educatedwarrior
Private
- Messages
- 21
Felix and FPA,
I really need your help and advice. I believe that I am being scammed by Dustin Pass's managed account service. I was wondering if you could let me know if I have any options.
I originally opened a managed account at Interbank FX (IBFX) with $9000. The first month the account made 20% - however 50% of the profit went to Dustin Pass - that was the deal. I thought that was a good deal - 10% in one month.
So a couple months later, I did something I may regret for the rest of my life. I borrowed money to deposit into the account - I thought to myself, this guy knows what he is doing - at this point he was making hand over fist. I was thinking if profits keep rolling in at this rate, I could pay off my student loan balance, which has not decreased in over 10 years. I borrowed money from a credit card and deposited $45000 more. This brought the balance of my account to approximately $55,000.
The year ended. $20,000 was made on the account. I took profits and left about $40,000 in the account. All of the sudden, the account was being managed differently. Instead of getting into positions and holding them for a couple weeks to a month, Dustin Pass started holding on to positions longer than a month. Before, if a position broke out of a resistance or support level - he would use hedging tactics. All of this ended.
I sent some emails back and forth asking them what the problem was. They said they were not getting proper trade execution at IBFX and blamed it on them. They said they were having meetings with IBFX to resolve the issue - the issue never got resolved.
In Dustin's live trading room, some people were complaining that they were getting margin calls in the managed account. Dustin sent out an email saying that IBFX has some allocation issues and he was having meetings with them to resolve the issue. The issue was never resolved. I called IBFX and they basically said if there were ever allocation issues they were taken care of - however my account is taking a bigger loss than the managed account. Nobody is taking responsibility for improper management of my account. At one point the managed account was -20% and my account was -80%.
Today my account is -$36,000. My total margin is $51,000. I added $10,000 to avoid a margin call to my $41,000. The account fluctuates $5000 on a weekly basis. My current margin requirement is $5,000 I'm short EURUSD, EURJPY, AUDUSD, and long USDCHF. I got a couple positions in it down 1700 pips. I really feel stupid. My life my be changed from this point. Do you have any suggestions?
I really need your help and advice. I believe that I am being scammed by Dustin Pass's managed account service. I was wondering if you could let me know if I have any options.
I originally opened a managed account at Interbank FX (IBFX) with $9000. The first month the account made 20% - however 50% of the profit went to Dustin Pass - that was the deal. I thought that was a good deal - 10% in one month.
So a couple months later, I did something I may regret for the rest of my life. I borrowed money to deposit into the account - I thought to myself, this guy knows what he is doing - at this point he was making hand over fist. I was thinking if profits keep rolling in at this rate, I could pay off my student loan balance, which has not decreased in over 10 years. I borrowed money from a credit card and deposited $45000 more. This brought the balance of my account to approximately $55,000.
The year ended. $20,000 was made on the account. I took profits and left about $40,000 in the account. All of the sudden, the account was being managed differently. Instead of getting into positions and holding them for a couple weeks to a month, Dustin Pass started holding on to positions longer than a month. Before, if a position broke out of a resistance or support level - he would use hedging tactics. All of this ended.
I sent some emails back and forth asking them what the problem was. They said they were not getting proper trade execution at IBFX and blamed it on them. They said they were having meetings with IBFX to resolve the issue - the issue never got resolved.
In Dustin's live trading room, some people were complaining that they were getting margin calls in the managed account. Dustin sent out an email saying that IBFX has some allocation issues and he was having meetings with them to resolve the issue. The issue was never resolved. I called IBFX and they basically said if there were ever allocation issues they were taken care of - however my account is taking a bigger loss than the managed account. Nobody is taking responsibility for improper management of my account. At one point the managed account was -20% and my account was -80%.
Today my account is -$36,000. My total margin is $51,000. I added $10,000 to avoid a margin call to my $41,000. The account fluctuates $5000 on a weekly basis. My current margin requirement is $5,000 I'm short EURUSD, EURJPY, AUDUSD, and long USDCHF. I got a couple positions in it down 1700 pips. I really feel stupid. My life my be changed from this point. Do you have any suggestions?
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