Has anyone heard of The Forex Police- Striker EA OR FTSC100Club ?

Krachuk

Private, 1st Class
Messages
50
There product appears to be great and seem to be working in relationship with Vantage FX Forex brokers. They are also recommended by ftsc100 club. The questions are as follows:
1.Has anyone had any experience with ftsc100club and aware of the Forex Police Striker EA.
2.How well know is Vantage FX broker. Thanks
 

dhall

Recruit
Messages
2
I'm attempting due-diligence on this product, it's relationship to VantageFX, how (and what) The Forex Police are paid by VantageFX, under what conditions. i.e. Do The Forex Police make their money (i.e. whether I sink or swim), and such.

If anyone has any information related, it would be really great. I plan to reveiw this product from a "newbie" perspective if I bye into the product.

What I know so far...
1. Striker EA connects to the VantageFX platform (only in a live account with a minimum $500.00 starting) and is installed in a VM(Virtual Machine) at Forex Police (meaning you are not running it on your own PC).
The advantage of this is; you need not run your own PC 5/24.

NOTE: The Forex Police connects to VantageFX using your username and password.
I am still trying to see if that access gives them access to my money.

The Forex Police site links you to the VantageFX.co.uk.
This is the VantageFX platform that gets good reveiws, not the AUS one that has received many bad reviews.

2. You access your stats via the VantageFX site.
You have no direct access to the Forex Police site (or your VM).

If anyone has any experience with this product, please comment.
 

Pharaoh

Colonel
Messages
19,959
It sounds like they want to be your IB. You open an account and they get a cut of the spread (or commissions if ECN).

The issue with this sort of payment is that the company calling the trades (managing, providing signals, running them via an ea - it doesn't matter) is automatically placing trades in your account and is getting paid without regard to whether the trades are profitable or not. In some cases, a company like this will also want a share of your profits. Either way, the temptation to open pointless trades for the sake of making money will ALWAYS be there.
 

Krachuk

Private, 1st Class
Messages
50
I'm attempting due-diligence on this product, it's relationship to VantageFX, how (and what) The Forex Police are paid by VantageFX, under what conditions. i.e. Do The Forex Police make their money (i.e. whether I sink or swim), and such.

If anyone has any information related, it would be really great. I plan to reveiw this product from a "newbie" perspective if I bye into the product.

What I know so far...
1. Striker EA connects to the VantageFX platform (only in a live account with a minimum $500.00 starting) and is installed in a VM(Virtual Machine) at Forex Police (meaning you are not running it on your own PC).


NOTE: The Forex Police connects to VantageFX using your username and password.


The Forex Police site links you to the VantageFX.co.uk.


2. You access your stats via the VantageFX site.


If anyone has any experience with this product, please comment.

Well, Forex Police is very clear that they take a commission (have nothing to do with the spread), but how much commission is not clear.
Yes, they run the EA Striker on the Client account but on their servers. While they may not have access to your money directly (since technically and legally it must be with the Broker Account), but virtually would manage your deposit. Any screw up means, VantageFX will be accountable as far as I understand. Any loss therefore, will reflect on the account with VantageFX.

It will be interesting to know what is the percentage and how will the commissions be paid?

Any feedback will definitely be great, meanwhile, will keep those interested posted...
 
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Krachuk

Private, 1st Class
Messages
50
It sounds like they want to be your IB. You open an account and they get a cut of the spread (or commissions if ECN).

The issue with this sort of payment is that the company calling the trades (managing, providing signals, running them via an ea - it doesn't matter) is automatically placing trades in your account and is getting paid without regard to whether the trades are profitable or not. In some cases, a company like this will also want a share of your profits. Either way, the temptation to open pointless trades for the sake of making money will ALWAYS be there.

What is the down side to it or rather is their a down side to it?
 
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Pharaoh

Colonel
Messages
19,959
IBs can take their cuts from commission or from spreads. Either way, it's money going into their pocket every time a trade is closed.

The downside to a service (EA, Managed, Signals) being your IB and putting trades into your account is this:

They are getting money, win or lose. Naturally, if they make money, you will stay with them longer. On the other hand, if they start to lose money and lose clients, 2 temptations crop up.

1. Modify the system to try to fix it - and desperate modifications frequently make things worse, not better.

2. As long as things are going down anyway, trade like crazy to rack up those payments before the clients pull the plug.

Even if a service like this is profitable, there's always the temptation to "split" a trade. Instead of going for 50 pips, go for 25, close the trade if successful, and open another trade to go for the remaining 25. Twice the trades = twice the payment to the service provider. For clients, it's 2 sets of spreads/commissions to pay.

Deliberate over-trading is called churning. Wildly churning an account is easy to see. Doing a little extra trading isn't so easy. There's not a clear cut line on where normal trading ends and churning begins.

Paying the service that trades for you on a per-trade basis is placing the temptation to churn your account in front of them. Personally, I recommend against putting that temptation out there.
 

dhall

Recruit
Messages
2
You are correct on all counts except that they are paid on positive PIPs (accounding to what they told me).
I did sign up for this and found my VantageFX account needed to be set up for 500:1 leverage and funded in GBP.
Still, I've done all this and am waiting for VantageFX to register my funding.

There are a great deal of other tools I will use in my VantageFX account to automate my "unattended" trading allocations. I'm going to ask the Forex Police if the Striker EA will keep my account logged in24/5. If this is the case, it should keep my web based tools runing 24/5. This alone will be worth the 20 GBP per month down the road.

I'll update this thread from time-to-time on my costs, the benefits, etc.
 

Krachuk

Private, 1st Class
Messages
50
You are correct on all counts except that they are paid on positive PIPs (accounding to what they told me).
I did sign up for this and found my VantageFX account needed to be set up for 500:1 leverage and funded in GBP.
Still, I've done all this and am waiting for VantageFX to register my funding.

There are a great deal of other tools I will use in my VantageFX account to automate my "unattended" trading allocations. I'm going to ask the Forex Police if the Striker EA will keep my account logged in24/5. If this is the case, it should keep my web based tools runing 24/5. This alone will be worth the 20 GBP per month down the road.

I'll update this thread from time-to-time on my costs, the benefits, etc.

Well so you are convinced about the Striker and very well waiting for the Striker now to do its part, right ?
But have you factored in the issue of "churning" ?
 
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Krachuk

Private, 1st Class
Messages
50
IBs can take their cuts from commission or from spreads. Either way, it's money going into their pocket every time a trade is closed.

The downside to a service (EA, Managed, Signals) being your IB and putting trades into your account is this:

They are getting money, win or lose. Naturally, if they make money, you will stay with them longer. On the other hand, if they start to lose money and lose clients, 2 temptations crop up.

1. Modify the system to try to fix it - and desperate modifications frequently make things worse, not better.

2. As long as things are going down anyway, trade like crazy to rack up those payments before the clients pull the plug.

Even if a service like this is profitable, there's always the temptation to "split" a trade. Instead of going for 50 pips, go for 25, close the trade if successful, and open another trade to go for the remaining 25. Twice the trades = twice the payment to the service provider. For clients, it's 2 sets of spreads/commissions to pay.

Deliberate over-trading is called churning. Wildly churning an account is easy to see. Doing a little extra trading isn't so easy. There's not a clear cut line on where normal trading ends and churning begins.

Paying the service that trades for you on a per-trade basis is placing the temptation to churn your account in front of them. Personally, I recommend against putting that temptation out there.

Thanks for your valuable input.

As I understand the commissions are taken directly by Forex Police from the Spread that accrues (following positive trades) to the Broker (Vantage FX) obviously, as an internal arrangement.

However, had the following questions:

1. What exactly is "churning"; how does it work and does "churning" apply in this specific scenario ? Can you specifically cite examples of Churning to enable understand.

2. Is Churning illegal in the UK or North America ? How does it impact negatively if it does so ?

3. where can one get access to the rules & regulations for trading in general which I believe would apply to Forex as well (despite Forex being an unregulated market) to prevent any form of malpractice by the Forex Brokers (Managers to a client account).

4. In the above scenario, would Vantage FX be the Manager or Forex Police be the manager of the Account ?

Any input and comments will indeed be valuable.
Thanks.
 
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