Fellow FX Traders,
I am writing this post because I want to warn the average FX trader about the very dangerous services of AFX Trading (Home).
I am not sure sure if anything can be done to recover the losses these guys have made on my account but I want to be sure that my experience can serve to protect others from these dangerous individuals.
Here’s my story:
AFX Trading offer a service they called “Managed Accounts” where they promise a Return of 50% to 100% a month. They don’t ask you to send them your money, instead they trade on your MT4 account and you pay them a commission on profits weekly. If you miss the commission they stop trading your account. That’s fair enough and quite a smart thing.
I was happy with this arrangement because it meant that I stayed in control of my funds as they remained in my broker’s account and they traded the account for me.
We filled in the paperwork and one of the stipulations was that they would close all orders if the equity went below a DD of 20%. On the basis of the returns they promised this was an acceptable loss for me.
The first week of trading went well. They made over 12% Return in 3 days. The start of the second went well. They made another 12% in a few days. Then came the bad trade. Which they compounded by adding to the position. Even worst, the losses fell below 20% DD threshold and they kept the positions opened. By the time Friday came along my account was at 50% DD with the NFP payroll report a few hours away. I emailed them asking them to hedge the opened positions and to slowly close the hedged DD as they made new profits. They did as I suggested: they hedged the opened positions before the report was released. The NFP report came and went and instead of keeping the positions hedged they removed the hedge. Before I new it they had lost 75% of my account. I closed the open positions myself as I had control over my account and a good thing I did because if I hadn’t I would’ve lost all my funds.
They pleaded with me to let them trade my remaining 25% so that they could recover the losses. My reply to them was that they should send me their own money and I would place it on my account and let them trade their own money to recover my losses. Well obviously they haven’t accepted to do that - they are very brave trading other people’s money but not so brave trading their own.
I take full responsibility in that I trusted them too easily and fell for the promises of high returns. I have no excuses for that and myself to blame. But as I said in my intro, I just want to expose them, I want their name to be blacklisted so that when another trader thinks about using them and they do little bit of research on the net, it will become clear to them that they shouldn’t trust these people with even a cent of their money.
That’s my story. Beware of AFX Trading.
jdaveh
I am writing this post because I want to warn the average FX trader about the very dangerous services of AFX Trading (Home).
I am not sure sure if anything can be done to recover the losses these guys have made on my account but I want to be sure that my experience can serve to protect others from these dangerous individuals.
Here’s my story:
AFX Trading offer a service they called “Managed Accounts” where they promise a Return of 50% to 100% a month. They don’t ask you to send them your money, instead they trade on your MT4 account and you pay them a commission on profits weekly. If you miss the commission they stop trading your account. That’s fair enough and quite a smart thing.
I was happy with this arrangement because it meant that I stayed in control of my funds as they remained in my broker’s account and they traded the account for me.
We filled in the paperwork and one of the stipulations was that they would close all orders if the equity went below a DD of 20%. On the basis of the returns they promised this was an acceptable loss for me.
The first week of trading went well. They made over 12% Return in 3 days. The start of the second went well. They made another 12% in a few days. Then came the bad trade. Which they compounded by adding to the position. Even worst, the losses fell below 20% DD threshold and they kept the positions opened. By the time Friday came along my account was at 50% DD with the NFP payroll report a few hours away. I emailed them asking them to hedge the opened positions and to slowly close the hedged DD as they made new profits. They did as I suggested: they hedged the opened positions before the report was released. The NFP report came and went and instead of keeping the positions hedged they removed the hedge. Before I new it they had lost 75% of my account. I closed the open positions myself as I had control over my account and a good thing I did because if I hadn’t I would’ve lost all my funds.
They pleaded with me to let them trade my remaining 25% so that they could recover the losses. My reply to them was that they should send me their own money and I would place it on my account and let them trade their own money to recover my losses. Well obviously they haven’t accepted to do that - they are very brave trading other people’s money but not so brave trading their own.
I take full responsibility in that I trusted them too easily and fell for the promises of high returns. I have no excuses for that and myself to blame. But as I said in my intro, I just want to expose them, I want their name to be blacklisted so that when another trader thinks about using them and they do little bit of research on the net, it will become clear to them that they shouldn’t trust these people with even a cent of their money.
That’s my story. Beware of AFX Trading.
jdaveh
