Update 4/21/2012
The account took quite a beating on Friday, giving up about 25% of equity in floating losses. Fridays can do that though. By the end of friday, the floating loss was only about 8% for me.
I also funded my FinFX account and started trading Greg’s system there so I can take advantage of hedging. It looks like greg likes to take two positions in one direction, and one in the opposite. Also, some of the lot sizes are way larger than usual (0.18 vs 0.02). As of today, the FinFX account is profitable with about $5 of profit.
I got an email from a website visitor (Will) saying that FXDD, a USA-based broker, has figured out a way around the crappy NFA rules. So apparently, you can use hedge trades with them. I don’t know the details of this, but if you need a broker that lets you hedge, you should probably check them out first before FinFX.
Update 4/26/2012
Greg opened up some positions that were many times larger than usual. That’s risky behavior. It’s the kind of thing people do when they’re gambling, losing, and hoping to get back in profit on the next bet. The problem is that increasing your bet size when losing can backfire. Guess what? It did.
The account took a mighty beating. My FinFX account, which started out at $970 is now down to $688. OUCH!
My Alpari US account, which started out at $525 is now at $873, so I’m still in profit, but I’ve given up a lot of it.
Take Home Lesson
Greg is handling risk like a drunken gambler. He does seem to have some good entry/exit signals, but with the way he trades, you’d better be able to handle very large down-draws. From now on, I’ll be trading fixed lots with a set stoploss.
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Greg Stefaniak and his signal service GregsSuccessSignals has been officially found guilty by the Traders Court at Forex Peace Army. 57 members out of 84 voted guilty which is 67.86% I have now alerted people through this blog and the FPA scam review site to what Greg Stefaniak is doing. If I have saved others from the same fate I am happy. I hope he gets shut down completely or that someone in Poland reports him to the authorities. That would be justice served for his greed. I can’t really do any more now so I can put it to rest and get on with better pursuits. Thanks to everyone for your help and support.
It is now October 12th 2012 and I can update the situation with Greg Stefaniak. Today I received a letter from ASIC (Australian Securities and Investments Commission) asking for my permission to release details of my complaint to ASIC regarding my trading losses by Greg’s Success Signals Service, to the CFTC (US Commodity Futures Trading Commission). So it seems that the CFTC in the United States is now investigating Greg Stefaniak which is very good news. I visited his sales page which says his service is sold out at the moment. Perhaps we have succeeded in shutting this person down. Now it remains for him to answer for the fraud that he is and for the misery he has caused. If I receive any further news I will update you all.
Cheers and happy trading.