Yes and the day after I posted my concerns they got in contact with me, for the first time, to offer a refund. The only thing that tells me is that they are monitoring these forums. My box was going for 6 months and certainly didnt start any upward trajectory and I can give any or all the statements to prove it. My original comments still stand. Avoid like the plague. And I would have nothing further to do with David McEwen either.
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OakFX
- Thread starter Antononini
- Start date
I didnt realise my statement told you who to trust with your money. I was just sharing my experience.
I also got nervous about equity levels until I read their terms and conditions it mentions a constant level of open trades described to me as stock in different currencies.
There is about 3000 in open trades of my 15k trading account at the moment which was a little higher a week a go or so.
Also my statement says 68% of trades are profitable.
No im not associated with the company. Like I said im just sharing my experience. Im no computer wiz but thats what I thought a forum was?
I also got nervous about equity levels until I read their terms and conditions it mentions a constant level of open trades described to me as stock in different currencies.
There is about 3000 in open trades of my 15k trading account at the moment which was a little higher a week a go or so.
Also my statement says 68% of trades are profitable.
No im not associated with the company. Like I said im just sharing my experience. Im no computer wiz but thats what I thought a forum was?
Pharaoh
Brigadier General
- Messages
- 20,306
You came back, which does help your credibility some.
Look at it this way - the forums are full of "one post wonders" who show up to defend a product after other people got wiped out by it.
Now that you're back, you say 68% of the trades are profitable and "3000 in open trades". More data is needed.
For example, if I have 3 trades open and 2 are profitable, this sounds good - unless the 3rd trade has higher lot size, higher pip value, or is just a lot deeper in drawdown. For example:
Trade 1. 1 lot, 10 pips up on xxxUSD = +$100
Trade 2. 1 lot, 8 pips up on xxxUSD = +$80
Trade 3. 5 lots, 20 pips down on xxxUSD = -$1000 USD.
So I'd be winning 2/3 of my trades, but my floating P/L would be -$820.
What's the floating P/L?
If everything keeps going along at $1000/month, how long until all losses are recovered and the system pays for itself?
Look at it this way - the forums are full of "one post wonders" who show up to defend a product after other people got wiped out by it.
Now that you're back, you say 68% of the trades are profitable and "3000 in open trades". More data is needed.
For example, if I have 3 trades open and 2 are profitable, this sounds good - unless the 3rd trade has higher lot size, higher pip value, or is just a lot deeper in drawdown. For example:
Trade 1. 1 lot, 10 pips up on xxxUSD = +$100
Trade 2. 1 lot, 8 pips up on xxxUSD = +$80
Trade 3. 5 lots, 20 pips down on xxxUSD = -$1000 USD.
So I'd be winning 2/3 of my trades, but my floating P/L would be -$820.
What's the floating P/L?
If everything keeps going along at $1000/month, how long until all losses are recovered and the system pays for itself?
Unfortunately I was also one of the people that got duped in purchasing this software at a ridiculous amount. If the software was working as advertised, i wouldn't have complained. However, it hasn't even been a year, my whole account of AUD 15k has been wiped out and the return were not even close to the AUD 1200 to AUD 1500 advertised.. You only get AUD 600 a month if you are lucky.
I have sent several emails and phone call to the company to inquire why my open trades are showing huge losses . no one came back with an answer which is why my account went on margin call and as a result all open trades have been closed automatically and unrealized loss crystallized thereby wiping the whole equity of Aud 15k.
I will collate all statements and correspondence (or lack of) this weekend and present this to the commerce commission and the media to save unsuspecting people from being duped of their hard earned money.
Whatever you do, please be careful.
I have sent several emails and phone call to the company to inquire why my open trades are showing huge losses . no one came back with an answer which is why my account went on margin call and as a result all open trades have been closed automatically and unrealized loss crystallized thereby wiping the whole equity of Aud 15k.
I will collate all statements and correspondence (or lack of) this weekend and present this to the commerce commission and the media to save unsuspecting people from being duped of their hard earned money.
Whatever you do, please be careful.
Hi there I have experienced the same as you with a successful year of trading to find out over night they had close out all the trades and the 15 k was gone...Noboby will return calls or answer emails...would like to speak to you about what you have done to recover your funds thanks Mark d8@xtra.co.nz
Pharaoh
Brigadier General
- Messages
- 20,306
You'll find easy access to a number of regulators and places to complain here:
https://www.forexpeacearmy.com/fore...ave-you-been-scammed-how-complain-manual.html
Remember, if you get ripped off by a company and don't file reports, that's the same as saying it's ok for these people to do the same thing to your friends, family, and neighbors.
https://www.forexpeacearmy.com/fore...ave-you-been-scammed-how-complain-manual.html
Remember, if you get ripped off by a company and don't file reports, that's the same as saying it's ok for these people to do the same thing to your friends, family, and neighbors.
Hi Kruuza I didnt actually get a refund they just honoured the income guarantee so got a couple of grand back, I actually closed down the whole account when it was obvious that the equity was being chewn up at a huge rate. Still lost the purchase price but got back a reasonable percentage of equity. And yes OakFX has shown itself to be extremely dodgy in its dealings, wouldnt touch them with a barge pole. If you are interested I can give you some details of some journalists doing some investigations into them, there are real concerns as to how they market etc. Was surprised when David McEwen was involved with them, but suspect the promise of an easy dollar overides ones good sense
THanks for the reply...yes I would be very interested in talking to some journalists.I have two account running and have made 10k per account over the last year and then overnight without any warning they closed down all the deals resulting in the 15k aussie disappearing.THey will not return phone calls or messages and I am now going to get some legal action against them and file something with the Commence commission.I have spoken to David Mcewen and he was a founder but sold he interests over a year ago.Cheers
Mark
Mark
