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Author Topic: Forex Manager DBA  (Read 22930 times)

Offline donnaforex

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Re: Forex Manager DBA
« Reply #15 on: August 25, 2018, 03:31:53 PM »
Results of Verification Request


The Guarantor from Forex Manager Team, the person saying he is responsible for honouring their guarantee, has requested not to be named in a public forum.  I have his contact information and he has provided me with a signed Guarantor Agreement which also authorises me to release his personal details to those affected should he not honour the guarantee, and that the outcome of any disputes between the Guarantor and the Holder (our forum members that join) may be decided by me.

On Friday 24 August 2018 I logged in to his computer via Team Viewer while we spoke on Skype.  He informs me that there are in total four people who are responsible for the Forex Manager service of which he is one. I do not have any information about the other partners or staff. Prior to our meeting he had sent me notarised copies of his electricity bill and passport.  His same address he showed me on a few broker portals. He informs me he has family in different countries and travels often. Although, as you will see, he has the funds to back up what he has been saying, and i do have his mobile numbers in two countries and address in one, i feel that it may be hard to pin him down to a location in the event anything did go wrong and legal communication became necessary.

Personal Accounts

He has a large number of live trading accounts in his personal name across a wide range of brokers which he showed me over the course of more than an hour. We went through his personal accounts one by one and the amount deposited added up to over $1milllion (USD). I was able to see many MT4 acounts showing his name, the broker, the fact it was a live account, and some trade history. All the accounts were in the region of $10k to around $120k on deposit.
He logged in to two of his personal bank accounts (not a trading account) which had an overall balance above the $200k guarantee that he offers. He says he has other bank accounts, which i did not see.

Other Accounts
I saw evidence of around $5million under management. Notable accounts include a 900k+ (GBP) and one $400k+ (USD) account which belong to broker pooled funds that he is responsible for trading on. The rest of the accounts were made up of private clients of varying sizes. There were a lot of accounts and i did not verify each and every one individually but he did log in to many MT4 and cTrader accounts to show me the funds under management and they all appeared in order as per his personal accounts.

Other things i noted during our meeting

I saw emails and documents relating to withdrawals, many for sums of $20k+.
He came across as very genuine and knowledgeable and was able to share with me a little about the trading style and some elements that make his system unique. He kept things very to the point and did not try to give me a hard sell at any time. He shared with me some of the experiences him and his partners had with brokers, including issues that arose in the past when brokers went bankrupt or played games and some of the lengths they have gone to, to recover money.
He logged into myfxbook, where he has two accounts. It was the same myfxbook accounts displayed currently in his signature (this one: https://www.myfxbook.com/members/ForexManagerDBA and this one: https://www.myfxbook.com/members/ubertrading ). These myfxbook accounts show trading dating back to 2009 and a considerable amount of history can be seen there and members can verify a lot for themselves at those links.
He seems to care a lot about the traders he works with and clearly feels some kind of responsibility for them when issues arise outside of his control (brokers going rogue or bankrupt, etc).

Summary
Positive points: He was able to back up his claims about funds under management. He has $1million of his own funds on deposit and is managing at least $5million of other people's funds. He has clearly been trading reasonable sums of money for at least 8 years.
Potential issues: I am not aware of the other three partners or staff involved in Forex Manager and do not have their names or details.


A note from myself
I want to make it clear that I have not been paid either in cash, or in the form of any kind of affiliate arrangement, etc. for looking at these accounts and there are no marketing agreements between us. The time spent working on this has not been renumerated and i have no prior relationships with this seller and neither do i have any funds under their management currently.
If you do decide to trade with Forex Manager, it is at your own risk as always, me seeing and confirming that the funds exist in these accounts and is real money, do not mean that i am endorsing this service or suggesting that people invest with Forex Manager.

update 4th September:  In the interests of transparency i will always declare correctly any relationship that exists. I previously said there was no relationship (and there still is no affiliate relationship). I have become aware that the seller is however directing people to the cashbackforex links on the forum to sign up for cashback on trades that are made by them. If people follow these links, there is a chance you'll be paying a tiny amount to the forum and therefore I may stand to earn something.
« Last Edit: September 04, 2018, 11:50:29 PM by donnaforex »
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Offline ForexManagerDBA

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Re: Forex Manager DBA
« Reply #16 on: August 28, 2018, 10:29:05 AM »
Donna, Thank You for the carrying out the long tiresome  ;D  verification...It really is much appreciated.

DF Community, Vistors & Those interested in joining our service,
All Donna has done is verify that we telling the truth about our financial status and be protective towards the DF forum members.  You rightfully trust her more than us, which is why we gave her authorisation to disclose our personal info should we dishonour the guarantee - another responsibility she accepted with No obvious reward other than the ability to have some power over us if we don't prove to be authentic.

Reminder, No affiliation and No agreement exists between us and Donna or this Forum.  Of course if that changes, then Donna will notify here.  For some that are joining our service, we requested that they open their broker account using the commission DISCOUNT links posted by HFT Group within "Broker Deal & Signups" - this is a bonus for our clients as it decreases the trading costs, therefore more profit for them (and us).  This is only common sense and please don't confuse it with affiliation.

Rebate vs Discount IB, As 'Manager' we have the right to receive the rebate ourselves, but for now we sharing that with you in the form of either a discounted commission rate or refund to your trading account, both these are considered "trading activity" and the perf fee applies.

Trust & Risk into context, Please understand that we are offering a service that is unique to this industry.  In our opinion, we have as much or more to lose, since we are guaranteeing up to $20k of each Client deposit and generating profits of which half is ours and yet client holds our money for up to 6 months in their account without us having access to it - would you allow us to hold your money in our account for 6 months?  Our ID and address is held on this site, we are verified as having sufficient funds and our performance is verified on myfxbook for the last 9 years - there is nothing much more that can be done to make you feel safe.  However, are you a verified investor, what assurances can you provide that you will pay us our fee and what do you lose if you don't pay?  Just something to think about.  We offering the retail community a significant level of security, along with an institutional grade system.  For those repeatedly treating us with disrespect, understand that we may consider your client profile as too high risk for the Guarantee and may propose that Terms reflect the mistrust with which we are being treated ie. revert back to the industry norm that is applied elsewhere and pay profit share monthly and without deposit guarantee.  This is a two way relationship - you trust us to honor our guarantee, and we trust you with our money in your account.  If you don't trust us, please rather wait and see. 

We are very pleased with those that have joined our service and greatly value the faith they have shown.

Thank you
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Forex Manager Team
« Last Edit: September 16, 2018, 09:59:06 PM by ForexManagerDBA »
9 Years Verified Managed Accs. Min $10k. High probability & Positive RRR.

PAMMs from 2009 achieved 10% per month for 10% max DD:


SimpleTrader - #1 Ranking System
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Offline 5ninefish

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Re: Forex Manager DBA
« Reply #17 on: August 29, 2018, 03:21:59 AM »
So is anybody interested in checking this system out?

Online Phynicle

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Re: Forex Manager DBA
« Reply #18 on: August 29, 2018, 06:36:10 AM »
I'm.... But not sure how the guarantor will work legally.
And why does all the accounts have such short trading history

Offline Guymoore83

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Re: Forex Manager DBA
« Reply #19 on: September 02, 2018, 09:45:55 PM »
It would be great if any of their clients could post to confirm the legitimacy of what theyre offering!

I can see a lot of questions from users of this forum and repsonses from FMDB.

Considering this but would be good to hear from anyone out there who has used FMDB before, any feedback is welcome good bad or indifferent.

Offline donnaforex

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Re: Forex Manager DBA
« Reply #20 on: September 02, 2018, 10:29:40 PM »
I have had a couple of messages about my verification of this seller. I want to make it clear that i am not recommending that anyone sign up to this service; i have no long term history with this company and cannot vouch for performance or strategy in any way and i do not have a business connection with them in any form. I have only been able to confirm the volume of funds under management and obtain ID docs that i'm allowed to release if anyone who cannot get a refund provides evidence to me (see my post above for full details).
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Offline Evan79

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Re: Forex Manager DBA
« Reply #21 on: September 03, 2018, 01:50:52 AM »
Im with them for years and with couple of accounts at different brokers. I can confirm they always honour their services. Usually we communicate through email due to time zone, and you should receive feedback in couple of hours time.

You may wonder why there are quite a number of short-live accounts, thats because the brokers forced to close account and withdraw due to profit. No worries, full amount will be proceed, they are trading with good reputation brokers.

Account was opened under your name, and profit withdraw usually once in few months, withdrawal fees sharing is also true. Couple of accounts listed in their myfxbook belongs to me.

Im only sharing my experience, the choice is always yours.


Sent from my iPhone using Tapatalk

Offline donnaforex

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Re: Forex Manager DBA
« Reply #22 on: September 04, 2018, 11:50:05 PM »
Another note from me. In the interests of transparency i will always declare correctly any relationship that exists. I previously said there was no relationship (and there still is no affiliate relationship). I have become aware that the seller is however directing people to the cashbackforex links on the forum to sign up for cashback on trades that are made by them. If people follow these links, there is a chance you'll be paying a tiny amount to the forum and therefore I (and HFTGroup) may stand to earn something.
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Offline petersurrey

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Re: Forex Manager DBA
« Reply #23 on: September 14, 2018, 05:48:33 PM »
Thanks Donna and DBA for providing such detailed and helpful responses...much appreciated. I have used a service similar to this ( may have been the same one using a service agent?) and was very impressed with the results - ie very low drawdown quick trades no overnight holds ect..50%fee is very acceptable for a 'no worry' system with almost zero DD.

The downside, as already raised, is that you have to be prepared to jump brokers on a  fairly regular basis, as no broker likes to lose on a regular basis, but I didn't experience any who refused to reimburse - the benefit of sticking with regulated brokers!

Offline ForexManagerDBA

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Re: Forex Manager DBA
« Reply #24 on: September 17, 2018, 08:35:49 AM »
Thank you Petersurrey

FXM Team vs similar Strategy: 
It is indeed possible that you have been with us via an Agent.  There are also those that trade similar strategies, without the same technology and experience.  In a number of key areas of this strategy we are now the most advanced (as far as we are aware), and if we were able to share the details you would understand why we have little competition.

Agents:  are no longer being accepted and haven't accepted any for quite some time, which is also why our Team is now public. However as an alternative, we are willing to reward IBs for referring Clients our way by using their IB codes for their referrals, so long as the trading conditions are not affected.
Reasons to join us here directly or via our approved IBs:
#1)  Agents may have their own brokers and agendas, whereas we don't have any particular loyalty other than to our Clients and rewarded primarily (usually only) from profit share;
#2)  Lead traders do well enough from their own invested funds to be able to have their Client best interests at heart - therefore we suggest venues that provide a low level of maintenance and a long term rewarding experience.
#3)  Lead traders may not be the most diplomatic, but transparent straight and knowledgeable support is important - here you have access to them and they are often involved in Client email communications.

Brokers: 
There are many that you may never have to move from...4 of the 5 current priority brokers, for suggested deposits of $10k to $100k+ per account, have never complained in years of trading there.
 It's still recommended to diversify across a few broker instead of loading up on one - that's basic risk management and see further below re regulation.  Changing venues is not usually necessary either, unless the Client wishes to relocate to another that may be better performing.  The very few unethical bucketshops (IronFX etc) that are likely to take significant measures against profitable accounts are already known to us and not offered as part of this service and please stay away from them.  However if in the unlikely event that any broker were to not pay profits; they face both legal and public action that could destroy their business, plus of course if you had paid a performance fee for those profits then that amount would be credited back to you. Lead Traders are exactly that...they Lead by example...and are first invested at most/all brokers for quite some time before offering to Clients.  Of course its possible that one of our long term venues changes significantly (in terms of liquidity, platform etc) and could result in the need to move, but that could happen to anyone anywhere and not worth over-analysing.

Regulation: 
Most managers are far too loyal to one or two brokers at the expense of clients' risk management and often their chosen brokers provide No compensation commission or plan!  Most brokers we use are either FCA, MiFID & ASIC, but even then please branch out instead of overly trusting / depositing at one venue.  There is one "lower regulation" venue on our high priority list that has done very well for many months, we have team accounts there, have traded there on numerous platforms over the years. Consider joining there as part (not all) of your portfolio and with the minimum deposit - it should generate good returns - use profits or additional deposits to branch out to the other venues.  Even if you have say $80k total savings that you want to deposit...rather leave half in your bank and invest the other half with the top say 2-3 priority brokers and then gradually expand with profits and additional savings to the next priority brokers and so forth - in this way you are naturally reducing exposure to any one venue or regulatory body.

Deposit Guarantee Example & Info  (limited first come first serve)  has been included on page 1 reply #4:
https://donnaforex.com/index.php?topic=20305.msg379347#msg379347

Thanks
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Forex Manager Team
« Last Edit: October 10, 2018, 08:27:06 AM by ForexManagerDBA »
9 Years Verified Managed Accs. Min $10k. High probability & Positive RRR.

PAMMs from 2009 achieved 10% per month for 10% max DD:


SimpleTrader - #1 Ranking System
FxJunction - Validated Signal Provider

Offline donbon2

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Re: Forex Manager DBA
« Reply #25 on: September 17, 2018, 12:38:34 PM »
honestly the whole thing seems really weird to me in so many of the things you said

travels alot
multiple addresses
shows you bank account over team viewer
already has certified documents without asking

really really unsettling.
Broker - IC Markets   VPS - Amazon EC2 + CNS  

EA:
Powerflow NZDCAD
EA Lab MA Crossover

News - Thomson Reuters Eikon
Trade Manager - Visual Trading Console for MT4
Trading Rebates - through CashBackFX
Trade Notification EA - TradeTalk from FX Blue - free
VPS - I recommend Amazon EC2 - if you qualify for a Broker Sponsored one get CNS
PZ Support/Resistance Indicator / Day Trading Indicator


Offline donnaforex

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Re: Forex Manager DBA
« Reply #26 on: September 17, 2018, 12:59:00 PM »
I'm not defending the seller here, if you smell a rat then by all means stay well away, that's what i'd advise, definitely don't get involved - no matter what level of verification there's always a risk, if they trade badly or emotionally place a huge bad trade you are done for, but that's the same anywhere. And they are not taking client money directly, you place it with a broker account like any other service here (i don't list services that take client money directly).

I do want to point out that it is very common for people who have money and a business/investments that allow them to, to travel and have multiple addresses in different countries. Probably half of the people i meet in fx who are successful live exactly this kind of lifestyle. I know of one person (nothing to do with this seller) who has 5 homes in places around the world and is not tax resident in any one location, they simply travel between them every couple of months (hence no tax bill, and enjoying a nice lifestyle following the sun around the globe). Personally, i don't consider myself wealthy by any definition of the word yet i travel a lot... just because i can, there's nothing tying me down, i even homeschool my daughter on and off so that i can do it. On the subject of this seller, yes i agree it is a problem as i mentioned in previous posts - if something goes wrong then dealing with someone who is in multiple locations is tricky, but travelling a lot in itself isn't at all weird.

re. showing a bank account over teamviewer, i watched him go to the bank website and login on teamviewer. It was a well known bank. I can think of ways that this could be faked, of course i was watching his computer and he was in control of it (a stronger way to verify it would have been to have him connect to my computer over teamviewer and then log into his bank account on my computer so i knew nothing was going on in the background - but i'd never ask this, for obvious reasons, would you like to log into my computer and share your bank login details with me, even if you know me pretty well, and especially if your account had a lot of cash in it?).

re. certified docs, it's not uncommon to have recent certified docs, i have some myself? They are used for so many things, business, legal docs (like buying/selling property, contracts, etc).
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Offline donbon2

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Re: Forex Manager DBA
« Reply #27 on: September 17, 2018, 01:14:46 PM »
I think you missed my point just a little

he is not obviously the trader - as no-one who trades any decent money and manages clients money - travels and leaves the positions open .. plus when you manage money properly your register in the US and have offering documents that have been checked over... via NFA

anyway enough from me dont want to put anyone off who thinks its legit - just wanted to add my 2 cents on what has been presented so far.
Broker - IC Markets   VPS - Amazon EC2 + CNS  

EA:
Powerflow NZDCAD
EA Lab MA Crossover

News - Thomson Reuters Eikon
Trade Manager - Visual Trading Console for MT4
Trading Rebates - through CashBackFX
Trade Notification EA - TradeTalk from FX Blue - free
VPS - I recommend Amazon EC2 - if you qualify for a Broker Sponsored one get CNS
PZ Support/Resistance Indicator / Day Trading Indicator


Offline HFT Group

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Re: Forex Manager DBA
« Reply #28 on: September 17, 2018, 01:26:50 PM »
I would like to state that I have spent considerable time communicating with FXM DBA both by email and over Skype via messaging and voice calls. Documentation and information has also been provided to me. There is nothing I have heard or seen that raises any concerns regarding the legitimacy of what has been stated by them in this thread. I have also been in communication with brokers who FXM DBA have traded with and nothing I have heard has raised any concerns re. the relationship or trading style.

As with anything concerning Forex.....perform your due diligence and make informed decisions.

Offline ForexManagerDBA

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Re: Forex Manager DBA
« Reply #29 on: September 18, 2018, 10:55:28 AM »
Hi Donbon2

Your opinion and why you may have such concerns is understood, but its primarily applicable to retail trading teams or systems -  the truth is that we are far from the norm.  Outsidebox nailed it when he said, "so much words"...thats exactly why we usually don't bother with marketing and get the job done with our own funds ie.  When clients are "testing" us depositing 10s of thousand at brokers, we adding our own in the 100s of thousand.  When technical traders are staring at multiple screens all day looking for opportunities, we planning and setting up our trades days or even weeks ahead of time, and doing so only with one screen or laptop, but with access to multiple dedicated servers.
 Many times in the past, our small team had more invested than all clients combined.  When conditions are good at a broker that feels the need to disable and play games, and in order to maximise an occasional opportunity, we have had up to 30 accounts (approx $1mill) at one venue within a month or two and thats just between two lead traders and can assure you we made heaps...sometimes its easier to just do than to convince others to follow our lead.

Steps to follow: As you can see this trading style and how we operate is different (in good ways too)...we don't try hide that fact and our clients are already aware of it.  However its doesn't have to be complicated for the investor if they just follow our instructions...what does make it complicated is trying to explain WHY we take each step the way we do, or when clients believe their past trading experiences or broker public opinions are relevant to our service.  There needs to be some trust or best not join as we don't have time to teach and it may become too much work for us.   We have retired clients that have seemingly no IT or 'trading' literacy...its as complicated as clients choose.

Why we keep trading? why have clients?  why public?  because it would be selfish to stop trading for friends, family, staff, associates and those that rely on us, especially when in our experience, not much else is as consistent at making funds grow.  When the next opportunity arrives, instead of us having to deposit $1mill to maximise one venue, maybe some of the retail clients will appreciate just opening one account each and hopefully we can reward them with profits and ourselves with profit share (similar end result and we all benefit). Some other reasons have been mentioned already on this forum.

Addresses:   Donna's reply is a good enough match. 

Risk & Travel:  We work long hours, always on call, and have intermittent sleep patterns and a break every now & then helps prevent burnout.  Weekend flights do exist, we can work from any reasonable internet connection, but if it so happens that all traders are offline, then no trading occurs...hold and hope type trading is not applicable here.  Support staff are continually checking through accounts a few times a day, even when there is no trading, and they check again after each trade.

Open positions:  No one should see open positions...if you do, blink a couple times and check again, and in the unlikely event that the position is still there, then call us on skype and send us a quick email, and if we don't answer within a few minutes, then you may close the positions if you wish.  Therefore Clients are to reserve the use of Skype for trading desk type emergencies or we may be forced to turn off in order to get some rest.  Email is suitable for admin.  Most of our clients have been with us years and yet to witness an open position.

Bank:  yes sure, Donna may have the Guarantor's bank login and we can repeat the verification if you wish...its not that much risk as every move requires authorising.  Based on many years monitoring this forum, we trust Donna enough to also loan her $ (without trade loss risk) to get her started with our trading.  All these, including the Guarantee, are small risks compared to our own big picture exposure.

Certified docs:  As Donna stated, and;  Brokers also ask questions when they see our level of activity and some even want regular updated documents.  Its easier to provide before they ask for it than be inconvenienced later.  Its unlikely that anyone here has even 10% of our number of accounts in their own name over the last few years...we test ahead of Clients and make the most of each opportunity and have the financial means to do so.

License, manage properly etc:  When we first began maybe this would have had some appeal, but we no longer have tolerance for such bureaucracy or due diligence or partnerships.  Establishing relationships with forex institutions has not always been beneficial to us or clients and one example has been provided in our first post.  Our system is more effectively shared as we doing now.  There is also less risk to us when trading for retail than for institutional - consider when a million $ client joins we have to accept greater payment defaulting risk, vs 25 retail clients having the same total in deposits and yet are being invoiced separately and at different times of the year.  Which is partly why we do not discriminate between retail and institutional.

As you can see, by sharing more it may have raised more and more questions, and we have already provided more info than we should within a public space.

Thanks
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Forex Manager Team
« Last Edit: October 10, 2018, 08:50:40 AM by ForexManagerDBA »
9 Years Verified Managed Accs. Min $10k. High probability & Positive RRR.

PAMMs from 2009 achieved 10% per month for 10% max DD:


SimpleTrader - #1 Ranking System
FxJunction - Validated Signal Provider

 

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