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Ibiza Traders is down.
Dear Investors,
In spite of our efforts we unfortunately have to inform you that Ibizatraders didn’t make it. By the end of November we had to report you a big draw down. If such a draw down has to be made up during a 2 to 3 months period it is obvious we had to take substantial risks in our books. As per the end of December we positioned ourselves for a big move up in all currencies against the US$, such according to general market expectations at that moment. Surprisingly to the markets and ourselves such moves did not materialize. In fact just everything one can trade against USD went down, from currencies to commodities, from precious metals to energy. Although we had our stops somewhere down the line this couldn’t prevent us taking big losses again. The situation got desperate and we were, unfortunately forced to finish our operations.
We understand that most of you are very disappointed and some even angry or frustrated. Well, so are we. I know it offers very little solace but we have been working for almost a year now on Ibizatraders (including the preparations). The undersigned also spend a lot of money and time on this project and never earned a penny neither. In fact he lost most of his savings as well in trading. Apart from the material aspect he also lost the most precious of all: his reputation, which can’t be expressed in money!
If there are still disbelievers as to the honesty of this fund: a copy of the trading account activity will be sent to Bluemax of Hyip Navigator so there won’t be any doubt left as far as that is concerned. We understand that many of you might have individual questions, remarks, reproaches etc. As it will be impossible to me to answer or react on everything posted we decided to take the site down; besides it won’t help or change anything. As I do not want to be straight away unavailable for comments or questions I kindly request you to call me up on my home phone, everybody’s question will be addressed. For the few that might want to contact or warn the authorities I can only say: please do so. Ibizatraders is a legitimate fund and hasn’t anything to hide. We would gladly cooperate with any authority that contacts us. Ibizatraders went down due to losses on trading and not of stealing. Once again we would like to stress that this closure is very difficult for us and we want you to be sure we feel terrible for what went wrong after all the confidence you gave us. We won’t be active anymore in the markets, online or offline, so we retire from it. If you see sites coming up in the future using the name Ibizatraders or something similar or the undersigned name please mind it won’t be us but a fake.
Sincerely.
Peter Ris
Is there any which could survive at all?
Popularity: 1% [?]
There you go, I won’t invest in those so called forex pros…. Just out to suck your money. DIY is the only way, and to think I have not much programs to recommend anymore, because this hyip game is turning into speculation.But I hope I found a few gems in my private programs, not looking to add more into my portfolio. Good luck guys!
I haven’t been affected by this saga, simply because I didn’t place my funds in them.
Hope you’re not too affected by Ibiza and wish you all the best in your future endeavours if you choose to leave the zone.
Not a bad thing either, take care.
Is there any which could survive at all? –>
Sure there is. Peter Riss broke one of the most important trading rules in the game. As he said himself, he took extra risks to recup losses. Didnt We the Newbies and Amateurs who absolutely have no clue about forex trading at all, warn others about this rule?: “Do not take extra risks to recover or you will be burned.” But of course we newbies and amateurs are stupid and those so called pro’s know it all better dont they?
This is all such a load of BS. It started when “Peter” lumped all the deposits that came for three weeks *after* the loss into the broken fund, though he still hadn’t announced the loss. He said that everyone was in on the loss together, though a good deal of money from the most recent deposits hadn’t even been invovled. He refused to return this money (maybe because it’d make the loss look even bigger). He then took it to the next level of BS by failing to allow people to withdraw what was supposedly left of their principal. And the cherry on top is that we now learn that the entire fund was lost… what an incompetant jackass.
I don’t think there is an honest hyip program out there. After a year or so in this arena. The lure of easy money and the promises made by admins are just nothing but a pipe dream.
I haven’t funded a program for since October 2006 and as long as people have the mindset that they can put $1000 and compound it for 3 years without issues is cheating themselves.
Hyip is gambling. Timing and discipline are important. Knowing which program to go into when it’s in the up trend and getting out while playing with profits is a black art that many wish to master.
I perfectly believe that he definitely lost his reputation, because loosing thousands of dollars in just few weeks is just the proof how this guy is just so stupid. And if he worked for years in a bank as a trader as he told us, he probably stopped working there because he was fired due to his incompetency and to his impossibility to understand what money management and security of the funds is.
If this man can be called a trader at all, he certainly didn’t act wisely by raising all stakes against the USD. I’m glad I was not in this one.
Is it greed that gets to them ? Do they try to make huge profits - since they deal not with their own money - so the can keep them for themselves (while paying membes a percentage) and when they make the inevitable mistake they close shop ? Or maybe they are just learning how to trade and instead of using their own money, they approach the hyip community ? Thats a nice concept, because they are not ’scamming’. I mean, it could not be called ponzi, just incompetence .. Did this trader have long experience ? if so how does he justifies playing all or nothing with the USD ? (not a good traders move..)
Mismanagement of risk assessment. That kills.