Norio from Spot On Forex 
Hey guys,
Norio here, from Spot on Forex. I understand your questions and fears and all, so let's see if I can explain stuff and put your minds at ease...
- @Bondizzo is 100% correct. The possibility of losing money is always there. We have a good track record of about 1 bad month for every 12 we trade and we lose a lot of clients in those months! But that's life. We can't guarantee profits every month.
- @AfricanElement thanks
I'm glad we look like iStockPhoto models to you
My wife's a photographer (
www.trphoto.co.za) which explains the great pics!
Vanoc is one of our
forum members.
We took the pic out of the guy standing next to the Merc
(JK!)
- @Balstrome: The forex market is too huge to "play" it with just 2,000 people. Also, it's incredibly difficult to
get 2,000 members, let alone "play" them against each other. Besides, if we had 2,000 members (paying us R267 p/m each) we wouldn't bother advertising! So, while I can't vouch for other Forex companies out there, it's definitely not what we're doing! We just trade on behalf of our members.
- @SiriS: Our money-back guarantee is very real. We've only had to refund 2 people so far but they got their full monthly subscriptions paid back to them. However, any money lost during trading is lost forever. That's a risk we all take when investing in Forex.
- @Bismuth: Feel free to
check out our forum for more pages
- @wizdumb: We welcome you to give us a try
It's nothing like a pyramid scheme. You sell some Euros, buy some USDs, sell some Yens, etc. You get to watch your account statement daily AND we send you email updates of every trade we place on your account.
- @blunomore: Nope, no luring here. You pay US R267 bucks a month. You deposit R1,000 into
www.AvaFx.com. Separate companies on different continents. Our only interest in the AMOUNT you're depositing into your trading account is so that we know the trading lot size required for your account. ie: a technicality. We can NOT touch your money in AvaFx.com!
- @BrandonH knows what he's talking about
We've been on both sides of making a lot of money and losing a lot. So we stopped being greedy and, instead of trading the whole month, we stopped at 200 pips (pips are a measurement for forex gains and losses - more detail @
www.babypips.com). Other (American) companies promise gains of 400-1200 pips a month. Now THAT's gambling.
- @ushir: By conservative targets, I mean aiming for 200 pips a month instead of 600+. ALL of our trades are placed with Limits and Stop Losses so that a trade going the opposite direction of what we expect doesn't wipe out the account. We also do what's called "intra-day" trading. We place a trade today and, often times, close it later today or tomorrow. Investing in a single currency for a long period of time is simply not what we do. We also never invest in the Rand because, actually, it moves very slowly when compared to the USD, GBP, EUR, YEN.
This is NOT a Get-Rich Quick Scheme.
If anything, this is a get-rich SLOW scheme. You won't make fortunes with us in days or months but probably in years. There is the odd exception but we prefer to focus on long-term investment rather than short-term. Your R1,000 will take long to become R10,000. But, on the upside, your R10,000 will take the same amount of time to become R100,000. And then R1,000,000. It's a question of how long you're prepared to keep the money in the market for. If you withdraw early, you get zero benefit from compound growth.
This is NOT a Savings Account.
If you want low-risk growth, get a 10% savings account from Capitec or Old Mutual. They're very good accounts because you take very little risk and you're guaranteed 10% p/a growth.
If, on the other hand, you can stand a little excitement (good
and bad), and would like to see much greater growth, give us a shot. $100 is the minimum you can deposit via AvaFx.com but Forex IS risky so we DO recommend a minimum of $400 so that you can weather the storms.
Storms? Yes, sometimes a trade will END in the positive but will go through a DEEP negative phase. You need the funds in your account to make it through that phase.
Forex Signals versus Forex Managed Trading Account
If you read
our forum a bit, you'll see LOTS of mention of "Spot On Forex Trading Signals". This is our old service. We stopped offering this at the end of June and started offering the managed trading account in July.
Forex Signals are like stock tips. We advise you what to buy and sell and when to do it. We used to send these out, every morning, at around 8am. Our traders would receive the email, open their trading platform, enter the trades and then close it and carry on with their day. Come the next morning, they'd close any open trades left in the account and enter whatever new trades we sent them.
In the very early stages of Spot On Forex, our clients lost money using this method, primarily because we assumed (erroneously) that they would trade until they reached a target and then stopped. But they didn't. They continued placing every trade we sent them. So each month went a little like this:
- Make a coupla bucks
- Lose a coupla bucks
- Make a lot of bucks
- Get greedy (Wow, if I can make R1,000 from R10,000 in a day, I could make R30,000 a month if I keep at it)
- LOSE a lot of bucks
- Month ends
There were plenty months where people MADE good bucks and plenty where people LOST good bucks. It was unpredictable, risky, dangerous.
Forex Signals with Conservative Targets: So we started implementing "trading plans". You can see mention of those in our forum, still.
This basically meant that, once we reached our target of 200 pips in a month, we stopped trading. We stopped sending signals. Some of our clients felt cheated because, to them, they were paying for a full month's service and, in some cases, getting just 7 days. However, they made a LOT more money, so that concern fell away soon enough
Recession: Trading forex in choppy markets like this is tricky. You can't place a trade in the morning and cancel the next morning. Things are changing WAY too fast. So our clients started losing money again.
Managed Trading Accounts: So the solution was to trade on behalf of our members. This means that a trade can be placed in the morning, closed half way during the day (in positive) and a new trade can be placed later in the day, taking advantage of some opportunity that would have been completely useless to us with the signals.
Since my bro-in-law came up with the business plan, our goal has always been to help people make money with Forex but
without them having to learn all the ins and outs of how it all works. And
without them having to watch their email/trading platform all day long, trying to figure out what trades to place and when.
We've arrived. It's working. But, of course, you'd be wise to wait a few months to see what our other members think of the new service. It only makes sense. No one wants to be the first to try something new and potentially risky.
That's it from me for now
I hope I've helped shed some light on things!
wtf are you talking about? 