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I want to warn people about the x years experience some traders claim to have and also DO have, but why this aint a guarantee the trader wont screw it up. Does anyone know Da-Klub? Its a small club that launched dec ‘05 and has run until march 2007 when disaster striked down. The trader there had 2 years experience. He was and still is pretty good at doing his job. But at the end of february, they opened a position and the man with the axe passed by.
Their ISP went down and wouldnt come back for 3 days. The trader became overconfident in the positions he opened and thought it couldnt hurt not letting someone else logging on at a cybercafe to check on the positions and just sit it out until the ISP would be back. Then another disaster came. The financial market collapsed because of a news report that announced bad economic news. When the trader finally logged on to check on the opened positions, the positions were in such bad shape that the total trading capital got drained 100%! His stop losses never kicked in due to some reason or he didnt set one, and he wasnt present to stop the rot when it happened.
15 months of hard work went down the drain because the experienced trader made one mistake due to overconfidence on his side and he lost peoples money in one single strike! Initials and profits all gone in one single week.
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Do you “know” that or do you believe in what the trader stated? Thats a whole different in this HYIP arena.
Good question,
lately I’ve read so often that forex sites stop because they lost “everything”… As far as I know( and I have seen many), ALL brokers have a margin call-principle with a max margin utilisation and exposure which prevent them from losing everything.. ok a lot is certainly possible, but everything: nope, I cant believe that.
When you read somewhere that an admin lost everything, you can be sure that he lost a lot, but he’s keeping the leftovers.. that 5% or 10% depending on the broker.
Anyhow, someone who ends up with 10% or less all of a sudden due to lack of attention is taking extremely high risks (leverage and exposure) and would most likely lose anyhow long term..
I do believe Da-Klub traded for real. They are a very small club with only like 50 members, they could not have survived 15 months with such small memberbase without doing some real trading. That they suddenly lost 100% is indeed weird tough. The reason as how and why they lost all money is so ridiculous and so far-fetched that it must be true and that the trader indeed let the positions run for 3 days after an ISP drop. Its sad when an expert trader makes a newbie mistakes but I truly believe that is what happened. No I dont believe they lost 100%, anyone who announces such loss has at least 20% left or played double or nothing with the remaining 20% trying to get it all back.
Hi Makila,
Shame on you, you didn’t told me about your posts here
Some clarifications : the trader is in the worst part of Africa, going to the cybercafe wasn’t even an option.
The funds are lost, but it was a very small funds, don’t think he lost thousands and thousands
The interests aren’t lost as they were paid monthly, not far from the 100% for the early birds
Katz,
I confirm the tradin and the loss for the above specified reasons, I had access to the account and was speaking daily with the trader, no doubt about what happened.
No not all money in the account is gone, what’s left is the admin fees nver taken out to improve members eanrings. Those leftover will be used with opther options to recover some or full funds. The club isn’t closed, the trader is really sad for what happened and ashamed, he is thinking to the options he can have and osme could be interesting.
Cheers,
Gray Eminence
Thanks for the clarifications Gray. I corrected some errors in the first post(yes I can edit my own reviews)
the capital can be recovered still when its not very big. You can trade with your own capital for example, work on refunds for those in loss and re-launch when everyone has been fully refunded. it would be good to see Da-Klub be relaunched in the near future. Its a nice little Investment Club with possibilities still for the future. Its too bad I become a writer right when they had a bad loss but I am here to write reviews not to have pitty, I was going to write a little review on da-Klub anyways. If the trader is able to compensate everyone, I am pretty sure he will regain some trust and people will happily join the program.
The trader is in the worst part of Africa, when the net is down, it’s down, a cybercafe wasn’t an option –> Then its always a good thing to have someone located outside Africa, someone you can call and let him close the positions if things turn bad. That means they have to trust the person on the other side, but they should work on this in the future. Maybe they can contact Gray next time they have an ISP drop. He is a trustable guy
He already had access to the trading account to he could have easily closed the positions and possibly saved a couple $$.
And oh yeah I delete your double post Gray. I delete the first one which was a little less complete. Hope you dont mind
And yeah shame on me for not letting you know about this topic before writing it.
Sorry for the double post, when I posted via Opera, it requested a turing number I couldn’t see, and in IE no turing number, strange system.
I will not give the directions DaKlub is looking at, but for sure all options to avoid such trouble will be reviewed and considered.
I’d be looking at fixing the blog after the forum is launched, in the meantime I do apologise and hope this doesnt affect your stay with us Gray!
No need to apologize, I’m the one using a non standard browser ;). Strangely mu third post has been made in Opera, without turing number lol, let see if today I need one.
Regarding DaKlub, I will continue to work with hte trader for the applicable solutions. He got over confident in himself and had vad luck with the downtime connection timing, but he is not too bad at what he is doing.
It there any news about this site? Are they still working on recovery? Or are they gone without a trace?
Organiaz moved to another country, he is working on developping a signal system, not sure it’s part of a recvoery plan, I will try to discover that