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compuforexpamm

Biedrs kopš Aug 20, 2009  240 ieraksti kennyhubbard (compuforexpamm) Jun 19 2010 at 02:23
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).

Wealth Creation Through Technology
WhyLose

Biedrs kopš Feb 16, 2010  102 ieraksti Lion Asset Management (WhyLose) Jun 19 2010 at 06:56
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.

Time is more valuable than money. You can get more money, but you cannot get more time.
ForexSeeker

Biedrs kopš Apr 20, 2010  814 ieraksti DoubleTrap (ForexSeeker) Jun 19 2010 at 09:44
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.

Information is Gold when come to organised.
WhyLose

Biedrs kopš Feb 16, 2010  102 ieraksti Lion Asset Management (WhyLose) Jun 19 2010 at 17:02
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.


Time is more valuable than money. You can get more money, but you cannot get more time.
stephanusR

Biedrs kopš Aug 20, 2009  216 ieraksti Stephanus Rensburg (stephanusR) Jul 04 2010 at 22:26 (labots Jul 04 2010 at 22:34 )
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 .

WhyLose

Biedrs kopš Feb 16, 2010  102 ieraksti Lion Asset Management (WhyLose) Jul 05 2010 at 05:22
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.

Time is more valuable than money. You can get more money, but you cannot get more time.
stephanusR

Biedrs kopš Aug 20, 2009  216 ieraksti Stephanus Rensburg (stephanusR) Jul 05 2010 at 21:13 (labots Jul 05 2010 at 21:43 )
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.

WhyLose

Biedrs kopš Feb 16, 2010  102 ieraksti Lion Asset Management (WhyLose) Jul 05 2010 at 21:59 (labots Jul 05 2010 at 22:05 )
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. surprise

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.

Time is more valuable than money. You can get more money, but you cannot get more time.
robw135

Biedrs kopš Jan 17, 2010  140 ieraksti Robert (robw135) Jul 05 2010 at 23:33
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.

Definite Goals & Burning Desire To Achieve Them
odiaerospace

Biedrs kopš Mar 03, 2010  22 ieraksti Mr Scalper (odiaerospace) Jul 06 2010 at 10:53
Is it save to upload live accounts here?

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