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levaz
Site Admin


Joined: 07 Sep 2006
Posts: 2422
Location: Canada

PostPosted: Tue Sep 19, 2006 5:55 pm Reply with quoteBack to top

Please discuss NSFG related matters here.
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levaz
Site Admin


Joined: 07 Sep 2006
Posts: 2422
Location: Canada

PostPosted: Tue Sep 19, 2006 5:55 pm Reply with quoteBack to top

Just to let you guys know, I contacted NSFG for information to open a managed account. And I was told by VB to hold off. He did not explain why, but I figured it would be something obvious I was missing.

Their returns have dropped like a rock. I guess I will wait for some time till they hit consistent double digit returns.
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levaz
Site Admin


Joined: 07 Sep 2006
Posts: 2422
Location: Canada

PostPosted: Tue Sep 19, 2006 5:55 pm Reply with quoteBack to top

I just realised that I was a member of NSFG already. This is through the original fund established by Paul and his partner when they started the program!!
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d1ck0
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Joined: 19 Sep 2006
Posts: 226

PostPosted: Mon Sep 25, 2006 11:30 am Reply with quoteBack to top

NSFG have achieved there 5% lock-in target for September with one weeks trading left to go. Hopefully they can make some good addtional trades this week to exceed the locked in percentage.
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d1ck0
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Joined: 19 Sep 2006
Posts: 226

PostPosted: Wed Oct 18, 2006 6:42 am Reply with quoteBack to top

Looks like we have to put NSFG on hold for 3 months and see if they can recover there fund. Personally very disappointed in this one but hopefully, they will come out smelling of roses in three months time. Update below.

Quote:
What I am about to say I something that I had hoped we would avoid, however circumstances have dictated that we must take action now, and that action is not going to be popular for some of you.

I will start at the beginning, many of you may remember way back when we first started we were using ACM in Switzerland as the broker for our Pool Account, and then switched over to FXCM in February so we could run the Managed Accounts.

The problem started when we took our money out of ACM, because of their strict Anti Money Laundering Regulations the money had to be returned to the account which was on file held with them. The account in question at that time was our old Danish Corporate Account. The money withdrew from ACM without a problem, however as soon as it hit the Danish Account, the Danish Financial Authorities were all over it.

Ken was called in by the Ministry of Finance to prove what this money was, which we promptly did. However this did not satisfy them and they refused to release the money in the account to us for onward transportation. After taking legal advice it was clear that we were not going to be getting this money back and the Ministry of Finance went so far as to say that they are keeping this money so that they would not charge Kenneth with breaching Financial Law in Denmark for the handling of other people’s money. In short we had no option but to accept their token offer and move forward.

After this and following the deposit of all the money that was at the time held in E-gold and the Cyprus Bank Account we were at a position of being at 50% liquidity.

We had two options at this point, we could either immediately reduce everyone's balance by 50% or trade back the difference through our own gains from trading to top the fund up. Obviously we choose the later.

We did in fact manage to successfully get the fund up to around 70-75% liquidity by putting our own money into the account from the trading returns…..and in hindsight it was here that we should have taken the measures that we now have no choice but to take. We did not however foresee the huge amount of withdrawals that would occur in the following months which have reduced us again to around 30% liquidity.

This is not a situation that can continue and to ensure that the fund remains liquid and here for the long term, we must take the following steps. These measures are probably not going to be popular with some of you, however they are required.

This is what we must do effective immediately.

1) Freeze all Balances as per the September Statements for the next 3 months
2) Suspend all Withdrawals – Pending and Future – for the next 3 months
3) Return all deposits made this month to their account of origin.

We are truly sorry if this does impact on you particularly if you have requested a withdraw in October, as the last thing that we wanted to do was cause people hardship. However we must do this for the long term stability of the fund for the coming years.

Many of you have already said to me that this is a necessary course of action and have understood the reasons for doing it. At the end of these three months we will be able to re-evaluate where we are again and look to move forward.

I would like to emphasize that if we do not take action now, then the entire fund could be in jeopardy of liquidizing over the course of a few months.

We are very truly sorry that we must do this, and are aware that this will tarnish our otherwise good reputation. The only good thing that we can say about this situation is that the trading has been good and we are not going anywhere, we have a substantial client base so we will get through this……we just wished we had jumped on it a little sooner than now!!

We are both very upset about having to do this, and aware that many of you will be disappointed in us getting to this position. I would like to thank many of you who are already aware of this and the understanding that you have shown.

This is costing us both personally a great deal of money as we have been depositing our own personal funds and trading commissions into the account to get the liquidity to a reasonable level, only for it to get back to this situation again. We however will continue to do this until this problem is resolved to the very best of our ability and use the coming months to get us back on track and moving forward.

In the years to come, this will just be a bump on the road, but it is one that we must cross now. After the 3 months have passed we will see where we are, until then Ken will continue to trade and we will be putting our own trading funds back into the fund to bolster it up.

I am sorry that I don’t have better news, and I am sorry if you have a pending withdrawal made this month.

Moving forward we had always planned to separate the Pool Account from Northsea more directly so that we could become FSA compliant and have already made investment into doing this. Over these three months we will further this goal so that the future will be far better for all and will keep you updated on the progress.
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levaz
Site Admin


Joined: 07 Sep 2006
Posts: 2422
Location: Canada

PostPosted: Sun Nov 12, 2006 1:14 pm Reply with quoteBack to top

Succumbing to pressure from some of the major investors, NSFG have decided to allow withdrawals less the losses. This was requested by several members, who just wanted to walk away with what ever was left rather than let the traders play high risks to earn the capital back.

Levaz
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d1ck0
Moderator


Joined: 19 Sep 2006
Posts: 226

PostPosted: Mon Dec 04, 2006 7:43 pm Reply with quoteBack to top

NSFG month end report statement below. Alot of members speculated that a loss would occur for November because NSFG MA account holders were reporting this. However the pooled account is traded differently and although not a massive increase, its incouraging that the the fund is starting to grow again. NSFG are also still allowing withdraws if anybody still wants out at present.

Quote:
Afternoon All,
Sorry for not getting this out to you over the weekend, but like many of you I am very busy on the weekends now with the lead up to Christmas.
Okay, well trading in November was tough with the only day that there was a real break out being the day after Thanksgiving. After sitting there till lunchtime with zero movement Ken had to leave the desk. Typically of course about an hour after this the market rallied, and rallied big.
Because we are trading more aggressively with the Pool account we had an order that we left in place, which we did not have for the Managed Accounts. Following the erratic movements in the final week we stepped away from the markets and let them find their direction.
We ended the Pool account +1.7% up, taking into account that this was another extremely low liquidity month it is a decent result. Couple this with the addition of the money that we add to the fund then we end up at 4.1%.
Not stellar by any means, but since we do real trading we get real returns.
The Statements will be sent out shortly, and will reflect this increase. As before should you choose to elect to take a withdrawal then please end the email to:
withdrawal@ns-fg.com
It will return you the relevant form. You will need to have this over to me by the 15th of December.
On another note there have been several of you that have made additional deposits into your accounts, I have these recorded here however they WILL NOT appear on your statements as I am creating another database for these because they would only be eligible to receive the trading gains and not the additional amounts we put in. Please therefore bare with me on this one while I get that arranged.
The auto-trading system has been performing well and lots as though it will do us proud, there were a couple of minor bugs to do with trade management which we need to sort out. The plan for this system, is to get these all resolved, and then go live with our own money in Jan and then put it on general release after this. When we turned it off to get these sorted out it was up some 8% over a few weeks so it is looking good!
Ken has done a video presentation of some trades, for those of you that are interested. Please note that it is about 19 mins long, however starts to play after you have downloaded 10%……if your on dial up I recommend not doing it as you’ll be there all day
http://www.northseaforexgroup.com/presentations/eurgbp_part1/eurgbp_part1.html
That’s about it, as always if you have any questions please do give me a yell!

Paul
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d1ck0
Moderator


Joined: 19 Sep 2006
Posts: 226

PostPosted: Thu Dec 14, 2006 10:07 pm Reply with quoteBack to top

If you have a spare 20 mins, try this fascinating video briefing from Ken at NSFG regarding a price breakout. Hope the link works.

http://www.northseaforexgroup.com/presentations/price_channel_breakout/price_channel_breakout.html
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levaz
Site Admin


Joined: 07 Sep 2006
Posts: 2422
Location: Canada

PostPosted: Fri Dec 15, 2006 12:18 am Reply with quoteBack to top

d1ck0 wrote:
If you have a spare 20 mins, try this fascinating video briefing from Ken at NSFG regarding a price breakout. Hope the link works.

http://www.northseaforexgroup.com/presentations/price_channel_breakout/price_channel_breakout.html


I had seen that video last week, it is very interesting, and a good learning experience.

Levaz
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d1ck0
Moderator


Joined: 19 Sep 2006
Posts: 226

PostPosted: Wed Feb 14, 2007 9:17 pm Reply with quoteBack to top

Not sure if you have all been keeping track on this one, but NSFG had a disastrous beginning to January 2007. At one point they were 20% down although they recovered to just over -15% by adopting a new trading strategy during the last week in Jan. Well, since this new trading formula has been implemented, it appears that NSFG could finally be on the road to recovery. The email update from admin ‘Paul’ should hopefully make things clearer.

Quote:
Good Afternoon Everyone, and Happy Valentines Day!

I thought it was high time that we should report something good rather than all the news that we have recently had to report.

As you are all aware, last month we suffered a loss. It forced us to change our plans and bring in and use the trading strategies which we have been developing over the last year or so. Originally the plan was to change to this method at the beginning of this year, however as circumstances unfolded in the later part of 2006, we had to opt for a method that produced results while making money for the company so that we could put this into the pot on top of the trading returns. We all know how that went!

The trading method we have now employed using far less risk and far less volume, from a company perspective this does not generate anywhere near the kind of money which higher volume trading does so we can not put in large sums ourselves as we had planned......let me be clear, we STILL ARE going to be adding to the fund, however it will not be to the degree we once were able.

HOWEVER, this trading strategy is far more consistent from a actual trading return perspective, and after last month we decided that this is the way to go moving forward.

The good news is that since we have adopted this style we have had 5 weeks in a row profits and already have LOCKED IN 10% for February for you guys!!

I firmly believe that if the loss from last month was the cost that we had to pay to bring in this method, then it is a cost worth paying, as going forward into 2007 it is going to make a HUGE difference to the returns we can produce.

I thought that this was news that you would want to hear, so hence this brief update.

Have a great Valentines Day, the month is still only halfway through and I am sure there is much more to come yet!!

Paul
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d1ck0
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Joined: 19 Sep 2006
Posts: 226

PostPosted: Wed Jul 04, 2007 10:38 pm Reply with quoteBack to top

After a very bumpy ride for Q1 & Q2 in NSFG, it hopefully does appear that we are now turning a corner. A good 12.32% profit result for June and already 7% up for July after only three days into this month. I have updated the monthly results thread for NSFG. Email update below from NSFG admin for your information. Withdraws and deposits are currently suspended until the egold situation improves.


Quote:
Well we have good news, good news and bad news....when given the option I always like to sandwich the bad news in between the good, so here goes.

June ended very well for us with a gross figure of 16.42% and while by any bench mark this is an excellent return, we still felt a little disappointed because we left many pips on the table and had we traded a few trades slightly longer we could have had a few extra %. The perfectionist in us do not like this, and while we realise that we can not get every move, we still don't like it when we miss them.

Still 16.42%, which Nets as 12.32%, is a great figure to end the quarter with and one which we are happy with despite the above. We are now looking forward to Quarter Three and breaking the cycle of winning month, losing month, winning month. We are very confident that we will and so far everything looks very good.

Okay Bad News, Egold is still playing silly buggers at the moment and while things do seem to be moving along and many exchangers are opening up, it is for small amounts and often they get swamped and close again pretty quickly. There have been a few exchangers that require rediculous levels of due diligence that are just not practical.

The situation has improved greatly from last month, however it is still not got to the point where we can safely, and with any confidence, perform a transfer into egold and therefore we have to extend the policy of no withdrawals or deposits for the month of July.. I would like to thank everyone that has replied to my request last month asking for other suitable online currencies, I was inundated with replies and am currently looking into them at this time. Please don't send any more as I am just getting lots of duplicates now.

Okay, onto the second piece of good news, July has also started off extremely well and after just 2 trading days into the month, we are already up to a 7% gain. This will mean that we will almost certainly break the cycle of winning month, losing month mentioned above and give us great kick start going into the second half of the year. Ken and I plan on having positive months from this point forward for the remainder of the year so that we can return a very nice annual percentage for 2007 and with the strategies that we are now using, along with the addition of the Hedging Strategy we are extremely confident of doing this!
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d1ck0
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Joined: 19 Sep 2006
Posts: 226

PostPosted: Fri Aug 10, 2007 6:24 pm Reply with quoteBack to top

No need to panic about NSFG, (site is down and no August updates).

Quote:
Site server is down atm, host error. Hence the email is not working. They are onto it and as soon as the problem is rectified Paul will commence sending reports.
Quote:
End of week 32

Statistics:

End Pips count: +725
# Trades: 49
# Wins: 24
# Losses: 25
Ratio: 49%
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d1ck0
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Joined: 19 Sep 2006
Posts: 226

PostPosted: Mon Aug 20, 2007 9:43 pm Reply with quoteBack to top

Latest Update. New URL details. No returns or losses for July. NSFG pool accounts will be managed and licensed by a third party. Latest update from NSFG admin below.

Quote:
Hi There Everyone,

I am so sorry for not getting back to you guys sooner than this!!

We have open positions running and I was giving them the first week in August to close so I could account for them....after it became apparent that they would run for longer I was going to update you all last week.

However as some of you may have noticed our Hosting company went down, taking the site and email along with it!!!

After yelling at them it was clear that we seemed to be hitting a brick wall there so Ken and I decided to get a New Domain: www.northseaforexgroup.eu and have just got that up and running.

The dot com domain will be transferred over shortly, but at the moment both Ken and I are using the dot eu domain for emails.

Okay, right well because the Open positions are currently still running I have to report the July position as Flat, which mean no gain or loss on account but we are confident that this will ultimately prove very positive when they close. However we can not say with any certainty when this is going to be closed as it totally depends on market conditions.

With this in mind Ken and I have decided to take a step that we have been planning on taking for a while now, and just needed the right time, due to the current situation now is a good a time as any.

Northsea Forex Group Ltd wants to become a more mainstream trading fund and to do that we need to step out of the grey area and move into the professional arena and due to the current political climate need to protect both us and yourselves from any potential problems that may occur. The problem that we have is the Pool Account plain and simple. Under current regulations we are required to "know our clients", this means that a full compliance check is done on each of them......if you know any Managed Account Holders then you will know this can be a lengthy process. Currently we don't actually know any of you, at least not to a satisfactory level required by law. We can not undertake the same process that a Managed Account client goes through for each of you....it would take an age.

Obviously this is not an option for the pool members, and we have no intention of closing the pool down or anything. What we are doing however is a restructuring behind the scenes which will most likely result in the Pool being licensed to a third party who will then become a client in their own right as well as complying with all sorts of regulations and tax issues. You guys will probably not even notice anything has changed to be honest.

The downside of this is that it might take a while for us to get everything sorted. After taking advice from various sources we have started this process, as not only will it make it better for everyone in the long run, it will also mean that we will avoid any such problems that occurred at the start of last year which would be bad obviously!!

While we are going to be undertaking this we are going to have to cease all financial activity for Northsea Forex Group that involves the Pool Account, this includes trading, while this happens. This does not include the current open positions which were made prior to this undertaking. I warn you now that this will probably take a few months to get sorted. It is something that really does have to be done, and as we are locked with the open positions anyway now is the best time to do it.

We do apologise in advance for the inconvenience this may cause.

In regards to the July Statements, they will probably not come out till the end of August, as the email programme is coded into the system using the dot com domain and we will either have to wait for it to resolve over to the new hosts or if that looks like it will take to long then we will get it recoded to the new domain.

Again, I apologise for the delay in getting an update out to you guys. Please also note that if you have sent me an email in the last week or so I will not, and probably will never get it, if you sent it to the dot com address.
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d1ck0
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Posts: 226

PostPosted: Tue Aug 28, 2007 8:55 pm Reply with quoteBack to top

Well, its up to you if you believe this update. What ever way we look at it, its a Gonna.

Quote:
Yesterday evening our broker in London, BGC, made a margin call on all our accounts after a drop in equity made it impossible for us to maintain the large open negative positions we have been holding for a while. It forced us to liquidate all open market positions, including both arbitrary trades and the hedged position for an all out loss. The large negative P&L had been built up as the global equity markets plummeted following the serious credit concerns and it caused a major unwound of the carry trades, not only in the Yen pairs but also in the Swiss Franc crosses. Attempts to trade around these arbitrary positions failed and we are forced to close down the company following this margin call since we have no liquidity left. Hundreds if not thousands of hedge funds and investment firms around the world have severely suffered from this global incident and we regret not to have
been able to pull ourselves through the credit crisis unharmed.

This liquidation has serious consequenses for everyone involved. Personally, I have lost my own private trading account and are now forced to sell my house and liquidate my personal assets to be able to cover expenses until I can move and I will most likely end up with a serious amount of debt to banks and credit institutes. Along the way NSFG has been confronted with obstacle after obstacle and although we have tried our very best to stear clear of these obstacles, this last financial crisis killed our dream. There is no way we can regain what has been lost and the sensible thing to do is pull the plug now and get things closed down for good.

Ken, on behalf of NSFG Ltd
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