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NSFG, Technical error causes a big loss
HYIP Scam Recovery, Problem HYIPs, HYIP Updates, HYIPTags: NorthSeaForexGroup, NSFG.
I rarely write about NSFG because its a private program but after all the recent disasters that hit the trading account I feel I have the right to express my thoughts about them.
There is some positive news and there is bad news. The positive news is that Ken show signs of being a decent trader after all. He has approximatily 80% profitable weeks and 20% loosing weeks. The bad news however is that when he does have a loss, the loss is so huge it whipes out all profits + some losses on top of it.
This shows the level of risks Ken is taking, trying to recover from the infamous government fund seizure where 50% of funds became frozen. Now Ken may be a good trader, but he aint very professional.
At one point in March NSFG had +10% profit and altough they promised to lock in 5% profit whenever they reached that stage, they decided to continue to risk the entire capital. Half way through the month disaster strike and due to a technical error NSFG lost way over 20% in one single day.
Working very hard for 2 weeks to rag up +10% and then loose double that amount due to a technical error in one single strike, must be frustrating. But didnt they took a little too much risk on their fork then? You may have the best trading strategy in the world but if you cannot cut your losses to a minimal you *loose*.
It wasnt like they lost the money in one single minute time. If I read their quarterly report correctly, it looks like it took hours before any serious damage occured in the account. If they cant reach the broker “ASAP” when such technical error occurs, perhaps they should start questioning the support rating of their broker.
I shouldnt call NSFG a russian roulette but thats the impression I get from them. Every time they pull the trigger they come closer to the bullet and when the bullet comes out of the gun, it will be game over.
Will they ever reach that bullet? I sure hope not. Ken is very excellent as his job, he really has a lot of talent and trading skills and he is capable of ragging up 60% profits in 2 months time.
But if the man with the axe start to cause some bad luck, Ken is also capable of ragging up 80% loss in a short period of time and I am afraid that may just happen to him. If you take risks to recover capital in a short period of time, chances are you burn yourself on the hot fire.
Popularity: 2% [?]
Big profit = big losses and big risk
When seeing these results from NSFG I must stand by the point I made earlier on. These two men can certainly not be called professional traders when they gamble with investors money they way they do.
A correct analysis I’m afraid.
program with great potential and unprofessional management…
i’m glad i’m out…
Moral Lesson:
Always have the Phone number of your broker handy.
But… If they didnt know that, that says something.
I agree with Agent725.
Take it with a pinch of salt in the results they tabulate now. The only people who will really know what exactly is going on is those MA account holders in NSFG.
I’m out, thus I have no rights to comment on their results; but it irks me to think how I lost 70% of my funds there unknowingly through a government seizure.
One thing I don’t quite understand about the government seizure. Governments don’t just grab a portion of accounts. They either …
1) Order a cease and desists until legality can be determined, in which case funds are frozen.
OR
2) Tax the funds, in which case Paul and Ken would have time and a variety of sources for coughing up the amount. It wouldn’t be 70%.
So, if anyone understands or has an example of government seizing 70% of funds, please post here. I’m very interested in learning about this.
Thanks,
Sharon
The government seized 50% of the funds. The other 20% they lost because they paid withdrawals out at 100% and pretended they didnt lost anything so they posted fake returns. So 20% loss was caused due to the ponzi system they set up afterwards. But still 50%, its a lot of money they supposedly lost outside normal trading.
It’s more than 50. I drew out at 30%.
50% loss(seizure by government) 20%(additional losses) = 70%
100% - 70% = 30%, indeed Jude, 30% was left.
Let’s not forget that 50% of funds that were supposedly seized were reportedly taken during February 2006. It’s interesting that NO irrefutable proof has been furnished to lend credence to the seizure story. It’s even more amazing how so few people seem to call Paul on this or even seek out the truth for themselves. Maybe its wilful ignorance but in light of all of the secrecy, false accounting, and evasiveness that has pervaded this program I, on a balance of probabilities, would surmise that no seizure actually took place. I guess we will never know until someone out there uncovers the real truth. The other 20% loss is attributable to stealing from Peter to pay Paul- hence a Ponzi. Investors who were depositing after February were, unknowingly, funding exiting participants at full value. I’m surprised that Paul isn’t in prison for what he’s done but then again I suppose not enough investors have complained to the right authorities. Considering all that has happened I’d say Paul has some big balls to pull off what he’s done. I have a feeling though that someone will settle accounts with him one day. Ultimately he won’t get away with what he’s done.