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Forex Spread Trading Managed Account

  • 08-10-2014 11:18AM
    #1
    somesoldiers
    Registered Users, Registered Users 2 Posts: 13,846 ✭✭✭✭


    Does anyone have one of these, what has been your experience, can anyone advise of any profitable managers out there?


    I opened one last year and am currently sitting at 60% drawdown. The trader has been saying "this will get better" for months now. He no longer charges fees at least and but when I informed him recently that I was very uncomfortable with this level of drawdown and thinking of closing he said "I understand".

    Note: I have not been sucked into a scam, the acccount has just been badly managed, he is a Dublin based trader with years of experience, not that that makes it any less likely to be dodgy but my account is held with a reputable firm in the IFSC and while my account is linked to his to enable his trades to be mirrored in mine, only I can make withdrawals. I have some experience in this type of trading myself,have done courses on it and completely understand the risks. I found out pretty early that I didn’t have the right mindset for it and so decided to go the managed account route.


Comments

  • #2
    reni10
    Registered Users, Registered Users 2 Posts: 1,158 ✭✭✭reni10


    How and where do you go to select such an account?

    How did you pick to go with this guy?

    I know of sites like zulutrade and etoro so is that what you are talking about here too?


  • #3
    somesoldiers
    Registered Users, Registered Users 2 Posts: 13,846 ✭✭✭✭somesoldiers


    He was a lecturer at one of the spread trading courses I attended, who then started managing client a/cs. Yes it is similar to those


  • #4
    reni10
    Registered Users, Registered Users 2 Posts: 1,158 ✭✭✭reni10


    somesoldiers wrote: »
    He was a lecturer at one of the spread trading courses I attended, who then started managing client a/cs. Yes it is similar to those

    What system is used to mirror his trading?


  • #5
    somesoldiers
    Registered Users, Registered Users 2 Posts: 13,846 ✭✭✭✭somesoldiers


    Finex was originally but he has had problems with this so is trading the a/c manually


  • #6
    don_01
    Registered Users, Registered Users 2 Posts: 7 ✭don_01


    somesoldiers wrote: »
    Does anyone have one of these, what has been your experience, can anyone advise of any profitable managers out there?


    I opened one last year and am currently sitting at 60% drawdown. The trader has been saying "this will get better" for months now. He no longer charges fees at least and but when I informed him recently that I was very uncomfortable with this level of drawdown and thinking of closing he said "I understand".

    Note: I have not been sucked into a scam, the acccount has just been badly managed, he is a Dublin based trader with years of experience, not that that makes it any less likely to be dodgy but my account is held with a reputable firm in the IFSC and while my account is linked to his to enable his trades to be mirrored in mine, only I can make withdrawals. I have some experience in this type of trading myself,have done courses on it and completely understand the risks. I found out pretty early that I didn’t have the right mindset for it and so decided to go the managed account route.

    Hi just reading you post and am sorry about your woes.

    This may not be a scam but you need to seriously look at where your account is heading. Its hard (especially at 60% drawdown) at this stage to take your loss and run but after losing so much how can you stay with a money manager who's lost you 60% of your capital.

    Anyone can be a money manager and obviously this so called "pro" is really not up to scratch. He's probably even a nice guy - but that's no excuse for losing people's money at that level.


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  • #7
    chiefwiggam
    Registered Users, Registered Users 2 Posts: 16 ✭chiefwiggam


    Hi ,

    I started playing with Zulutrade using their affiliated AAAfx broker.

    I know Spread betting wins are not subject to any tax here in Ireland (and CFD wins are), but im trying to work out if my Zulutrade Forex account winnings are or not.

    Zulutrade offers 2 types of account : Forex and Binary, no one there seems to be able to tell me


    any one know here ?


  • #8
    arrowloopboy
    Registered Users, Registered Users 2 Posts: 1,154 ✭✭✭arrowloopboy


    I have not been sucked into a scam , reputable firm , ifsc , bla bla bla , this chancer would need to do 150% next year to get you to break even . Please name the coarse that this guy picked you up at , and out of curiosity , how many more of his students did he pick up ? What % of your acc was he trading/ loosing on each trade ?like it or not , you've been rode , except it and pull your funds ASAP .how was this chancer charging ye ?


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