I was one the Noveeforex investors and the account just got blown up yesterday as 09 Dec 2013..huge draw down...I am not blaming them because of this but we had a 50% account protection agreement which of course somehow didn`t work.
Here is the short story.
I have (had) a PAMM, managed account with them there is the trader who is authorized to place the trades, NoveeForex as the Broker and me as a Client I have a 50% Account Protection Agreement in place with the Broker however my account just right know has been blown up.
Of course someone forgot to notify me about lifting up the protection agreement...I mean they did when the account had larger drawdown than 50% even though they informed me because I asked them where the hell is the 50% Account Protection agreement. Now everyone is blaming on everyone...What is more the Broker said that the account protection has to be adjusted according to the account size periodically which based on their statement hasn`t been done since the very beginning when account size was 10K USD. but finally I the client I`m the biggest looser of this...account size of 281K USD diminished to 0...
Any suggestions, ideas are welcome! This is too much to swallow and simple walk away without doing anything...
Thank you in advance!
My concern with all of this is as I am an investor I don`t have a clue and don`t have time to deal with daily news whatever so either it is the responsibility of the Broker (as far as have the agreement with them) or the Account Manager, I mean the trader who is expert in trading! The account protection in my opinion is useful tool and should be executed or either the broker or the account manager should have been notify me before lifting up.
Thank you very much!