Hi, I am just thinking of getting into Forex trading and have been looking around for some useful advice. I have to say, there seems to be a shortage. One person I have run across is Raghee Horner. She is a fairly eloquent speaker who claims to be a successful trader as well as an author and teacher. I went to her website and listened to the webinars she has done. My impression is that she probably does not do much trading and probably does not trade a large account. A few things make me suspicious: 1) Under her results section she lists four separate months and simply a percentage return. (i.e. April +39.8%, May - no trades, June 18.7%, July 15.1%) No specific trades are listed. No account size is listed. 2) She claims she misses parts of months or entire months because she is too busy with other things. What trader that can make those kind of returns on partial months in a market that facilitates the size potential available in Forex would not trade more consistently? 3) She offers a managed fund but does not take a management fee. She does not take a percentage of the profit. Instead she takes two pips per trade. From the FAQ: Can you provide specific examples of how fees work? Not sure how to interpret 2 pips per round turn. A. If Raghee traded 100 lots (bought and sold) there would be a 200 pip fee that would be charged proportionately to ones account size- i.e. if you had a $10,000 account and the fund had $1,000,000 total funding than you would be accessed 1% of the 200 pip fee or 2 pips on 100 lots traded. That sounds very suspicious to me. Imagine a mutual or hedge fund that didn't charge management fees or profit fees but took $2 per 100 shares per round turn. Would anyone invest? Anybody familiar with her and care to comment?
I know Raghee personally and I can tell you she is a sweet lady. I have never seen her trade but in the time we spent together she "seemed" like she was doing ok. That being said, I do not know for certain and her consistent progress into system selling over trading would be a caution flag for me if I was seeking help. Forex is one of the toughest ways to make consistent money as a trader and I recently read an interesting post that may be more useful to you. http://www.elitetrader.com/vb/showthread.php?threadid=80940
Forex has turned into one of the biggest areas for potential scams and frauds, particularly in the area of managed accounts. I have alerted several of my clients about this issue but a few things to keep in mind are: 1) the most prolific areas of Forex scam in the US are South Florida and Southern California 2) Do not send money or transfer funds to offshore firms. 3) Check the CFTC website in the section title Forex as it provides valuable information 4) Make sure that the broker/dealer or account manager is properly registered or has no complaints filed againts him/her. For more info check the NFA site. Overall, I would be EXTREMELY careful with Forex managed accounts.
Looking for Rahee Horner's Traders Package, Does anyone know where to get the used Rahee Horner's Traders Package? New one out of my budget. i have previous bought the Chris Lori Protrader Advanced Forex 12cds from Forexmentor. It is q quite interesting forex course. i have study andy X Insider signal forex but i felt that the teaching is too general. sorry for asking these silly questions, i just a forex newbie, i don't want to lose the money unnecessary. Thanks
pips per trade commission schemes, would motivate a trader to take more trades...instead of the market... instead she could get a kick back from the dealer...and due to the unregulated nature of the Wild West of Forex, she would not even need to dislose it and get management/incentive fees to boot... Vendors...Accredited/Institutional Investors and Cash Forex do not mix...