Wow...what a shock. I had not checked the IBFX account since Friday and could not believe my eyes when I logged in this morning.
I guess even the "professionals" are not immune from panic and emotional responses. In the midst of this drawdown he not only removed his hedge but took the opposite position meaning that he staked everything on the USD weakening. It did not weaken, in fact it strengthened tremendously against pretty much every currency and the account was decimated.
I have no idea why he didn't just stick to his guns, maintain his hedge and wait for the pairs to come back in line. Perhaps he got greedy and thought he saw an opportunity to make the funds back in one swoop, but he deviated from his own trading rules and it proved to be a very costly mistake.
I too am withdrawing my POA for IBFX ( geoman1, I believe you just send a letter of direction to [email protected] with your name and acc't # requesting to withdraw the POA ).
I don't see how Jason could keep the IBFX trader as part of the team trading the Infinity Fund which apparently performed just fine in the test trading during this same period.
From Jason's update, it appears as though they will reduce the minimum deposit or even allow people to see the trades work on a demo account in order to prove themselves to their agents. For me it's now back to square one. I will still test trade the Infinity Fund whenever it's launched and restart my 3 month clock.
Anyone who is able to should log-in, read Jason's note and proceed according to your comfort level.
cheers,
scotty