Updates

Update: Saturday 13 February 2016

Weekly summary and outlook for next week:

Unfortunately due to spending too much time at work, dealing with the sabotage, meeting with lawyers, the police and hedging on HF, I did not have the time this week to actively follow or commentate on the markets in great detail, this will change next week. Tomorrow, as we always have in the past, we will post an outlook for the week ahead followed by some trade ideas for CFD’s, Options and FX. Its really time for me to get back into the swing of things here.

Situation on HF:

This was a great week for us on HF, despite the market going against us, we were able to hedge our way out of danger by capitalizing on persistent risk aversion. Beginning on Tuesday with NET unrealized losses of over 27,000 USD, we have reduced this amount to exactly 3,190.62 USD as the time of writing this. Another positive was this was done while 20% of the account margin (just less than what the value of our green EURUSD position on Monday at a certain group) and that our JPY positions on HF were more toxic having started with buys at 120.84 compared to buys in the 118s and 117s, if memory serves me correctly on another network. In addition, leverage was 300X compared to 25X and 50X on another network and thus the danger was far more prevalent. In short (and as will be confirmed when you see the trading logs on HF), we would have been in a healthy position on another network as well had they allowed me to login and place hedges. Something they accidentally admitted to multiple copiers that they blocked. Please consider that as food for thought. I guess the profits they were making from taking the opposite positions to their users, which they do, were too tempting to forfeit should we have hedged our way back into healthy territory …….

Our goal for next week and the rest of the month is to get back to break even point, aim for a small profit and then close all positions. At this point the trading cycle will be over and those who wish to withdraw can without a penalty fee and those who wish to stay and continue may do so. I see this as a fair and just way to move forward (and not trap anyone against their will). Also at the start of the new cycle, the account will be password locked (as arranged by my HF account manager), so it really will be only for this community here.

Something I need your help with: (please do NOT be afraid, all info will be treated in confidence with no names mentioned)

Diary of events of the last week. I have been asked to make one for the authorities. I’m just putting a tiny version here to check in with you guys. Please let me know if you have anything to add, or if I missed something:

Monday: Circa 1pm, can not log in. I assumed it was a temp tech error (as has happened many times with these guys in the past), so I tell people on twitter to close the EURUSD (in green at the time) and sell GBPJPY or USDJPY to hedge. After trying many times contact is not returned.

Tuesday: Market really starts to fall. Still no access or contact (It was at this point we started actively hedging on HF). Some copiers report being emailed or contacted by phone to report risky behavior. Company claims I have full access and am lying. Copiers report my name vanishing from the site. I contact CySec.

Wednesday: Company messages copiers and claims they will close all positions in 48 hours for users protection, on the 3rd day not after I have been blocked and after 95% of the damage has been done. They claim that I am unreachable, despite all of you being able to reach me apparently, they can not…. Still no access. Company posts comment on my blog and twitter (saying login and submit a support ticket!) and that is all. Company also sends me an email in Arabic (4 lines long and not relevant to our problem), which I ignore due to damage already being done and not wanting to confront them without legal advice. I begin to seek legal advice as a result.

Thursday: Company accidentally admits they DID manually block my account from the trader, to protect copiers (what a slap in the face!). “He had full access to the account, we only blocked him from the trader”….

Friday: Company closes ALL positions (I am told since still can not log in). Company claims the new reason they closed positions was due to negative balance (another falsehood) and tell people they will get no compensation since this was not a technical error (told to me by a few copiers who showed correspondence). I talk to the police.

If I have missed something out, please add in the comments.

P.s. For those who believe that Market Makers do not take opposite positions to their clients (as some support members like to deny), I would like to direct you to an unrelated market makers site which states: “It’s important to note that the —— trading desk hedges its trades with our liquidity providers”. But I guess I’m next going to be accused of hiring anonymous or some other group of planting that right? Because they couldn’t possible admit their wrong doing. Its far more likely that an evil Arab threw away thousands of dollars of his own money just for no tangible benefit other than the sake hurting the people he cares about and communicates with daily…..

19 Comments

  1. Hi Mohamed i hope you get your money back and our as well. They are become a Scammers No.1 and i report them to cysec too and net cyber police and ill see what will happen next i have all documented and screen shot and emails, and they also blocked me from commenting on etoro because i was asking and speaking the thruth and also open a few tickets on wednesday and they still not responding to that tickets so i really pray and hope they all go to jail where net SCAMMERS belong and they shut down their company to protect other users money. If in this world would be a 5% people like you the world would be a 300 times better than it is. And i hope ill can join you on HF a soon as i get some money to deposit on HF if you let me in your club of trust id like to learn a lot from you and my TRUST in you is every day fatter and FATTER and bigger. And thanks for update you are just amaizing.

    1. Thanks for the compliments and kind words in these times. Unfortunately, I do not think I will ever see a penny of it back again. Also not surprised they are blanking your support tickets. They avoided Liszen’s questions as well about why they blocked me from trading. CySec will probably tell you to sort it out with the company, I have been told by someone with years of experience in the field, a lawyer, that as a regulator they are not helpful and that is why many companies chose to be regulated in such places, because they can get away with so much. As for blocking you, I guess they will block anyone who speaks the truth. If you were lying they would actually confront it publicly rather than blocking it as doing so would make them look better. However their changing stories and lies and now admission to a BLOCK on my account having denied it for days has everyone aware of their behavior and shady practices. A true account of facts does not need to change, only one that is false needs to keep changing to match the events….

  2. Mate I am with you all the way. I lost a lot of money on etoro but I really like your attitude and believe in you. I withdrew what was left of my etoro account and will continue to follow you on hot forex. I believe in you man. All the best beating the markets. I have moved country and had a rough trot but I know we will make some money and we can use it towards enjoying the finer things in life! Thanks once again Mo!!! To the stars we reach!

  3. Hello Mo ,
    i know that here is not the place for this but i want to ask you about your look for eur /usd for next week .
    Thanks in advance , and sorry for the spam !

    1. Will get back to you on this tomorrow when i have had time to do some more reading, see what the research houses are saying and see what economic events are due. Remind me tomorrow evening if I forget.

  4. Now they have removed your link to this site as well. Your bio now reads:

    For all your questions please go to [bio has been moderated for violation of Community Guidelines: solicitation]

    1. Yeah naturally. After their blunder in admitting their blocking of my account from logging into the trader, they will do everything to prevent more people finding out about it.

  5. Hi Mo,

    I will provide anything you require, what makes me sick is that i feel i have no position to approach them from as someone that SL due to having no access to your account. I think i may break it down tomorrow but i think compensation would be impossible to get.

    ANYWAY the main reason for my post is i was wondering if you or someone could Explain the PAMM account quickly. I understand this was hit also in January. If i join now with $1000 dollars will my funds move from that point or will they go to support the overal position? I assume this is a good time to copy you.

    KR
    JM

    1. Hi Jm,

      The truth of the matter is that our PAAM account is not in a bad state at all since we started hedging on Tuesday using our free margin and as a result, currently our unrealized net losses are at 4% of the equity, which is not bad at all. This is why many of us are angry at a certain group. We are not crying because our trades went bad (that is on us and it would be unreasonable to blame anyone else), we are upset because they banned us from logging in, closing our profitable trade and then using that equity to hedge. If we were able to, we would be in a great position (please note that on Tuesday, we were more vulnerable on HF than the other network as our USDJPY buys were much higher (staring at 120.8 and not 118) and our leverage was 300X not 25X). This is not just a blind speculative claim as well, the proof of it can be seen with how we handled things on HF. Our current issue with them, is they first lied and said I had access, then changed their story and said they removed my access from the trader and then further changed their story again and said it was all due to a negative balance (something which simply was not true). The fact remains that the reason why our equity was wiped out was because they banned me from logging in and trading. Something they initially denied and then slipped up and admitted and now are trying to avoid and cover up, plain and simple. That is why we all have a major issue with them. I can not see why there are still so many people letting them off lightly after they admitted that they took actions that prevented me from protecting our accounts. I repeat, they have had to come clean and admit it.
      Regards,

      Mohammed

  6. Hello Mo
    I was checking the “History” of your trades and the GBP/JPY was closed @161.99 the 11th. You had SL @160 , how can the account go into negative (as they claimed) when trades have been closed before the SL?
    Kind regards and good weekend!
    I

    1. To be fair and to tell the truth, the I did change the SL to 162 two weeks ago or when i opened the EURUSD sell (I can not recall the date correctly). But the account could still not have been negative as it had over 1.5% equity (if i recall correctly) in the balance and all these trades were refunding trader, not charging ones. One pip out of a position that fell 2300 pips would not wipe out 1.5% and 7 weeks of daily refunds on the position. Never the less, that claim from them is false. Had it been true, they would have said it from the start as I am sure any honest company would.

  7. Hi Mo,
    you are writing that you will password protect your HF account in order to prevent new copiers. I was wondering if it will still be possible to copy you at a later point of time, because currently I just don’t have the funds to do so.
    So my question here is if I can come back here and ask nicely for the password once I have the necessary funds?
    Hope all sorts out well for you and thank you for your daily updates 🙂
    Best regards,
    Gregor

  8. Hi Mohammed

    I should have first read through all of your posts and the comments before making speculative remarks a few days ago on the reasons of leaving a certain broker. I have finished reading and it was worth the time spent. I’m merely two months into trading and I’m still evaluating who I can trust. I have a suspicious nature in general, but your clear and transparent track record has convinced me.
    Regarding the disgusting events of this week, I’m totally with you. Had I rushed to deposit money at a certain broker to copy you, I would have ended as damaged as you and all of your copyers. Nonetheless, it shattered that little trust I had in a certain broker.

    I have registered at HF and I am ready to join. Actually, I´m going to entrust you with the management of a bigger sum than I planned to allocate at a certain broker.
    Don’t let certain subjects ruin your enthusiasm and steer you away from your goals. You have just got a new supporter.

    Looking forward to learn from you

    BTW, a certain broker was down for maintenance this morning and now it seems they have removed your trading history. Removing evidence… I hope somebody took screenshots of it when it was accessible.

  9. Hi Mo. Here’s what I think. They didn’t like your defiant nature (you wouldn’t follow the crowd and abide by their 3% returns a month target). My account manager tried to contact me a few times even before things went sour, to tell me you were a high risk trader. They had it in for you. The fact that they could easily access this blog and see what you were writing about other platforms probably didn’t go down too well with them either. Maybe this site should be password protected too?

    1. Hey man. Hope you are good and the new arrival is keeping you up all night <3. They have a right to say im risky if thats how they feel but if they felt that way, they should have not forced me into the program in December or should have not let people copy full stop. There is a correct way and incorrect way to handle things. How does banning me from the trader, closing profitable trades and hedging protect anyone? They could have handled this a million times better. Why did they even have to lie and say they did not block the account only to change and then admit that infact they did block it from the trader. Why did they not contact me, ignore my request for support and then make out like I vanished? They either handled this dishonestly or like 10 year olds. I am sure the community can make up its mind on which is which.

      In addition, we have consumer rights that let us talk about any product we want. Just because I opened an account at HF for its superior platform and support, those clowns thinks it gives them a right to confiscate my deposit?
      Its fraud. Plain and simple. We know that.

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