RoveCapital.com Review

They had problems since October and they no longer provide managed accounts to USA members because of the new NFA rules.

They also had problems with Oanda, with their comissions software coz i saw my accounts with crazy funds up and down so i guess oanda was fixing something

I was able to withdraw my funds on 23 of December

They are back since 7 of January and already have 2 trades open...In good profit

Some email logs...
From bottom to top

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Hi John,

Thank you for using our service till date. We are glad to have a positive relationship with you as a client. We have completed the deallocation process as per your request. We wish you and your family happy holidays and a great 2011!

Kind Regards,


On Thu, Dec 23, 2010 at 1:16 PM, John wrote:

Please proceed with the deallocation process
My accounts are xxxx and xxxx
Till date i was happy with your trading style and i may return in the future, But for now i need the funds for other purposes.

Best regards
John.


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Date: Thu, 23 Dec 2010 12:04:37 -0800

Subject: Re: [General] Funds..
From: info@rovecapital.com
To: removed@hotmail.com

Hi John,

Thanks for the follow up. Oanda has corrected the deallocation issue since your last email. Their regular customer support would not have known about the specifics of the issue we were experiencing at the time.

Regardless, we would like to inform you that we have recently finished our transition process with Oanda to be able to continue management services for international clients (Non US based). Your account falls under this international category. Please provide us with confirmation, if you would like us to continue managing your funds, or proceed with the deallocation process.

Kind Regards,


On Thu, Dec 23, 2010 at 10:28 AM, John wrote:

Hi, I contacted Oanda and they send me this e-mail

"Your manager firm was granted with the access to the account again, so please contact them directly to perform the deallocation.
OANDA: Should they not respond to the deallocation, you may refer to the following format to send us the revocation email so that we can manually allocate the funds from your manager to you. "

Please deallocate the funds on Rove accounts xxxx and xxxx or update us if there is any problem

Best regards
John



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Date: Thu, 9 Dec 2010 10:46:30 -0800
Subject: Re: [General] Funds..
From: info@rovecapital.com
To: removed@hotmail.com


Hi John,

Oanda is helping fix a system issue before deallactions can take place. We apologize for the delay and will update you shortly.

Regards,


On Mon, Dec 6, 2010 at 3:21 PM, wrote:

John sent a message using the contact form at http://rovecapital.com/contact.

Hi..
When will the funds be released on my Fxmanager account?
Why is taking so long?
Please give some updates.

I have had funds with them for a couple of years. The only FX manager that has ever made consistent profit for me. Unfortunately, NFA regs have forced them to stop managing accounts at Oanda. If they are able to restart in the future (at Oanda or elsewhere) I would want to work with them again.

I would not recommend this manager. I started my 10K account with Rive 3 months- each month loss.

completely unprofessional. Lost $95 in two trading days- adoid.

I am wondering if this company is still in business? The last update on their website was a posting the beginning of June with a loss of over 3% for May. No June numbers have been posted. Did they fall off a cliff? If they were good, I bet they would of been posted??

I have not looked at fpa reviews for a while, but this was actually how I found Rove Capital last year. After reading recent reviews I decide I should also add my review.

Rove has been so steady for my account for about 10 months now. Average maybe 2-3% a month in returns, very happy since interest rate for my USD is so low now. There is big difference between them and other small managers I used before that take high risk with your money. I feel my money is being smart managed with Rove and company very capable.

I don't understand some comments below. From what I can see they've been averaging over 20% a year for a couple of years. Even during the crisis they did a lot better than your average fund. If you want to make a quick buck you should not be in this business. I manage a similar fund so I know this. Steady, consistent returns will be much better in the long run.

If your not losing it means your winning :)

I just wanted to post a quick review of RoveCapital and show some appreciation to this company. I have only been with them for 1 month however I can say I feel at home.

Sure they aren't trading left and right however my account is currently floating on profit. My question to most is.... Would you rather see action or make slow and steady profit. Heck from what I hear right now even Huskins is having a hard time.

I'd rather bet on the turtle than the rabbit at this point.

I will keep posting on gains from my account every now and then. My account is currently floating @ 1.56% Profit for 2010
Good luck guys!!! (Hope this helps :)

I opened a managed account with Rove in September 2008, after having read good reviews in this forum and seen good past performance on their website. At the moment I have a loss of about 5 % and there have been very few trades in the last few weeks. Like others here I started to worry and thought of contacting them to ask for an explanation. But now I have already found an answer on their site which I pasted below. It answers my questions but doesn't really satisfy me. The performance is significantly below my expectations, so I rate them accordingly with only 2 stars.

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source: http://rovecapital.com/News%20Archive.html

December 16, 2008 - To answer some questions regarding low recent trading activity from our newer clients, please read more here.

We would like to highlight this section from Strategy: Capital Preservation

"It's your hard earned money. Exposing your account to undue risks just to chase performance can result in unacceptable losses. Rove Capital lives by unemotional exit rules that protects the downside, and is prepared to go without any trading during periods of elevated risk, uncertainty, or volatility."

We consider recent market conditions to be that of elevated risk. While we take steps to make sure all our clients are familiar with our service prior to joining, once in a while we are required to post reminders. We are not concerned with our individual monthly returns. We are focused on providing a strong long term rate of return.

Warren Buffet wrote a letter to his partners as early as 1967 when market conditions were outside of his comfort zone. He expressed so well what we wish to express now that we have decided to include that letter below.

"When the game is no longer being played your way, it is only human to say the new
approach is all wrong, bound to lead to trouble, etc. I have been scornful of such behavior
by others in the past. I have also seen the penalties incurred by those who evaluate
conditions as they were

5 Jan 09 Update, Now from the second week of July 2008 my account is down approx 8% I know a Managed account should be viewed Long Term but I beleive after 6 months should be giving some direction, Also in the same period althogh my account is minus 8% on one half of my account I have been charged 3 sets of performance fees and the other half 2 sets of perormance fees, So although my Account is down on a 6 month period 8% I have still paid 5 lots of performance Fees, NOT GOOD, NOT HAPPY.

2008-11-27 Update to my post of 12 Sept, Down now at the moment between 5-6% from July until now 27 Nov, losing faith, Update again soon.

2008-09-12 Must have joined at a poor time 2nd week of July Funds went down 3-4% at one time steadily regaining some, currently down approx 2% as of today 12th Sept. Have faith in the Company do seem to have a good record as I say must have picked the wrong time, will update again when hopefully things will improve.