Feisal Rahimtoola
Private, 1st Class
- Messages
- 58
Obviously they appear to be cheaters or fraud. The case should be factually documented and presented to keep up the credibility of FPA voters.
GUILTY Case# 2013-023 | fxeasy75 vs www.fxrobot-mam.com
- Thread starter fxeasy75
- Start date
-
- Tags
- fxrobot-mam.com
Feisal Rahimtoola
Private, 1st Class
- Messages
- 58
They appear to be swindlers. The case should be factually documented and presented to uphold the high image of FPA Traders Court.
They are a scam
The SCREWED MY ACCOUNT OF $7000 in !.4 hrs
BAN THEM TO HELL
GRAEME
The SCREWED MY ACCOUNT OF $7000 in !.4 hrs
BAN THEM TO HELL
GRAEME
bullsforex
Recruit
- Messages
- 1
Case# 2013-023 | fxeasy75 vs www.fxrobot-mam.com
To summarise, I started my MAM acct with them on Feb/11 (trades started on 11/Feb) and in TWO days, my account (which started with USD10,000) was decimated to USD432. In just ONE day of trading on Feb/12 (when I received my trading statements automatically from HotForex), my account balance was about USD2078. I immediately sent an email to the PAMM to ask that they STOPPED the EA and to find out the causes for this behavior of the EA and to ask them to explain the HUGE differences between their live trading results showcase on their site vs my results. I sent another email again to inform them that I am taking off my account from LPOA if this trading continues. The trading was continued and again there was a huge loss. I asked to revoke LPOA to HotForex, as well as sent another email to the PAMM to warn them that I expect them to FULLY compensate me for all the losses due to their unethical behavior, and that I have filed a complaint with HotForex and will also file scam alert in FPA.
To summarise, I started my MAM acct with them on Feb/11 (trades started on 11/Feb) and in TWO days, my account (which started with USD10,000) was decimated to USD432. In just ONE day of trading on Feb/12 (when I received my trading statements automatically from HotForex), my account balance was about USD2078. I immediately sent an email to the PAMM to ask that they STOPPED the EA and to find out the causes for this behavior of the EA and to ask them to explain the HUGE differences between their live trading results showcase on their site vs my results. I sent another email again to inform them that I am taking off my account from LPOA if this trading continues. The trading was continued and again there was a huge loss. I asked to revoke LPOA to HotForex, as well as sent another email to the PAMM to warn them that I expect them to FULLY compensate me for all the losses due to their unethical behavior, and that I have filed a complaint with HotForex and will also file scam alert in FPA.
FXPulsator
Private
- Messages
- 16
The said EA used for the PAMM is the Arbitrage EA as against what has been depicted on their website as "Scalping".. [Frankly speaking Arbitrage EA is thing of past now especially when most of the brokers going for ECN hub data feeds]
The Arbitrage settings goes for a toss moment the broker tweaks/changes its liquidity provider... Further the latency has also an major role to play, especially when the VPS vendor is changed... What seems to be profitable setting has gone to dogs ...
I think this has happened in this case too... The PAMM owners should have stopped the EA moment the account was down by the agreed draw-down limits in the LPoA ... rather waiting for the "Stone Age" ... hence guilty.
The Arbitrage settings goes for a toss moment the broker tweaks/changes its liquidity provider... Further the latency has also an major role to play, especially when the VPS vendor is changed... What seems to be profitable setting has gone to dogs ...
I think this has happened in this case too... The PAMM owners should have stopped the EA moment the account was down by the agreed draw-down limits in the LPoA ... rather waiting for the "Stone Age" ... hence guilty.
REGibeault
Recruit
- Messages
- 1
Never give an EA that much to work with
People,
Anyone should know not to plop 7, 10 or 15k with a robot. If the EA made double no one here would be complaining, but it didn't, it blew out the account, and now everybody screams fraud and wants to sue. For you to make double, someone else has to lose it, and it's a gamble. You must be prepared to lose your money since trading involves RISK - let me say that again... RISK. Greed also has it's inherent RISKS, and I think thats exactly what we have here on both sides of the argument. You are not (and never willl be) trading in the interbank fx market, you are trading in a liquidity pool plain and simple. No bank is gonna take the other side of such a puny amount unless you have STP. Those guys trade with $1 mil. and up. No matter how many brokers you churn through, this will always be the case with a market makers vs market takers... ahh. I wish someone here in this forum would just pull back the curtain and expose how the market really operates. All you Joe Publics do nothing other than provide liquidity to the marketeers. Ya think your broker is gonna take the other side of your trade - and hand you all the profits? I have been reading these threads and see the same ol arguments... Don't be so gullible.
People,
Anyone should know not to plop 7, 10 or 15k with a robot. If the EA made double no one here would be complaining, but it didn't, it blew out the account, and now everybody screams fraud and wants to sue. For you to make double, someone else has to lose it, and it's a gamble. You must be prepared to lose your money since trading involves RISK - let me say that again... RISK. Greed also has it's inherent RISKS, and I think thats exactly what we have here on both sides of the argument. You are not (and never willl be) trading in the interbank fx market, you are trading in a liquidity pool plain and simple. No bank is gonna take the other side of such a puny amount unless you have STP. Those guys trade with $1 mil. and up. No matter how many brokers you churn through, this will always be the case with a market makers vs market takers... ahh. I wish someone here in this forum would just pull back the curtain and expose how the market really operates. All you Joe Publics do nothing other than provide liquidity to the marketeers. Ya think your broker is gonna take the other side of your trade - and hand you all the profits? I have been reading these threads and see the same ol arguments... Don't be so gullible.
Deborah Moon
Private, 1st Class
- Messages
- 39
Good on Hot Forex ! I feel sorry that you lost your money to those scammers but if one positive thing has come out of this its that Hot Forex are HONEST brokers. I've been happy with their service and its good to know they looked into this for you and got rid of Arbitrage. Its just a pity they can't get your money back!
Connecting
Private
- Messages
- 19
10K shot to bits in 2 days?? They must have have used the robot from Lost in Space. Its scandalous that operators like this pervade the FX world and I am sorry they recklessly destroyed your account. The FXrobot mam site promises the earth but sadly looks like another marketing scam. Where are the concrete laws that limit each trade to 1-2% of your account balance? Does the LPOA document cover any of this?
Can someone also spell out what PAMM stands for - I dont see it in the glossary.
Can someone also spell out what PAMM stands for - I dont see it in the glossary.
