My god. If I'd been pushing trades with my *own* money to the max like that I'd be sh1tting my pants. If it was other people's money, I'd jump out a freaking window if I wasn't dead from a coronary already.


Posted by FisherKing (Member # 3924) on June 20, 2006 03:05 PMJune 20, 2006 03:05 PM:

I'm going to have to believe Intebankfx on this one.


Posted by Piprider (Member # 4331) on June 20, 2006 03:24 PMJune 20, 2006 03:24 PM:

I will believe interbank fx too. It looks like Mr. D u m b A s s was good enough to attract money from clients - good enough to feel it is a marketable enough skill to offer it in trade for having his dealer take the losses of the positions he accumulated but with money management skills equivalent to those of Danielgsx. Then, he tries to mitigate the damage by trying to play on the public opinion's general distrust of market makers. He should have partnered up with someone who can really trade and relegated himself solely to the solicitation of funds from clients. Instead, he took everyone to the crapper at lightspeed.



Posted by OrlandoFlyBoy (Member # 3974) on June 21, 2006 10:20 AMJune 21, 2006 10:20 AM:

Well, I don't get it. It appears that they are talking about two different things, but making it sound like the same thing.

Was this a platform error that executed trades by itself, a newbee trader that traded badly, a managed account where the "manager" traded badly (without the account holder's permission, or against the wishes of how the account would be traded), or Interbank FX hedging that went haywire?

Someone make it clear exactly what happened, in order, so that it is clear what the complaint is


Posted by mobbbb (Member # 7422) on June 21, 2006 10:25 AMJune 21, 2006 10:25 AM:

Maybe a gohst entered the trades and then vanished while the asset manager was gone ?


Posted by PIPCANADA26 (Member # 9133) on July 12, 2006 06:28 AMJuly 12, 2006 06:28 AM:

I went to a conference provided by Interbank here in Canada and by the way some people mention this topic and the representative from InterbankFX did say The CEO Crosland was going to reimburse Cashmonsters Investors For this failures.

I wonder the same why Interbank doesn't just sue Cashmonsters? legally who can prove the truth will win but by the way, then if Cashmonsters is right then they could squiz the big bucks from Interbank for defamation if they have a failure that causes those losses and more than that for revaling the traders name.

Was a bit impossible for me to believe that a serious company can have such failure in their software but when I saw this letter from this executive Paz I understood must be right, when you don't have nothing to excuse you just have to be quiet, why then give explanations? When people asked what this PAMM in question is they explained works for Percentage Allocation Money Manager is used for professional traders who manage several accounts you can set to distribute by percentage or by lots, usually they said you set it once and never again. Paz mention in his post Cashmonsters Trader Changed the Pamm every day. I want to believe that but I can't. Reason Simply. when another assistant to this seminar asked why a trader would want to change every day the pamm settings he just said. "I don't know" again, I'm a lawyer and that for me indicates a lie.

In the other hand I asked what "hedge" term means and found that is short and long the same currency in the same account then this phrase make no sense from Interbank: "May 11 and 12 the British pound trended
on a big way and touched 1.9000, forcing him to place a hedge 600 pips
wide" Nobody gets forced to do nothing in Forex markets at least not even a new trader places a trade being forced by a Jedi Mind.

Making math 1.9000 - 600 pips= 1.8300 here is my Idea if this guy cashmonster is as good as everybody claim he was going to get not only those 600 pips back but maybe another 120 total 720 profit on the short side from the hedge, maybe such big earnings from Cashmonsters are not convenient from a company as Interbank plus trading with 620k I believe then is not hard to duplicate or triplicate an account. (I saw the pound as Paz Mentioned in his post and it went down to 1.8085 from 1.9000 that he claim is the top of the problem)

As A lawyer I can say that if Interbank is right they can file a federal law suit against cashmonsters where they just need to proof they trade trying to loose money. The problem for Interbank is that as far as I can see Cashmonters has not made any comments or post as Interbank do a self defense. They can not then complain Defamation. Here the Note from Zelli is good idea record your calls but that is illegal so wont be valid unless both sides agreed that both are being recorded. Then if interbank has Cashmonsters calls recorded they will win this case. I would love to hear Cashmonsters begging with the promises of more clients but I guess we wont see that. I wont open my possible self traded account with Interbank anymore and I wont open a managed account with Cashmonsters I would love to see who lies and who is honest but I want to trade I will open my account with Oanda and another one with FXSOL. Any comments about FXSOL will be truly appreciated.Cashmonsters is famous for aggressive trading then 600 pips in question should be piece of cake for an aggressive trader, Interbank is famous for the 2 pips of spread and now for revealing names. I wonder then If Interbank detected a bad trader placing crazy trades why they just did not stop or block his trading screen? Interbank make money for every trade trough the spread. I do not need to conclude then more.

Looking then at Cashmonsters side, Defamation if Interbank is proven wrong can be a big problem for this company. They made public the name of the trader. Reason for which I would not open my account with Interbank Even if I was happy with what this guys proposed in this seminar here in Canada.

Why? well I consider that they fail in the "discretionary code" that every company should have. and by the way is included at Interbanks agreement, another reason for me to give a point to Cashmonsters. And Finally and to conclude, when the representative from Interbank at the seminar mention that Crosland CEO from Interbak was going to reimburse the Investors that ringed my Lawyer heart. this CEO is smart who will want to have a bunch of complains at the NFA, CFTC and a pissed Trader claiming big bucks for defamation? what's the amount in the middle? 620k I guess that is piece of cake for Interbank to cover and avoid "interbank" as a post in Oandas Forum. Nothing more disturbing. 2 great firms now full of dirt who will get clean? I don't know and I don't care I will trade at Oanda and FXSOL myself.



1.

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