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Author Topic: Forex Manager DBA  (Read 26750 times)

Offline gabjib

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Re: Forex Manager DBA
« Reply #135 on: May 21, 2019, 10:24:19 AM »
ok good to know

Offline Fastrack Forex

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Re: Forex Manager DBA
« Reply #136 on: May 21, 2019, 04:35:02 PM »
Any suggestion to which broker is suitable to use now? Quite of troublesome that one needs to keep changing.

Offline petersurrey

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Re: Forex Manager DBA
« Reply #137 on: May 22, 2019, 09:36:58 AM »
Any suggestion to which broker is suitable to use now? Quite of troublesome that one needs to keep changing.

This needs to be a private discussion between you and FMDBA.

Offline ForexManagerDBA

  • 10 Years of managed accounts. Min $10-30k. Extremely high probability & positive RRR.
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    • Forex Manager Team
Re: Forex Manager DBA
« Reply #138 on: May 23, 2019, 06:00:55 AM »
There are a couple solutions to potentially never having to change brokers, however one such solution requires a larger than minimum deposit, and the other requires more effort or "risk".   $10k per account limits us and Clients to select brokers, most of which are "non-relationship" brokers - its primarily those that joined our service with minimums that have been affected by those 3 brokers that changed from exceptional to unsuitable, 2 of these brokers were popular and therefore affected many.  If the conditions improve significantly at those venues (we have accs there to monitor), then those that were inconvenienced and withdrew (and still with our service), will have their places secured.

Relationship brokers ($20k+) - Solution #1:  For many years we had up to $100k minimum deposit to ensure we placed our Clients with "relationship" brokers or to have access to select platforms.  However with increases in AUM and with these select brokers becoming accustomed to the advanced / institutional setup (which we introduced to them) and having witnessed us operate for years - brokers have grown to appreciate our business and been willing to lower the minimums.  Therefore instead of $50-100k, the minimum for an advanced/institutional setup has dropped to either $20k or 30k USD or equivalent.  All these brokers are regulated, and most of these are ASIC or FCA.  As Lead traders, we join them all and our public "FXM Institutional" account is a "relationship broker" account.

Long Term tested ($10k+) brokers - Solution #2:  most of these smaller deposit venues are "non-relationship".  There were and still are long term $10k brokers offered, but some may not be attractive to Clients for one or other individual-specific reason ie. EPC requirement, jurisdiction, performance, base currency, deposit method etc.  Prefer not to discuss broker names in public, but as examples; the less popular jurisdiction brokers are the ones behind "FXM TV Show" and "FXM Piggy Bank", but there is a large bank-regulated broker/LP, and 2 FCA brokers available....all of which we have traded at for many years.

ESMA & EPC (professional client) regulatory types restrictions:  understandably this can be a deterrent for some, but please don't let this stop you from joining a well regulated brokerage - we have a strict EPC procedure and will assist Clients step by step until they are accepted and obtain normal/higher leverage - our success rate is extremely high, but some effort is required on their part too.

Security of Funds:  there are many ways of looking at it and each Investor's financial situation differs.  Lead traders and some of the old Clients are HNW, and therefore they tend to join everything or most, depositing less with those without compensation schemes and more with those that do.  Therefore we do as we preach, which is, if finances allow, diversify with a number of brokers.  If circumstances only allows one or two accounts, then prioritise better security, and hopefully time will provide risk capital with which to be more adventurous.  However;

Liquidation of Broker:  In the past, there have been a couple Clients (and ourselves) affected by brokers going under, an example being "Fortress" which was both a broker and LP.  Its usually the Client's decision to join and accept the broker security risk, but of course we do hold ourselves partly responsible for involving them - therefore in such cases we have in past shared the loss and legal cost as goodwill acknowledgement of Client's long term loyalty.  Existing Clients may have noted that we suggest a maximum or optimum deposit per client at a particular broker and to rather "spread funds wide", and that is partly due to the potential risk to ourselves as well.

Assurance or Compensation:  Yes we have compensated in the past, every liquidation to date.  However we will not sign guaranteeing anything of the sort otherwise Clients won't be as cautious as they currently being, and we would have to become more strict and selective - there is enough admin.  In the past, a liquidation loss that was not recovered or was without a compensation plan, was declared a "trading loss" and offset against future performance fees.  No, we will not refund directly or immediately after the event - we would expect continued business to pay for your loss, which is exactly the same procedure if you incur a trading Drawdown (DD) or loss from our trading - your high water mark would adjust accordingly, thereby offsetting your loss until recovered and then the fee would resume.  Of course if Client is unable to stand the test of time and leaves our service, then they realise their own loss, exactly the same if they leave in DD.  If the loss is so significant that it affects most of our Clients and ourselves, which in turn impacts on our income for an extended period of time, then we might rebuild that website, do some marketing and grow the business enough to ensure the recovery is sustainable.

Why haven't we stated this before?  Many come to "test" us with demands/expectations and threaten to leave if not met - rather not contact us, and if they do join, why should we encourage the likes of these to remain in order to treat us like an insurance policy.  They may not yet have experienced for themselves the nature/pitfalls of retail forex in order to begin to appreciate our service.  Long term Clients endure the ups and downs together with us, not treat us as the cause of such an unfortunate situation but rather the joint solution, and may witness or experience first hand our efforts at responsibility taking during tough times.

Yes we have slower periods of performance that requires significant patience, we have DDs, our minimum deposit and VIP fee is high and yes we do offer brokers that are both short and long term.  However our managed account service is fairly comprehensive once Clients get to know it, and has the means and long history of events to back it up.

Thanks
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Forex Manager Team
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Offline Fastrack Forex

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Re: Forex Manager DBA
« Reply #139 on: May 23, 2019, 08:29:38 AM »
Thanks for trying your best to help the clients. Will email you soon.


Online vik2001

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Re: Forex Manager DBA
« Reply #140 on: July 06, 2019, 02:09:24 PM »
to people that have signed up, how many trades are being done on their account every month on average? 

 

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