RESOLVED - 50% account protection issue hotforex

[amo1ro]

Here is my story, just happened right now so the wounds are pretty fresh.

I have (had) a PAMM, managed account with them there is the trader who is authorized to place the trades, XY 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 way 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 and waiting for your comments, suggestions1

Best Regards,

Almos Bajtalan,

 

[Pharaoh]

More details would be helpful. What company/person was managing the account? Did they also guarantee no more than 50% drawdown?

 

[shogunfx]

If your PAMM manager is listed as AAM on PAMM2 accounts list, then I must tell that he is a looser.
He trade with no protection and very high leverage.
I don''t know how he win 2 times the contest.
I've monitored this account for aprox 3 weeks before crash.

You are the only responsible to notify broker because in above agreement is your signature not PAMM manager.

 

[amo1ro]

Case solved !!! After negotiations finally wee managed to arrive at an agreement so they were help full so the only thing I can say about them that they Are pretty Pro Investor Brokerage! So I revoke all negative complains!

"SHOGUNFX" Yes you are right I am the only responsible adjusting the while in this case the PAMM Manager admits that he adjusted and also the date when he lifted without notifying me, consequently we know that a 50% protection agreement for the actual balance has been in place for sure while he lifted up....as far as i had an agreement with the brokerage and not the PAMM Manager then I could approach them as obviously this is a kind of gap in their system which right know has been filled and will be treated more cautiously in the future.

Anyway after all I am not blaming on the brokerage at all as they were pretty helpfull despite the fact that it was not just and only their fault.

 

[newmember007]

Here is my story, just happened right now so the wounds are pretty fresh.

I have (had) a PAMM, managed account with them there is the trader who is authorized to place the trades, XY 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 way 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 and waiting for your comments, suggestions1

Best Regards,

Almos Bajtalan,

281K USD diminished to 0...

281K usd is a good amount i cant think of putting that amount in forex.

 

[shogunfx]

News from HotForex Team regarding PAMM accounts :

Dear Investor,

We are pleased to inform you about the new feature now available for Investors on myHotForex area, PAMM V2 tab,called Open Positions Indicator. This tool can be accessed via the 'My Manager Accounts' and/or 'My Investor Accounts' pages.


Open positions indicator is a tool enabling Investors to closely monitor their P/L share for every open trade.

It indicates the P/L which is already 'booked' on your Investor account for the specific trade. In addition, it calculates the P/L which you would receive if trade would be closed at current market price. The tool also allows Investors to recalculate potential P/L of the trade at the specific take profit level.

In order to ensure smooth trading experience, all Fund Managers will also be notified about incoming deposits by email.

We believe that this tool is a very important improvement which provides exceptional transparency of the PAMM program and keeps Investors informed about current state of their investment.

If you have any questions please do not hesitate to contact our PAMM department via email pamm@hotforex.com.

Best Regards,



The HotForex PAMM Team

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