Forex Peace Army Education>

[mike boyer]

Originally Posted by wizardt

ok first off im new to trading only been doing it live for three months.

but here are my rules would appreciate any advice on these.

1. i only use mb trading a true ecn broker. they only require a 400 dollar minimum to open an account. i also recieve nothing from mb trading for having people open an account with them for me to trade.
2. i ask for 30% of the monthly growth so at the end of the month the new watermark is drawn.
3. since i dont have to request from the cient my commission mb trading does it automatically. so i play by their watermark rules.
4. i tell my clients that if i draw down there account by 50% im doing something wrong and i will deactivate the account until i can prove i have fixed my method.
5. i also do not allow the traders to go above 3% on trades i set the mod per trade and that is where it stays i wont risk more thats that.
6. i have had ok weeks and then good weeks and also bad weeks but am up for the past three months.
i keep a very accurate log that am more than happy to show anyone who wants to see it.
7. when they ask me for my growth percentage i say i hope to get about 10-15% monthly. if i do better one month great it is gravy but i dont want to be held to higher than that.
8. i tell them if i lose 40 pips in a session i am done for the session.
9. if i lose 100 pips then i am done for the day.
10.as for wins i work two sessions per day with a target of 60 pips per session if i hit it im done for the day
11. my weekly goal is 300 pips for the week. every thing above that is gravy
12. i give them my yahoo instant messenger id and i usually keep it on while i am trading. so they can live chat with me at the same time.
13. i recommend to them that when i have 100% thier account they should withdraw 50% of their initial investment and when i 150% a second time they should withdraw the other. this may make for slower compounding but i believe it is better to put that money in an ira or something else. for future use.
these are my rules i use i do not go out and solicit accounts they have come to me and i have agreed to do it but they must first accept my rules. is there anything im missing or should add something im forgetting or do not know about yet.

Yes,. Sounds like a plan! although after briefly glancing through this I felt the 50% drawdown then deactivate---The 50% seems a significant "too high" then again this depends on several factors. For example here is two: The ammount of time the draw down occured. A day? A week? A Month? A Year?????? This time frame is a big deal and a must for those to understand. Another example is if you grew $30,000. into $280,000 over a 3 year period then over the next (3) months had a draw down, A -50% to $180,000 then deactivated, I feel that your clientels chances of staying on board at that point may be 50/50. I feel that the basic rules above are good but need to be further segmented to their highest degree of complexity for you will find that clientel will come up with the most unusual and odd ball subjects and they become complex themselves with your rueling. In other words a discrete explination of terms and phrases broken down into several subset for each rule where you feel is necessary. Set op your own "By Laws", Terms and Phrases, Extreme explination of each rule followed up with examples etc,etc. This would be for your own protection as well as theirs and to dimish any (down the road) misunderstandings,lawsuits,neglect etc,etc. Have that reviewed by a lawyer for his verification. Remember that anything you do not mention within your guidelines listed above if not enhanced to the extreme may be used against you even if you feel all is going well or not.... Hope this helps.

[vincentw]

Hi,
Firstly, thanks to all the info. provided by everyone, especially the administrators.

I have a managerd account at Prime4x - they're in Cyprus.

I'm British, living in New Zealand - i did visit them 6 months ago and they seemed like professional people.

At the moment i have my interest sent back home each month, which is 5% of my account.

I receive a statement each month, but i don't see the trades placed - pparently they earn 30%.

i only plan to keep my money with them for another few months (don't want to push my luck) -i do have a largeish amount with them.

I read all the warnings posted and i know they're in Cyprus only regulated by local laws (which does worry me) if anyone has heard anything negative, or has an account with them - i would like to hear. i do internet searches on them everyday, and nothing bad (except one person moaning about them losing on some commission or something - you always get one fruitcake) nothing negative so far.

Cheers,
vincent

[Johnfa]

Originally Posted by vincentw

At the moment i have my interest sent back home each month, which is 5% of my account.

I receive a statement each month, but i don't see the trades placed - pparently they earn 30%.

i only plan to keep my money with them for another few months (don't want to push my luck) -i do have a largeish amount with them.

vincent

Hi vincent,

Did you try to withdraw all account any time ?

How do you thing they paid you 5%/month from... your money ?

If they are reading this thread or they know your plan to keep your money with them for another few months, do you think you will never contact them again ?

Hope all right with you because this broker is not well know on forex market.

Good luck to you !

[vans22]

Originally Posted by Pharaoh

How Not To Lose All Your Money With A Managed Forex Account
by Pharaoh

Managed forex accounts present a decent opportunity for those who don’t have the time to learn how to trade forex or enough time to actually trade their own forex account to still make some profits from the forex market. They also open up investors to the triple threat of scam, incompetence, and bad brokers.

thank you for this post again Pharaoh. I really aprreciate this things that you are doing , all this advises and warnings..I know that what you're doing is time consuming , we can't thank you enough. I'm starting to become a fan of yours !he he he .More Power!

[elah024]

yes i thought of that also. what he did in all his posts is time consuming and it helps, really. it's also time consuming for the readers...

[Pharaoh]

Originally Posted by elah024

yes i thought of that also. what he did in all his posts is time consuming and it helps, really. it's also time consuming for the readers...

I specialize in being thorough, not in being concise.

[elah024]

Originally Posted by Pharaoh

I specialize in being thorough, not in being concise.

oh yes i can see that. but it helps anyway.how come you made all those? i mean are you guru of this or what? how long have you been doing this?

[Pharaoh]

i mean are you guru of this or what? how long have you been doing this?

Define "this".

Trading? Since I was about 6. (Dad worked for a major brokerage firm when I was a kid.)

Forex? Only since 2007. Having a background in stock trading helped - some.

Teaching? Forever. Just about every job I've had involved some sort of teaching or training, either of my clients or coworkers. I've also taught in public schools in the USA and taught English in China. I've had classes teaching 2nd graders. I've had classes teaching the Dean of a College along with MDs and PhDs. I've taught poor factory workers and rich factory owners. I'm a 4th generation teacher, so I guess it's genetic.

Scam busting online? Since 1993 or 94. Started as soon as I got access to online newsgroups. I always did the netcop thing in a few select newsgroups and wrecked the day (and the internet accounts) of a lot of idiots posting "Make Money Fast" pyramid schemes. Later, I did tech support at various places. For one service that used to provide free web-based email services, I started hunting 419-type scammers. I shut down thousands of their accounts and sent warnings to anyone who was in communication with them.


Getting back to the primary topic of this thread - part of learning is the same as part of avoiding getting scammed. You have to examine new information and see if it makes sense to you. If it doesn't, ask questions and make sure you get good answers. If a teacher gives you bogus answers, it's probably because he/she doesn't want to admit a gap in knowledge. If a company gives you bogus answers, it's probably because they plan something bad for your bank account.

[Eric Alyea]

Give me a hint, how do you keep up with not only all the posts here but on the other sites I know you monitor.
Since my Dad was an Anesthesiologist, does that explain why I don't leave people in pain? That's a joke but true.

[Pharaoh]

Since this section of the FPA is kind of my personal educational playground, I check it first everytime I login. I also usually sweep through the other forum areas to see if there's anything interesting.

I'm a member of a few other forums. For those, I keep subscribed to a few threads I find interesting and occasionally drop in a reply.

If the AsstMod or a Scam Investigator asks for more info on a company, then I'll go on an internet scavenger hunt for them. Some of the linkages between companies are very intriguing.

As in war, detecting and avoiding scams can easily be summed up by a statement by Sun Tzu in his work, The Art of War:

“Time spent in reconnaissance is seldom wasted.”

(Note that this statement and variations of it have been credited to a number of famous military leaders over the years. The original book was written well over 2000 years ago and became popular in military academies around the world in the last couple of hundred years, thus leading to quite a few generals repeating Sun Tzu's advice and getting credit for it.)

So many people are desperate to jump to the newest broker, newest software, or newest account manager. If you don't take the time to do some research, the odds of getting scammed go up 100 fold.