Guest andywilliams1187 Posted August 20, 2021 Share Posted August 20, 2021 Just a quick warning for anyone who thinks that letting someone manage a forex account/crypto account for them is a good idea. A friend of mine deposited £21k with a forex "managed" company last year. They promised him 20% a month return and they just charge a fee on profits. They had a really good "record". He has messaged me his results today: when they first opened the account they took a shit trade and ended up hedging. Last night they tried selling USD/CAD when it was at it's lowest (or near to) lowest point, and did not factor in the US withdrawal from Afghan or other strong techincial and fundamental analysis (the biggest being that it had broken structure and was now a clear Buy position). He woke up this morning to a margin call, and has lost £18k (and now has to tell the mrs). Don't fall for the shit that these companies promise - learn to trade yourselves. I have been asked to look over a couple of peoples accounts as they have been hit hard today; a couple of people have lost their life savings. One guy in particular is really in the shit as he had his retirement funds in one account and in another "secret" account put his and the mrs life savings in plus the savings they had for their kids when they are older. All in all he lost around 300k on one trade due to poor risk management and now has to explain to his mrs what's happened. The total damage is not yet known, but from what i am hearing the lads who were running the managed system have quickly dissapeared and there have been some monumental losses. They had a total invested amount of £17 million which went up in smoke last night and some people have lost everything. If you are ever tempted by anything like this, walk away, learn to trade yourself. And if you do get involved, only risk what you can afford to lose. If people think gambling is bad, Forex is 100 times worse. Quote Link to comment Share on other sites More sharing options...
Guest andywilliams1187 Posted August 20, 2021 Share Posted August 20, 2021 Some more losses today: Quote Link to comment Share on other sites More sharing options...
MrUKHackz Posted August 20, 2021 Share Posted August 20, 2021 Who on earth would leave that much money to managed by a stranger? Its a blatant scam and it screams it from a mile away, what a plonker and the poor Mrs is gonna be gutted Just the word FOREX makes my stomach turn. Quote Link to comment Share on other sites More sharing options...
Guest andywilliams1187 Posted August 20, 2021 Share Posted August 20, 2021 8 minutes ago, MrUKHackz said: Who on earth would leave that much money to managed by a stranger? Its a blatant scam and it screams it from a mile away, what a plonker and the poor Mrs is gonna be gutted Just the word FOREX makes my stomach turn. It happens a lot mate unfortunatley; Celstial Trading (CTT) blew three times in the last 12 months, Motion/Prophet FX, Charles Trading etc. there have been quite a lot go up in smoke. The same pattern repeats - they leave it 6 months then go again under a different name. It's unregulated to the "experts" can't be prosecuted and all the time they are getting kickbacks for each trade placed etc. Quote Link to comment Share on other sites More sharing options...
philinvicta Posted August 20, 2021 Share Posted August 20, 2021 I think this is all because people especially older folks were used to getting a return on their savings from interest and with current rates at zero they are susceptible to falling for a something that promises a return. I am amazed at how many people who keep falling for these promises of unobtainable returns and keep handing over huge sums of money to these crooks. At the end of the day it was the seasoned professionals who doubted the genuineness of Madoff as some of the best people in the market could get no where near what he was supposedly returning. I you have no understanding of the markets that are being traded then stay away and keep your money safe. As @andywilliams1187 says if you want to start trading then learn how to do it and understand the risks and how you could end up losing all your money. If you leverage like @andywilliams1187 if you get it right the returns are good but if you gong then like these people you can lose the lot overnight and possibly not just the money you have invested but also be on the hook to pay off any money not covered by your deposit. Even with tiny margins huge swings can be involved when you leverage. There is a reason theses trading companies are advertising all over the place and their profits have boomed under lock down as people start to trade in things they do not understand and it is once again not for the benefit of the general public 1 Quote Link to comment Share on other sites More sharing options...
crazyrightmeow Posted August 20, 2021 Share Posted August 20, 2021 Pretty sad. Never ever trust anyone else but yourself with your money because even if you lose your money you wont be as gutted as if someone else will lose it for you. 1 Quote Link to comment Share on other sites More sharing options...
Guest andywilliams1187 Posted August 20, 2021 Share Posted August 20, 2021 24 minutes ago, philinvicta said: I think this is all because people especially older folks were used to getting a return on their savings from interest and with current rates at zero they are susceptible to falling for a something that promises a return. I am amazed at how many people who keep falling for these promises of unobtainable returns and keep handing over huge sums of money to these crooks. At the end of the day it was the seasoned professionals who doubted the genuineness of Madoff as some of the best people in the market could get no where near what he was supposedly returning. I you have no understanding of the markets that are being traded then stay away and keep your money safe. As @andywilliams1187 says if you want to start trading then learn how to do it and understand the risks and how you could end up losing all your money. If you leverage like @andywilliams1187 if you get it right the returns are good but if you gong then like these people you can lose the lot overnight and possibly not just the money you have invested but also be on the hook to pay off any money not covered by your deposit. Even with tiny margins huge swings can be involved when you leverage. There is a reason theses trading companies are advertising all over the place and their profits have boomed under lock down as people start to trade in things they do not understand and it is once again not for the benefit of the general public Agree with this 100% mate - i think the issue as well is that there is massive FOMO with these companies. So someone drops 1k in and sees that in the first month or two they do hit the 20%. They then panic and think they are missing out so deposit as much money as possible in, often over stretching and sinking far too much money in. By the time they realise that they are in the shit, it's to late and the only option they have is to ride the trades out. If the company manage to see a pull back, they are heroes and then people recommend them and more join. If it blows they start again. It's horrendous but the FCA won't touch them as most of it is set up through telegram/whatsapp using brokers outside of FCA jurisdiction. I am seeing a lot of younger people get involved as well (some have lost house deposits toady/inheritence etc) as they see it as a quick get rich scheme. I also agree with your comments on leverage. I trade at a high (or stupid) levearge but I am comfortable with the 500:1 - I am sure you are aware but you will never ever get that with an FCA regulated broker (i think the most i have seen is around 20:1). Money management is key and i only ever have a certain % of my savings invested in the market (around 15-20%) so if I do lose it, i don't end up bankrupt and i am happy with that risk; i also don't over expose any of my positions and would rather take a loss as opposed to hedging as it is just a massive headache. It is a really shit situation for a lot of people today who have lost a hell of a lot of money (on the flip side there will be some people who have banked big on the moves today). I would much prefer to continually develop my learning and manage my own money instead of trusting it to someone i have never met. Quote Link to comment Share on other sites More sharing options...
philinvicta Posted August 20, 2021 Share Posted August 20, 2021 14 minutes ago, andywilliams1187 said: Agree with this 100% mate - i think the issue as well is that there is massive FOMO with these companies. So someone drops 1k in and sees that in the first month or two they do hit the 20%. They then panic and think they are missing out so deposit as much money as possible in, often over stretching and sinking far too much money in. By the time they realise that they are in the shit, it's to late and the only option they have is to ride the trades out. If the company manage to see a pull back, they are heroes and then people recommend them and more join. If it blows they start again. It's horrendous but the FCA won't touch them as most of it is set up through telegram/whatsapp using brokers outside of FCA jurisdiction. I am seeing a lot of younger people get involved as well (some have lost house deposits toady/inheritence etc) as they see it as a quick get rich scheme. I also agree with your comments on leverage. I trade at a high (or stupid) levearge but I am comfortable with the 500:1 - I am sure you are aware but you will never ever get that with an FCA regulated broker (i think the most i have seen is around 20:1). Money management is key and i only ever have a certain % of my savings invested in the market (around 15-20%) so if I do lose it, i don't end up bankrupt and i am happy with that risk; i also don't over expose any of my positions and would rather take a loss as opposed to hedging as it is just a massive headache. It is a really shit situation for a lot of people today who have lost a hell of a lot of money (on the flip side there will be some people who have banked big on the moves today). I would much prefer to continually develop my learning and manage my own money instead of trusting it to someone i have never met. I think a lot of people will "hit" the expected return because these guys will manipulate the account to show that it can be done and then phone to say "look we told you" and then people get sucked in and pump in more money all it has cost the crook time to show a 200 return on a 1000 deposit and then someone hands over larger capital sums for them to take. The crooks can put people into a bad trade like the one you quoted and they put themselves on the other side of it. Even it does not work they can work the future trades so they end up with all the funds. Once deposited people will never get their money back due to an "unlucky trade" wiping them out. The only way they might get some funds out is to lure them to deposit more or to get other people they know to do so. In the end it is a total scam which be be run from the usual dodgy domains with the usual realistic looking back up websites etc Quote Link to comment Share on other sites More sharing options...
Douvan Posted August 20, 2021 Share Posted August 20, 2021 Scum of the earth they are, if you can't do it yourself then don't do it. I understand some people have time constraints in their life but when that much money is involved, you should at least do it yourself. Quote Link to comment Share on other sites More sharing options...
MrUKHackz Posted August 20, 2021 Share Posted August 20, 2021 1 hour ago, philinvicta said: The crooks can put people into a bad trade like the one you quoted and they put themselves on the other side of it. Even it does not work they can work the future trades so they end up with all the funds. Spot on, thats the angle most of the time, same with crypto pump and dump groups. Quote Link to comment Share on other sites More sharing options...
Mad Slasher McGurk Posted August 20, 2021 Share Posted August 20, 2021 2 hours ago, philinvicta said: I think this is all because people especially older folks were used to getting a return on their savings from interest and with current rates at zero they are susceptible to falling for a something that promises a return. I am amazed at how many people who keep falling for these promises of unobtainable returns and keep handing over huge sums of money to these crooks. At the end of the day it was the seasoned professionals who doubted the genuineness of Madoff as some of the best people in the market could get no where near what he was supposedly returning. I you have no understanding of the markets that are being traded then stay away and keep your money safe. As @andywilliams1187 says if you want to start trading then learn how to do it and understand the risks and how you could end up losing all your money. If you leverage like @andywilliams1187 if you get it right the returns are good but if you gong then like these people you can lose the lot overnight and possibly not just the money you have invested but also be on the hook to pay off any money not covered by your deposit. Even with tiny margins huge swings can be involved when you leverage. There is a reason theses trading companies are advertising all over the place and their profits have boomed under lock down as people start to trade in things they do not understand and it is once again not for the benefit of the general public Not just those oldies that remember the good old days of 6% APR and banks paying you for the privilege of borrowing your money, big insurance, pension companies etc. are all struggling in the hunt for yeild as all the traditional go to investing methods now offer next to nothing so they are taking more risks than is healthy. Quote Link to comment Share on other sites More sharing options...
philinvicta Posted August 20, 2021 Share Posted August 20, 2021 39 minutes ago, Mad Slasher McGurk said: Not just those oldies that remember the good old days of 6% APR and banks paying you for the privilege of borrowing your money, big insurance, pension companies etc. are all struggling in the hunt for yeild as all the traditional go to investing methods now offer next to nothing so they are taking more risks than is healthy. A lot of the big insurance and pension companies are actually paying countries to take their money from them at present Quote Link to comment Share on other sites More sharing options...
Blacko Posted August 20, 2021 Share Posted August 20, 2021 @andywilliams1187 one of these days I will understand one of your posts, ur getting to high brow a scouser for my liking Quote Link to comment Share on other sites More sharing options...
Guest andywilliams1187 Posted August 20, 2021 Share Posted August 20, 2021 9 minutes ago, Blacko said: @andywilliams1187 one of these days I will understand one of your posts, ur getting to high brow a scouser for my liking In scottish speak, a big group of numpties gave a lot of money to a bawbag, who took a massive jobby on the lot of them Quote Link to comment Share on other sites More sharing options...
Blacko Posted August 20, 2021 Share Posted August 20, 2021 3 minutes ago, andywilliams1187 said: In scottish speak, a big group of numpties gave a lot of money to a bawbag, who took a massive jobby on the lot of them That’s more like it!, similar to me holding the TGC charity money whilst playing monopoly live at the same time. 1 Quote Link to comment Share on other sites More sharing options...
bigbucks1983 Posted August 20, 2021 Share Posted August 20, 2021 Sounds very wolf of Wall Street. I'm sure there's probably a midget being thrown at a dart board somewhere... Quote Link to comment Share on other sites More sharing options...
Solario333 Posted August 26, 2021 Share Posted August 26, 2021 This is a very good stream and quite informative. I used to trade stocks and shares decades ago and had some decent returns . It’s all gone a bit pear shaped now and everything is done by computer programs….we humans are too slow !!! 1 Quote Link to comment Share on other sites More sharing options...
Guest andywilliams1187 Posted August 26, 2021 Share Posted August 26, 2021 2 hours ago, Solario333 said: This is a very good stream and quite informative. I used to trade stocks and shares decades ago and had some decent returns . It’s all gone a bit pear shaped now and everything is done by computer programs….we humans are too slow !!! Ive tested around 200 different EA's on the forex market and not one of them has managed to maintain consistant profits without blowing at some point; it's the nature of the beast unfortunatley. The only ones that i know of are the programs used by the likes of JP Morgan/Bank of America which have insane returns. I belive JP Morgan aim for a return of $35million a day (on a winning day) but the system makes 1000s of transactions every minute. I would love to get my hands on a copy of that lol Quote Link to comment Share on other sites More sharing options...
Guest andywilliams1187 Posted August 26, 2021 Share Posted August 26, 2021 3 hours ago, andywilliams1187 said: Ive tested around 200 different EA's on the forex market and not one of them has managed to maintain consistant profits without blowing at some point; it's the nature of the beast unfortunatley. The only ones that i know of are the programs used by the likes of JP Morgan/Bank of America which have insane returns. I belive JP Morgan aim for a return of $35million a day (on a winning day) but the system makes 1000s of transactions every minute. I would love to get my hands on a copy of that lol For anyone interested in forex/stocks/shares I can highly recommend this video by Anton Kriel - gives you a bit of an insight as to how the industry actually works. @MrUKHackz you might enjoy it as although its primarily about stocks/forex the same way of working is applied to crypto (especially on how brokers work) Quote Link to comment Share on other sites More sharing options...
ISlot Posted August 27, 2021 Share Posted August 27, 2021 On 20/08/2021 at 12:24, andywilliams1187 said: Just a quick warning for anyone who thinks that letting someone manage a forex account/crypto account for them is a good idea. A friend of mine deposited £21k with a forex "managed" company last year. They promised him 20% a month return and they just charge a fee on profits. They had a really good "record". He has messaged me his results today: when they first opened the account they took a shit trade and ended up hedging. Last night they tried selling USD/CAD when it was at it's lowest (or near to) lowest point, and did not factor in the US withdrawal from Afghan or other strong techincial and fundamental analysis (the biggest being that it had broken structure and was now a clear Buy position). He woke up this morning to a margin call, and has lost £18k (and now has to tell the mrs). Don't fall for the shit that these companies promise - learn to trade yourselves. I have been asked to look over a couple of peoples accounts as they have been hit hard today; a couple of people have lost their life savings. One guy in particular is really in the shit as he had his retirement funds in one account and in another "secret" account put his and the mrs life savings in plus the savings they had for their kids when they are older. All in all he lost around 300k on one trade due to poor risk management and now has to explain to his mrs what's happened. The total damage is not yet known, but from what i am hearing the lads who were running the managed system have quickly dissapeared and there have been some monumental losses. They had a total invested amount of £17 million which went up in smoke last night and some people have lost everything. If you are ever tempted by anything like this, walk away, learn to trade yourself. And if you do get involved, only risk what you can afford to lose. If people think gambling is bad, Forex is 100 times worse. Your friend should not trust anyone trading is like gambling, is like I open office and ask ppl to invest in me playing slots lol Quote Link to comment Share on other sites More sharing options...
ISlot Posted August 27, 2021 Share Posted August 27, 2021 12 minutes ago, ISlot said: Your friend should not trust anyone trading is like gambling, is like I open office and ask ppl to invest in me playing slots lol Quote Link to comment Share on other sites More sharing options...
Guest andywilliams1187 Posted August 27, 2021 Share Posted August 27, 2021 33 minutes ago, ISlot said: Your friend should not trust anyone trading is like gambling, is like I open office and ask ppl to invest in me playing slots lol I would invest in you playing slots - as long as you are verified and stay away from BTG as you don't seem to run well on them hahahaha Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.