Whats the catch here? FXADVISORS

Discussion in 'Forex' started by chi_squared, Sep 24, 2001.

  1. :confused:

    Does any one know anything about FXadvisors or other small currency trading outfits?

    This company is looking for traders to work from home as currency traders. It sounds a little fishy to me but I am looking into it anyways. Here are some of their conditions:

    1. Traders endure a 60 day trial period where they are given an account with 50,000$.

    2. During this time, they may trade Euro/USD, British Pound/USD, and USD/Yen from home.

    3. Long positions cannot be exited until 35 'tips' up have occured
    (he said tips, not ticks. Is this currency trader lingo or something they made up?)

    4. Short positions cannot be exited until 10 'tips' down have occured.

    5. During the trial period I have to make 10 trades per week for which I make 5 dollars per trade.

    6. If after the 60 day trial period, I have consistent returns, I may be offered a position as a permanent currency trader.

    7. The guy I spoke to said something about the purpose of this was to generate volume - ie churning, or to generate comissions.

    ALSO, Their email address is at hotmail which suggests that they are not a very professional outfit. In addition, the guy I spoke to claimed to have lost an office in the WTC, but their company is not listed in the lists of companies that lost people. Indeed, there is no information on their company anywhere on the internet.

    How can they possibly be making money by giving college kids 50,000 to try out their luck at being currency traders?

    Any informatin about this or other mysterious currency trading outfits would be greatly appreciated.

  2. It appears that a pip is a unit that is 1/100 of the currency. IE, 35 pips in dollars would 35 cents.
  3. dozu888


    How to contact them? I have a friend who might be interested.
  4. Dustin


    For those in the Bay Area, there is a similar firm in SF that will take on new traders for currency trading called Tokyo International Exchange on Vanness. You trade from their office though...
  5. Htrader

    Htrader Guest

    I would be VERY careful about this firm. Anyone who has an office in the WTC would certainly never use a hotmail address to contact clients. If the office was actually destroyed, then why are the trying to attract new traders now??? Rather soon don't you think?
  6. guidodf


    What if positions decide "pipping" in the wrong direction? Will you have too keep them open for the rest of your life? Or just until they get back their office in the WTC?

    Very, very fishy