Dustin Pass's Managed account Scam

[epeter]

Blaming others seems to be very popular these days...

Dustin Pass

We all know that IBFX are crooks, but you are the only one to blame for this disaster, you have been informed about the drawdown by some clients including me and you have done nothing.
It would have been your responsability to inform your clients about your personal war with IBFX as soon as you started to have problems with them and we could have worked together and take action to rescue the accounts, but you just waited and waited. You informed a few days before your partnership with IBFX was terminated.
And please don't just say you feel bad about what happend, nobody will believe you. If you really feel bad go ahead and send me a check, after all you have made good profits working with my capital, this could change my opinion about you.

Ernst

 

[Dustinp]

Dustin Pass

We all know that IBFX are crooks, but you are the only one to blame for this disaster, you have been informed about the drawdown by some clients including me and you have done nothing.
It would have been your responsability to inform your clients about your personal war with IBFX as soon as you started to have problems with them and we could have worked together and take action to rescue the accounts, but you just waited and waited. You informed a few days before your partnership with IBFX was terminated.
And please don't just say you feel bad about what happend, nobody will believe you. If you really feel bad go ahead and send me a check, after all you have made good profits working with my capital, this could change my opinion about you.

Ernst

First I had nothing to do with the misallocation of the trade so this is in no way my fault. Beyond that all clients are in one of two categories.

The first is a client that was overleveraged due to the allocation issue. If you are in this category than my termination with Interbank is a mute point as you receiving a margin call has nothing to do with my trading but with Interbanks software not properly allocating the trades to your account. The Margin call would likely have occurred regardless of the termination

The second category is a client that was not overleveraged and who’s account was not in trouble. For these clients I suggested to hold the trade once I lost control of the account, Those that listened made money those that did something else did it on there own and I can not be blamed for that either. In either of the two cases above my termination had nothing to do with it. There comes a time when you have to take ownership of the outcome.

As far as my responsibility to let clients no about my war with Interbank:

I told all my client that we were having issues with interbank and that we were in fact going to move the whole managed account. As far as me giving specifics about the war as you call it I don’t see the need for gossiping on about what they said etc. The fact was it was clear to all clients that I know longer felt comfortable with the situation and we were moving on once the aussie trades were cleared.

The date that I was given for termination was moved up. Originally I was under the impression that we would be able to work it out at least until we cleared the trades.Then they sprung the new date on me around a week or so before the actual termination. As I said they kept changing things and because of this I could not get a clear answer. Until I knew for sure there was no reason for me to confuse people with information that was changing daily.


By now it should be quite clear that you are in one of the two categories above and in either case the loss is not my fault. I have lost money on trades before and as a professional trader I have no problem taking ownership of those losses.

Being able to take ownership of a bad trade is part of maturing as a trader and I can assure you I have no problems taking responsibility for my trades, could I have handled things differently and ended up with a better outcome? Unfortunately there is no way to know and it doesn’t help anyone to speculate on what could of, should have been. Hindsight is always 20/20.

As far as sending you a check goes I have already sacrificed millions in residual income from Interbank out of principal. Interbank messed up and would not fix it so I sacrificed my relationship with them in an attempt to save the clients (that was you) money. I would be much further ahead if I had just kept sending them business and let you and the few other accounts margin out.

I would still have tens of thousands of dollars of residual monthly revenue as well as be up around 40% on the remaining client accounts. I sacrificed this on principal knowing that the very ones I was sacrificing for would have the exact attitude you have. So forgive me if I don’t send you a check.

Despite the lossI have incurred from this situation I do not have one regret because I know I did the wright thing despite the monitary cost to myself and my business. It is more important to me to be able to sleep at night than to pad my bank account at others expense. Bottom line there were no winners in this situation.

Consider for one second that maybe you don’t know all the facts to the situation. I have been in the industry for a long time and have built a business around integrity and honesty.

No disrespect to you or the forexpeacearmy team but I will likely not post anymore on this topic. It is a waste of my time and the good readers of this forums time for me to go back and forth with you on who’s fault it is. If you have constructive commentary I welcome it otherwise please do not waste my time or the readers of this forums time.


Kind Regards,
Dustin

 

[educatedwarrior]

Feel sorry for the millionaire

Well, for you to lose millions in revenue - I really do not feel sorry for you Dustin. Many of the people that invested money in your managed accounts do not have 1 million dollars and you lost their entire account. You lost revenue while your long time customers lost capital - big difference.

I was a customer with you for close to a year. My account was down around 75% and you were bragging in online conference how much the managed account was making - you are a total fraud. I had positions down 1700 pips while you were bragging about how much money you were making - I wonder if you were still managing the account -no stop losses. You took no risk managing people's account you ran into the ground, and made money on the fees you were paid from new customers that did not have bad positions in their account. My account was run into the ground and you lost nothing from that. You had many opportunities to close bad positions using risk management, but you did not. Total incompetence and negligence on your part.

Also, your customer support sucks. When my account was having issues, you guys stopped sending out weekly status update emails like you did in the past. Never returned any of my phone calls. Just totally ignored emails or postings at the support site. You used to send out updates on how the managed account was performing - after it was down 60% you stopped sending those out, but continued to brag about how much money you were making.

I was smart close my account before I received the margin call; however, it would have been smarter never to do business with you. For all the accounts that were ran into the ground, you should refund the management fees. That would be the right thing to do, especially if you are making millions in revenue.

Heck, you have an offer right now to send people a check who open an account with your Introducing Broker service based on how much money they deposit - looks like money you earned from fees managing accounts you run into the ground. Looks like you have money to go around to start new business, but none to take care of your customers.

Dustin, you are not offering solutions for people who lost their accounts under your management, you are just defending yourself. No disrespect to you, but I would appreciate if you would stop wasting people's time in the forum if you do not have any solutions.
_______
For those that had issues with the managed account, please send me a private message. Also add to the thread. Thanks

 

[ernest8fingers]

Shades of Aden?

Sounds like Dustin graduated from the Aden Rusfeldt School of Forex trading.

 

[Vladimir Vladimirovich]

Dustin Pass is person often recommended by mail spams of Bill Poulos.
Well, now it's interesting who is real scammer, although Bill educates traders to manage their accounts.

In general, I never believed in long-term profitability of managed accounts.
At least it is stupid not to learn basics and make your own trade decisions.
Or at least not to cry when account is empty.
It has sense to play with smaller amounts and when both trader's and manager's opinion is in accord to put own entries.

Laziness in Forex is expensive.
Like in most other business areas.

 

[Pharaoh]

Comrade Vladimir is right. You need to understand at least the basics. Otherwise, how do you know how well your account manager is really doing, or if you want to use one at all.

Soviet Union?!?! Makes me sentimental for the days of glasnost and detente.

 

[markgeiger]

Dustin Pass is person often recommended by mail spams of Bill Poulos.
Well, now it's interesting who is real scammer, although Bill educates traders to manage their accounts.

In general, I never believed in long-term profitability of managed accounts.
At least it is stupid not to learn basics and make your own trade decisions.
Or at least not to cry when account is empty.
It has sense to play with smaller amounts and when both trader's and manager's opinion is in accord to put own entries.

Laziness in Forex is expensive.
Like in most other business areas.

I've been getting messages from both Bill Poulos and Dustin Pass the past few days on some new "free" straddle trader EA which I'm sure will end up costing thousands when all is said and done. I thought there were crooks and scammers in the sportsbetting industry, but those sport touts are lame compared to what goes on in Forex. Thank goodness for FXPA.

 

[BigT1]

Check Dustin's latest scam: TradeVantage a/k/a Trade-Vantage.com

 

[RP1]

ahh , I was reading about that yesterday. I wont be using this .

 

[BigT1]

Anyone experiencing a problem with Dustin Pass or his new offering"TradeVantage" a/k/a "Trade-Vantage.com" or "Trade Vantage" should view these several threads and check the Scam Alerts folder for updates on his latest exploits. Check the Reviews and Forum entries on "TradeVantage from Dustin Pass", "Trade Vantage", & "Trade-Vantage.com".