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Vista FX – My Thoughts
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I wanted to invest in a second managed account after investing in Thefxhelpers, and I found it harder than I thought. I checked many out and most failed my due diligence. Vista FX didn’t exactly meet my requirements as I had originally wanted but I found out that they had an account with myfxbook online analytical tool. This is a trusted website where managed forex trading companies use to present their live trading accounts for everyone to check out. It acts as a 3rd party audit and also shows historical trading track records, so that satisfied two of my due diligence criteria. I had to ensure that the “Track Record” and “Trading Privileges” were “Verified”. This means that – 1) Performance charts can’t be manipulated. and 2) That this is truly their trading account.
After I was satisfied with my due diligence, I emailed Vista fx and they sent me information on how to go about setting up and account with the brokers, issuing an LPOA (Limited Power Of Attorney), funding the account and downloading the trading platform onto my computer. This was very straight forward because both Vista fx and the brokers were keeping me informed and advising me every step of the way.
So my account was funded and was ready to start trading. I checked my account on my computer and I noticed some trades on it. I wanted to see if they matched the trades that were on the Vista fx myfxbook chart. That is the inquisitive part of me. I have had my fingers burned before and I like to always make sure that things are as they are supposed to be. I was surprised to see that the trades between my account and Vista fx accounts were not the same. I immediately emailed Vista fx and asked why they were different. I was emailed back and assured that there were more than one brokers and that most new clients were going onto the new FSA regulated brokers.
I understood and accepted that but emailed them saying that it may be beneficial to visitors to their website if it actually said that on their website. I see now that they have put a second link to their live results at myfxbook showing the trades with the new brokers. Happy days.
The other thing that impressed me is the way that they handled a drawdown. Drawdowns happen regularly and are a part of trading and are normal. When the drawdown limit was reached, they instigated their drawdown strategy. I am not someone that is up to speed with all of the technical terms but they placed a trade that offset the original trade that was in drawdown so that we wouldn’t have any more of a drawdown. At the time of writing this, the drawdown is still in action but has reduced by two thirds. It is quite impressive to a novice like me how they did it.
I am still waiting for a massive month of 25% profit but if it does not happen, that’s ok. My account is averaging about 5% at the moment and I am very happy with that.
The other thing that I like about Vista fx is the fact that they always keep you updated with the trades and what is happening. When we were in a large drawdown, we were getting emails saying how they were monitoring the trade and taking action as to prevent it getting worse. This really did reassure me that my money was in good hands.
That is all as of now. I look forward to getting some great profits in the future and I will write more when I have some more news. Until then, you might want to check out our page on managed forex accounts in general.