Never thought i would loose 93% of my account value on this platform
Collective 2 cares 100% about getting your business and 0% about helping you!!!
sorry to hear that. Curious, why the blame on c2?
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Was this as a subscriber following various strategies? If so do you mind sharing what strategies. It could be a helpful lesson for others.
Thank you so much for taking the time to inquire about my experience, certainly the company could careless and has not done so as of yet. Let me clarify that i thought I did what was my due diligence to do and I am a novice at this at best. I followed to strategies High Freq Algo and Superprofit. I saw they both seemed to be using very prudent trading methods. I subscribed initially to Superprofit and this trader was cautious and did a stellar job. I initially funded my account on Feb 15th with 40K and I spoke to the trader and I confirmed with him the actual amount i was willing to trade with and I had a great experience with him. And between Feb 15 and Feb 20th I put in another 20k and I after I communicated with the trader for High Freq Algo I told him I had 20k to work with and he confirmed that was enough to work with but there in lies the entire issue. I worte many emails to C2 on what I needed to do trade both strategies in my account thye kept closing out my ticket with a response not addressing my initial inquiry. This particular trader started placing trades in the account that were extremely aggressive for the size of my account. And I reached to C2 they never said I had to scale my trading to my account size. It was never communicated to me that scaling my account would be prudent even though I reached out via email to the help desk many times. Yesterday when the option was due to expire at a significant loss. The broker dealer told me I could “rollover my contract” I called the broker dealer to get more advise and I was unable to get helpful information, then I called C2 help desk and they “oh sorry there is nothing we can do for you” My life saving is gone literally overnight, on Feb 20th I have $60k on Feb 23 my account is now valued at $8k. it was obvious that in less than 10 days it was a financial slaughterhouse. C2 hasn’t reached out to provide any support or help and the leader board that they provide is extremely misleading High Freq Algo is represented as having had no more than 40% drawdown and the minimum suggested capital for that platform was $35K none of that is true. The numbers that C2 represents on its site is very misleading and as NFA member they should be fined for not doing enough to help novice investors understand their platform better.
I am very sorry to hear all of that! That is very tragic that this was your life savings. You are not alone in having experiences like this I’m sure! I know it is probably hard not to beat yourself up over it, but you really shouldn’t. These things happen.
High Frequency Algo i belive had a minimum tradingcapital of 35K a couple of days ago now its over a million. Option strategies are only for advance investors i would say. Futures and stocks are much easier to understand.Also the strategy Superprofit was among the top five these days, now i cant find it even outside the leaderboard or even as a “private strategy” perhaps im spelling wrong.
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You are exactly right and I think adjusting the amount for the suggested capital is extremely appropriate in this case. I subscribed to the High Freq Algo earlier in Feb and the minimum capital was $35K and as of today it changed to 1.1 million in capital had I seen prior to my subscription that the suggested minimum capital was even over 50K I would have never subscribed!!!
This only adds to my point that C2 has an only been a financial slaughterhouse for me!
Thank you it is heartbreaking, but I pray to be made whole in some way.
The C2 platform should check traders on their capital requirements to minimize the disinformation that happens.
“I followed to strategies High Freq Algo and Superprofit”
Can you link these systems? I can’t seem to find them.
Some followers only trade TOS strategies. Some even only 100% TOS strategies. This means that the manager is 100% with the same capital and trades exactly the same trades. Probably nobody does something like you describe above with their own money…
Unfortunately, many other strategies are more like casino. Not all, but unfortunately most.
At C2 I see very little guilt here…comparable to a drug dealer. Is it a drug dealer’s fault if you buy his drugs and feel bad afterwards?
So you traded at full scale 100% with your money . Its common sense you should scale down .
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“The numbers that C2 represents on its site is very misleading and as NFA member they should be fined for not doing enough to help novice investors understand their platform better.”
What numbers are misleading?
Here’s the first one:
The second one seems to be no longer available:
https://collective2.com/details/140026207
Gary
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The second strategy has been temporarily made unavailable for an unrelated issue. We’re investigating whether the strategy is violating C2’s Terms of Service (which can sometimes happen inadvertently when strategy managers are not aware of C2 rules). This is not related to this current thread. Hopefully the strategy can be brought back to public view shortly.
Losing money that fast is depressing undoubtedly. But reading your explanation I see no fault of C2.
There’s plenty of talk about irresponsible traders here. Very little about irresponsible investors.
I’m always amazed at investors who don’t seem to understand, grasp, or employ, the autotrade scaling feature.
Though it appears maybe even that wouldn’t have saved your account.
Maybe the 40% drawdown should be given more respect.
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I agree. C2 provides investors with an incredible amount of data to evaluate a manager/strategy. Much more than a typical public fund would provide to its investors.
The problem is that people are not capable of properly evaluating the data. Same in the public markets.
Picking a strategy/manager that will be successful is extremely difficult even for those who know what they are doing. Those who do not have the required knowledge and experience should not even try.
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The problem is that this unfortunate investor joined a system that started with 65 K but is now trading with $1.25 million of capital.
At that level even a mere 2% drop in trading capital represents $25 000 in real dollars, a loss that could cripple or bankrupt the trading account of the average investor, if he does not scale down.
Interesting.
Seems to be doing pretty well. I supposed he just didn’t scale it down, so small drawdowns were exaggerated.
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Buying $40k worth of SPY call options in a $60k account is definitely not wise and the responsibly to understand that risk lies solely on the OP imo.
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