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Plauski FX

sxy_shandy · 12 · 4198

sxy_shandy

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on: Apr 26, 2007, 07:34 PM
Hi guys,
Are any of you familiar with Plauski Foreign Exchange? They're a forex brokerage located in Equitable Bank Tower, Makati. Site is www.plauskifx.com
The site says that it's under the Plauski Financial Group in the US but I can't find any google results about that company (no BBB report, can't find in SEC-US).
They have quite a number of ads for Account Executive in local job sites.
I went to the interview and got to see their compensation plan. It seems that the arrangement is similar to a real estate agent, where there's an allowance plus commissions.
I tried asking about the terms for investors like the spread and lots because their contract is not available on their website but was told that it would just be discussed during orientation. As I understand, the Account Executive has to find new accounts ($10,000 minimum) and trade the accounts. So the account executive is a broker AND a trader. It's like having their personal forex fund manager.
That's how I understand how it works.
The client signs an SPA to empower the account executive to trade his account (because these investors are typically too busy to manage their forex accounts so they're encouraged to leverage on the firm's expertise). The commissions sound great but I'm not sure about the legality in terms of regulation of trading the $10,000. I don't even know if there would be many investors willing to shell that out and sign off an SPA. What would you say are the prospects of, well, finding a prospect?
I'm thinking maybe PMT users aren't the target market of this firm (which I think works similar to e-forexasia).
I want a life of abundance! How to get there, I'm still discovering. :)

(On a side note, I wish I'd done more thorough diligence like this before I joined Nu Skin.)


healthypinoy

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Reply #1 on: Apr 26, 2007, 09:18 PM
welcome to the forum sxy_shandy!

For sure rich people lang talaga ang makaka-afford ng iyong services nyan kung $10k nga ang minimum investment.  Others OFW pwede.  Pero most probably only the rich people will agree to such SPAs.  Otherwise, baka mahirapan ka sa pagkuha ng clients.  Wag kang lang maging too greedy when inviting prospective clients to invest.  Other members have experienced with such forex trading, kadalasan, the account executives doesn't enumerate the risks involved in forex trading.  The account executives dwell on the probability of huge profits.

For sure they will let you undergo training on how to trade forex.  But better enroll on much extensive classes on forex trading to ensure your success in this kind of business.

i think the $10k minimum investment is a standard in our local market.  

Wishing you all the best in your endeavors!

More power!  :thumbsup2





JDforex

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Reply #2 on: Jul 12, 2007, 06:46 PM
10000 USD is the average minimum investment in the Philippine market. For most foreign platforms offer mini accounts for novice traders or simply put beginners. You can check www.easy-forex.com/au if you want to try forex trading with a very small minimum investment. You can trade for as low as 25 USD.


lucky_pinay

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Reply #3 on: Jul 17, 2007, 08:37 PM
I also went to the Plauski interview and the compensation is really attractive but like you said, it is your responsibility to find clients. I wonder how you could manage that though since not a lot of people are willing to trust you with their money..

And from what I understand, they have a hands-on training so kawawa naman ang magbibigay ng investment sa newbies (tayo yun if ever) at the start hehe


4xbizexec

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Reply #4 on: Jul 17, 2007, 10:09 PM
oh my, thats gonna be hard.

I work for Performance Foreign Exchange Corporation (PFEC) and my job is acquisition of accounts.

Same as Plauski FX but what I do as an agent, I teach the clients (traders) on how to trade and help develop their buying/selling (trading) strategies. They trade at their own risk but of course, with calculated room for failure (Risk Management).

In the clients point of view, based on my experience, I'll only entrust my money to someone to trade it given that there's a liability contract involved, which only makes sense dahil sa hirap ng buhay ngayon, everybody wants an easy way out.


lucky_pinay

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Reply #5 on: Jul 27, 2007, 11:18 PM
Suddenly, joining this company doesn't look attractive at all after what happened to PIPC..


smooth

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Reply #6 on: Aug 11, 2007, 02:18 AM
^plauski? why? are they the same as PIPC? i thought PIPC and PFEC are sister companies.....  :D :D :D :D
« Last Edit: Aug 11, 2007, 11:23 PM by annanymous »


mistress

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Reply #7 on: Sep 20, 2007, 10:12 AM
ung plauski galing sa pfec, sila ung humiwalay sa pfec na parang ngtraydor. if im not mistaken may katungkulan sa pfec ang founder ng plauski. try to ask plauski kung sino ang may ari. so i guess hindi sila replated sa company sa US na tinutukoy nila. compare their website too almost the same ang looks. lol!


CrownTrader

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Reply #8 on: Nov 02, 2007, 04:51 PM
Performance and Plauski are legal and are registered with SEC and BSP. The thing is, their 10pips spread and $70 broker's fee make the trading harder and making the accounts end up burned.

If you would like to make money in Currency Trading, i suggest that you rather invest in any of these broker houses. They have smaller spread and NO BROKER'S FEE

http://www.fxstreet.com/brokers/forex-brokers/

and remember..."DON'T EVER TRADE THE MONEY YOU CAN'T AFFORD TO LOSE."


infinitipoint

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Reply #9 on: Nov 09, 2007, 04:03 PM
If they are a broker meaning you clear your trades with them, then why should they trade clients' fund? It's a direct conflict of interest.Another is, being a commodity trading advisor(CTA) they should present a track reckord on trading.

Question. When their clients lose money in trading where will it go? You know.Think hard.  They gain at your loss and loss if you make money. In other words, you are just trading against them.

Further, forex brokers here in the Philippines are not regulated since there are no specific regulating agency. SEC?c'mon. they can't even differentiate a futures contract from spot.

I have been trading as a chief currency strategist in this market for nine years through a hedge fund offshore, and by experience i noticed they are luring people to invest in forex with just $10k. Are you kidding me?With forex volatility and rule of thumb in risk management you should not expose more than 2% of you account per trade. On a standard leverage fx account 1 lot is $1,000 which is already 10%. Market will just ripped you off.Fees? why are they charging fees? On an international standard, market maker are not allowed to charge broker fees unless they are managing your funds which they are not.If you are dreaming to make money with $10k accoount considering the market's volatility forget it.I suggest make it a mini accoount.that would be possible. Trading with $10k is possible provided money are pooled to create a sufficient starting capital in forex trading.

Ideal amount to start leverage fx trading with good risk management:US$50k for standard, US$5k for mini.



Azlan

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Reply #10 on: Dec 23, 2007, 02:42 AM
Hi Guys!

Sad but true! majority of the so called fx brokers here in manila are bogus!First and very easy to check;

Plauski, Performance, Eternity forex, etc.

1.Just go to the site of NFA and you can chexk if they are registered and regulated, then you will be able to look at the net capital requirement and excess capital requirement colums.

2. If you deal with the with them- they will show you a registration on a money changer wich is very easy to get it is just a bond requirement of 100k peso to bsp. imagine a company who would be asking you to open a $ 10k account, so if you ask to them what happens to a company fold up- there will be no way for you to get your money back, no agency to regulate! no excess capital to check! no way to find out if the company exist as an investment firm.

3. SEC is just a registration goverment agency, but cannot act as an investment regulator

4. Think about this! Their business system is really to get your money, they hire newly grads who was just given a 1 day introduction about fx trading- no experience- no knowledge how to manipulate a trading plaform, no idea of money management, no idea of currency pair history, and worst didnt even trade in a demo account! And you would hand them your hard earned money for them to trade!Think about it.

  Reality check! Giving your money to a broker and ask them to trade for you is just like going to a casino and asking the the casino to gamble for you! Thats a sure way of loosing your money!

5. I am sure that most of the real traders in this forum would agree that they would never trade in a local broker. just imagine the com and the large spreads they impose, worst is the trading fee! $70 per trade win or loose. No way for you to trade in a lower time frame- and no way to scalp if you trade min of 4 trades in a day thats $240  that you have to pay.

6. The truth of this matter id most of them are just white label brokers- meaning they are just retailers who throws their orders in a whole saler just like fxcm or oanda. thats the reason they have all this extra charges.

   This forum will really help and guide the new comers in forex, my suggestion! Never Never ask a broker to trade for you! This is the prime reason why a lot of people lost their money in forex! Look for an experienced trader who has a system and an experience who can trade against the broker! It is as simple as your losses becomes their earnings and your winning becomes their losses!


Happy Trading


Azlan


Lightwind_99

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Reply #11 on: Dec 23, 2007, 09:07 AM
I wonder why there isn't any regulating body here in the Phils. No wonder these brokers are taking advantage of it coz no one can put them accountable for any deviations or miscreants.
A petition perhaps to formulate a body? ---> i guess this would be wishful thinking not unless bsp and sec take this seriously....haha i wonder when?  :hihi:


 


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