peterngkl Posted September 6, 2011 Report Share Posted September 6, 2011 Hi, From this website www.acepack2u.com , they are asking the client to have minimum deposit of USD10k then enjoy the result as in the statement:- http://www.4shared.com/photo/wvEje7YL/ARTS_statement.html Anybody has tried their service? Thanks Quote Link to comment Share on other sites More sharing options...
soundfx Posted September 6, 2011 Report Share Posted September 6, 2011 peterngkl, I've not tried this, though there are some things I don't like at first glance. 1. The company is an IT company. This in my mind means that the EA has been developed by programmers rather than traders which is normally a bad thing, because EA's tend to get inadvertently "curve-fitted" by using optimisation, plus coding tends to be inflexible and is normally unable to move with the markets over the longer term. 2. The risk/reward isn't great with 11 pip targets and 30 pip stops. This means that the system has to consistently perform to at least 73% accuracy just for you to break even! 3. The statement on 4shared is classic marketing lol. Ridiculous lot sizes to make you think that you'll be earning a lot more than you actually will. In their FAQ they recommend trading at 1% which at 20 lots and 30 pip stops (max. risk $6,000) means that per trade you need an account balance of $600,000 ;) Trading 1% on a $10,000 account and looking at the trading stats on that statement (10 winners 2 losers) means that you'll have ended up with a net profit of around $130. 4. There's no price on the website which normally means that you will end up paying a lot more than you expected to, once their sales people start hassling you. 5. It says "Returned over 67% since 2010!". So...I think we can take "over" as meaning something like 67.1% :) That's quite a long time since 2010, especially if it was from near the start of 2010. Up to 20 months to wait to turn a $10K account into a $16.7K one, then we have to deduct whatever it cost in the first place and also hope that it's not overly optimised for recent market conditions which could change in the future and cause the EA to fall over spectacularly in a big heap. Quote Link to comment Share on other sites More sharing options...
ForexMike Posted September 7, 2011 Report Share Posted September 7, 2011 Company is a start up and only existed since mid July 2011. Quote Link to comment Share on other sites More sharing options...
avibe Posted September 7, 2011 Report Share Posted September 7, 2011 well thought out soundfx. :) I cannot add anything to what you have said Quote Link to comment Share on other sites More sharing options...
ForexMike Posted September 7, 2011 Report Share Posted September 7, 2011 All experienced traders look at a website and see the glory, promises, etc which makes them look good from the outside. What I do is to look behind the scenes... does the company have any contact information such as email addresses, phone numbers, addresses, etc. This company totally fails to supply any. If you want to contact the company, your only option is to fill out an email form. If the website is down, system is down, or any other failure, you're in trouble. Any company that "HIDES" their contact info and no phone number is a company you need to steer away from. Also note that the website has a button that says "Disclosure". If you click on it, there is no disclosure which is required. There is no bio of company officers which means a ten year old could have designed this website, posted false info and demands $10,000 for you to open an account. You might as well take $10,000 and throw it out of a window because this is a scam in my opinion. I found more errors with the website but don't have time to list them here. This is not a business you should consider dealing with. Quote Link to comment Share on other sites More sharing options...
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