FroggieForex
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I subscribed to a Managed account among the broker FXChoice proposed on the site forexempire.net/pamm earned by a guy named David Heiple. This was a 3 months interesting experience...
First the site claims an average 10% ROI per month. I suspended the managed account after 3 months having lost 10% of my capital !
Second, the guy is talented and 75 to 80% accurate when he takes position, mainly on a MT basis (a few days to a few weeks), but still, he looses money at the end and this is how he does it :
First and foremost, Heiple respect the money management and cut his losses quite soon (no more than 2% of the K per trade). Because he's good, losses don't occur very fast, but they finally occur even on trades that have been over 5% profitable !
That's the trick : Heiple doesn't seem to work with stop losses (at least they don't show on the platform) and obviously never secures the trades for break even.
Moreover, he almost never takes profits when it's time to take them and ends up with losing positions that have been largely positive for a while (often more than 1 or 2 weeks).
One would think "what the heck ? The guy doesn't make any money so what's his interest ?"
Well just figure out that the guy MAKES MONEY INDEED ! The original deal is that he keeps 10% of the profits/month, but he doesn't take them on the balance, he takes them on the EQUITY !
To give an example I put 5000$ on the account on march. In april, the balance was reduced to 4800$ but the equity was up to 5600$ so the guy took 60$ for himself. When I suspended the account, he had cashed more than 150$ and I had lost more than 300$. Ain't it clever !?
David Heiple seems to make the interest of the broker (from which he necessarily gets commissioned) and his own interest while maintaining his client hoping that they will finally enhance their capital. Using one's own trading talent for evil purposes in such crooked way, this is something I had never seen before. Beware !
First the site claims an average 10% ROI per month. I suspended the managed account after 3 months having lost 10% of my capital !
Second, the guy is talented and 75 to 80% accurate when he takes position, mainly on a MT basis (a few days to a few weeks), but still, he looses money at the end and this is how he does it :
First and foremost, Heiple respect the money management and cut his losses quite soon (no more than 2% of the K per trade). Because he's good, losses don't occur very fast, but they finally occur even on trades that have been over 5% profitable !
That's the trick : Heiple doesn't seem to work with stop losses (at least they don't show on the platform) and obviously never secures the trades for break even.
Moreover, he almost never takes profits when it's time to take them and ends up with losing positions that have been largely positive for a while (often more than 1 or 2 weeks).
One would think "what the heck ? The guy doesn't make any money so what's his interest ?"
Well just figure out that the guy MAKES MONEY INDEED ! The original deal is that he keeps 10% of the profits/month, but he doesn't take them on the balance, he takes them on the EQUITY !
To give an example I put 5000$ on the account on march. In april, the balance was reduced to 4800$ but the equity was up to 5600$ so the guy took 60$ for himself. When I suspended the account, he had cashed more than 150$ and I had lost more than 300$. Ain't it clever !?
David Heiple seems to make the interest of the broker (from which he necessarily gets commissioned) and his own interest while maintaining his client hoping that they will finally enhance their capital. Using one's own trading talent for evil purposes in such crooked way, this is something I had never seen before. Beware !
