Will the Brokers Actually Pay?
Hi Polyglot,
I have the same question. I was in contact with Williama awhile ago about a managed account with him. He said he works best when trading with a starting balance of at least $100k at 500:1 leverage. The only broker I know of who can support this is jurisdictioned in Turkish Cypress -- North Finance / FXPro. As far as I know, they can run with your money and a US citizen would have no recourse - I'm not sure about non-US. I asked him about this, he basically said "so far, so good" -- seems like a huge roll of the dice to me. IMO, even if a broker paid you for awhile, no dealing desk broker would allow you to trade with them past a certain point because they couldn't afford to cover these trades in house and stay in business. You might get away with it using an MT4 ECN like ATC, but a dealing desk broker would have to invent a reason to shut you down. IMO, the key to trading this method is to stay under the radar -- be profitable, but not so blatantly profitable that you would "strike a nerve" with your broker.
That's my two pips worth on this fine day!
Shawn A.
Hi Polyglot,
Another thing that's been on my mind is: Will the broker be willing and able to pay you the millions after a couple of months of hard EA work. In other words: has ANYONE out there traded the method on a live account and cashed in?
I have the same question. I was in contact with Williama awhile ago about a managed account with him. He said he works best when trading with a starting balance of at least $100k at 500:1 leverage. The only broker I know of who can support this is jurisdictioned in Turkish Cypress -- North Finance / FXPro. As far as I know, they can run with your money and a US citizen would have no recourse - I'm not sure about non-US. I asked him about this, he basically said "so far, so good" -- seems like a huge roll of the dice to me. IMO, even if a broker paid you for awhile, no dealing desk broker would allow you to trade with them past a certain point because they couldn't afford to cover these trades in house and stay in business. You might get away with it using an MT4 ECN like ATC, but a dealing desk broker would have to invent a reason to shut you down. IMO, the key to trading this method is to stay under the radar -- be profitable, but not so blatantly profitable that you would "strike a nerve" with your broker.
That's my two pips worth on this fine day!
Shawn A.