Managed Account FAQs
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What is Forex Trading?
It is trading or swapping currency on the Foreign Exchange market, the largest financial market in the world. It is a method used by almost every big bank and financial institution, almost everyday in their efforts to bring in profits.
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Why open a Managed FX account?
Self-trading currencies are at best a very difficult proposition. Many forex investors do not have the time, experience or desire to trade in the forex market themselves. Being able to follow the market movement 24 hours a day is a very essential part of the trading. Managed Accounts are created for investors with risk capital who do not necessarily want to trade on their own.
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What is the minimum amount to set up an account?
You will need a minimum of US$2,000. But performance fee reductions apply with higher minum balances. $2-10k attract 35% performance fee, $10-50K attract a 30% fee and 50k+ attract a 25% fee.
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What is the procedure to open a Millennium Managed FX account ?
You set up your own brokerage account at www.fxpig.com, then request and download a LPoA which will act as advice to the broker that your intention is to have the Millennium System trade your funds for you. This LPoA allows the trading your funds for profit, but no right to withdraw your funds or control them for any purpose. The broker facilitates the levying of performance fees as they are on a month ends basis. Here is the step-by-step procedure
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What is the management fee for the Millennium Managed FX account?
35% of profits only on account USD2-10k.
30% of profits only on accounts USD10-50k
25% of profitys only on accounts USD50k+ -
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How do you get paid?
We receive payment by direct payment from your broker account into another separate broker account within the framework of the Metatrader platform. This is facilitated by www.fxig.com
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What currencies can the trading account be held in?
Accounts can only be held in USD.
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What's the difference between a Managed Account and a Managed Fund?
A Managed Account is your own brokerage account, in your name where you direct trading or assign to a third party power to trade only, and all or part of your funds can be redeemed within one day. The managed account only holds your currencies and allows you to follow a cost-basis for each of the currencies in your account. A Managed Fund is where you invest into a fund structure, managed by third parties that assign a proportional interest in the assets of the fund, be it a brokerage account or other such interests.
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How do I track the progress of my account?
The brokerage you hold your account with supplies your account statement directly to your email as often as you specify. You can also view your account and watch your trades live in action 24/5 directly, through the brokerage MT4 Trading Platform. Additionally the MT4 can be connected to providers such as www.fxbook.com and www.myfxtsats.com for a more detailed presentation.
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What countries if any is www.fxpig.com prohibited from accepting clients from?
No such restrictions apply to www.fxpig.com.
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What regulatory or compliance protocols do www.fxpig.com comply with?
Details can be found on this webpage http://www.fxpig.com/index.aspx?page=regulation They are also in the process of complying with an additional EU based regulatory protocol, the details of which will be announced in due course.
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Super Scalper EA FAQs
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What is an EA?
An EA is a commonly used acronym in FX and refer to the term Expert Advisor, which is an automated trading system for the Meta Trader 4 platform.
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Is the account posted a demo or a real money account?
Demo
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Why have you not posted a real money account?
In short we haven't posted it because we don't feel it accurately reflects the potential of the system. We're in early development and are just 4 weeks into real money testing on the very first guinea pig account, including period mid-December till mid-January which is not regarded as anything reflecting typical market activity. Account is actually ahead on pips but behind on equity due to the greater combined affect of losses and trading costs, ie. it's close on a first run but needs to be made more profitable in a real money STP environment. A test bed of 5 real money accounts commenced 16th January 2012.
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Why do you have 25% tests and not 99% tests?
Besides the fact that the values of 25% versus 99% are misleading in their own right, we do it a bit differently. It's our position that live real time forward testing is superior for judging the effectiveness of high speed scalping systems like this, and that backtesting's primary function is to get an idea of the values to be used in real time forward tests and provide an indication as to whether or not the system has profit potential, or not. A test bed of live real money accounts used to compare the affects of different settings at the broker of choice is, in our view, the very best means for analysis.
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What do you foresee as the major challenge to the success of the system?
Slippage in an ECN environment, it is entirely the difference between the way a demo account performs versus a real money account on the same STP feed. This occurs to varying degrees due to multiple reasons, including but not limited to; liquidity, volatility, time of day, brokerage choice and their choice of LP and ultimately the banks.
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How do you propose to overcome these challenges?
Via further testing of different settings in a real money ECN environment, which may be all that is required from this point. Exploring alternative liquidity providers. But also by additional code enhancement designed specifically to adjust for the slippage experienced on entry, and via more advanced optimization techniques.
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Why are you choosing to release some copies now versus waiting until the conclusion of the real money testing process?
It was after much deliberation, but because ultimately it better aids in the primary objective to build this EA system into a managed account project run through www.fxpig.com. It's a first release for NMi and an injection of capital and I expect some collaborative efforts with at least some of the new participants will aid in the projects success. We accept that ultimately the decision to release some copies reduces the ultimate potential of the project for
itself because we lose total exclusivity and it's benefits, but at the same time it also hedges our bets from a business perspective. -
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How many copies are available or how long will this offer remain open?
100 copies or we expect the next 60 days - whichever occurs first.
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I'm interested and would like to come along for the ride but would like some assistance, can you help?
NMi does offer a VPS set up and/or management service supplied by
's Technical Director, Emmanuel. -
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I'm an asset manager and interested in the possibility of using it towards that end with developer support, can you help?
's Trading Director is prepared to enter into such a collaboration. -
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What is the price?
USDXXX a copy. Personal use. Unlimited demo, Unlimited Live, All currencies license.
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Why the relatively high price, most EA's are just $99?
Aside from the fact it's not a mass release product, it is because in our opinion the transaction you are entering into will come to be worth a great deal more than the cost you will pay. We believe its a fair price, and that you can pay a lot more for a lot less in the business of FX. The choice is yours.
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Why is the only payment facility via click to sell or international bank wire on a no refunds basis and not via clickbank with its 60 day money back guarantee?
Aside from the fact it's just not commercially viable using a limited release model without security, clickbank usually don't allow a first time product to be worth more than $99. Secondly, although their refund policy protects customers from scams and ensures them the right of refund, frankly it's also able to be abused (and is) by some customers and we choose not to allow ourselves to become a party to those transactions or individuals. For eg, a customer loses their job and simply wants their money back on that basis - despite the fact that as a vendor you've supplied a product they've chosen to pay for, happy with and provided lots of quality support and time, clickbank just refunds the money anyway. Another more serious offender is the scammer who obtains the code, copies it and then requests a refund.
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What do you guarantee then?
Besides the delivery of the product we've undertaken to supply and that we'll work towards to its ultimate success with you - is that we will provide you with facts on which to make an educated decision. Ask us the questions you need to know the answers to, it's as simple as that, we implore you to do your own due diligence first and be confident in your decision - you the customer are responsible.
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