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Before this thread degenerates into an ugly, unnecessary name-calling-yo-mama-so-fat kind of tabloid gossip outlet and I start losing respect for many people that I once considered intelligent contributors in this forum…
I almost never comment on this kind of topic, but this one is just amazing. Starting from the assumption that you are in fact sincere, and that this isn't an attempted scam:
Continuing with the assumption that this isn't an attempted scam, then I'm sorry that you're losing respect for contributors on this forum, but you are insulting their intelligence.
So if you have an intelligent suggestion or constructive criticism let it flow, I welcome that but don’t assume right off the gate that this is a scam…
Here is my suggestion: In my opinion your mind is only set on taking, shown in almost every aspect of your writing. People spot this behavior immediately and turn there back subsequently. In my case with a hard remark. Maybe you do know how to write trading robots and your intentions are good. But your believe system portrayed is a selfish egocentric one. Not very good if your trying to market a product. If you set your mind to giving and portraying you actually want to help others, they just might give something in return. Greed is not good in trading, likewise in marketing.
edit: fixed spelling
There is a very popular joke on the trading floors saying that if anyone wants to make a million bucks trading, just start with a couple of millions.
First I was not asking for a loan. [...] I don’t know where this simple formula got so distorted.
...because you specified a sum of money, with restrictions such as no trading by anyone other than you, but without any performance indication, let alone a guarantee. That's more like an interest-free loan rather than an investment.
I think what bothered people here the most was the fact that I wasn’t offering direct access to the robot.
I can't speak for other people, but I don't think this is the case. There are plenty of trading systems which are offered either as signal services or simply as managed accounts - i.e. no trading logic given to clients. I think the main sticking point was your unique proposal that people should hand over money to you without disclosure of any sort of track record.
Second on the list - and partly related to the track record - was probably the complete imbalance of risk between you and investors. The investors stood to lose n% of $10,000, plus $40 per month of activity. Your risk basically seems to have been limited to opportunity cost.
Well put jjc
PEACE!
8)
I’m looking for 100 investors willing to volunteer life accounts to test my new robot for 6 months starting July 01. You keep all the profits resulting from this test. All I ask in return is a onetime $250 USD maintenance fee to cover for all my expenses during the Test Period which will end on December 31.
If at any point you are not happy with the robot’s performance, you can opt out of this Test and request that the robot be removed from your account. The maintenance fee will then be returned to you minus $40 dollars for every month the robot was attached to your account and the cost of the wire transfer.
Investors interested please post your email address here or send me a private message and I’ll send you an email with the requirements along with a brief description of the robot.
Are You Daft?
I think what bothered people here the most was the fact that I wasn’t offering direct access to the robot.
I have been following this thread with some interest (and amusement)... I admit that I was about to post some sarcastic remarks a few times, but people beat me to it... But I'd like to switch to 'helpful mode'. You have answered one of the posts here with "but can you read?", but it seems like u can't. Or you are not paying much attention to what people have been saying.
I'm pretty sure that most people here are NOT bothered by the fact that u r not offering direct access to the robot. We are all in the same business and we all have robots we wouldn't share with anybody. That's not the point at all... What's bothering us has been thoroughly pointed out by jjc, phillip and others, so I won't repeat it. Instead I want to illustrate by giving a simple example of how professional account managers offer their service.
The example is simply the first result of my Googling - it's a dude named Olexandr Topchylo, which apparently won the trading championship in 2007 and offers his services on his website (just to clarify: I don't know Olexandr, I have never tried his service and am not associated with him in any way... I have never even heard of him before accidentally Googling his website).
Check out: http://forex-pamm.com/. It will take you about 5 minutes to understand what we are all talking about. Compare the details you have given out to the wealth of information on Olexandr's website. Everything from who he is to the fine statistical points of his strategy and detailed trading statements of his accounts. Not surprisingly, he does not share his robot either and nobody expects him to. But he has a proven track record, detailed information about himself and about the performance of his strategy. That's what people want and need.
I recommend you take a few days to research and study how the managed account industry works. Then take a few months to build a proven track record and prepare any and all needed information that investors want/need. And lastly, this forum is not exactly the right place to recruit investors. The mere fact that u posted this here shows how much u (don't) know about managing accounts!
I recommend you take a few days to research and study how the managed account industry works. [...]
I'll mention something else (alluded to above) which may well not come up in the course of research because many people simply ignore it. A managed-account service will constitute financial advice in most countries, and you will need to be authorised by a regulatory body in order to provide it (e.g. the FSA in the UK, and your state/the SEC in the US). Selling an EA for someone to run themselves is a slightly murky area. But code_poet's original plan almost certainly crosses the line because of who controls the EA, who has control over account transactions, the existence of remuneration for the service, and the restrictions placed on client activity (no trading except by code_poet).
The reality is that you can almost certainly fly under the regulators' radar, but only until/unless a client becomes dissatisfied with your service and thinks to complain to the regulator. At which point, you're in a lot of trouble. For example, providing investment advice in the UK without authorisation is a criminal offence potentially punishable by jail time. There's also the strong prospect of the client taking out a civil suit against you to cover any damages which fall outside investor compensation schemes.
And, no, it's not going to matter if the client was aware of this from outset. That may affect the client's access to compensation/damages, but it's not going to stop the regulator going after you. There are usually some exemptions for dealing with "professional" investors, but these criteria are generally very hard to meet. For example, you're very unlikely to come across anyone on this or any other MT4 forum who could be treated as an "elective professional" client under UK regulation.
In most jurisdictions it is also against the law to solicit or advertise for investment business without authorisation. Making code_poet's post technically illegal, depending on where he/she lives. <g>