Nobullshit Network Forum at View Single Post - Club-FX Trader

**Jude** · 04-24-2007, 05:52 PM

Lustackk, nope I've no chance to check the account, but there's huge updates that the rate will be changing to 14% per month.

Quote:

Hi all,

As promised Mrs B and I took some time to see where we are at and where we are going. As you all know we have set targets for the year and we seem to be steaming ahead, one issue that I've been watching since we started is the rate of growth, too fast and we could have a problem, so in order to moderate the growth and keep it at sustainable levels we made a decision that once we reached cirtain targets then we would have to make a few changes to keep club-fxtrader realistic and make sure that we all have a future.

we've been set back a little by the hacker problems that we had, which had an impact on pretty much everything, including the trading. while we never experienced any trading losses we naver made as much as we could have, even to the point where we had to reduce the interst for a month.

Now looking ahead... We are comming to a point where the mentioned changes need to be implemented. So what we've decided is the following:-

1. From the 1st June interest will be reduced to 14%

2. Once a fund reaches a cirtain size we are required by law to register as a financial services provider, I can do this but it's a process that requires that I stop trading with members funds while the registration is in the works, and it could take up to 6 months. So, to avoid any delays and keep on as we are we need to change the wording on the site. The solution is if we change the word "invest" and replace it with "loan". There is no law that prevents me from borrowing money from anyone or prevents anyone from lending me money.

Our agreement is simple, you all know why i'm borrowing the money (to trade with) and I pay you interest for the "loan". Each "investment" will be considered as a "loan". The rules will still remain the same, i.e. if we suffer any losses, that you understand the risks and won't come after me with a shotgun.

3. People with the maximum investment can (for the imediate future) continue to compound but not more than 75%. If your compounding is set to 100% please go and change it, the new selection will only come into efect at the end of your current 30 day period.

4. It is not yet time to stop new members from joining if they wish, the new member issue will be looked at again in a few months.

So as things are right now, there are no changes that will have a negative impact on any one accept that from 1st June the interest rate will be changed. I had a look at the thread over at GT and the speculation is all pretty accurate. The limited lot sizes and the need for me to be able to trade without the pressure of having too much money in trade. I understand that to a lot of you "having too much money" sounds crazy, but it is true and any negative pressure can be disasterous when it comes to making decisions (especially with other peoples money)

Because of the 4 month setback with the hacker, I have not been able to start a reserve fund yet, it is still very much in the plan and I will work toward starting it hopefully in the next few months.

I'll make the changes to the wording on the site and the rules etc in the next few days, If any members don't want to stay and prefer to withdraw their "investment/loan" they are free to do so.

If you have any questions please feel free to send me an e-mail and I'll do my best to answer you.

Regards

PeterB