FX GURU – As of Thursday, July 12 I have had enough. I have been in 3 losing positions for almost 2 months (May 17, 18 and 23rd). I am nearly 500 pips down each trade. I have sent InterbankFX my revocation of Limited Power of Attorney and Trading Authorization to remove FX GURU (Veselin Spasov) from trading my account and close all open positions. As of 5PM my account was not fully closed out but I did speak with an excellent lady in customer service about taking care of my trades and my account. She was even kind enough to call me back on my cell phone to help me close the trades sooner than waiting for my paperwork to clear. I hopefully will get my final statement tomorrow.

I have had no problems with FX Guru other than they let my losing trades run for almost two months. Folks have asked me if the performance on there site was accurate and I have said it is, but they don’t show all the pairs traded, and I haven’t seen anything about 1500 pips in USDCAD loses. If you want to try them out be cautious. I should have seen some of the smaller trades in the beginning let the loses run until they came back. That should have been the sign on the wall. However, I plowed forward praying it would come back. Now I am thankful I didn’t need to invest $10K, but rather I only lost about $250 in total. I will have the exact numbers later. Edited – exact loss was $243.84 on a $1000 account in less than 3 months.

FX GURU experiment is over!!!!

Closed Trades:
All were closed 3 open – All LONG USDCAD (1.0985, 1.0953, 1.0871)
-$90.71
-$85.38
-$143.25
-$311.13 — Total Loss

Open Trades:
Never again

Summary:
Balance: $756.16
Equity: $756.16
Trades: 38
Wins: 31
Losses: 7
Biggest Win: $7.60
Biggest Loss: $143.25 on July 12th when I closed my accounts

*starting balance on April 29 was $1000 and ended on July 12 with only $756.16 ($243.84 loss)