and a full audit trail for performance.

Devise a marketing strategy and budget.

Plan and build your website, marketing materials, etc, all of which will be fully compliant with the financial regulator in your jurisdiction and other countries where you intend to attract clients from.

And a lot more but that'll do as a taster.

That is a amazing pic of a lion you have on your website!

do you move country every 6 months to claim perpetual traveler status when it comes to taxes or because you live 6 months in a tax haven and then 6 months in a tax county and pay no a little tax in tax haven?

how much money do you have under management? <= sorry if its to personal

why dont you have recent preformance on your websit? it only goes to 2006

MFB one year?

 i think the business plan and the structure is quite simple , and the documents you just need a lawyer to look it over .


do you happen to know what the regulations for fxmanager are for spain or were i can get that info from on the internet ?
i just did a quick google search but all i find is fx managers ....

i was just checking now for in a matter of 4 or 5 months as i do whant to managed accouts latter as theres only so much you can do with your own money.

WhyLose posted:
    It's not just about performance. You need to create a solid foundation for your business.

Create a business plan.

Trade your investment strategy on MFB for at least one year whilst sorting the other bits.

Set your budget and timeline of completion - I'd favour two years but for me it was eight. I was in my comfort zone.

Define your fee structure.

Instruct your legal team to create managed account documents and the necessary registrations.

Choose a prime broker.

Build an early relationship with an auditor who will provide year-end tax work for your business, investor's report and a full audit trail for performance.

Devise a marketing strategy and budget.

Plan and build your website, marketing materials, etc, all of which will be fully compliant with the financial regulator in your jurisdiction and other countries where you intend to attract clients from.

And a lot more but that'll do as a taster.

its ok i found the regulatory commity for spain.

Malta is my base DD and I use an ITC which gives me an effective tax rate of 5% on the company side and helps on a personal level if I don't stay in Malta more than 6 months each year.

Comisión Nacional del Mercado de Valores is at https://cnmv.es and is the relevant regulator.

We are closed to new clients except by recommendation from an existing client. And have been since 2006. That is when we stopped updating performance there.

I'm glad you like the lion - I always feel it's a bit outdated these days.

Hi,

I would say at a minimum, you should at least have 1 year of verifiable, audited track record. The optimal would be a period covering a complete economic boom and bust cycle. For example from 2001 to 2009.

this is why you need to be careful not only of the traders, but also the clients. This was sent to me from a friend, the guy in question here is another trader that is in trouble. i have deleted certain info but read it and see how illegal even this thread is unless people are registered.
 
 We are far from done with this situation. I have sought legal council, and before this becomes expensive and time consuming for both of us, I would like to solve this peacefully. Through speaking with my legal council, NFA, and CFTC I have found this:
 
1. You are not registered with the NFA or CFTC which makes it illegal to advertise or solicit investors through the internet or any other medium.
 
2. You never gave me a disclosure document on trading advise/strategies or signed written statement explaining your exemption from applicable registration/disclosure documents required by NFA, CFTC, or other government authorities.
 
3. Your trade record appears to be bogus and or altered. Which holds you liable for losses and is fraud.
 
4. Even though you had POA you disobeyed strict instructions not to trade anymore which is a serious breach of that contract.
 
5. I have been instructed to give you 1 week to return my losses in the amount of xx,xxx.xx
     
If you fail to do this I will be filing the civil suit and also all of our texts, emails, info, your trade records of my account, your personal trade record you advertised was yours, will all be formally submitted to the NFA and CFTC. I have spoke with them and upon me giving them this info they will be requesting your verified trade records from Interbank FX. They will also start action on number 1 on this list above.
 
I am not threatening you just asking you to do what is right. You are more than welcome to talk to me about this or go seek legal council/speak with the NFA--CFTC.
I will also need a scanned email copy of the signed POA with your signature and the Notary public's signature.

The guilty site will be the FX Manager as he disobey direct order from investor to stop trade yet continue trade to lose money.

The victim side will be the client, but then can he really get back his money ? How at first place the client confident to give >10kUSD to the Manager and now only start to accuse the Manager not register, no give him document sign? I think the manager tackle human greediness by showing him the Super FX Genius sort of statement that can make you rich over night.

So now the client trying to be smart asking the Manager to sign the Power of Attorney document so he can use as a proof.

What are the outcome result we can expected from this case ?

1. Client lose money.
2. Manager get away free without any prosecute.

just saying refer to #1 in my post above i would not put my info on this thread if i wasnt registered and legal.

bwizard,

Appreciate a reference to the relevant NFA/CFTC documentation that states it is illegal to solicit clients via the internet. There is a world of difference between 'non-compliance' and illegal.

All I can see is the NFA is a voluntary membership organisation. I think this is a just a storm in a tea cup, and the clients' only way out is full-on civil litigation. This appears to be a case of the guy has lost his money and now he is resorting to some form of legal extortion to recover his funds. I would say this is only a threat to a trader that is US based and is dealing with US clients.

The fact that he has found a lawyer that will fight his case means nothing. I have yet to find a lawyer that will turn anything down.......generally a lawyers' point of view is 'It doesn't matter whether you have a case or not, I have 3 kids to put through college, so I will fight really hard for you'.

I think we should rather be talking regsitration from a credibility point of view, rather than a legal point of view. Consumer education should be given priority rather than enforcement(which I believe to be impossible anyway).

bwizard posted:
    1. You are not registered with the NFA or CFTC which makes it illegal to advertise or solicit investors through the internet or any other medium.

Even if you are regulated in the US it is still illegal to solicit investors anywhere in the EU.

Well for case as such, better create some EA thing to manage client account.

Such as rent a signal EA, where after you install the EA, it will do exactly what the Expert Trader do.

Setup a homepage, providing EA leasing service, and charge by percentage of net profit monthly.

As such of business service, you can have all the customer from the world without boundary.

What about the setup of PAMM account ? Is this kind of FX Manager service and need to register as business ad regulated ?

So now I'm very confusing, that are we discussing the small group of personal private FX manager or the big company of FX Investment firm.

Just like are you a not a graduated teacher, can you give private tuition to student ? Or you must go under some Tuition Center or open a Tuition Center by yourself.

Can you be prosecute if you give internet tuition to student from all over the world without license ? You are unregister teacher in China, so the student in US complain your ethics of practice. So NFA or CFTC can do anything about it ?

Well if tuition teacher and FX manager are the same category of similar case.

I think is much easy for the newbie to understand, that NFA/CFTC is just some nice Certificate hanging at the Tuition Center Firm and got nothing to do with the unregister private teacher.

I understand the analogy but it doesn't assist.

The fact is I have very little respect for financial regulators anywhere and, as an example, the UK FSA is not even fit for purpose. I doubt if it ever has been. I have commented on this at length elsewhere.

However, your choice is simple. You either respect the laws of the country or countries that you choose to do business in or you don't. If you fall in to the second category you may or may not be prosecuted under criminal law. But if you are choosing to ignore the laws of any country where you attempt to do business by advertising here then you are coming from a bad place. And your business will suffer.

Just do the right thing because it's the right thing to do and remember that laws are spider webs through which the big flies pass and the little ones get caught.

WhyLose posted:
    Malta is my base DD and I use an ITC which gives me an effective tax rate of 5% on the company side and helps on a personal level if I don't stay in Malta more than 6 months each year.

Comisión Nacional del Mercado de Valores is at https://cnmv.es and is the relevant regulator.

We are closed to new clients except by recommendation from an existing client. And have been since 2006. That is when we stopped updating performance there.

Which is a different way of saying you are soliciting for clients or you wouldn't be on this forum. Certainly nothing wrong with this of course. Only problem is the fact that you have no effective trading statement of anything. Your account https://www.myfxbook.com/members/WhyLose/lion-asset-select/30721 here has only a $3000 deposit, which would probably only cover your plane tickets every six month from tax have to tax haven. All trading history has been marked as private, thus not much can be deduced from it. The broker also is private. But even if it was a real account generating say 2000% profit it still wouldn't really say anything because you could have 1000 companies in many tax havens. The issue of having 10000 separate real accounts was discussed here: https://www.myfxbook.com/community/trading-systems/wdgannlive/38421,1

A large professional Forex fund trading big money for clients can't obviously have only a $3000 deposit on his myfxbook.com trading statement. Something around $100 000 would be more interesting, it isn't viable to setup 10000 real accounts each with $100 000 with Alpari, mbtrading or other reputable brokers and then tell us only about the 30 accounts that made money from the same cloud-computing system running a random selection of EA's .

Sir, you're entitled to your opinion. And I do not have the inclination to comment further other than to say you are incorrect on most points.

WhyLose posted:
    Sir, you're entitled to your opinion. And I do not have the inclination to comment further other than to say you are incorrect on most points.

Another point is that for those firms running PAMM accounts, their trading statements to myfxbook.com must clearly be marked as such. Myfxbook.com has now such a large profile, reputability and clout with mbtrading, alpari etc. that I can't see why Alpari won't provide such information via mutual consent to myfxbook.com. Such a PAMM account will have lots of deposits and of course a reasonably large equity. As far as I know there isn't a single PAMM account on myfxbook, we only have real accounts showing 2000% gain but with an initial deposit of $500 or similar meaningless amount from the same sockpuppet. myfxbook can only verify a real statement, they don't know if such a real statement is but 1 out a 1000 from the same individual hiding behind hundreds of offshore accounts, trust funds etc.

The role I see for myfxbook is that they can leverage their name and clout to also start verifying large hedge forex funds as listed by https://www.barclayhedge.com/research/indices/cta/sub/curr.html. Obviously these traders don't use MT4 but something far more sophisticated. Devise some interface for institutional investors to upload their statements to myfxbook. It levels the playing field in a sense.

If you are an institutional forex investor, pick up the phone and contact your hedge fund asking them to upload their statements to myfxbook.com . As an Internet community we can stand together to enable the fair, transparent dissemination of trading results. Many of these hedge funds will give myfxbook the cold shoulder should they approach them alone, it is up to you as an investor to leverage the power of the Internet in the interest of honesty and integrity. Due to lies ,deceit and fraud AIG, Lehman nearly destroyed the world economy, endangering our very lives , because if China were to implode we could have global war.

What barcleyhedge is doing is concocting an arbitrary trading hallucination, they don't have a discussion forum where one can insist openly and publicly on relevant data.

stephanusR posted:
    

WhyLose posted:
    Sir, you're entitled to your opinion. And I do not have the inclination to comment further other than to say you are incorrect on most points.

Devise some interface for institutional investors to upload their statements to myfxbook. It levels the playing field in a sense.

Ahh, a good idea. So at least we agree on something. 😱

As I'm writing this I might as well comment further on just one of your general misconceptions, rather than the personal assumption aimed at myself which you mentioned above that '... you are soliciting for clients or you wouldn't be on this forum. Certainly nothing wrong with this of course.' Well, yes, actually there is, unless '... you comply with all applicable laws, any applicable foreign or domestic regulatory body, national or other securities exchanges ...' which is taken from the third from the bottom at https://www.myfxbook.com/terms .

All countries in the EU each have their own financial regulator and most offering Managed Accounts here have no compliance process in place to ensure they are not dealing with retail clients. They are only allowed to deal with HNW clients in the EU and, for the most part, MFB is not the place to find such clients. That does also go to the core of why I am NOT soliciting for clients here. There are far more efficient methods available. That's assuming you wish to comply with EU laws of course. If you don't then you may pick up the odd retail client here. But why risk a criminal prosecution? Is it really worth it? And it really won't be good for your business in the long run even if you evade the authorities which, for example, in the UK, is quite likely.

MFB choose not to delete such threads and that is a matter for them. Perhaps the best choice is to let users tout for business. Perhaps it is not? Time will tell. But it's against MFB's terms for using this site unless the members follow a thorough compliance process and do not accept retail clients. And I have yet to see a compliance process in place from any of the members I have commented on elsewhere who offer Managed Accounts. This applies if the member offering a Managed Account is based in the EU or any client that they attract is based in the EU.

Very well said
MFB and Barclayhedge should work together
There is also many other sites that allow to publish and analyze statements, everyone has something different to offer
Maybe someone should buy all these sites and combine the best ideas with the best verification methods to create a much larger and transparent community.
And we should really have two section clearly separated in any community THE LIVE and THE DEMO sections.
Its driving me crazy when I see a beautiful growth curve just find out a few seconds later that its a Demo account.


R

stephanusR posted:
  
Another point is that for those firms running PAMM accounts, their trading statements to myfxbook.com must clearly be marked as such. Myfxbook.com has now such a large profile, reputability and clout with mbtrading, alpari etc. that I can't see why Alpari won't provide such information via mutual consent to myfxbook.com. Such a PAMM account will have lots of deposits and of course a reasonably large equity. As far as I know there isn't a single PAMM account on myfxbook, we only have real accounts showing 2000% gain but with an initial deposit of $500 or similar meaningless amount from the same sockpuppet. myfxbook can only verify a real statement, they don't know if such a real statement is but 1 out a 1000 from the same individual hiding behind hundreds of offshore accounts, trust funds etc.

The role I see for myfxbook is that they can leverage their name and clout to also start verifying large hedge forex funds as listed by https://www.barclayhedge.com/research/indices/cta/sub/curr.html. Obviously these traders don't use MT4 but something far more sophisticated. Devise some interface for institutional investors to upload their statements to myfxbook. It levels the playing field in a sense.

If you are an institutional forex investor, pick up the phone and contact your hedge fund asking them to upload their statements to myfxbook.com . As an Internet community we can stand together to enable the fair, transparent dissemination of trading results. Many of these hedge funds will give myfxbook the cold shoulder should they approach them alone, it is up to you as an investor to leverage the power of the Internet in the interest of honesty and integrity. Due to lies ,deceit and fraud AIG, Lehman nearly destroyed the world economy, endangering our very lives , because if China were to implode we could have global war.

What barcleyhedge is doing is concocting an arbitrary trading hallucination, they don't have a discussion forum where one can insist openly and publicly on relevant data.