Getting others trading for you?

Beginner Questions
26

Hi One pip at a time,
yeah I’m still around of course, there are tons to learn from the forum and also babypip school, a bit overwhelmed though @.@

So far I am still practicing using demo account (as suggested)… maybe till 6 months or earlier if I get my confident and comfortable.

The only active account is the one traded by my friend, which I checked today has only 2 trades so far (both positive). Since it’s a minimum investment (mini), I will just let it go for few more months and see what happen next. If it is not working then bye-bye loh hehe

I am very new about forex btw. U ask me about the potential for yuan appreciation affecting the Asian region? @.@ no idea at all -.-

I have attended 1 forex seminar in my hometown recently but the ‘sifu’ was teaching mainly on using indicator (technical analysis?). So I think it is just too early for me to give opinion on the currency or whatever affecting it.

BTW on my demo account- 3 times margin called ^.^. The latest I practicing now is making money all the way so far :slight_smile:

Regards

27

When you mention he is a Friend of yours, is he the TRUE friend or someone you just get to know for a short period of time.

Because if you know him very well (i mean in term of his integrity, his personality), you can easily make decision if you will let him invest for you.

Just afraid like what other members have mention, what if he is running a Ponzi scheme? Dont just rely on Hearsay.

Make sure he is the TRUE friend before you give money. Just analyse logically. Don’t be excited by the Profits that people claim. It will block your rational analysis.

28

op@at, don’t have to be too cynical about my intent. I’m not a trader nor do I know much about $ & cents. I found this forum by chance when I was investigating a recent event. Actually I found this forum by google search “EDGAR”. So there you go.

The person you should be keen on is “ActiveTrader”. He PM me immediately after I post, not friendly at all.

in any case, I dont know Allvey is true on his words, but I will give hime the benefits of the doubt.

Doesn’t look like moderator is gonna release my previous post, hence I will make a short version here. You can find EDGAR’s website easy.

  1. Just compare the website with the following 3, tell me what you see that is similar.
  2. search who is the director of these 4 companies in NZ. Just goto companies DOT govt DOT nz

Company1) honestgroup-nz DOT com
Company2) ymgbusiness DOT com
Company3) vista-services DOT org

The above info should review much. But obviously not all.

dailyforex is one of the leading forex site is watching the list i provided to them with interest, the so call “watch list”

cheers

29

Hi Sunrise1,

Sorry if I got you wrong, that’s just my ‘professional scepticism’, it comes with the job.:o It’s just when 3 brand new posters appear and with their first posts appear enthusiastic towards a fund manager etc, it looks very suspect.

The Companies office is down at the moment, so I can’t verify the Directors until Monday.

I can’t find the anything on them at Daily Forex, but I’m [I]now[/I] assuming that your research on them wasn’t encouraging? I may have misunderstood your post, without actual research attached it appeared to be leaning towards endorsement before.

As for general feel of the sites, I wouldn’t feel inspired to invest any money with them.
[ul]
The names put me off straight away. Honest Group? Edgar International [U]Company[/U] Ltd? Vista Services and Edgar are on an organisation web addresses? Those are for clubs and societies, not professional brokers/fund managers.
[/ul]
[ul]
The sites don’t appear to be put together very well at all. Don’t display correctly on Firefox, errors on the pages etc.
[/ul]
[ul]
They’re offering a professional service but don’t their sites don’t give off a very professional image, even though they have been running for several years already:rolleyes:
[/ul]
[ul]
Most surprising is that they are all registered in New Zealand. I live in Auckland and work very close to the PWC Tower where 2 of them are based and have never heard of them before.:eek:
[/ul]

The thing is that I like Babypips, and I’m tired off spammers and people advertising their wares on forums like this. Babypips is a great site, and I’ll be damned if I’ll sit back and watch it be overrun.

I’ve been to sites and forums with people trying to sell their services, phoned up in the middle of the night by Forex marketers on the other side of the world trying to get sell me their products or services.:mad:

Anyway, my humblest apologies if I originally got your intentions wrong.

30

No harm done mate, just don’t want anyone to get con. Yes, I notice the companies NZ site is done until monday. other things you can try is do a whois on the website. for the 4, you will find some common ground too. one of the website even have “a” key so call broker’s name registered. see whether you can find it :slight_smile:

You will also noticed they have company number(registered) but I do not know whether they have a NZ security Commission registration to trade as a broker(forex/manage account) in NZ. I’m not in NZ hence I don’t quite has a grasp of NZ laws, can you advise?

Interesting stories from a forum to read:
[B]search for FOREXJUSTICE and EDGAR.[/B]

I found more info about last night, they registered more websites, all in NZ again but under different directors.

They even have a few more website in Indonesia…! but I’m still checking whether it is registered in NZ.

Now I’m checking some sources in Hong Kong!

I have already informed NZSC and I’ll do the same for Indo & HK. I doubt they have anything in HK or Oz as they have very strict Financial Services Regulation.

cheers

31

Hi allvey,

Sorry for giving you a hard time, I was hoping to see who amongst you would reply, and your reactions to my questions. The thread was starting to sound like it was being aimed at recruiting newbies into an investment. I guess it was a certain other poster, who hasn’t replied, that made it sound like that, especially when they so nicely corrected spelling of the name of the company and said what a good idea it sounded like.

It’s good to hear you’ve been doing some demoing, and only blown demo accounts. My first blow up was a real account which I’d started trading far too early, well before I was ready. I’m just treading water in my real account at the moment, not making a lot of progress, so I guess I’m still not ready.

Like a few people have said, don’t get too caught up in the hype of it all. To get the big rewards, you’ll normally need to take big risks, which isn’t advisable unless you can stomach and afford a blow up.

There are plenty of people out there only too willing to take your money off you for trading courses, advisers, robots and investments. When you don’t make money from what you’ve paid for they can always claim that you didn’t follow the plan or that the market just took a bad turn and that was one of the risks. Just remember, if something seems too good to be true, it probably is.

Best of luck with the trading. :slight_smile:

32

wow… it seems there are more risk in investing with the mentioned broker… aiyah… now I’m thinking to immediately withdraw my money there… hurmmm

thks for the info people.

Cheers!

33

Hi everyone,

I have been reading regarding forex scam and have a question. Hopefully someone can enlighten me. I have recently starting to trade with Edgar International and got a bit spooked by the research I have seen on forums.

I did research especially on Forex trading platform in new zealand and it seems 9 out of 10 are by a single director who are not local and whose offices might be service office.

The question is how do you decide which platform are ok to use then and which ones are not ? The word scam is used alot does it mean that they do alot of hard sell and get people to join and they lose money or they are actually not trading platform but just director using one account money to pay the other like a bonzi scheme ?

If the trading platform are not real can they even be opened for trading ? Does NZ regulate ? I know a forex trader friend of mine in Australia tells me Australia forex trading is regulated.

Lastly can someone tell me how does the online platform work ? Eg. if i buy and sell the forex online who is actually behind executing the trade ? I have tt the money in the Edgar account, i have a working platform and saw the money there but the word scam does it mean that the forex is live but the trading really never happens ?

Please advice

34

I sign up with edgar international early this year (2010) opening 2 a/c, 1 I trade myself and the other I left with their fund managers. The later is doing great making about 96 pips so far, the 1 I trade myself is roller coasting but learning and improving.

Just like to know; have anyone actually being scammed yet?

For those who are reading this; I have withdrawn my capital investment after 3 months just to be on the safe side. The fund I have left in these accounts have since doubled again and planning to make another withdrawal soon.

The nice thing about this is when I did not perform trade on my a/c, their manager will trade that a/c whenever I am not logged in. This was surprising at 1st but who cares when its making a little more every time I log in.

Guest forex trade is for those who dare risk that 1st step. Its a business itself and with sound knowledge on how its run, its like picking up dollar and coin from the floor every step you place your foot.

The rest is up to you…

35

Hi Solai,

There is mention of someone being scammed if you search for [B]FOREXJUSTICE and EDGAR[/B]. Having someone trade your account for you when you’re not logged in seems a little strange though. If you want a managed account you would invest that money in a managed account and not mess with it yourself. If I was managing an account for someone I wouldn’t want the owner messing around in it and interfering with my trading plan.
The thing that I would be cautious about is why are they set up in New Zealand? We don’t they have a New Zealand website? Why don’t they have a real New Zealand office? Why New Zealand if they don’t appear to be trading in New Zealand?
These all lead to the big question…why not their own office, in the country they’re actually in, with their own people manning the phones? If I have to urgently close a trade and can’t do it on line I know I can ring my New Zealand broker, ask for him by name and they will action it without having to go through a virtual office to do it.
I go through a New Zealand broker because I live in New Zealand, I know where there office is, they don’t hide behind a foreign company with a virtual office in a foreign country.

I would simply ask why…

Is it too hard to set up a financial services company in their home country? Perhaps, surely if they have the qualifications, meet the criteria, and have a clean record then they should be able to do something. It must be possible, otherwise how do these companies normally get registered in their home countries.

New Zealand is one of the most business friendly countries in the world and it is easy to set up a company here. Technically anyone can set up a company here. Is there a restriction on financial companies, probably not, especially if you are trading in another country, what is the NZ Companies office to do. They can’t enforce what you can and can’t do in another country, especially if you don’t have a real presence here.

They could well be legitimate…but my opinion is that why take that risk when there are perfectly legitimate ones out there that don’t raise so many questions. If they aren’t legitimate then all they need to do is raise a few sizeable orders for you, spike the feed and bang your account is gone. That’s an easy way to get out of letting you withdraw your funds. Just do that before thr transactions processed. Or if you complain or look like your actually making money on your own.

Trading is about taking that risk when is in your favour, not diving in and hoping.

Anyway, that’s my thoughts on it.:rolleyes:

36

“One pip at a time”, does it matter? Are you a person of action? Or just want to talk about it?

Well, actually I agree with you and to all the whys too.

Does it matter if its Edgar, FxOpen, FxCM or who and where or which country? Its not the company that I trust, rather the manager/trader or agent(s) whom I entrust my funds to.

Have you ever heard the phrase “time to move on”? Even Refco goes bankrupt, what do you think?

Anyway, I have sign a consent form for them to trade for me. Legitimate or not? This does not matter to me. When they propose a 2 - 3 months’ break-even on my investment, its good enough for me to sign a comfortable (to me) sum to them. Forex is about taking risk anyway, so why ask more?!

Oh, in favor or hoping its in everyone’s wish. Forex should be treated as a business not gamble.

The rest is up to you…

37

Hi, came across this thread when I was googling Edgar Int’. I’m also new to the forex world and was recently approached to consider a forex scheme which is apparently backed by these brokers Edgar Int’l and Cosca Int’l. I’ve heard both good and bad sides of the story. But I came across a few forums which label this as a scam, but so far I’m not exactly clear as to what the nature of the scam could be. Does anyone out there have any info or insight into this?

38

Serene555; as long as you goto edgar-international.org/ read their agreement and info you should have sound inside on what they do. If still not sure, give them a call especially to check out the agent you are dealing with.

I don’t want to going into details about scam but just ppl can be so blind sometimes. You figure it out.

Just find out whether your agent is genuine, the paper work is straight forward and in your name. There shouldn’t be money changing hands other then bank transfer to edgar and when you make withdrawal, which is also in your name & it is compulsory.

The rest is up to you…

39

Guys be careful, there are many scammers out there that promise to manage your account for a fee and in the end they either take the money and leave (like the pyramid scams) or loose everything and take their fee…
I suggest only do it if you know the person first hand, not through the internet. Also, people that do this usually dont accept capital less than $50.000 to manage.
Another solution if you want someone else to manage your capital is the online platforms like zulutrade etc, where you pay a commission per trade and there is no risk of being scammed, but be careful also there. Open demo accounts to test everything first, whatever you choose to do!

40

The bottomline advice would really always be:

“Always to your Due Diligence in researching”

There are really full of scammers…

The best is still master Forex trading skill yourself…

Make it your lifelong career in order to become real success in forex trading.

I recommend you to read the Thread: “Pipcrawler’s Thoughts on Setting Newbie Expectations”

It will give you an important insight about Forex Trading…

41

Hello Sophie could you please place the link? Thanks.

42

Hi all,

I did more research maybe I could enlighten everyone of what i found. Its true that there are many trading companies out there. Why register in particular country - 1. Regulation, 2. Tax issue.

From what i found, if you do a careful study, quite alot of companies are registered in country like cayman island, british virgin island, etc. As for why new zealand, that is because spot traders do not need licence. A search of forex trading platform registered in NZ will show that almost 90% are owned by foreign directors. ( I will attach the email from the NZ Securities commission if there is space)

Secondly if i am correct. The word scam is used because many people loss money. Just because they loss does not necessary make the platform or company who own the platform a scam.

If you understand how the industry work, then maybe we can understand better.

Most platform owner invite broker or trader to register with them. ( There is one currently online now looking for broker). So a Mr XXX, could register as an agent with the company. Opened a broking service in eg. Singapore, Malaysia or even Hong Kong, depending on the country some may need licence to be a financial broker eg. In Australia.

Now, if you are an agent for ABC platform, you are given commission based on the trade you make. As an agent for the broking company, my incentive is to get you to trade and make the commission from you. Be advise that regardless if you make or loss money, the commission is fixed and based on the trade. I believe the company and agent company split the commission.

So the agent company only aim is to get as many investor to join promising big return but in the end if they are crappy trader everyone losses money. Check out comments from forex justice, and forex peacearmy about forex scam. And you will get a better picture.

The scam is not platform, the scam is the agent company that promised high return but lost everything in the end. Basically its the trader or the agent that is crap.

The truth is forex trading is not easy and just because you go to a week course by the director don’t make you a forex expert. That is the problem when these agent company recruit inexperienced trader to trade your account.

Either trade yourself, or find a good trader. Don’t blame the platform just because we loss money.

The truth is high return ALWAYS have HIGH risk. Don’t be fooled. Take the good with the bad, don’t rejoice when you make money and blame every single person when you loss.

Investment advice, there is no such thing as a strong infallible company. If Lehman Bros, a triple AAA company can collapse, then it show there is no such thing as a 100% solid investment.

Trade with caution and trade with care. Your first investment priority is to make sure your capital is back into your pocket.

So hope this helps everyone

Here is the email from the NZ securities commission :

Foreign exchange dealers are not required to be authorised or licensed except when they are dealing in futures contracts. Where a company is carrying on the business of dealing in futures contracts it must be authorised by the Securities Commission. “Futures contracts” is defined in the Securities Markets Act 1988. Dealers who are only dealing in deliverable spot and forward foreign exchange will not be required to be authorised. However, foreign exchange contracts which are, or may be, cash settled may be futures contracts. In our experience, most online foreign exchange trading platforms involve dealing futures contracts.

There are a small number of companies which have been authorised to deal in futures contracts in respect of foreign currency. Where a company is authorised to deal in futures contracts, the authorisation notice (a notice setting out the authorisation and the terms and conditions on which it is granted) will be published in the New Zealand Gazette. These can be searched on the Gazette Office’s website at gazette.govt.nz . We do not publish a list of authorised futures dealers but can confirm whether or not a particular company is authorised as a futures dealer.

Where firms are authorised to deal in futures contracts, they will be subject to requirements. Futures dealers are required to comply with the Futures Industry (Client Funds) Regulations 1990 where the regulations apply or conditions in their authorisation relating to client funds where the Regulations do not apply. These generally require the dealer to hold client funds in a segregated client bank account, and that these accounts are audited or reviewed by an auditor quarterly. However, the exact requirements may vary where they arise as a condition of authorisation.

Regards

Hayden Best

Lawyer

Securities Commission

43

Ya, it helps. Thanks bluedragon777. Guess no one have actually being scammed yet, or at least not in the way what the word means.

Ya, 3 pips were deducted when you place a trade order, -3 for buy, +3 for sale. The commission is usually $5 per lot per trade regardless of profit or loss.

Everyone interested should try out “Meta Trader 4” which is ‘the most popular’ trading terminal. You can google and download from FXopen, FXcm, alpari uk, etc. Edgar International have their own trade terminal. All these platform have demo account signup.

It’s true that 95% of forex traders lost in every way imaginable. Thats why its advisable to open a live account (a micro a/c if you worry about loosing it) and have someone trade for you to begin with, study when they enter & exit the trade, and why? Then apply that scenario, strategy or whatever you want to call it into your demo a/c. If you can get to that 100 profit taking trades, you can let your imagination run free.

Try typing these figures into your spread sheet;

Start with USD300 as amount and 1 lot as nlot
add total to amount on next month’s amount
add nlot + 1 with every USD300 increase

amount x nlot x 7 trade/month = total
then consecutively
(amount + total) x nlot x 7 = total
carry this forward for at least 12 month
(amount + total) x nlot x 7 = total

Why 7 you might ask? Well, thats my magic number, 7 trades a month.

Btw; please post the final total, thanks.

The rest is up to you…

44

I would never trust anyone else to do my trading … I’ll always think I would have done a better job … just my 2c on this.

Best Regards,
Matt Jones

45

It is one of the Sticky Thread in this forum…

It always stay on top. Just go to look for it :slight_smile:

You definitely can see it…