Private, 1st Class
Hi,At last. A managed investment that lets people sign up for their own accounts at regulated brokers. That alone is a BIG step up from a couple of other managed services that I've been writing about lately.
Uses an LPOA - good.
The trading history is private. They claim to use SL orders, but we don't know if that's the case in 100% of trades or how wide the SLs are. I would hope that they'd allow someone who's seriously ready to invest access to everything other than pending orders and open orders (but with floating P/L numbers available).
The MyFxBook account was started on May 23, 2013. I would want to see a longer history to back up the claimed performance on their site.
The site was first registered in October 2012. Claimed performance on the site goes back to January 2011.
There's no physical address on the website and the registration is private. I want to know exactly who is managing my money and where the person/company is located.
I'd like to see the exact terms of the LPOA. I'd also like to see a list of the brokers they work with.
This one has a few caution flags. If Blue Sea is willing to be a little more open about a few things, they could erase some of those.
Yes I asked them for their address and still no answer...That covers a number of the questions.
I still recommend that you ask to see a statement from a live account that's been traded by them for a bare minimum of 6 months. This will let you check and see if those SL numbers match up to the claimed amount risked as well as let you see proof of how profitable this is over time.
I'd also want a physical address for the company. If they are in Australia, I'd want to know their ASIC registration number. If they don't have one, I suggest checking with ASIC to see if managing accounts without one is legal for an Australian company.
here are some answers they replied to:
They say that are located in Australia.
They use stop loss 1,5%
They stop trading if equity falls below 75%
Brokers are FXCM Forex Trading Regulation @ FXCM and SmartTradeFX SmartTradeFX - Forex | CFD?s | FX/ 4X Trade | Currency Trading | Forex
I opened an account with FXCM and got the LPOA View attachment 10242 or you can download it on their page.
There you can see the trader's name Bader Hilal