Elite-Financials.com Review

Rizwan Awan is a scam artist. Just search his name to find out what bad things he has done. He owned Next Consultancy and also said it was risk free trading. People lost a lot of money and he comes back. He should be jailed.

Scam Investigations Committee Note: The FPA has confirmed this complaint. This company was run by Rizwan Awan under an assumed name. He even volunteered this new company to be part of the FPA's Performance Testing program to lure in more victims.

I too have been badly burned by usinf this companies "managed" services. The truth is that they do not care if they make a profit or not on your acount because they get a hige pip rebate from TadawulFX by trading massive amounts of lots. As said, I have lost a lot of money through this company and they refuse to pay back via the compensation scheme. However all is not lost and i think that there is a way to get legal recourse. If anyone would like to join me please make a post and we can talk about this.

Please use the following email address: szendro101 (you know the sign that goes here) yahoo.co.uk

Hello,

I usually never share my frustrations or disapointments on forums and assume responsability for my investment decision. However when reading the previous posts I though my responsability could actually be to warn other people. I opened an 10000 US$ account with Tadawul FX and had my account managed by Elite Financials from the 16 February. After only a week my account was 5300$. Now of course floating losses are not shown on the monitored statement but statement on the Financial Elite web site under the performance tab shows one of the huge losses I was into. Also the 10% maximum risk on their web site is not respected. This is not for the faint hearted. After numerous complaints I terminated the power of attorney and request numerous times the compensation to be fulfilled. I have spoken to various people about the compensation policy and got promised that it will happen in the next 24 hours or the next 3 days or whatever can just keep me waiting ! People I have spoken to are the trader himself Awais Munir Butt, Sofia Bajwa and Abrar Eshan. I will update once I receive my compensation as I consider myself an honest person but don't want other people to loose their hard earned money with people not standing to words.

Wow!!!

No star as I am just adding a little comment for what it is worth.

Thanks for enlighting us.

I suspected something was amiss when I read that they were mov ing from Pakistan to Dubai. Why?

I have come to conclusion that unless Managed Forex companies are not based in countries where the accountability is of highest standard and futhermore if such companies are not registered with those Govt regulated agencies, keep away from them. Dubai fortunately has rather stringent regulations for financial products.

Elite financial showed such a promising future. It needed just that bit of constraint in their trading approach and world would have been their oyster.

I am surprised they have not yet responded to their 'outing out' review.

Maybe I am wrong but there must have been other FPA members who are happy to have their money with Elite Financial otherwise there would have been more negative rewievs.

Hello all,

today I received the following mail:

----- Original Message -----
From: Elite Financials
To: .
Sent: Thursday, February 18, 2010 8:05 PM
Subject: Re:

Hello ...........................,

Hello how are you today?

We are disapointed to see your posts on public forum (FPA) however it's your every right to express your findings based on your own thinking. It is now clear to us that we are not going to have you back as our client and thats what we really don't like. Anyway please accept our apologies for not delivering the services up to your desired levels.

I dont want to waste much of your time but please allow me to say you few lines.

1. First of all; we only tried to tell you that risk compensation on trade-by-trade basis is not very practical. Therefore it is better to continue with trading and in case losses hit 20/25% then we can talk about risk compensation, logically. You asked about it earlier, we did. What's the problem in it Sir?

2. We answered your emails promptly (through elite-financials.com's email servers) but later we found that you are not getting them. So we sent you email through Yahoo email ID. We have emails in our sent folder with time stamped, so nothing very hard to prove it. This was confusion number one.

3. We hope and pray that you would be a trader yourself so that you will be able to understand the trading plan of our previous trade. We had a Stop Loss in mind which was gradually tighten. Please find the attached screen shot and consult with any good trader. There was no logical reason to close trades just because of losses. Technicals were showing gradual increase in prices. This made us hold the poistion. The support line was not broken so we didn't close the trade till the end. So we had a Stop Loss; this was confusion number two.

4. You are parroting 3 pips widening but not willing to verify our statement (1 to 2pips) by the broker. Please Sir, there is no 3 pips commission. Anyway, importantly if we just tried to earn commission (lot sizes) then why we waited almost 11 days and not trade any more on your account. Why on earth we wasted almost a half of the month if we are just here to earn commissions and run away? We do trading professionally and with height of honesty. As a proof, you will never experience our traders doing over-trading.

Moreover Sir, please understand that we are not scalp traders. We trade on higher time frames like 4 hours, 8 hours and daily charts. Because of technical trading on bigger time frame charts, you may see drawdowns on opened positions of about 25 to 100 pips. Rarely this could be higher (which happned recently). However please be advised that we open a trade with logic and close it on logic. Counting on pips is no logic to us, sorry.

Please understand that my basic purpose to send you this email is NOT a try to make you come back. My humble try is to clear any confusions. i hope you didn't mind my this email.

Kind and best regards,
Sofia Bajwa

My answer was:

Hello Sofia Bajwa,

thank you very much for the information about your trading style.
This forced me to check more accurately the trade.

First of all, the screenshot you have sent, shows no time frame and date.
It has nothing to do with the conditions on Feb.4 20:38 and it is probably M1 time frame!
I checked all time frames from M1 up to W1.
There is a clear downtrend on all, no trendline was broken and the volume did not increase!
The trade was a countertrend trade with an extremaly high risk.

You claim not to be scalpers and trade on higher time frames like H4, H8 and Daily.
Every succesfully, experienced trader who trade this style use higher SL and TP.
I have learned as a rule of thumb min. ATR 3 times.
When you opened the trade with 10 lots on Feb.4, 20:38, ATR14 was 144 on D1 time frame and therefore SL had to be 432 pips.
On H4 time frame ATR14 was 56 and SL had to be 168.
If you had used D1 for your entry, you had risked 43.200 $ or 86,4 % of a 50.000 $ account, for gaining a profit of 10 pips or 1.000$.
If you had used H4, you should have closed the trade latest on minus 168 pips.
But the max. drawdown on this trade was 252 pips.
I can not see any reasonable trade logic in this.
If I check the FPA demo account, the profit on the same trade was 25 pips, on my live account only 10 pips.
Calculated this difference for all trades on the demo acct., the profit would not be 136.000$,
it would be around 54.400$.
As it is to see on the demo account, your average profit target is about 12 pips.
In my opinion is this scalping.
My conclusion is: You take for every single trade with a profit target of around 12 pips a risk of up to 100%.
The actual open trade on FPA demo is again a countertrend trade with an extremely high risk and shows at the moment of writing a drawdown of 55.524 $ or about 280 pips.
Do really want to make me believe you would have a good trading plan with proper risk management and experienced traders?

I thank god for following the advice of the broker to revoce the Power of Attorney.

Best Regards
Manfred

PS: The attached file shows, for even a newbie like me, a clear downtrend on all time frames.
A financial company has to secure 100%, every message receive the customer on time.
If you use cost free mail accts. you do do not have to wonder about delays.
About the loss compensation guarantee: You promise to cover all losses up to 25% in max. 3 days.
You did not!
============
To all FPA members: Please decide for yourself if this company has a good riskmanagement and let me know your experience.
I do not know how to post the screenshots in this forum.

2010-02-18 1 Star
2010-02-18
Review: Because of the good performance of ELITE Fin.on FPA demo acct and their guarantee to compansate losses
up to 25%, I opened an account on Jan.26 with the only broker what they work with.
The broker widened the spread on demand of Elite from the usual 3 to 5 pips.
Elite get to the normal 1 pip commission of an IB additional 2 pips per traded lot.
No it is clear to see, why they are trading huge lot sizes. 20 lots means 600$ commission per trade.
You get no information about this spread widening.
I thought, if they are trading the demo acct. with a balance of about 236.000 $ with 20 lots, they will probably
trade my 50.000$ acct. with 4 to 5 lots. I personally would never trade with such a high risk, but with their guarantee I felt save.
They started trading with 5 lots and increased it on Feb 28 to 10 lots.
On Feb 3 the balance was down about 3100 $ and one new long trade with 9,95 lots GBP/USD was opened @ 1,5772. On Feb 8 the equity was down about 29.200$. Nearly 60% loss and no limit!
Fortunately the trend reversed and the trade closed with profit.
If GBP/USD would have dropped another 210 pips, the whole account would have been depleted in only one trade.
This is what they call a proper risk management.
Accordingly to their compensation guarantee they should have refunded the 3.100 $ loss within 3 days,
also latest on Feb 6.
Because they did not, I requested the refund on Feb 16. As they did not answer, I could only revoce the
Power of Attorney on Feb 17. After this they answered to my mails.
They said they would have a very good trading plan and I would not have to be concerned.
Think by yourself, would a good trading plan accept unlimited losses?
I am quite sure in the worst case scenario they would not be willing and able to compensate the promised 25%.
Then I did some research and found some interesting:
I requested several times a phonenumber. First they said I could contact them with Yahoo Messenger.
Because I insisted on a real phone# , they gave me 2 private mobilphone numbers. One in Dubai, the other one
in Pakistan.
They have no landline phone or Fax.
Their FAX is registered anonym as GLOBAL FAX in Pennsylvania USA.
The company is not to find in any directory of the UNITED ARAB EMIRATES.
When I asked the Chamber of Commerce in Dubai, there was no knowledge about.
I guess this company are just a few people who work from home anywhere in USA or Eastern Europe.
The name Sofia Bajwa seems for me to come from Eastern Europe.
I think they are some young people without having any trading experience and own money, who think they can
beat the Forex market with a selfmade system and the money of unexperienced customers. And because they
do not have a license for USA, they claim to be located in Dubai.
Maybe I am wrong, but decide by yourself.
After many hard complaints, they refunded today 2.435,42