FMALP.com Review

Well, to make you all feel better about your loses, I invested with Josh in Nov of 2007, perfect timing to lose $450k in month, I don't know who the bigger idiot is, him for his ridiculous gambling or me for being so trusting.

Does anyone know if legal action can be taken against Josh Nyland? Is there anyway we can recover some of our money that was negligently lost by him? If anyone is going after this guy I want to be a part of it, it really bothers me that till today he wont even accept blame for his actions.

GIANT RED FLAG WARNING! Josh Nyland, his wife, and Aaron Gilbert did the trading... if you want to call it that. Everyone who had one dollar one day, had less than one penny the next... or close to it. There are not words to describe the GROSS NEGLIGENCE!

I was a client with Mr. Nyland in 2007 after being referred by a trusted friend who had some personal knowledge of Mr. Nyland's performance and had checked out his track record which was audited independently. I haven't traded Forex, so was taking a risk with other people's knowledge and experience with Mr. Nyland's past success. I even spoke with Mr Nyland before investing to get a feel for how he protects the downside. He also suggests in his web site that he hedges to avoid large losses. I started with a $25,000 Dukascopy account in June, 2007. Mr. Nyland got into a negative position and then had some sort of margin requirement misunderstanding with Dukascopy which led to a 100% total loss of my capital within the first 30 days of opening the account. We negotiated a strategy where I would put up half and Mr. Nyland would loan half in a PFG account to earn back the loss. Then, Mr. Nyland also posted a 100% loss in that account as well. I am disturbed that I feel I was misled regarding Mr. Nyland's claims that he uses money management and hedging strategies to limit downside. I am currently studying to receive my series 3 lisence in order to manage OPM as a CTA. My approach uses credit spreads on indexes and is currently delivering 3 to 10 percent avergage per month. The silver lining I get from my experience with Mr. Nyland is the lesson as a manager to be prepared for the downside and have a clear plan to trigger capital conservation. Every strategy works when things go the way the manager predicts. The great managers succeed by how they manage the environment when things go against what they think. This will be key in my work and has already proven effective (Breakeven from December '07 to Feb '08 in my pilot account during the index meltdown, the account is up 25% since then on simple returns and no compounding). I am concerned Mr. Nyland may have misled investors regarding hedging and may have placed himself in some jeopardy with the CFTC. Anyway, I would suggest anyone trusting a manager with their money better ask about capital preservation when the manager is wrong about the market he is trading in. I will certainly apply these lessons as I begin to solicit funds in 2009 with my startup. There is always risk, but unless the environment is extreme, there shouldn't be catastrophic loss like Mr. Nyland's.

I spent considerable time working toward an introducing broker position with FMALP. Thank God for exercising due diligence, because during the review is when the Dec-07 blow out occurred. Yes, this is old news, but the reason that I am adding my comments is that people should be secured contractually by a serious draw down restriction.

In my opinion Josh blew out approximately $9MM in roughly 45-days because of flat out pride. No trader should be so devout to a predetermined set of beliefs as to sit back and watch this kind of loss. We are living in a new economy. The old correlations & traditional technical analysis no longer make the grade. In the old world a trader could routinely make specific 80% probability trades, set their stops & limits, and be profitable with only a 50/50 win/loss record. Well there's a problem. Those old school 80% probability trades are only working 50% of the time and if you couple that with a willingness to "wait it out" you end up with a liquidated account. I can understand how it happened - things were going great.

I also must say that the PR surrounding this fiasco was bizarre (we spoke after Christmas and they were in a 73% draw down). In an attempt to make this nightmare sound better, we were told that it's almost over, that only 2 of the 160 clients had closed their accounts at the 30% draw down limit, and they were earning overnight interest. What? This continued loss was due to an unwillingness to accept the mistake and simply regroup. I would be weary of any trader that will not stop the bleeding more quickly. If you invest with Mr. Nyland watch your leverage and your draw down limits. Naturally, nothing ventured is nothing gained.

Ride your winds, cut your losses, and live to fight another day.

This is the first time I ahve posted a review on any site and unfortunately it has to be a negative one. I totally concur with all the negative comments. I put in €27000 and during december he had lost €15000; as soon as I found out I closed my account within minutes.
Josh Nyland's systems seems to be based on the EUR/GBP correlation and when this broke down he did not use any stops to protect capital, instead he was hoping that the EURUSD would retrace to 1.43 and beyond. Only a novice or a gambler, not to mention an idiot, would risk so much on the chance that any currency would go one way or the other. He was effectively using 30% margin on my account on a bet that the euro would retrace to 1.43 and beyond!!! A professional money manager normally would risk 1% or 2% NOT 30%.

My experience with FMALP was positive at first but quickly changed once I put in big money. I had $255,000 in early December 2007. I got a little concerned in the middle of December that Josh kept holding this trade for so long and it didn't seem like it was turning around. I called Aaron and read the blogs that Josh had on his website that he thought the trade would turn for a profit, and that he was going to do something special for all the clients that did'nt drop out of his fund. Well Josh did do something special, instead of him only losing half of my money he lost my entire $255,000 except for only $674. Thanks Josh for the Christmas and New Year gift! So if anyone needs losses in a hurry to offset gains from other better investments call Josh Nyland or email him at support@fmalp.com he is the master at doing this. If you need a little slower method of depleting your entire account use his new updated system. With this new system volatility is 40% lower. My mother is in this system and she only has lost 60% of her in a couple of weeks. Hurry and don't delay call or email Josh today.

Dear Mr. Nyland,
you continue to claim falsities:
You claim clients can select their stops. I asked your cheerleader Aaron about this as I would have liked to do this and he said THE ONLY OPTION FOR STOPPING A TRADE WAS TO REMOVE POA AND HAVE POSITIONS CLOSED OUT HE ALSO ADDED THAT THE SYSTEM WOULD NOT WORK WITH STOPS AND THAT ANYWAY THE CHANCE OF A LARGE DRAW WAS NEARLY IMPOSSIBLE (ETC. ETC....) As you can imagine I do not spend Christmas following terrible traders, thus when I did check my account I was in deep draw down well over 50%. Thanks for the christmas present Mr. Nyland!
I am sorry you insist on all sophisticated wording, in the end if the EUR/GBP trade goes against you you will lose money, as you did by blowing out everyone's account, including mine. Yes "THERE HAS BEEN ONLY ONE LOSING TRADE" too bad you neglect to state you lost 100% of allocation Mr. Nyland (SOME PEOPLE MAY EVEN OWE MONEY TO PFG??). What a %#$%#% Joke!
I changed my rating from 1 star to SCAM as a result of your continued twisting of the truth, which is that you should not be trading people's money. By the way I am quite convinced that the positive comments on this page are written by you or one of your cheerleaders (note how style and context are nearly identical).
HARDWORKING CITIZENS OF THE UNIVERSE DO YOURSELF A FAVOR: PLEASE DO NOT GIVE THIS GUY ANY #$%@#%#@% MONEY!!!!!

2008-01-02 Scam Really don't understand these positive reviews. This guy is down 90% due to crazy trading style and terrible trade on Eur/GBP! That is on my very real and painful live account. Don't believe these positive reviews, this guy does not know how to trade! STAY AWAY

2007-12-10 1 Star Client from USA is right:
They take a gain at 1% per trade or so, but :
no stop losses
limited trades, large positions.
To me they are basically playing on Eur/GBP exchange presuming it will revert back to some historical mean. What if it does not??
Would reccomend lower leverage version and not giving them much money.

I am sorry to report that I am one of the many unhappy investors with Mr. Nyland. First and foremost let me say that what he does is not a scam by any means. He is legitimately trying to make money for clients and does a good job most of the time based on prior history as well as the first month my account was open. I poured in 50k to start the end of october and made a nice return for November. Then December hit and let's just say that I NEVER believed it possible to take 50k down to zero in a 4 week time period with a supposedly experienced trader. The problem began when his 'system' decided to sell the eur, buy the gbp and sell the eur/gbp as some sort of hedge. The minute I saw this set of trades on the board I emailed Aaron (his assistant) and/or Mr. Nyland to inform them that the majority of time when the gbp moves down the eur/gbp will move up. It seems like this would be obvious for any trader that has been around for some time. This trade should have been jettisoned immediately after it was put on the board as it had NO CHANCE of ever coming out right. This was also during a time when the gbp was plummeting and the eur was not following suit so there in essence was zero hedging occuring and the eur/gbp was only compounding the problem.
The trade went negative by quite a large percentage and then did cycle back to I believe somewhere around 10% negative...which would have been the perfect time to realize that it was a doomed trade and get out of it. The constant belief that it will come back is a fatal flaw. I was told the largest drawdown was around 20% in the past...well, when this set of trades far surpassed that you would think a rational individual would close out and start again. Nope! Not Mr. Nyland! He was dead set on the fact that this will come back. Reality has to take over at some point right? Nope! Not for this doomed set of trades! Well, as you can imagine the eur/gbp broke all time highs and the gbp kept falling (as every indicator out there said it would) and this set of trades ran all the way to zero! Well, let's be fair here and say that it did not technically hit zero...nope, my 50k turned into a measely $140 left at PFG! I really don't even want to have them send that money back to me. No, people you cannot say that Mr. Nyland is a scam artist...the only thing you can say is that Mr. Nyland is quite possibly the most irresponsible money manager around! His website is loaded with statements of what a good MM should do and how accts should be protected. He failed to follow those rules and the results were disasterous as he took a 100% loss on accounts at PFG. If there is anything other than that reported than please get ahold of me and I will give you my password to access my account at PFG to verify for yourself what the results of this system are....but I guess no one is to blame here except for me as I had the chance to revoke the LPOA and take back my account at anytime during the disasterous 4 weeks that was December.
I'm ok with losing money as that is a part of investing, however the way in which this 50k was lost is absolutely irresponsible.
Mr. Nyland, I implore you to report everything as truthful as you possibly can and I would beg of you not to take on more client funds as you have shown an insane amount of irresponsibility that you should never allow yourself to manage OPM again.
I understand that you believe your new system may be better than the old one but the fact is that you simply lost the money and moved on in an irresponsible fashion the first time I do not see that things would be different the second time. Prove in your own accounts that you are willing to cut losses at some point before you begin trading OPM again...hell, at this point it would even be nice for you to show that your own accounts took 100% loss as did clients! How's that for a challenge? Are you as honest as you claim to be? Actions speak louder than words.
For those that are not convinced of this travesty and need more proof you can email me and I will let you see the account results...as I am sure I will be getting numerous emails on this I am setting up a separate email account to handle it: dbertw@yahoo.com...so if there is anything other than 100% loss of account reported I am here for to set the record straight and will show you my statement if it helps to keep you from making a mistake with hard earned money. Now if you want to throw some gambling money at Mr. Nyland then sure go ahead, it may be worth the risk, but expect that there could be 100% loss.
A side note you should be aware of is that Aaron is quitting the company b/c he "cannot sell something he does not believe in." That alone tells you something!

I can't believe that I am actually submitting a review for this site, but I think I really feel the need to let everyone know about FMALP. It seemed at first that Josy Nyland was a very knowledgeable trader, but I learned a very hard lesson. My account went to zero after trusting my hard earned money with these guys. I understand that there is risk with trading Forex, but I figured an accomplished trader would know to cut his losses before he loses all of his clients' money. If anyone trades forex, make sure you say no to no stop loss trading.

If anyone is considering trading with him: DON'T!