Managed forex accounts

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dutchy124

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Hi all, I have just opened three managed forex accounts to see what type of performance each will give over the coming 12 months. I know all you sceptics out there are shouting ''fool, idiot'' ok maybe, but that is me. I have read a lot of posts here warning against such folly. Hopefully the three companies involved will prove all you doubting Thomas' wrong.

The idea of this post is to keep you updated on a regular basis on their performance. If like me there are people who wish to open a managed account but have been put off by threads in this and other forums then this will give them a chance of seeing three live accounts perform on a weekly basis. I will not hide the truth, if I lose I lose, if I win I win. I do not have the time or inclination to spend too much time in front of a computer trying to master the art of trading, so have decided to let professionals do it for me.

Please do not post replies here, if you wish to ask questions or give opinions perhaps you could either PM me directly or open a new post perhaps called ''replies to forex managed accounts'' or something. It would be great to just have a regular update here in one place.

All three accounts are starting with the same balance, 10,000 pounds Sterling, but two are traded in US$ and one in pounds. All three accounts are ready to start trading from Monday 10th March 2008.

Account A = 10,000 pounds, (sorry cannot find pound sign on this computer)
Account B = $20,136.00
Account c = $19,668.49

I have not given names as yet. I will disclose all three company names after 6 months trading to give them a fair chance.

Thank you for reading my post and will update next week.
 
Hi all, as promised an update of all three accounts.

Account A = 9,435.89 pounds (-564.11)
Account B = $20,197 (+61.00)
Account C = $19,386.67 (-281.82)

Although I said each account would be traded from Monday, this was not the case as all three firms took a few days to actually allocate the funds to my accounts. Trading did not commence until 13.03.08.

A loss of around 700 pounds on the week, (well two days really). I have been away all week so do not know what has been happening to the markets. Lets hope things improve in the coming months.
 
dutchy124 said:
Hi all, as promised an update of all three accounts.

Account A = 9,435.89 pounds (-564.11)
Account B = $20,197 (+61.00)
Account C = $19,386.67 (-281.82)

Although I said each account would be traded from Monday, this was not the case as all three firms took a few days to actually allocate the funds to my accounts. Trading did not commence until 13.03.08.

A loss of around 700 pounds on the week, (well two days really). I have been away all week so do not know what has been happening to the markets. Lets hope things improve in the coming months.
Click to expand...

Duchy be careful, usually this type of accounts go to zero equity in a month's time or even less. The people managing them have nothing to lose. They go for either the big one or nothing. This is the optimum strategy in probability theory. They will usually take full risk on the first trade. If they manage to rescue some funds they will risk it all again in the second trade. If they trade spot it may take 3 or 4 trades to completely burn everything. If they trade options it usually takes a month or less because they bet on out_of_the_money options for high returns in case of rally or nothing.

Alex
 
dutchy124 said:
Hi all, I have just opened three managed forex accounts to see what type of performance each will give over the coming 12 months. I know all you sceptics out there are shouting ''fool, idiot'' ok maybe, but that is me. I have read a lot of posts here warning against such folly. Hopefully the three companies involved will prove all you doubting Thomas' wrong.

The idea of this post is to keep you updated on a regular basis on their performance. If like me there are people who wish to open a managed account but have been put off by threads in this and other forums then this will give them a chance of seeing three live accounts perform on a weekly basis. I will not hide the truth, if I lose I lose, if I win I win. I do not have the time or inclination to spend too much time in front of a computer trying to master the art of trading, so have decided to let professionals do it for me.

Please do not post replies here, if you wish to ask questions or give opinions perhaps you could either PM me directly or open a new post perhaps called ''replies to forex managed accounts'' or something. It would be great to just have a regular update here in one place.

All three accounts are starting with the same balance, 10,000 pounds Sterling, but two are traded in US$ and one in pounds. All three accounts are ready to start trading from Monday 10th March 2008.

Account A = 10,000 pounds, (sorry cannot find pound sign on this computer)
Account B = $20,136.00
Account c = $19,668.49

I have not given names as yet. I will disclose all three company names after 6 months trading to give them a fair chance.

Thank you for reading my post and will update next week.
Click to expand...
Why would you bypass one of the only profitable traders (me), to gamble on a company that hasn't proven themselves in real-time in front of 80,000 people ?

If these company's are profitable, why wouldn't they be advertising and posting winning calls for free on this forum ?




DT
:)
 
Depth Trade said:
Why would you bypass one of the only profitable traders (me), to gamble on a company that hasn't proven themselves in real-time in front of 80,000 people ?

If these company's are profitable, why wouldn't they be advertising and posting winning calls for free on this forum ?




DT
:)
Click to expand...

Mainly because I don't like your arrogant attitude
 
Weekly update

Account A. Balance 8716.63 = -719.26 pounds on the week, total loss in two weeks = 1283.37 pounds.

Account B. Balance $19847.00 This account is still not being traded for some reason. Customer support is dreadful. Opening balance was $20,136.00 Now $19847.00 so total loss of $289 due to exchange rate

Account C. Balance $18595.72 = -$790.95 on the week, total loss in two weeks = $1072.77

Total loss on week = around 1,200 pounds
Total loss = around 1,800 pounds.

Not a very encouraging start and obviously a lot of ground to be made up if any of these companies are going to make a profit for me. I know the markets are volatile at the moment, but surely money can be made. I hope this is of some interest to people thinking of opening a managed account.
 
As I posted once before, anyone can make money in a bull market. It is like the property market. In 1998, if you bought a 3 bedroom house in the outskirts of London for about £120k and just wait until 2006, go into each room, empty the contents of your bowels in the middle of the floor, then put the house on the market, you'd probably make about £200k easy. They call this property development and they act all clever like they are gurus. The professionals are the ones who will make money buying, developing and selling property in the next year.
 
Duthcy, do you know how these accounts are traded? Are they day trading them for example? Knowing what they are doing is crucial. If you already know their style of trading, risk management, etc, then we can give you a good idea as to what is likely to happen to your account. If you don't know how they trade etc, find out quickly. For day trading, for example, those are huge losses and I personally would not be happy with that kind of loss in my account in two weeks.
 
Pass the Dutchy from me left hand side...

Who are the three professional companies managing you hard earned cash Dutchy? **** flaps, just read the request for no questions or opinions, soz buddy , I bail.

Good luck .
 
week 3

Weekly update for week ending 29.03.08

Account A. Opening bal. 10.000 pounds. Bal now 8195.19 loss on week 521.44. Total loss three weeks 1804.81 pounds

Account B. Opening bal $20136.00. Bal now $18337.27. Loss on week $1509.73. Total loss three weeks $1798.73

Account C. Opening bal. $19668.49. Bal now $19674.10. Gain on week $1078.38. Total gain on three weeks $5.61

Losses running at approx $5360 after three weeks.

The three companies involved are all day trading.
 
Week 4

Week;y update as of 05.04.08

Account A. Balance 8817.38 pounds. Gain of 622.19. Running balance = -1182.62

Account B. Balance $18670.46. Gain of $333.19. Running balance = -1465.54

Account C. Balance $19817.71. Gain of $143.61 Running balance = +149.22

Total gain on week = $1700

Total loss after 4 weeks = $3600. (Approx)
 
Week 5

Weekly update of my managed accounts.

Account A. Bal. 8961.05 pounds. Gain on week of 143.67. Total loss after 5 weeks = 1038.95 pounds.

Account B. Bal. $17671.12. Loss on week of $999.34. Total loss after 5 weeks = $2464.88.

Account C. Bal. $19152.23. Loss on week of $665.48. Total loss after 5 weeks = $516.26.

Total loss this week = $1400 (approx)
Total loss overall = $5,000 (approx)

Obviously still very disappointing results.
 
The size of the losses / gains seems very large given your acount balance. We're only in week 5 (awaiting week 6 results) and the fluctuations are massive. Out of interest what are the firm charging to mismanage your funds? Is their percentage based on profit or a flat fee? What drew you to them in the first instance? Did they show their previous performace? If so was that performance hypothetical or actual traded results?

Steve.
 
week 6

Account A. Bal. 9157.30 pounds. Gain on week of 196.25. Total loss after 6 weeks = 842.70 pounds.

Account B. Bal. $16740.37. Loss on week of $930.75. Total loss after 6 weeks = $3395.63.

Account C. Cannot log into account for some reason.


With only two results in still a loss of $500 Approx.

Things do not look good for Account B and getting close to my stop loss where I close the account. After a bad start Account A is pulling back, but some way to go yet.
 
stevespray said:
The size of the losses / gains seems very large given your acount balance. We're only in week 5 (awaiting week 6 results) and the fluctuations are massive. Out of interest what are the firm charging to mismanage your funds? Is their percentage based on profit or a flat fee? What drew you to them in the first instance? Did they show their previous performace? If so was that performance hypothetical or actual traded results?

Steve.
Click to expand...

All three firms are charging a % commission on any winning weeks after going above the initial deposit and then the previous high. So no charges as yet. I just searched the web for managed accounts and could not find many complaints about any of the companies. No one seems to post positive feedback about managed accounts, so either they are all bad or the winning account don't want to let the secret out. All showed actual trading results.
 
week 7 update

Account A. Bal. 9306.97 pounds. Gain on week of 149.67 pounds. Total loss after 7 weeks 693.03 pounds

Account B. Bal. $16153.75. Loss on week of $586.62. Total loss after 7 weeks. $3982.25.

Account C. Unable to log in. I have been away all week so not had time to contact them. Will do before Monday so they can assist.

Account B is looking pretty desperate and will be looking to close very soon.

All in all very disappointed with the results and although I took the longterm view when I opened these accounts it seems that the losses are much larger than any gains and it need three or four winning weeks to cancel out one losing week. Things need to improve if I am going to be able to recommend to anyone that opening a managed account is viable with these three companies unless account 3 has surpassed all expectations.
 
Week 8 update

Account A. Bal. 9114.34 Pounds. Loss on week of 192.63. Total loss after 8 weeks = 885.66 pounds.

Account B. Bal. $14299.90. Loss on week of $1853.85. Total loss after 8 weeks = $5836.10

Account C. Bal. $19385.04. Gain from last time of $232.81. Total loss after 8 weeks = $283.45.

As you can see still a loss after 8 weeks, Account B is unacceptable and I have ceased trading in this account. They have had 6 losing weeks and only 1 winning week Accounts A and C are still just holding on, but without worrying me unduly.

Account B was traded by pfgforex.com They also have a live signal subscription service called Netpicks, which the managed account is run from so obviously they will have huge losses on their live service as well. I wrote an email yesterday asking trading to cease, but as yet have had no reply. Will keep you posted on developments.
 
Week 9

Update for week 9 is as follows:-

Account A. Bal. 9401.89 pounds. Gain on week of 287.55. Total loss after 9 weeks = 598.11 pounds.

Account B. Pfgforex.com I have suspended this account. Bal. $14125.90. Total loss after 9 weeks = $6010.10. I have emailed them to suspend trading and close my account. One week later still waiting for a reply. I will email again today.

Account C. Bal. $19514.91. Gain on week of $129.87. Total loss after 9 weeks = $153.58

All in all a better week with gains on both accounts, the way we are going it is still possible to make a gain overall on the two remaining accounts soon. Fingers crossed. Down around $1350.00 plus huge losses of $6000.00 for account B.
 
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