The Ugly Truth About Forex Managed Accounts
If you are reading this blog from the beginning you may remember that it had a strong focus on managed trading accounts and especially forex. I invested quite a lot of time and energy to research, review and follow the performance of various managed accounts.
Now, about an year later from the start of this blog and after about 2-3 years of watching the forex managed accounts business I can tell you it’s a lost cause. Many of these services seem very promising in the beginning so you can easily start to believe that they can make you wealthy in 5-10 years. Then after 1-2 years at best each of them crashes and goes nowhere (if it have had a positive performance at all). How is that possible? There is simple explanation – we are able to find a lot of promising ones because only they are advertised. For each managed account that has good performance in the first 1-2 years there are 100 who have failed yet from the beginning but you never hear about them. So you are finding mostly services who have had the luck to start positively. The stats prove that it has been only luck – because all of them crash after a short period of profits.
Here is a quick update on the accounts that have been reviewed here:
GalleonFX lost more than 70% this year and stopped trading. My loss alone is about 60% and those who were unlucky to invest at the last December may have lost 80%.
FXCM didn’t perform better and also removed all their managed account services from their site.
FXFareast have hidden the performance from their site but you can find independent comments showing that they started to stink yet at the end of 2007.
Best Trading Systems disappeared many months ago without a track. I have not heard from anyone what has happened with the trading.
DEV was doing so-so until June this year. I don’t know what’s the status after June.
Capital Blu have also hidden their data, but a quick research shows a mention of 85% drawdown.
Milbay Finance is showing performance only till Aptil this year and then nothing. I don’t see big losses so far, but who knows what has happened in the last 5 months.
If you want to know how much Devrim and BTRFX suck, just read the comments on the review.
FX Master disappeared without track.
FX Street was closed more than 6 months ago due to bad results.
Do you want more? I don’t. I officially declare no longer interested in managed forex accounts. Forex trading does not add value to the world anyway.
September 12th, 2008 at 8:03 am
MilbayFinance is closing because nobody invest and we haven´t any investor in the Managed Acounts.
Regards
September 17th, 2008 at 7:37 pm
Boston Trading and Investment:
BTRFX is closing after major losses. Pity I have not seen your website earlier. Any further information on Devrim Akyil en George Popescu will be appreciated.
September 18th, 2008 at 7:48 pm
That’s why an approach where you buy and hold a diversified portfolio of index mutual funds will work best in most situations. It’s not difficult at all to be lucky in the beginning and confuse it with smarts.
I know that the Bulgarian stock market fell by more than 50% since october. But had you added some bonds and international funds you’d have done better. ( plus reits)
September 26th, 2008 at 6:16 am
Devrim Akyil and his gang will do it again after they closed their shop (BTR). Now they will open a new shop in Florida with a guy called Simon Adderley! This is riduclos. When I read the stories at http://blog.me-invest.com I become shocked. Those crooks must go to Jail. The gang is:
Pretoria, South Africa
-Andre Wandrag andre@btrfx.com +1-617-790-4648
-Janelle Van Wyk witblitz8@gmail.com, janelle@brtfx.com janelle_vw@yahoo.co.uk janellevw@gmail.com +1-617-750-5291
-Gerda Van Wyk gerda@btrfx.com +1-617-750-4013 +1-617-790-4678
France
-George Popescu george.popescu@btrfx.com george@bostontechnologies.com +1-857-928-0150 +1-617-790-4664
Turkey
-Devrim Akyil devrimakyil@aim.com devrim@btrfx.com
October 30th, 2008 at 1:11 am
Managed Forex Rankings…
You do not have to be a professional to earn profits from this trade because the automated forex trading systems take care of all the work for you. Automated trading through managed accounts, the……
November 20th, 2008 at 8:01 am
DO NOT INVEST WITH THIS COMPANY:
Strategic FX
709 Cape Coral Parkway West
Cape Coral, FL 33914
They stole millions of dollars. Read the following Blog http://blog.me-invest.com/
WATCH OUT FOR THESE CROOKS:
Devrim Akyil
Gerbrecht Van Wyk “Gerda”
Janelle Van Wyk
Andre Wandrag
George Popescu
Samy S. El Semman
January 20th, 2009 at 2:24 pm
Andre Wandrag went back to South Africa, he is staying in Pretoria but is planning to return to US during February 2009. It is not clear if girlfriend Gerbrecht & daughter Janelle van Wyk joined him.
February 10th, 2009 at 4:13 pm
Hi Wynand,
Are you related to Gerbrecht? Seems you know a lot about their movements. So is it true, Gerbrecht is André’s girlfriend? I ‘m now totally in the dark and feel miss leaded. Please mail me at hnel19@gmail.com, you might have the answers for me.
February 27th, 2009 at 8:03 am
Please send me shark investors e:mail address, I’ve got documents to forward regarding BTFRX.
February 28th, 2009 at 11:51 am
I do not want to catch any body that is why I asked for the shark investors mail to mail documents to him, and he can decide if he want to display the info on the block
February 28th, 2009 at 12:58 pm
Hi wynand, your email address is bouncing back. You can email me to info@sharkinvestor.com
March 3rd, 2009 at 5:15 pm
Hi there, for whoever is interested, Andre Wandrag is on his way back to Boston from NYC.
April 5th, 2009 at 10:51 am
The market is quite calm now… quite boring…