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BEAWARE OF FOREX MANAGED ACCOUNTS! PART 2 (Be Careful About "Forex Trading Group"!)

Discussion in 'Scam Alerts' started by Ludvik Cizinsky, Jan 13, 2010.

  1. Ludvik Cizinsky

    Ludvik Cizinsky Private

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    I agreed that Forex Trading Group would manage my 37K investment. If they delivered as they projected my account would grow to $115,800 in 12 months (the first week they actually lost $3,100!) From the profit of $88,800 they would deduct $17,760 (20%) as an incentive fee which I expected. But now comes the horror: on the top of the incentive fee they charged me $10 commission for each traded lot, which I didn't expect or were told. The broker's web site clearly stated that no commission is charged! So, for the total of 14 trades they gabled 750 bucks extra. If they averaged the same number of lots for 52 weeks, their commission would be staggering $39,000 (750x52)!!! That's were the incentive was: the more lots they bought or sold the more money they took in regardless what results they produced! And if they happened to make a profit, the 20% incentive fee was just a bonus! For the broker it's a win-win situation without taking any risk. In summary; from the profit of $88,800 they would keep total of $56,760!!! But wait; that's not the end to it: I had to pay 2 pips (about 20 bucks) commission for each return trade also to InvestTechFx who is my ZuluTrade broker. That would be another $14,560 (15x52=728x$20) which would leave me with a net profit of $17,480 providing that they would deliver projected 20% per month. However, if they continued losing money in the same pace as the first week, my account would be totally wiped out in about 6 months! It's not difficult to realize what happened next: the Forex Trading Group got the boot! I still maintain accounts with ZuluTrade and InvestTechFx in hope that they will refund me money I lost with them due to technical malfunction of their trading systems. My requests, so far, went nowhere and I am planning further action. But that's another story which also could be a valuable lessen. So stay tuned!
     
  2. ernest8fingers

    ernest8fingers Master Sergeant

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    i think there gone

    Investtechfx website has vaporized. I think they decided to disappear? If anyone has money there-be afraid-be very afraid. Yet another Forex magic act?
     
  3. Sibali

    Sibali Corporal

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    You should have closed the account as soon as you realized they were beating the hell of your account. I also manage account but i only take $10 a trade. But i never try to make my money. MY intention is to make money for my clients'. As i have manage my personal accounts' as well.
     
  4. Pharaoh

    Pharaoh Colonel

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    Looks like it's back up for the moment. Considering the number of complaints I've seen about them lately, I wouldn't be surprised if they are . . . considering their options.
     
  5. gbenga112

    gbenga112 Corporal

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    I hope u get your money back from them.
    Thanks 4 sharing your experience.At least we know better how they are,I woudn't be surprise too if they disappear to thin air.
     
  6. vsine

    vsine Recruit

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    Not sure if this is the same Forex Trading Group (FTG) that I am involved with. I saw a video on YouTube on how explosive is their returns. So I wrote to them and I got an email reply. There is no Zulutrade or Investtechfx mentioned. FTG recommended HotForex or Tickmill and provided its IB ID. The minimum investment is $1000 and they will take 30% Comm on profit. Alternatively, you can subscribe to their EA at $250 per month. Since I don't know much about Hotforex or tickmill, I took the $250/mth opinion and try the EA on demo account with my broker instead. It is a small risk to take than blowing a $1000 investment. I installed the EA on my VPS last night and traded before the market closed. It is using Renko offline chart on 1H and scalping on 1min realtime chart. My demo account started with $1,303. The market closed with $1,965. Very impressed considering only within the last few hours (4 to 6 hours, I think. I went to bed and leave it running). However, the floating loss is $504. Since the user manual says all currency pairs and all time frame, I used the 1min TF as recommended and traded on the 7 major pairs.

    If this is the same FTG that you are referring, perhaps, can consider their EA on your own broker. I know I am not reporting on scam and should share my posting on other threads. But hopefully other FPA members can consider the same option I choose instead of entrusting their funds to fund managers who does nothing but watch their EA do their work and collect fees from you.
     
  7. Marcelo Rosa

    Marcelo Rosa Master Sergeant

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    If I can give you a suggestion: you just spent $250 on a EA that it's working now, but it's not guaranteed that it will work in the future, you tried successfully on a demo account off 1 min TF, you made 66% profit (before the floating loss) in the last few hours of the market, just do a simple math and your chances of blow up your real account are extremely high, on a real account the results will never be the same, then you will end up buying another EA that's promising great results, than another one and another one and will have spent enough money that you could have used in a good Forex education course that will teach you how to trade properly and build your capital little by little by in a consistent format.

    That's my humble opinion, it's hard to find an EA that will give you consistent profits over a certain period of time, and just by buying system, will never learn how to trade ( I don't know if you have experience or not) and then, the chances of people taking advantage of you and convince to keep buying their products will always increase.
     

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