Tag Archives: forex

CFTC Charges Former Hawaii Resident in Forex and Futures Ponzi Scheme

The Commodity Futures Trading Commission today filed a civil enforcement action in the U.S. District Court for the District of Hawaii against Gregory Demetrius Bryant, Jr., formerly of Hawaii, for fraudulent solicitation, misappropriation, operation of an unlawful commodity pool, and failure to register with the CFTC.

According to the complaint, Bryant fraudulently solicited approximately $426,000 from at least 35 participants for pooled futures and foreign currency (forex) trading—misappropriating at least $356,000 to pay personal expenses, including international travel, shopping, and rent, as well as at least $66,000 to make Ponzi payments to conceal and further his fraudulent scheme.

Case Background

The complaint alleges that since approximately September 2016 through at least June 2020, Bryant—while using the alias “Gregory Surrey England,” purported president of the nonexistent company “Surrey Libor Capital, LLC”—falsely guaranteed monthly futures and forex trading returns of $6,000 to $8,000 in some instances and 60 percent to 80 percent in other instances. It is further alleged that Bryant made numerous false statements to prospective and current pool participants about his trading experience, his trading success, and being registered with the National Futures Association. According to the complaint, Bryant also failed to tell pool participants that he was a convicted criminal with a history of financial problems, including three bankruptcies.

Rather than trade futures and forex as he represented in his solicitations, Bryant, as alleged, misappropriated the vast majority of pool funds for personal expenses and to make purported “returns” to pool participants. Bryant further concealed his fraud and misappropriation of pool participants’ funds by falsely telling them their accounts were “in great shape,” to expect returns or disbursements soon, and/or that his business was being impacted by the coronavirus pandemic.

In its continuing litigation, the CFTC seeks restitution, disgorgement of ill-gotten gains, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the Commodity Exchange Act (CEA) and CFTC regulations, as charged.

The CFTC acknowledges and thanks the National Futures Association, the Federal Bureau of Investigation, and the U.S. Attorney’s Office for the District of Hawaii for their assistance.

The Division of Enforcement staff members responsible for this case are Elsie Robinson, Rachel Hayes, Jenny Chapin, Jeff Le Riche, Christopher Reed, Charles Marvine, and former staff member Jo Mettenburg.

CFTC’s Commodity Pool and Forex Fraud Advisories

The CFTC has issued several customer protection Fraud Advisories that provide the warning signs of fraud, including the Commodity Pool Fraud Advisory and the Forex Fraud Advisory, which alert customers these types of fraud and list simple ways to spot them.

The CFTC also strongly urges the public to verify a company’s or individual’s registration with the CFTC before committing funds. If unregistered, a customer should be wary of providing funds to that company or individual. A company’s or individual’s registration status can be found using NFA BASIC.

Customers and other individuals can report suspicious activities or information, such as possible violations of commodity trading laws, to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382), file a tip or complaint online, or contact the Whistleblower Office. Whistleblowers are eligible to receive between 10 and 30 percent of the monetary sanctions collected paid from the Customer Protection Fund financed through monetary sanctions paid to the CFTC by violators of the CEA. 

Federal Court Orders North Carolina Man to Pay Over $255,000 in Futures and Forex Fraud Scheme

The Commodity Futures Trading Commission today announced that Judge Max O. Cogburn Jr., of the U.S. District Court for the Western District of North Carolina, entered a consent order against Mark N. Pyatt, of North Carolina, imposing a permanent injunction and ordering Pyatt to make restitution in the amount of $255,850. The order also permanently bans Pyatt from registering with the CFTC and from trading commodity futures and retail foreign exchange contracts (forex). In the order, Pyatt admitted to fraudulently soliciting individuals to place funds in a commodity pool and to misappropriating most of the funds he solicited.

The consent order resolves a CFTC case against Pyatt that was filed in the Western District of North Carolina on February 10, 2020. [See CFTC Press Release No. 8120-20] The CFTC’s litigation continues against Pyatt’s company, Winston Reed Investments LLC.

The consent order finds that from at least April 2017 to February 2019, Pyatt accepted $276,850 from pool participants to trade commodity futures and forex. The consent order also finds that Pyatt misappropriated most of pool participants’ funds for business expenses and personal use, and to make Ponzi-like payments to other pool participants, while using only a fraction of the funds to trade. In addition, despite overall net trading losses, Pyatt sent reports to investors claiming profits of between 18.8 percent to 86.5 percent per month.

Related Criminal Action

In a parallel criminal action, the U.S. Attorney for the Western District of North Carolina announced that Pyatt pleaded guilty to wire fraud in connection with the scheme. On October 27, 2020, Pyatt was sentenced to 37 months in federal prison and ordered to pay restitution to his victims. [See United States v. Mark Nicholas Pyatt, Case No. 1:20-cr-00016, ECF No. 42 (W.D.N.C. Nov. 5, 2020)]

The CFTC cautions that orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.

The CFTC appreciates the cooperation and assistance of the U.S. Attorney’s Office for the Western District of North Carolina in this matter.

The Division of Enforcement staff members responsible for this case are Michael Loconte, James A. Garcia, Erica Bodin, and Rick Glaser.

* * * * * *

CFTC’s Foreign Currency (Forex) Fraud Advisory

The CFTC has issued several customer protection fraud advisories, including the Forex Fraud Advisory, which provides information about a type of fraud involving the trading of foreign currencies and how customers can detect, avoid, and report these scams.

Customers can report suspicious activities or information, such as possible violations of commodity trading laws, to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online.

Federal Court Orders Colorado Company to Pay Over $900,000 for Digital Asset and Forex Ponzi Scheme

The Commodity Futures Trading Commission announced that the U.S. District Court for the District of Colorado entered a judgment against defendants Venture Capital Investments LLC (VCI) and its principal and manager Breonna Clark d/b/a Eliot Clark d/b/a Alexander Pak (Clark), both of Denver, Colorado, for fraudulently soliciting and misappropriating funds from clients in a digital asset and forex Ponzi scheme.

The order requires VCI and Clark to pay $450,302 in restitution to defrauded clients, a civil monetary penalty of $450,302 and the CFTC’s costs. Additionally, the defendants are now permanently enjoined from engaging in conduct that violates the Commodity Exchange Act (CEA) and CFTC regulations, as well as banned from registering with the CFTC and trading in any CFTC-regulated markets.

Case Background

The order stems from a complaint filed on February 14, 2020. [See CFTC Release No.  8118-20] The court ruled that the defendants fraudulently solicited more than 72 clients to invest in commodity pools that purportedly trade in forex and digital assets, including bitcoin, only to then misappropriate the money. Further, the court found that the defendants lured their clients primarily by using social media, touting the ability of their purported “master team of traders” to provide consistent trading profits. The court found that the defendants misappropriated their clients’ money to acquire, among other things, a luxury automobile. The defendants also used their clients’ money to make Ponzi-type payments to others to maintain the scheme. In total, the defendants fraudulently solicited and misappropriated $450,302.

The CFTC cautions victims that restitution orders may not result in the recovery of money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.

The CFTC thanks and acknowledges the assistance of the Financial Supervision Commission of Bulgaria, the St. Vincent and the Grenadines Financial Services Authority, the Financial Services Authority of Seychelles, the United Kingdom Financial Conduct Authority, and the Financial Markets Authority of New Zealand.

The Division of Enforcement staff members responsible for this case are Erica Bodin, Kevin Samuel, Kim Bruno, Michael Solinsky, and Rick Glaser.   

 

 CFTC’s Foreign Currency (Forex) Fraud Advisory

The CFTC has issued several customer protection Fraud Advisories that provide the warning signs of fraud, including the Foreign Currency (Forex) Trading Fraud Advisory, to help customers identify these scams.

The CFTC also strongly urges the public to verify a company’s registration with the Commission before committing funds. If unregistered, a customer should be wary of providing funds to that entity. A company’s registration status can be found using NFA BASIC.

Customers and other individuals can report suspicious activities or information, such as possible violations of commodity trading laws, to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online.

Federal Court Orders Pennsylvania Man and His Companies to Pay More Than $1.2 Million in Forex Trading Scheme

Washington, D.C. — The Commodity Futures Trading Commission today announced that the U.S. District Court for the Eastern District of Pennsylvania entered an order of default judgment finding that Michael Salerno of Chadds Ford, Pennsylvania, and his companies Black Diamond Forex LP, BDF Trading LP, and Advanta FX, fraudulently solicited members of the public to become foreign currency (forex) traders. The defendants are required to pay more than $1.2 million.  

The court’s September 24, 2020 order requires the defendants to pay $335,149 in restitution and a civil monetary penalty of $894,000, and also requires that Black Diamond Investment Group pay $1,488 in disgorgement. Additionally, the order permanently enjoins the defendants from engaging in conduct that violates the Commodity Exchange Act, from registering with the CFTC, and from trading in any CFTC-regulated markets.

The order resolves a CFTC enforcement action filed on April 17, 2018 charging the defendants with fraudulent misrepresentations and misuse of funds. [See CFTC Press Release No. 7718-18]

The CFTC charged that beginning in at least January 2017 and continuing through at least March 2018, Salerno and his Pennsylvania companies solicited individuals on websites such as LinkedIn and Indeed.com and their own websites to become forex traders. Defendants required prospective traders to pay risk deposits that defendants falsely promised to match with some multiple of company funds in proprietary forex trading accounts, and falsely promised to share a portion of the trading profits with the traders and to pay performance bonuses. They also falsely touted Salerno’s successful forex trading career, and falsely assured prospective traders that Salerno had amassed no less than $9.5 million in real estate sales that he was using to fund his proprietary trading companies. In reality, Salerno had not traded successfully in the forex markets, had filed for bankruptcy in the same year he claimed to have made real estate sales, and had been convicted of a felony and sentenced to 21 months in prison in 2005. Moreover, defendants never established live trading accounts for anyone, and misappropriated the risk deposits. 

The CFTC cautions victims that restitution orders may not always result in the recovery of money lost, because wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure wrongdoers are held accountable.

The Division of Enforcement staff members responsible for this action are Elizabeth M. Streit, Joy McCormack, and Scott Williamson, as well as former staff member Barry Blankfield. 

EURUSD

EURUSD has been trading within a well defined uptrend over the last several months, since breaking out in early 2017. 1.2360 provided support to the pair in early February and now switches to resistance.

The pair’s top level was $1.2555, and recent low was 1.2155. Immediate resistance is seen around 1.2350. A clear break above that area could lead price to neutral zone in nearest term testing 1.2400 area. A close significantly below 1.2200 could point toward a bearish correction.

The next strong support might lie at 1.2060. A break and daily closing below the 1.2000 support area shall trigger renewed selling interest, validating a move towards the 1.1554 level which is the low of the last major downside move.

Forex Technical analysis week: 9-13 October 2017

Forex Technical analysis week: 9-13 October 2017

10-12-2017

GBPUSD regains bullish momentum breaking above the 50 hour moving average and also breaking above the 50 daily moving average after rumors that EU may offer UK a 2 year transition period, stay long as the pair is trading above 1.32

10-11-2017

EURUSD keeps the positive momentum today for third day as EUR relief came from Catalunia president. Short term bullish is well intact as the pair trades above the hourly averages and now is testing the 50 day moving average, a break above will give the bulls the upper hand targeting 1.1862.

10-9-2017

GBPUSD made an impressive rally today gaining more than 100 pips from the lows at 1.3073. Consistent bids send the price higher to the first resistance level at the 100 hour MA at 1.3183 but the lack of volume gave the opportunity to sellers to take control, a move back to 1.31 area looks possible.

 

10-6-2017

EURUSD is trading higher for third day after it managed to find support at 1.1695. The pair has broken above the 50h MA today and reached the 100h MA at 1.1738. EUR was very strong today against USD despite strong NFP data.

For now next resistance is at 1.1830, support could be found at 1.1695 (low Oct 3) and 1.1662 (low Aug 17).

I am watching short term action closely as the bullish momentum on the daily chart is still intact, but I believe reading the short term signals suggest for a move to 1.15.

10-5-2017

USDJPY is trading in narrow 105 pip trading range for the last week. The price is trading below the 100h MA and finds support at 112.45, the 200h MA.  The biggest driver is the Fed rates decision in December and also Donald’s Trump tax reform which supports the US Dollar.  First resistance is 113.26 and then 113.82. A break below 112.45 will be bearish and can drive the price down to 111.75.




 

EURUSD is trading higher for second day after it managed to find support at 1.1695. The pair has broken above the 100h MA and reach today 1.1779. Stay long as long as the pair is trading above 1.1762.

For now next resistance is at 1.1830, support could be found at 1.1695 (low Oct 3) and 1.1662 (low Aug 17)

 

 

 

Forex tips and ideas

  • Traders often fail because they don’t learn from mistakes. Keep a diary of trades to discover what works and what doesn’t.

 

  • Setting limit orders and stop/loss orders takes emotion out of the equation and ensures trading discipline.

 

  • Trade small amounts when you are a beginner. Grow your account balance through profits, not deposits.

 

  • Don’t set a stop loss order too close to the opening position price. Normal market volatility can trigger it if you do.

 

  • Don’t chase a losing position out of emotion. Stick to your trading plan and don’t throw good money after bad.

 

  • Don’t reinvent the wheel. Study other forex traders’ strategies to see what works and what doesn’t.

 

  • High leverage isn’t free money. Manage your money wisely and stick to low leverage. That’s what the successful pros do.

 

  • Forex trading isn’t gambling. Look for steady profits rather than hunting a few big wins.

 

  • Plan all your trades in detail before you make them, otherwise emotions can lead to bad decisions later on.

 

  • Don’t hold too many open positions at the same time. Unless you automate them all, you will end up being overwhelmed.

 

  • There isn’t a single perfect trading strategy. The most important thing is to pick one that suits your personality.

 

  • When you are following a trend, use a trailing stop to lock in your profits.

 

  • Some currency pairs are volatile and others are relatively stable. Choose the pairs that best suit your risk profile.

 

  • Technical analysis is well-suited to short-term analysis, while fundamental analysis may be useful in the longer term.

 

  • Weekends are a good time to learn from your past week’s trading and to plan for the week ahead.

 

  • If you find yourself getting tired, angry or frustrated when trading, take a break to get yourself back under control.

 

  • If you keep positions open for a long time, be aware of rollover charges. Some accounts charge these each day at 5 PM EST.

 

  • Pay attention to economic calendars. Surprises in GDP and other data can move the market quickly.

 

  • Make market analysis part of your daily routine. It’s better to make a few informed trades than many random ones.

 

  • Successful traders study their craft. If you are a beginner, consider taking an online course to master the basics.

 

  • When starting out, study a single currency pair. Don’t spread yourself too thin by trading multiple pairs.

 

  • Don’t let greed turn a profit into a loss. Stick to your trading plan and don’t let emotions get in the way.

 

  • Remember that your goal is to make long-term profits. Don’t let a single good or bad day change the way you trade.

 

  • Not all forex trading advice is good advice. Filter your inputs carefully based on the reputation of the source.

 

  • You can learn from other traders, so share your experiences. However, make your own decisions since it’s your money.

 

  • Set stop/loss and limit orders to reflect your tolerance for risk. The further apart they are, the more risk there is.

 

  • If someone has a way of doubling their money each week, then why would they tell you? Stick to proven strategies.

 

  • Automate your trading whenever you can. This will stop your emotions from doing damage when you have an open position.

 

  • There is no such thing as a guaranteed profit. Remember that small losses that you planned for are wins as well.

 

  • Choose a reputable forex broker that offers you trading conditions and currency pairs that match your trading strategy.

 

  • Boredom is no reason to open a position. Be patient and look for real trading opportunities.

 

  • Volatility is an opportunity for both profit and loss. Converging Bollinger Bands often indicate volatility ahead.

 

  • Don’t get overconfident when you have a big win. Stick to your trading strategy and don’t take reckless risks.

 

  • Interest rates, employment and geopolitical events are the main factors to consider in fundamental analysis.

 

  • Don’t go against trends unless you have the financial and mental strength to survive a long string of losses.

 

 

  • You make the best trading decisions when you are healthy and rested. Get plenty of sleep and exercise.

 

  • If you over-leverage your trades, there is a real risk that you will be forced to exit a position at the wrong time.

 

  • Pay attention to the spread between the bid and ask. This can change and make the difference between profit and loss.

 

  • If you start out by making simulated forex trades, remember that real trading is very different because of emotions.

 

  • You will often find the highest trading volumes when New York opens in the morning and Europeans come back from lunch.

 

  • Always plan your exit strategy up front. At what rate will you cash out winners, and when will you cut your losses?

 

  • Always look at the potential downside of any trade and plan to limit your losses if the worst happens.

 

  • When manufacturing economies such as China grow, commodity-based currencies such as CAD and AUD often rise.

 

  • Don’t just rely on technical or fundamental analysis. Successful traders take both into account before they trade.

 

  • Study horizontal support and resistance levels. Look for price action at these to find high-probability opportunities.




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Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. No information or opinion contained on this site should be taken as a solicitation or offer to buy or sell any currency, equity or other financial instruments or services. Past performance is no indication or guarantee of future performance. All data without guarantee.

Forex Technical analysis week: 17-21 July 2017

USDJPY Technical analysis July-19-2017

USDJPY is under selling pressure today and sellers now are in full control as the pair broke below the 50d MA and 100d MA and now it is targeting the 111.21 level, meanwhile USD is weak across the board.

AUDUSD Technical analysis July-12-2017

AUDUSD made an impressive rally the last days but now have reached overbought levels, meanwhile USD looks strong across the board, a profit taking looks possible.

EURUSD Technical analysis July-12-2017

EURUSD is under pressure after Yellen’s speech and broke all the supports just to hit the daily low at 1.1391 the strong support of 200h MA I will enter a long position as we expect the pair to rebound from that support and regain 1.14 level

EURUSD Technical analysis July-11-2017

EURUSD is making new yearly highs, the consolidation around 1.14 has ended with a break to the upside getting help from Donald Trump Jr. posts about email chain with Russian lawyer offer to provide information on Clinton. A close above 1.1465 will give bulls a chance to reach 1.15

GBPUSD Technical analysis July-11-2017

GBPUSD is trading higher today and has already made two attempts to break above the 100h MA. 1.2920 level looks like a strong resistance and we expect the pair to pullback.

USDJPY Technical analysis July-10-2017

The pair failed today to break above the May high at 114.36, it stopped at 114.29, but there is nothing to worry the longs as the pair holds above 114. So stay long as USDJPY is trading above 114, first resistance at 114.36 and then 114.95

GBPUSD Technical analysis July-07-2017

GBPUSD breaks below the 1.29 level after worst than expected manufacturing and industrial production data. Investors dump GB amid expectations that the UK economy could be headed for a slowdown and short term trend broke below the 200h MA

EURUSD Technical analysis July-04-2017

EURUSD is trading in narrow trading range just 41 pips from low to high as us markets are closed. EUR bullish momentum is still intact but we expect a minor pullback for later today

USDCAD Technical analysis June-28-2017

USDCAD is approaching again the daily lows at 1.2964, an early USD reaction earlier today ended just above 1.30. Stay short as long as the pair is trading below 1.2985. Remember that the CAD is often traded as a proxy for crude oil, so make sure that you are watching to what’s going on in that market. Today is Independence Day in USA, and that will work against volume in USDCAD, as the pair is heavily weighted towards North American trading




USDCAD Technical analysis June-28-2017

USDCAD is down 1.10% to lows that we haven’t seen since February 24. The pair has reached oversold level and the crude price is still under pressure, we expect a short recovery from that level.

EURUSD Technical analysis June-27-2017

EUR bulls are back in town breaking above the 1.13 level and bears are running away. I expect more buying as long as the pair hold above 1.13

EURUSD Technical analysis June-26-2017

There is something that we don’t like about the EUR today. The pair moved above last week high at 1.1212 and hit 1.1219, even the macro news was against USD like the Dallas Fed activity index which was lower than expectations, the pair failed to hold the gains and broke below the 1.12 level. The move today suggests that buyers are not very confident and a move lower looks possible.

EURUSD Technical analysis June-23-2017

Finally the pair after trading for 4 days in very narrow trading range (30-40 pips) managed to break emphatically above the 200h MA enhancing the long term bullish momentum for EUR

USDCAD  6-22-2017

Strong Canadian retail sales send the USDCAD to daily low at 1.3207 down more than 100 pips for the day. Meanwhile crude oil is trading 1.4% higher after 4 days of losses. Sellers are in full control of the situation here as better macro data increase the chance of a rate hike on July 12th by Bank of Canada.

GBPUSD  6-21-2017

It looks like the gbpusd found support at the 100d MA and that gave the buyers some confidence. We are not very sure if the rebound will last but i will give it a try targeting the area below intraday high around 1.2682

EURUSD Technical analysis June-20-2017

EURUSD short term outlook has turn negative as sellers took control and every rebound looks like an opportunity for entering short positions. Major support is the 50d MA at 1.1012

GBPUSD bearish momentum 6-20-2017

GBPUSD is under heavy selling pressure today and found support just at 1.2602 level. The pairs momentum turn bearish as it broke below the 100d MA and now the next support could be found in 1.2578 which is the 50% of the move up from March low. Stay short as long as the price trades below the 100d MA

EURUSD Technical analysis June-19-2017

EURUSD is trading in a narrow trading range but since last week the pair short term view looks bearish even that the long term picture is bright. We believe that as long as the pair is trading below 1.12 you should keep your short position, a break above 1.12 will give bulls a chance.




 

 

Risk Warning

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade forex you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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