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NSFG continues to disappoint everyone unlucky still be with them. (Jude was wise to get out last year. I’m sorry that I didn’t take his advice at the time.) They are freezing deposits and withdrawals due to egold exchange problems. In addition, their trading strategy posted a loss once again. Normally a month with a small loss would be no big deal. However, with NSFG’s history any month with a loss is just another blow to those of us that still have funds with them. On a brighter note, they are open to suggestions! Here is their update…
Good Evening Everyone,
First off let me apologize for the delay in getting this out to you, it was the Half-Term Holiday over here in the UK last week and I was on Holiday with the family and did not get back till this weekend.
I would like to begin by letting everyone know about the situation regarding E-gold, while I was away the e-gold problem grew worse and I understand that Feeder Fund had their accounts frozen. They are not the only people to have had their accounts frozen and I have received reports from several people that their own accounts have been blocked also.
Judging by the amount of emails I had on my return in regards to this matter I understand that this is a concern for many of you……please accept my apologies for not replying to you directly as it is easier for me to answer the questions en mass.
First of all I can say that our e-gold account is not frozen or blocked and we have not lost any money etc. We never hold anymore than a nominal amount in the e-gold account anyway. Each month I know how much is to be withdrawn and only send a small amount more to cover the price shift of gold.
HOWEVER, while we have currently been unaffected by this clamp down by e-gold the possibility of action remains high. This coupled with the fact that we just can’t get money into or out of e-gold right now, as all the exchangers are currently not transacting business, we have taken the action to temporarily freeze all deposit and withdrawals i.e. while this resolves itself we will not be performing any deposits or withdrawals.
I am very confident that this will get resolved, and once it is then we will open it up again, but right now we just cannot and will not take that chance.
Leading on from this, I have been looking at other methods of moving funds online, and to be honest not having all that much luck. E-bullion, PayPal and Moneybookers are not possibilities. If any of you have any ideas, please do let me know and I will look into them. Hopefully it won’t ever be a problem, but it never hurts to be prepared!
In respect to the trading in May it has had it ups and down, unfortunately more down than up and primarily due to one sequence of trades, which dropped nastily against us suddenly, forcing us to cut our losses only to then fly away in the correct direction moments after. The Pool Account result for May was therefore –15.02%, which puts us about –4% down for the quarter. We have already got some of that back so far in June and have many decent set ups coming up.
Every month I get emails from you guys about different systems and setups to look at and add to our portfolio. One such system was brought to our attention by many of you and also by one of our Managed Account Holders, which involves a semi hedge on two pairs and highlighting the point of deviance between the two. We have back tested this now for a few years and it shows very promising results indeed and will make a healthy addition to the current price action setups used. The only problem is that often the positions are held for a while so there may be months where there are not any closed within it, while the next month has several, as this is a positive problem its not something I am going to worry about to much, but thought you should be aware in case one month has a great result and one gives a lower return.
Statements will be coming out either later this evening or tomorrow, and please let me reiterate that there will be NO deposits or withdrawals at the moment till E-gold gets itself sorted out.
Have a great week,
Paul
Will we ever be able to get our funds out?
JMO - Sharon
Popularity: 2% [?]
-4% after 5 months of trading this year. How disappointing. I can understand they had some bad luck and had some negative months down the road. Or perhaps a few 0% months due to broker issues. But 5 months and still not in profit? Nope, that is totally unacceptable.
I’m glad I pulled the plug out of this one. Still it’s unacceptable that they lost so much of my funds.
Better trading off yourself.
Pissed off, I regret for giving them another chance and not taking out my money when it was possible. Looks like ponzis work better than the “real HYIPs”.
Or I’d better took Jude’s advice
Looks like ponzis work better than the “real HYIPs”.
–> This shouldnt be the case. But we Hyipers are easy victims for poor and bad traders. Why would a trader that makes a good profit( 5% a month) share it with us? There is one exception in my eyes currently , thats InfinityShares. They are decent traders who due to circumstances have not much money theirself and they cannot get a bank loan either(Steven being a student and Chris without a job –> bank loan refused), so they were forced to collect our money and trade with it and didnt let us down yet. And maybe also GF(altough due to lack of DD this is not certain) but the majority of real programs are run by poor, low life traders that were unsuccesfull with their own trading, so now they try their luck with other peoples money instead and they are experimenting with our money.
Is there anyone standing by their side other than me?? Feeling lonely
Lol
IF I wanted to get out and they allowed w/d, then my e-gold would have nowhere to go, anyway… most of decent programs/clubs not accepting e-gold deposit (except LH perhaps?); no outexchange chance without high fee either.
But Jude may be right: “Better trading off yourself” … one day, for me too hopefully… yes aware of Forex blog