Managed-Currency-Accounts.com Review

Traded 3 months,Start $5000,end $4923,they had about 500 trades in Jan,2011,creating commissions for them of$492.36.MASSIVE CHURNING! I used their managed account called ELITEGROWTH, AND THEIR BROKER INOVATRADE. I closed the acct. and am awaiting funds.

Made the mistake of getting involved in one his more highly anticipated managed accounts where he claimed due diligence on the trader and audited 14 months in a row of 20% to 40% returns per month. Yes, I should have known better regarding those numbers. I got my money in and the account lost all of its value in 30 days. No exaggeration. I asked him if he had been scammed and therefore I was scammed and he claimed a client of his knew someone and verified the 14 months etc. So it wasn't even him that really did the due diligence from what I gathered. He said I should not have risked what I could not afford to lose regardless of past results of a trader... OK... So 14 straight months of incredible returns and in one month blows it up. He should just admit he didn't due the do diligence and messed up HUGE because that is what happened. Strongly warn against believing what he writes on his site.

Mark Shafer has no background whatsoever in finance. For the past twenty years, he has taught "relationship" classes for singles in Austin, Tx. See www.mshafer.com. He drew upon his mailing lists of former students to solicit managed-currency-accounts.com's initial (inexperienced) investors. I wonder if he left Texas because of its teble-damages statute for consumer fraud...

I have been to this site. They show very good return . I was considering investing in fx select. I wrote shafer a e-mail here it is

As a general rule, the traders for managed accounts do not have interactions with their clients. They ask that you address all broker-related questions to the broker, and other questions to their representatives, such as me. If I cannot answer the question, I will get the answer from them, if it is not already answered on the webpage that describes their account. If you attempt to contact then, they either do not respond or respond by referring you back to me for questions, or the broker.

If traders permitted interactions from clients, they would be besieged with questions like "why did you enter that trade" "how are going to handle this situation" "what is your strategy here" -- you see what I mean. People also begin to ask them all sorts of beginner questions about trading, and forex, that thye should not have to answer when these ansers can be found all over the internet. Or, clients begin to request individual treatment of their account, when in fact accounts are traded as a group -- that is how managed accounts work.

If you are intending to open a very large account (such as $250k or up) then I can arrange for a conversation with the trader, by appointment. Otherwise, you should not expect to have any direct interaction with the traders.

Since you clearly desire accounts managed by traders who will devote a significant amount of their time and energy to asnwering client inquiries and having discussions with prospective clients, you will need to look for accounts other than those we list. I imagine there are some out there but I do not know of any since most operate the way I have described. I am sorry it did not work out for you.

Kind regards,
Mark

This has to be a scam if I invest money I want to know max drawdown,trading style and get a feel for the trader. I have traded on a pratice account and find that forex takes know how. I have talked to other fund managers with out a problem . This has scam written all over it

Well, I lost some money too, but I'm not sure whether I have been scammed or not. My definition of a scam is when my money ends up in the pockets of someone who didn't give me anything in return. In my case, Oscar Rivera (Bull Trading) didn't make one penny from me due to a string of drawdowns. The only entity making any money whatsoever here, would be the brokerage firm - Interbankfx. In other words, if it is indeed a scam, then the broker must be in on it as well...

This site has scam written all over it!

They peddle managed accounts showing totally unrealistic returns, of course only on privately traded accounts, most of them handled by MIGFX, a very poorly rated forex broker.

Don't be a sucker!

http://managed-currency-accounts.com/

I'm trying to find out if this site is posting YTD as MONTHLY returns or what?!!?

http://www.autumngold.com/Advisor/CTAProfile.php?op=profile&id=9164 CTA Profile - MIGFX
Program - Retail Program
Principal(s): Agustin Silvani

2008 Monthly Return YTD Return Assets Under Mgt
04/30/08 1.24% 18.96% 10,500,000
03/31/08 6.21% 17.51% 10,500,000
02/29/08 4.66% 10.64% 10,500,000
01/31/08 5.71% 5.71% 10,500,000
12/31/07 2.78% 56.44% 8,300,000
11/30/07 3.90% 52.21% 8,300,000
10/31/07 5.23% 46.50% 8,300,000
09/30/07 3.29% 39.22% 8,300,000
08/31/07 14.11% 34.78% 8,300,000
07/31/07 -2.03% 18.12% 5,100,000
06/30/07 2.70% 20.56% 5,100,000
05/31/07 4.20% 17.39% 5,100,000




AND HERE IS http://managed-currency-accounts.com/
TRADING PERFORMANCE -- FX SELECT

2008
Jan 58.2%
Feb 33.0%
Mar 55.7%
Apr 49.0%


195.9%
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