PolarisTradingPartners.ch Review

Following unsuccessful attempts to negotiate compensation in a polite and gentlemanly way, it is now time to be direct and personal about the scammers I have been dealing with at Polaris Trading Partners. They lost 69% of my account from peak or 50% of initial capital due to failure to honour drawdown limits and failure to use stoplosses.

David Rose, account manager at Polaris Trading Partners is guilty of incompetence and dishonesty.

1. Fact.He failed to instruct the trader Sean Thacker of my updated drawdown limit of 15% loss of peak account balance.

2.Fact.He also failed to instruct the broker of my updated drawdown limit.

3. Fact. He lied by saying the updated drawdown limit had been successfully applied to my account. This was 2 days before the drawdown occurred.

Sean Thacker, chief trader at Polaris Trading Partners is also guilty of incompetence and dishonesty.

1. Fact. He failed to enter stoplosses on his trades, despite his company's website and information stating 30-45 pip stoploss on all trades.

2. Fact. He built up positions that were way too large by repeatedly adding to losing positions

3. Fact. He waited for devastating losses before closing losing positions.

4. Fact. He failed to honour my initial drawdown limit of 15% loss of original capital, agreed in writing before trading on the account started.

I would be happy to ask FPA to remove this and my previous negative review if the following conditions are met.

1. Polaris Trading Partners must compensate me for my loss due to their failure to honour my drawdown limit.

2. They must place verifiable stoplosses and drawdown limits with the broker in all future trading

3. They must publish verifiable trading results from a house account for all future trading.

Failure to do all of the above will prove that they are indeed scammers and amateur forex gamblers.

Anyone can make a profit in forex for a few weeks, months or even a year or two by trading with no stoploss or drawdown limit, but one day the market will make a move that will burn the account.

2009-09-28 1 Star Scam. Website promises 30-45 pip stoploss on trades and whole account stoploss of 15% drawdown. Initially this was adhered to and trades were of modest size and successful. But on Friday 25 Sept 2009 a losing GBPJPY position was entered and instead of being stopped out or closed, it was repeatedly added to before being finally closed late on Sunday 27 Sept 2009 for a 69% drawdown from high water mark or 50% loss of original capital. Company has been uncontactable since.

I have been with Polaris for just under a month. In their promotional matarial they show steady monthly gains of between 3 to 14%. They also state
"Polaris utilizes a proprietary signals generator called TS-EDGE which seeks out trading opportunities across multiple instruments and over varying time frames. The signals provided have a life cycle of between 1 and 24 hours with a stop loss range of 30 - 45 pips and targets in the 90 - 180 range. Stops are trailed to break even at certain levels and positions are only taken when risk reward ratios reach 1-3 or higher. Positions may be closed if signal conditions change and we typically have around 3 trades open at any one time".
Things went well for 3 weeks although I was a bit alarmed at they way they kept adding to losing positions and tried to talk to their head trader about their strategy but couldn't get through. One Friday (26th Sept) they started opening up buy positions on GBP/JPY. On Sunday there was a sharp drop in price and my account went from