Horlique Gold - Blew out 3 of my accounts

MMInc

Private, 1st Class
Messages
38
In November of last year I inquired to Horilique about his management services that he posted within his Market Shark thread. He began trading in November and finished November very well. In December of 2014, he managed to blow out my $5k account which I knew was running an EA that he claimed was very conservative and stopped at a 4% drawdown. The EA never stopped trading and instead he rapidly increased the risks until the account was gone.

He made several statements to me saying that he would trade it back through my other account which was funded with $20,000.00. That account was doing well until he began taking unnecessary risks on the Eur/Usd pair selling it without a SL multiple times at high lot sizes. It nearly margined the account out and left only a few thousand dollars remaining. I immediately stopped his access to my account. These accounts were also traded without an LPOA in place.

In the beginning of the year I contacted FPA regarding his trading practices by email. Through email conversation between FPA, myself and Horlique we were able to address the concerns with the risky trading and I funded a $5,000.00 account for him to trade without an EA very conservative. The deal was that he was going to trade the account for free until all of the money he lost was made back. Needless to say that Horlique applied yet another EA to the account which saw small gains but extremely large losses which wiped out about half of the account overnight. The deal that was even outlined in the LPOA is that the account was not supposed to be traded with an EA and that the drawdown was supposed to be very limited to 10%. I woke up one morning to less than $1,000.00 in my account. This account was in fact traded with an EA when it was supposed to be manually traded. He was also instructed NOT to use an EA on my larger account which he did anyway and resulted in the account being blown out. The broker confirmed that all of the trading on the new account were initiated by an EA.

In the process of emailing back and forth with FPA involved, Horlique stated many things which contradicted the reasons he gave me for the accounts being blown out. It showed me that he was not as honest as I thought. Everything I had saved in my skype conversation and relayed to FPA by email showed that he intentionally took the positions that margined my accounts. The positions were taken with such high lot sizes because "he saw the opportunity to make us both alot of money". To date, hes the only one thats made any money since he was paid at the end of November of 2014 by bank wire.

Looking at his trade recommendations and watching him trade previously, I knew he was a skilled trader which is why I made the decision to give him 1 final chance. The chance I normally would not take. Now I know this person cannot be trusted managing money. After his EA had once again took a chunk out of this account, he skyped me and told me he would gain it back and that he knew his reputation was on the line.

After the resolution to regain my capital with the help of FPA, Horlique was told via email that if he did not follow the rules this time he would risk his Market Shark status and I would be able to open a case against him. I will be posting the account data in here shortly.

Needless to say, I will be recouping with my own trading. I always like some diversity when investing but in this case, I learned my lesson well. Horilique Gold should not be allowed to manage peoples money since he cannot even follow rules. Not even his own! I usually do not hold any trader responsible for logical losses. DO NOT TRUST THIS PERSON WITH YOUR ACCOUNT!
 
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MMInc

Private, 1st Class
Messages
38
Conversation with Horlique regarding the last string of losses on the new account.
 

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MMInc

Private, 1st Class
Messages
38
The original agreement that we had for the account management is that my large account would be traded manually with a limited drawdown maximum of 15%. My smaller account would be traded with his EA very conservative with a maximum drawdown of 4%. The agreement was that the EA was not to trade at all on my large account and I had stated this several times to him over Skype. He was also offered an LPOA which he claimed he did not need. When he began making losses on my large account, he began using this EA that would spam trades in the market with high lot sizes and no stop loss. It lost way more than it had gained.
 

danielsoy

Sergeant
Messages
161
12.5 lots, within 12 hours?

I managed to lose my demo account risking 18 lots, in hours !

Shame on me...:oops:
 
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AsstModerator

FPA Forums and Reviews Admin
Messages
5,593
Horlique's status as a Market Shark is suspended. I've invited him to come to this thread. If he does, maybe this can be worked out. If he doesn't, the suspension will become permanent and warnings will be placed in his folder.
 

horlique2

Private
Messages
1,023
Hello, Am Horlique everything he said is correct... In the beginning trades were doing very well but the market dynamics that favours my trading strategy change negatively resulting in some heavy losses... I later left the market to try to work it out..
I also noticed that the broker he was using BLUESTAR FX was not working too well with my other automated strategy this resulted in further losses..

Am not trying to pass any blame to the broker, its all my fault.
I will appreciate my name not to be listed as a scammer....
its unfortunate that My partnership with Him did not work out.. Am really really sorry for all the pains that I have caused him, it was my intention to make decent profits on him account... Am really sorry for everything...
Not just the market, being in a haste to make back the lost profits I broke my trading rules which was also another reason for the losses..

============================
Everything is going well now,I have learnt a bitter lesson though I caused lots of pains to him.. I really really sorry..
I want to really apologize to him for everything...

I will post an investor login to one of the several accounts am managing for folks(I have taken permission to do so).....I will remove the login details after today....

Hello, Am Horlique everything he said is correct... In the beginning trades were doing very well but the market dynamics that favours my trading strategy change negatively resulting in some heavy losses... I later left the market to try to work it out..
I also noticed that the broker he was using BLUESTAR FX was not working too well with my other automated strategy this resulted in further losses..

Am not trying to pass any blame to the broker, its all my fault.
I will appreciate my name not to be listed as a scammer....
its unfortunate that My partnership with Him did not work out.. Am really really sorry for all the pains that I have caused him, it was my intention to make decent profits on him account... Am really sorry for everything...
Not just the market, being in a haste to make back the lost profits I broke my trading rules which was also another reason for the losses..

============================
Everything is going well now,I have learnt a bitter lesson though I caused lots of pains to him.. I really really sorry..
I want to really apologize to him for everything...

I will post an investor login to one of the several accounts am managing for folks(I have taken permission to do so).....I will remove the login details after today....

Investors password: Joe111Tr
Account Number: 14010142
Server: IronFX-Real4
Broker: www.ironfx.com
 

MMInc

Private, 1st Class
Messages
38
Am not trying to pass any blame to the broker, its all my fault.
I will appreciate my name not to be listed as a scammer....
its unfortunate that My partnership with Him did not work out.. Am really really sorry for all the pains that I have caused him, it was my intention to make decent profits on him account... Am really sorry for everything...
Not just the market, being in a haste to make back the lost profits I broke my trading rules which was also another reason for the losses..

One of the main conditions of management the first time was that it was ok to use the EA on the smaller account with a maximum drawdown of 4%, it well exceeded that. I even asked you repeated times NOT to use the EA on my larger account which was ignored multiple times and wiped out the last few thousand in my larger account. The LPOA for this time around specifically stated that you were not to use an EA at all in which you signed and agreed. This isn't hasty or attempting to make back money within reason, its being careless. That doesn't make you a scammer, it makes you a very bad money manager.

I will post an investor login to one of the several accounts am managing for folks(I have taken permission to do so).....I will remove the login details after today....

This doesn't make any sense to me if you are trading profitably at other brokerages and offering profitable signals, why couldn't you do the same for me? It just tells people that you cannot be trusted even when you give your word that you are going to repair the situation. Trading it back is out of the question and I can accept losses in logical trading. Logical trading is a system that has good risk/reward with good money management. Not excessive lot sizes and stop losses 200+ pips out with an average take profit of around 10 pips or so.

That being said, since this was so important to you to redeem yourself and you abused the situation this is the first time I have ever had the thought that a money manager should be responsible to replace the funds. Its not being unreasonable, its being ethical under the circumstances that you were supposed to cease trading according to the LPOA at a 10% drawdown. Honestly, would you give someone like that another chance to trade? I think that chance was already given and I was more than reasonable with the way I responded the first time.

When you Skyped me and asked me to "Not tell ForexPeaceArmy" about what had happened, it should have set something off in your head to be more cautious and to repair the situation. Instead you continued to trade with the EA that you were not supposed to use and continued to take the more risky road. A money manager would typically take a step back and analyze the market and begin "cherry picking trades" in order to overcome a drawdown or move towards shorter term trades. You continued as if you didn't care.

As for our Skype conversations, I clearly stated to just take your time. I wasn't in any rush. Even the first time around I told you I was in no rush to get rich. I just wanted logical trading. After your EA blew out my $5k account the first time, I asked you never to use the EA again and you promised me you would not. You did anyway. Back when you began management of this newer $5k account, the broker contacted me and told me they contacted you on Skype because you were in violation of the drawdown agreement on the LPOA. They explained to me that you responded and said "I am not in any violation". This is while you were holding trades in drawdown in excess of 50% of the account.

Losing your Market Shark status I believe is a good step since to me it establishes a level of trust with people here at FPA. I don't think you should be allowed that status again. As for the replacement of funds, I don't think trading is in the cards anymore so you will have to tell me how this is going to be fixed.

the broker he was using BLUESTAR FX was not working too well with my other automated strategy
this resulted in further losses.
This I believe was already established the first time around and another reason the EAs were not supposed to be used for trading. If you couldn't do it, you should never have accepted another account. It wasn't the broker conditions, it was the strategy risk/reward and management that failed.
 
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RahmanSL

Major
Messages
2,536
I think every trader should take the time to learn the forex market and trade their own account. Why let someone else do that for you? If you are happy with a 5-10% profits on your investment money, then that is relatively easy and straight forward to do.
Understandably, since the T&C is on profit sharing, there will be a tendency to over-trade in order to make more money in the least amount of time.
 

MMInc

Private, 1st Class
Messages
38
I think every trader should take the time to learn the forex market and trade their own account. Why let someone else do that for you? If you are happy with a 5-10% profits on your investment money, then that is relatively easy and straight forward to do.
Understandably, since the T&C is on profit sharing, there will be a tendency to over-trade in order to make more money in the least amount of time.

The goals on the accounts were all conservative. I do my own trading as well but for health reasons, it kept me out of the market for a long time.
 

RahmanSL

Major
Messages
2,536
Sometime back, I followed Horlique on a few trades and took some pretty heavy losses.

Your broker "ForexBlueStar.com" is apparently a scam broker and is stated on our FPA site:
ForexBlueStar.com
Special Notes: Website is down. Company seems to be out of business.

AsstModerator Note: ForexBlueStar.com was an EA seller that closed down. The broker's name is similar, but it is at a different domain name.

All I can add is, since you are unable to trade your forex account yourself, put your investment money in safer investment funds like reputable bank fix deposit, unit trust funds or even stocks & bonds on a reputable company.

Just don't simply trust all those self proclaimed gurus & funds managers promising high returns.
 
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