With regards to SummerstreetFX, the issue is still not over. I'm looking for the right legal experience to handle the matter. On other options, decisions must be made carefully. Once executed, they cannot be undone.
I'm still reviewing other brokerages and trying to find the right one. I should make a decision within the next week or two.
On the trading front, I've been a little sidetracked with all of the extra-curricular activities. On limited trading, I did post a 0.68% gain for the week in the demo account which is another step in the right direction.
I will keep you posted on further developments.
The Pipmaster
Email: titangroupfx@gmail.com
Friday, January 29, 2010
Monday, January 25, 2010
Progress
I am looking at a number of new brokerages. Two of them are in Switzerland - both highly respected and have been around a long time. They are Saxo Bank and Dukascopy. The other one I'm checking into is in the UK.
So far I'm looking at international brokerages due to the changes being contemplated by the CFTC. If they implement the new maximum leverage of 10:1 on retail accounts, most of the retail forex currency market will be eliminated. For all practical purposes it would require the smallest of accounts to be in excess of $50,000. Even then, the flexibility and margin needed would be difficult at best to trade.
These rules should not affect international brokers, or the FIFO and no hedging rules implemented last August by the NFA.
Meanwhile, I've been doing limited trading on a demo account in the US and made a decent gain since last Wed. of 4.27%. It's too bad demo does not count. The key is to keep my trading skills sharp and regain my winning edge.
Regarding SummerstreetFX, I'm looking into several possible actions. Taking legal action is one, another is filing a formal complaint with a governing body. Either one may apply some pressure on them to offer a settlement for the trade manipulations that occurred on Thanksgiving.
I will keep you updated.
The Pipmaster
Email: titangroupfx@gmail.com
So far I'm looking at international brokerages due to the changes being contemplated by the CFTC. If they implement the new maximum leverage of 10:1 on retail accounts, most of the retail forex currency market will be eliminated. For all practical purposes it would require the smallest of accounts to be in excess of $50,000. Even then, the flexibility and margin needed would be difficult at best to trade.
These rules should not affect international brokers, or the FIFO and no hedging rules implemented last August by the NFA.
Meanwhile, I've been doing limited trading on a demo account in the US and made a decent gain since last Wed. of 4.27%. It's too bad demo does not count. The key is to keep my trading skills sharp and regain my winning edge.
Regarding SummerstreetFX, I'm looking into several possible actions. Taking legal action is one, another is filing a formal complaint with a governing body. Either one may apply some pressure on them to offer a settlement for the trade manipulations that occurred on Thanksgiving.
I will keep you updated.
The Pipmaster
Email: titangroupfx@gmail.com
Thursday, January 21, 2010
Brokerage Relationship Terminated
The big news today is that the relationship with SummerstreetFX appears to now be over. My patience was exhausted over the incident on Thanksgiving.
That evening I came home to find that many of my trades were closed out in losses. My request to find out what happened received only vague answers which I was not satisfied with. I did my own research from their trading reports to find out that several of my trades were altered without authorization which ultimately caused all my open trades to be closed, many with losses.
When I sent SummerstreetFX the documentation of the trades being changed, they denied it and still do. The owner ordered an independent audit of the server to see what was done. He informed me in early January that the audit report showed nothing. I didn't believe that. He said that he would mail me the audit report. 3 weeks later, I still have not seen the audit report.
As I said, my patience was exhausted. Not only did he not send the audit report, he rarely returned phone calls or follow through on other agreements. This is not acceptable for a strong partnership.
If nothing fraudulent occurred on Thanksgiving, why would he not send the audit report to confirm that? Even though I sent them the documentation which clearly showed my trades being changed, why still deny it?
I finally got a chance to speak to the owner today and it got pretty ugly. I simply asked for the audit report and other agreements to be followed through, and he got hostile saying I wasn't attracting enough new capital.
I have to be comfortable where the money is deposited, and quite simply I'm not. If they cannot keep their agreements and allow shenanigans like the one on Thanksgiving to occur, I cannot stay with them. There are other smaller issues as well, but I will not go into them here.
Needless to say, I need to change brokerages. I still need to make up for those losses, but it will be done somewhere else.
Also, I will have to consider if I am to escalate the matter further.
I will keep you posted.
The Pipmaster
Email: titangroupfx@gmail.com
That evening I came home to find that many of my trades were closed out in losses. My request to find out what happened received only vague answers which I was not satisfied with. I did my own research from their trading reports to find out that several of my trades were altered without authorization which ultimately caused all my open trades to be closed, many with losses.
When I sent SummerstreetFX the documentation of the trades being changed, they denied it and still do. The owner ordered an independent audit of the server to see what was done. He informed me in early January that the audit report showed nothing. I didn't believe that. He said that he would mail me the audit report. 3 weeks later, I still have not seen the audit report.
As I said, my patience was exhausted. Not only did he not send the audit report, he rarely returned phone calls or follow through on other agreements. This is not acceptable for a strong partnership.
If nothing fraudulent occurred on Thanksgiving, why would he not send the audit report to confirm that? Even though I sent them the documentation which clearly showed my trades being changed, why still deny it?
I finally got a chance to speak to the owner today and it got pretty ugly. I simply asked for the audit report and other agreements to be followed through, and he got hostile saying I wasn't attracting enough new capital.
I have to be comfortable where the money is deposited, and quite simply I'm not. If they cannot keep their agreements and allow shenanigans like the one on Thanksgiving to occur, I cannot stay with them. There are other smaller issues as well, but I will not go into them here.
Needless to say, I need to change brokerages. I still need to make up for those losses, but it will be done somewhere else.
Also, I will have to consider if I am to escalate the matter further.
I will keep you posted.
The Pipmaster
Email: titangroupfx@gmail.com
Tuesday, January 19, 2010
Changes in Forex - End of Retail Trading?
This is to provide some background information to the forex industry. There are a number of changes being considered that will significantly change the industry if implemented.
I received this email from one forum that I am in:
Hello thepipmaster,
The CFTC has some new rules they'd like to implement. One of them could
spell the end of retail forex trading as we know it. If you thought what
the NFA did last year was bad, you really won't like this...
http://www.forexpeacearmy.com/forex-forum/showthread.php?t=8342
I will keep you posted on the developments and on my own recovery efforts.
The Pipmaster
Email: titangroupfx@gmail.com
I received this email from one forum that I am in:
Hello thepipmaster,
The CFTC has some new rules they'd like to implement. One of them could
spell the end of retail forex trading as we know it. If you thought what
the NFA did last year was bad, you really won't like this...
http://www.forexpeacearmy.com/
I will keep you posted on the developments and on my own recovery efforts.
The Pipmaster
Email: titangroupfx@gmail.com
Monday, January 18, 2010
Reset
There are a couple of updates that I need to do. First, today's trading was another loss. Unfortunately, I'm having a very difficult time with this volatile market. I'm suspending trading for a while until I work this out (I still trade in demo accounts where the money is not real).
The second update is that I still have not received word from SummerstreetFX regarding the Thanksgiving incident. The last report I got was that they were going to send me the independent audit report from that day. I still have not received it. I'm really starting to lose my patience. After all, it's been 7+ weeks. The owner did indicate that the report did not show anything. This is expressly disappointing because I have proof from their own trading reports that some of my trades were changed. At this point I will have to finally have to make some decisions with respect to the relationship with SummerstreetFX. The decisions will not be easy or pleasant, but I don't feel comfortable with the relationship continuing unless something changes quickly. The wait and see time is passed.
Anyway, today's results were not good again. I did 15 new trades, closing 14 winners including 4 from Friday, 8 losses including 3 from Friday. 2 of the losses from Friday were really bad. The net pips for today is -233.2 pips, or -3.13% loss.
Here are the daily stats for Monday, January 18, 2010.
Again, I'm suspending trading until further notice. I have to gain my winning edge back. Also, I may be changing brokerages.
The Pipmaster
Email: titangroupfx@gmail.com
The second update is that I still have not received word from SummerstreetFX regarding the Thanksgiving incident. The last report I got was that they were going to send me the independent audit report from that day. I still have not received it. I'm really starting to lose my patience. After all, it's been 7+ weeks. The owner did indicate that the report did not show anything. This is expressly disappointing because I have proof from their own trading reports that some of my trades were changed. At this point I will have to finally have to make some decisions with respect to the relationship with SummerstreetFX. The decisions will not be easy or pleasant, but I don't feel comfortable with the relationship continuing unless something changes quickly. The wait and see time is passed.
Anyway, today's results were not good again. I did 15 new trades, closing 14 winners including 4 from Friday, 8 losses including 3 from Friday. 2 of the losses from Friday were really bad. The net pips for today is -233.2 pips, or -3.13% loss.
Here are the daily stats for Monday, January 18, 2010.
| Open | High | Low | Close | Pip Interval |
| GBP/USD | 1.6272 | 1.6376 | 1.6249 | 1.6338 | 127 |
| EUR/USD | 1.4360 | 1.4399 | 1.4334 | 1.4381 | 65 |
| USD/CHF | 1.0273 | 1.0290 | 1.0235 | 1.0247 | 55 |
| USD/JPY | 90.83 | 91.04 | 90.61 | 90.77 | 43 |
| GBP/JPY | 147.80 | 148.85 | 147.47 | 148.29 | 138 |
Again, I'm suspending trading until further notice. I have to gain my winning edge back. Also, I may be changing brokerages.
The Pipmaster
Email: titangroupfx@gmail.com
Friday, January 15, 2010
The Trend Reverses
The dollar got a reprieve today. Instead of continuing a string of 5 days of losing ground to the pound, it finally reversed. In a week of many reversals, the biggest one came during the New York session.
The euro also lost ground today, but did it steadily throughout the day. Much of its losses came during the Asian session. By the time the New York session came around, the euro had nearly flatlined. So, to continue a very confusing week, the currencies moved at different times (what a shock!).
I did 33 new trades today, closing 24 winners, 2 losses, and 7 trades remain open. I left a number of trades open today because of several appointments I had today and had to cut the trading day short. The net pips today is +105.9 pips, or 1.05% gain.
For the week, it wasn't a good showing. This volatile week was really rough on the results. The net pips for the week -301 pips, or a -3.36% loss.
Here are the daily stats for Friday, January 15, 2010.
Believe me, I will find a way to get back my mojo. The last several weeks have been really rough, but trading is like that. It's like a hitters slump in baseball. It sometimes takes a bit to come out of the slump.
May the pips be with us!
The Pipmaster
Email: titangroupfx@gmail.com
The euro also lost ground today, but did it steadily throughout the day. Much of its losses came during the Asian session. By the time the New York session came around, the euro had nearly flatlined. So, to continue a very confusing week, the currencies moved at different times (what a shock!).
I did 33 new trades today, closing 24 winners, 2 losses, and 7 trades remain open. I left a number of trades open today because of several appointments I had today and had to cut the trading day short. The net pips today is +105.9 pips, or 1.05% gain.
For the week, it wasn't a good showing. This volatile week was really rough on the results. The net pips for the week -301 pips, or a -3.36% loss.
Here are the daily stats for Friday, January 15, 2010.
| Open | High | Low | Close | Pip Interval |
| GBP/USD | 1.6332 | 1.6353 | 1.6208 | 1.6254 | 145 |
| EUR/USD | 1.4498 | 1.4510 | 1.4336 | 1.4378 | 174 |
| USD/CHF | 1.0185 | 1.0285 | 1.0179 | 1.0259 | 106 |
| USD/JPY | 91.18 | 91.30 | 90.58 | 90.78 | 72 |
| GBP/JPY | 148.92 | 149.16 | 147.11 | 147.56 | 205 |
Believe me, I will find a way to get back my mojo. The last several weeks have been really rough, but trading is like that. It's like a hitters slump in baseball. It sometimes takes a bit to come out of the slump.
May the pips be with us!
The Pipmaster
Email: titangroupfx@gmail.com
Thursday, January 14, 2010
Choppiness Continues
Today was another day where the market had a hard time finding a direction. It went back and forth with no particular rhythm, timing, or pattern. Unfortunately, I had another rather rough outing because of this.
I did 17 new trades today, closing 11 winners, 8 losses including the 2 from yesterday. The net pips for today is -389.4 pips, or -2.87% loss. It was brutal today, and I will get more conservative again until the market starts acting more normal. One trade in particular was really bad.
Here are the daily stats for Thursday, January 14, 2010.
I will turn these losses around. The market has been very tough and erratic lately.
May the pips be with us!
The Pipmaster
Email: titangroupfx@gmail.com
I did 17 new trades today, closing 11 winners, 8 losses including the 2 from yesterday. The net pips for today is -389.4 pips, or -2.87% loss. It was brutal today, and I will get more conservative again until the market starts acting more normal. One trade in particular was really bad.
Here are the daily stats for Thursday, January 14, 2010.
| Open | High | Low | Close | Pip Interval |
| GBP/USD | 1.6278 | 1.6344 | 1.6248 | 1.6331 | 96 |
| EUR/USD | 1.4509 | 1.4554 | 1.4457 | 1.4497 | 97 |
| USD/CHF | 1.0180 | 1.0227 | 1.0158 | 1.0186 | 69 |
| USD/JPY | 91.36 | 92.03 | 90.82 | 91.18 | 121 |
| GBP/JPY | 148.71 | 149.96 | 148.32 | 148.91 | 164 |
I will turn these losses around. The market has been very tough and erratic lately.
May the pips be with us!
The Pipmaster
Email: titangroupfx@gmail.com
Subscribe to:
Posts (Atom)
