Find Out More Dark Truth Of Alpha Play Forex School Academy, Ang Kar Yong!!
An ex-student’s group chat history with the unlicensed, self-proclaimed fund manager; Ang Kar Yong
Self proclaimed “Fund Manager”, Ang Kar Yong gave an ‘official’ address to his investors/students that he MARGIN CALLED1 the PAMM account (investors’ money)2 . In an attempt to salvage the situation, the reason he gave was because he simply did not turn off the EA3 due to unforeseen circumstances, and hopes that everyone understands the risk involved in the financial markets. He then continued to further provide more lip service that he intends to repay it someway or another back to his investors/students.
1 Margin Call; when your trading account has been wiped out, and the broker requires you to put in more money before you can continue trading.
2 PAMM system is a service of collective investing in Forex market. The PAMM system (Percentage Allocation Management Module) is a special set of Forex trading accounts used by traders to manage their own funds and joint capital of investors (other traders).
3 Expert Advisor (EA); An Expert Advisor (EA) is a piece of software written specifically for the MetaTrader Platform. An Expert Advisor can be programmed to automatically execute the trades on a live account.
When he was questioned why the trade sizes entered on the PAMM account doesn’t coincide with what was being preached (1% risk). Kar Yong tries to disassociate himself with the poor performance of the PAMM account by stating; the EA runs on Martingale4 money management. It’s apparent, even to the investors that the EA operates with no Stop Loss (SL) and its due to human negligence that the account wiped out.
Many investors lost confidence and trust in Ang Kar Yong for they felt duped as they genuinely believed that all trades was entered by AKY personally and not by an EA. One student even mentioned that it is very dangerous for Kar Yong to be conducting seminars teaching people how to trade, especially with the above mentioned system and risk management.
4Martingale; known in the trading world as the martingale, this strategy was most commonly practiced in the gambling halls of Las Vegas casinos. The system’s mechanics involve an initial bet; however, each time the bet becomes a loser, the wager is doubled such that, given enough time, one winning trade will make up all of the previous losses.The problem with this strategy is that to achieve any profitability, you need to have very deep pockets; in some cases, they must be infinitely deep.
When investors further questioned about the methodology, monitoring and risk management with regards to the PAMM account, Kar Yong pushes the blame, saying the EA has it flaws and weaknesses AFTER SQUANDERING HIS INVESTORS’ MONEY.
Investors of the PAMM account under Kar Yong’s monitoring LOST MOST IF NOT ALL of their money.
The EA performed thousands over trades over the span of 2-3 months.
Investors completely lost faith and trust in self-proclaimed fund manager, Ang Kar Yong. The investors are lured in by the advertisements of profitable signals but when the account gets wiped out only then its revealed that the PAMM account runs on an EA.