Fxaccountmanagement at Nobullshit Network Forum

Fxaccountmanagement · 02-10-2008, 11:03 AM

Hello,
fxaccountmanagement offers forex managed account if you don't have time to trade or looking for an extra income. Account from 500$. We don't aim to get you rich, we'd like you to think about our program as it was an extra job.
Welcome to FxAccountManagement*-*www.fxaccountmanagement.com

**mbongwe** · 02-10-2008, 09:12 PM

What's your past performance?

Fxaccountmanagement · 02-10-2008, 09:42 PM

Quote:

Originally Posted by mbongwe

What's your past performance?

Hello,
We invite you to see our updated performance on Welcome to FxAccountManagement*-*www.fxaccountmanagement.com but results depend on money management and we'd like to talk about it to our clients and choose a comfortable risk-money management. Performance you can see has been achieved in real account.
Regards,
Fxaccountmoneymanagement

**allinvain** · 02-11-2008, 05:10 AM

Hmm..looks like this is a very new venture as the performance record begins this year. I'm just wondering though, why don't you mention your performance fee anywhere on the site? Am I just blind and did not see it? Or is it that we have to contact you to find out the performance fee?

Also I think you need to add a bit more content to the site. Tell us what "regulated broker" you prefer your clients to use. Tell us where you company is registered (if any) or if the trading is not done behind the facade of a corporation who is/are your trader(s).

One point of note is that I like the fact that you're allowing people to get their own managed account with as little as $500. This certainly makes it easy for guinea pigs like moi to test out your services and write reviews/recommendations.

I hope you will respond to the questions addressed earlier on in this post, and also I'd like to welcome you to the NoBS forum. Enjoy your stay.

Cheers,
Alan

**mbongwe** · 02-11-2008, 08:30 AM

Ya, I saw just two months, that's why I asked. Pretty impressive so far, but I would like to see longer history before jumping in.

**allinvain** · 02-11-2008, 09:43 AM

I'm curious to find out the performance fee. As for jumping in, maybe, maybe not. I'm a bit disillusioned with managed forex accounts after the disappointing performance of what I thought would become my biggest investment in managed forex accounts - galleonfx

Another question for the folks above. Do you have real traders doing the work or do you use an automated trading strategy (ie EA)?

Fxaccountmanagement · 02-11-2008, 03:03 PM

Mr. Alan, you're right, we are new and that's why you can see our performance only since january. We are a group of traders and we think we can help people to take advantage from forex. We trade both manual and automatic, and we tried different brokers, so the regulated broker we chose is ActivTrades. We ask 50% fee (on profit from previous month), but if your deposit or margin at the beggining of a given month is at least 1,5K$ you will pay us only at the end of the month that you reach 1K$ profit without fee (1K$+1K$fee).
We know that many traders are disillusioned from some bad investment and we don't want to make a fake dream, because forex is risky, but we want to do our job in the best way.
Fxaccountmanagement

**allinvain** · 02-11-2008, 03:46 PM

Hmm, your performance fee is a tad bit too high. I think this fee level will put off a lot of people given that even the most high end managed forex account providers don't have performance fees as high as yours. I usually see a range between 10-35%.

Also the "profit from previous month" is a bit non-standard. Let me pose to you this scenario.

You have a client who starts off with $1000. Ok so during his first month you guys give him a performance level of 20% or $200. BUT the next month that profit is given back to the market and then some, resulting in a loss of 30% or $300. Now at the end of his second month his balance stands at $900. So you're saying you're going to charge him 50% of $200 or $100? This would mean (correct me if I'm wrong, I'm a bit sleepy now) that at the end of his second month his balance would be at $800.

Wouldn't it be better to just use the standard "highest water-mark" practice?

Also you say that if the margin at the end of the month is at least 1.5K "we" pay you only at the end of the month that our accounts reach 1K profit without fee, BUT what do we pay you? We pay you, but what exactly do we pay you? A percentage or a fixed sum?

Now, on to your recommended regulated broker. I haven't heard about them before (but then again I don't make it a hobby to know about every up-and-coming forex broker) but they claim to be regulated by the FSA (Financial Services Authority) in the U.K. I decided to verify that and confirmed that it is true.

FSA Register

They operate unde the company name:

ROSENTHAL COLLINS GROUP LLC

With headquarters @:
216 W. Jackson Blvd., Ste. 400
Chicago, IL 60606-6918
United State

It seems this firm was started by a group of Italians as all of the individuals listed on the FSA details page have obviously italian names. Not that I have anything against Italians

Hey, as long as it's not ran by the Sicilian Mafia it's all good

So far so good. The minimum account opening size is 250 euro.

Well, that's all for now, the ball is back in your court Mr. Fxaccountmanagement

Fxaccountmanagement · 02-11-2008, 04:48 PM

Our fee is by hwm (high water mark). at a given month if your margin starts at 2K and in the end of the month is 2,5K you should pay us 250$ fee (50% of 500$ net profit), but as we wrote, if your deposit starts from 1,5K$ you will pay us only at the end of the month that you reach 1K$ profit without fee (1K$+1K$fee).
Example
If you start the month or your deposit from 1,5K$ you will pay us our fee when your account balance(without withdrawals) reaches 3,5K$
Balance (3K) - initial balance (1,5K) = 2K net profit
Our fee in that case will be 1K (50% high water mark) and your balance 2,5K
We know you can find management from 10% but we invite you to consider profit fee ratio. Maybe you think 50% is high, but you have to think how profit you can have from your investment.

**allinvain** · 02-11-2008, 06:15 PM

Yes, now you're being more clear. Just say you charge 50% of all new profits at the end of the month and that's it - none of that "last month's profit" stuff . I do recognize that the policy of taking your performance fees when an account reaches 3.5K is advantageous for the small account holder. It allows him/her to ride out drawdown until a 50% profit is achieved and then when your fee is taken out he/she would be left with 2.5K

From there on I take it it's all 50% of new profit at the end of the month and no more special "deals"?

Well, in regards to profit I think we as potential investors have to look at net returns. Since your fees are that much bigger we expect that much higher gross returns to make it worthwhile. Consitency is also very important as well as small to no drawdowns. Given that I'm sure maybe some investors would be willing to pay a 50% performance fee. I certainly wouldn't because you have competition that can archieve similar or better net returns when the performance fee is taken into account.

The way I see it you are going to attract mainly the small investors who may think to themselves "hey, 50% of new profits for me is not so bad given that I can't even get in to those MAs that charge 25% or 30%."

I'm interested in seeing how well your managed accounts perform for the next 4-6 months. Congratulation on weathering the January storm without any loses.

Btw, since I know of nobody who has an account with you, would you be willing to provide "proof of profit/trading" statements from your trading platform, or a read-only account login or something like that.