Beta2 Ltd Managed Forex and Derivative Trading, or how I lost 25k in 6 months,Park Caledonia Associates Ltd,Beta 2,Beta2

If you are UK based and are interested in Forex trading, or investing in derivatives you might find this interesting..

I lost £25,000 in 6 months.

Hi, My name is Andy Torkington, and I'm a semi retired Professional Photographer and IT Consultant, aged 54 from Lytham St.Annes in Lancashire

I have some savings put aside for my retirement, and as with everyone in my position in this time of financial instability, and low interest rates I was looking for investment opportunities. Forex trading looked tempting, but had risks way above my temptation threshold, and being a prudent saver and not at all a gambler I was very wary of anything that seemed too good to be true.

However I was convinced by a friend that I could see some realistic gains in the medium term, and that by using a professional Forex trader, risks could be minimised.

This friend was so convinced, that he had left his job and started an entire business based upon introducing clients to Beta2, and drawing commission from their trades.

I was told that previously companies like Beta 2 would only work with institutions and the mega rich, but it was now possible to open smaller trading accounts, yet still have personal interaction with my own trader. It was intimated that returns of 5-8% per month were quite the norm with this kind of trading account. Beta 2's charges seemed reasonable at 0.1% of each trade.

So I finally decided to put a minimum sum into an account and see how it went. At first I was going to put 20K in, but was told at the last minute that 50k was the minimum, so after much soul searching I finally took the plunge and sent off my 50k.

I opened my investment account with Beta2 in March 2009 with the sum of £50,000, 6 months later my account is worth £25,000

Beta2 Ltd
Hillgate House
26 Old Bailey
London,
EC4M 7HW
Beta2 Ltd is an appointed representative of Park Caledonia Associates Ltd (FSA reg No 162559)

I have to admit that the first month of trading was exciting.. Evey day or every other day my trader Jovi Overo would ring me and explain what trades he had in mind, and ask me if I accepted the trade, and then I would watch the trades on the on line system, and watch the rates for the relevant currency on various websites etc..

The first month we had a few trades that went up, and a few that went down, and at the end of the month I was a couple of thousand down. My trader remained boyant, explaining that this happened, nothing to worry about, there are always ups and downs and that one month was not really a fair test, see where the account was after a full quarter..

So on we went, the second month saw a few gains, the account actually hit 52K at one point, but then ended the month down about 5k.

The third month we were down again, ok there were a few winning trades, but we ended the month another couple of thousand down.

I was now a little worried, and spoke to the friend who introduced me to Beta 2 several times, he spoke to the boss of Beta2; Lane Clark on my behalf, and I spoke to my personal trader Jovi Overo about my concerns pretty much every week, but they were still very positive, almost made a joke out of my losses and at one point I was told that overall, Beta 2's clients had made just over 3% over the month on derivative trades, I was just unlucky.

I set myself a limit of 40k, told myself that if the account dropped below this then I was out.. take the loss and run..

But 2 weeks later the acount was up to 45k and still rising, so I decided to try to get my 50k back.. By the end of the month after a couple of disasterous trades I was at 32k...

Since then there has been a gradual and slow descent, and at just over 25k I have told them to stop trading my account.

I have since met another chap who has had pretty much exactly the same experiences with his account, down from his initial 30k to 10k in 6 months.

Interestingly I have approximated Beta 2's charges on the trades they made on my behalf at over £20,000 although as yet they will not confirm the actual figures.

I am interested to hear from anyone else who may have had experiences with Beta 2...

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