Anyone heard of OakFX?

[Morpheus]

Got cold called by a guy trying to sell this fancy foreign exchange programme www.oakfx.com - fully automated he reckons just like what the big Wall Street banks use. Must say I'm pretty dubious ... here's the short blurb ...

"The Full OakFx Package, including our 21 day Capital Guarantee, is priced at just $23,700 NZD. On average, OakFx users earn around $2000-$5000 a month on their trading account investment—all from the privacy and comfort of their home."

Don't even know who runs it but seems to be linked to an outfit called Phoenix Forex Ltd

[peat]

weird how even in the advertising pages OakFX loses money
http://www.oakfx.com/OakFx.com/Downl...0810.pages.pdf

[roddy]

Hi Morpheus and Peat
hey thats a cool user name Morpheus

Peat thats why you are a financial adviser you are able to dig a little further whereas i looked at the figures and thought to good to be true as per my post whereas you proved it from there web site

i know a person who has involvement with somebody who does run a robot in the forex market,from what i can ascertain the programmer watches it for quite awhile before he runs it live and its a case of tweaking it because the market dynamics change so he watches it closely.
there was another person who i used to follow i never invested but he was a news trader and very profitable pre 08
would be interesting to know what was inside the robot and how much it has been curve fitted
did they offer to trade it live for you and show you verified account statements from there broker
over the last 2 years
i had a quick quizz on the link and imagine they are claiming that it will return 2000- 5000 a month on the minimum balance of $25000 therefore in 12 years you would have an account size of 100 mil (not likely)
if you are interested in Robots go to forexpeacearmy and they have a list of third party robots that
they evaluate,not many make money

[Chrismac]

I’m one of the sad buggers that purchased one of OakFX trading boxes. Long story getting worse by the day. I went to Auckland to have a meeting with David McEwen previously with IRG and now publishing the McEwen report. I was looking to invest money with him via his private wealth facility. Apparently OakFX is a part of, or associated with the Phoenix group, Davids own company. Instead of talking about his wealth management service he wheeled out some Flash Harry salesman(you know the type). He was there to talk me into the OakFX trading box, as I said too good to be true. Anyway after some discussion and a major brain fade on my part I actually purchased the thing, more on the strength of Davids reputation, and he was certainly very effusive of the product with examples of early customers doing extremely well.

An income guarantee was part of the deal which was for 1500 dollars per month for the first 3 months. After sub par performance(quite dramatically) I contacted OakFX to note my concern and question re the guarantee. I was told that 3 months of statements were needed, the trading appeared to ramp up from that phone call but equity started to decline rapidly. To cut a long story short after the three months and equity of circa 17000 pounds equity was down to 12700. Since then I have on numerous occasion contacted the company through email and spoken to them over the phone re the guarantee, each time being told they will get back to me, the persons out of the office, in a meeting etc etc. I have been in contact with the General Manager, same response. You know the routine. I have just closed the account, I had to go direct to the trading company as when I called OakFX again, I couldn’t get past the receptionist who said “someone might get back to you by Friday.” I now have equity left of just under 11,000 pounds plus the loss of the cost of the trading box. A rather expensive lesson, one I can actually afford but nethertheless not good for the ego. Just a reminder to all, if it looks to good to be true!!!!!, This company in particular is incredibly unprofessional if not incompetent with more than a suspicion of dubious practice. In other questions only too happy to help

[Dmcewen]

Hi all, this is David McEwen.
It is apparent that Chrismac did not pay attention when the system was being explained to him. It is a pity he didn’t contact me to discuss any issues he might have had before publicly badmouthing me and my associates from behind the safety of a pseudonym.

Oakfx is a fully automatic foreign exchange trading system that I have had the opportunity to study since it first arrived in NZ nearly two years ago. I have clients who have purchased the software and allowed me to monitor their returns on a daily basis for the past 18 months. I liked what I saw so much that I subsequently became a shareholder in the company that distributes the software. All the clients I monitor have made excellent returns with this product – of around 50% per year on their trading accounts.

Oakfx takes positions on multiple currency pairs and implements ‘take profit’ and ‘stop loss’ limits. Until either limit is reached, the position remains open. An open position is not a loss and does not mean the equity in the account is lower. It is a similar concept to operating a dairy; you have to buy stock before you can trade and make a profit. Equity can go down if a trade is closed at a loss, but this is offset by profits on other trades and the system achieves a profit on around 75% of all trades.

Trading foreign exchange does come with risks, including the potential for losing some, or all of the balance of your trading account. This is explained to all clients in writing, including Chrismac, when the product is purchased and these disclosures are read and singed by all customers before an account can go live. I personally believe Oakfx manages potential risks well and delivers an excellent return to investors on a risk-adjusted basis.

I would love to have a conversation with Chrismac in the office or on the phone and do what I can to educate, help and resolve his issues. We love the product and stand behind it 100%. Whilst I accept we are busy and sometimes hard to get an immediate response from, all enquiries do get answered. I would suggest we are busy because the product works and is in demand, often from word of mouth and referrals. I do accept though that, as hard as we try, we can't please everyone all the time.

With regards to my personal advice and performance analysing markets for over 20 years, I would welcome a healthy debate, face to face, from anyone with a better track record. My numbers speak for themselves and are a matter of record.

[janner]

Hi all, this is David McEwen.
It is apparent that Chrismac did not pay attention when the system was being explained to him. It is a pity he didn’t contact me to discuss any issues he might have had before publicly badmouthing me and my associates from behind the safety of a pseudonym.

Oakfx is a fully automatic foreign exchange trading system that I have had the opportunity to study since it first arrived in NZ nearly two years ago. I have clients who have purchased the software and allowed me to monitor their returns on a daily basis for the past 18 months. I liked what I saw so much that I subsequently became a shareholder in the company that distributes the software. All the clients I monitor have made excellent returns with this product – of around 50% per year on their trading accounts.

Oakfx takes positions on multiple currency pairs and implements ‘take profit’ and ‘stop loss’ limits. Until either limit is reached, the position remains open. An open position is not a loss and does not mean the equity in the account is lower. It is a similar concept to operating a dairy; you have to buy stock before you can trade and make a profit. Equity can go down if a trade is closed at a loss, but this is offset by profits on other trades and the system achieves a profit on around 75% of all trades.

Trading foreign exchange does come with risks, including the potential for losing some, or all of the balance of your trading account. This is explained to all clients in writing, including Chrismac, when the product is purchased and these disclosures are read and singed by all customers before an account can go live. I personally believe Oakfx manages potential risks well and delivers an excellent return to investors on a risk-adjusted basis.

I would love to have a conversation with Chrismac in the office or on the phone and do what I can to educate, help and resolve his issues. We love the product and stand behind it 100%. Whilst I accept we are busy and sometimes hard to get an immediate response from, all enquiries do get answered. I would suggest we are busy because the product works and is in demand, often from word of mouth and referrals. I do accept though that, as hard as we try, we can't please everyone all the time.

With regards to my personal advice and performance analysing markets for over 20 years, I would welcome a healthy debate, face to face, from anyone with a better track record. My numbers speak for themselves and are a matter of record.

Insert Tui Ad..

[Joshuatree]

"yeah....Right"

[Chrismac]

If you want to talk David, I’m sure you have figured out who I am by this stage and am only too happy to receive a call. Firstly lets note that I am not challenging your performance or even acumen as an investor. I have been a subscriber for years, thru the GFC, and have in general agreed with much of your analysis. That was why I arranged a meeting in the first place. Nor am I negating my responsibility in purchasing the product, although I would still debate the sales tactics used and the degree of risk highlighted. If you read my transcript you will see I am challenging the professionalism, come competency of the firm you have aligned yourself with and have only reported the performance as it occurred. We could debate the merits of your comments re equity, and the use of stop losses or otherwise! But I suspect it would serve no purpose. The decision to post comments was not made lightly and only after a considerable period of time had lapsed between my first, subsequent and final contacts with OakFX( re the income guarantee). I felt I was being given at best, the run around. My position is that of a customer, albeit a very dissatisfied customer and I would be only too happy to elaborate my concerns if it would help you provide a better service to others in future.

[overall observer]

I totally agree with Chrismac's words as I too along with a number of others, have been caught in this web and lost a lot of money I can ill afford to do. It seems it is not at all reputable, and I too have got "sorry he's out for a while and will ring you tomorrow" anwers to calls (which of course never happens) which indicates all the more, we have been totally ripped off. It seems Mark Brewer is one behind it all. Just google him.........

[stoploss]

Hi all, this is David McEwen.
It is apparent that Chrismac did not pay attention when the system was being explained to him. It is a pity he didn’t contact me to discuss any issues he might have had before publicly badmouthing me and my associates from behind the safety of a pseudonym.

Oakfx is a fully automatic foreign exchange trading system that I have had the opportunity to study since it first arrived in NZ nearly two years ago. I have clients who have purchased the software and allowed me to monitor their returns on a daily basis for the past 18 months. I liked what I saw so much that I subsequently became a shareholder in the company that distributes the software. All the clients I monitor have made excellent returns with this product – of around 50% per year on their trading accounts.

Oakfx takes positions on multiple currency pairs and implements ‘take profit’ and ‘stop loss’ limits. Until either limit is reached, the position remains open. An open position is not a loss and does not mean the equity in the account is lower. It is a similar concept to operating a dairy; you have to buy stock before you can trade and make a profit. Equity can go down if a trade is closed at a loss, but this is offset by profits on other trades and the system achieves a profit on around 75% of all trades.

Trading foreign exchange does come with risks, including the potential for losing some, or all of the balance of your trading account. This is explained to all clients in writing, including Chrismac, when the product is purchased and these disclosures are read and singed by all customers before an account can go live. I personally believe Oakfx manages potential risks well and delivers an excellent return to investors on a risk-adjusted basis.

I would love to have a conversation with Chrismac in the office or on the phone and do what I can to educate, help and resolve his issues. We love the product and stand behind it 100%. Whilst I accept we are busy and sometimes hard to get an immediate response from, all enquiries do get answered. I would suggest we are busy because the product works and is in demand, often from word of mouth and referrals. I do accept though that, as hard as we try, we can't please everyone all the time.

With regards to my personal advice and performance analysing markets for over 20 years, I would welcome a healthy debate, face to face, from anyone with a better track record. My numbers speak for themselves and are a matter of record.

How does this reconcile with " we love the product and stand by it 100 % "

http://www.nzherald.co.nz/business/n...ectid=11118789