First Review here and make sure you read the comments.
Prime Eagle Funds current signal account is extremely dangerous and it can eventually blow your account. The strategy’s standard entry size is about 2 Lots and just recently, the martingale strategy entered a 19 Lot for recovery.
Why a Scam? It’s just my opinion that anyone who offers Martingale as signal providing or managed accounts is a scam because of the inherited risk involved and anyone who uses such a strategy knows it is never long lived. In other words, it is to WOW the new traders and make a fast buck through the service while performance is good.
Forex Peace Army Rating System: I’m also quite aware of Prime Eagle Funds affiliation to Forex Peace Army and how the review system incorporates IP verification. Basically, all this means that I’d have to bounce around a few coffee shops or have some travelers post some reviews while on their vacation. Its quite far from ” REAL”. Also, as I stated in my first article Prime Eagle Funds Positive 5 Star reviews were completed when their trading system was far from adequate. It’s a huge red flag and displays inconsistency.
The reason why this article is under my SCAM Category is that this is a fair warning to my readers. Feel free to make your own valuation and decision. Below you will find the most recent reviews taken from Forex Peace Army.
Veronica, California, USA
Rating:
Date of Post: 2012-01-11
Review: I too was extremely shocked and devastated to see on the morning of Dec 29th that I lost 33% of my total account. I emailed them right away giving them he…ll, and they immediately emailed back telling me that some sudden bad news from Iran blew out the trades. Well, it can be any excuse, but the damage is done. They still do email me back immediately and assuring me they are making changes so this won’t happen again. They were off a few days and now beginning to trade again with fewer and smaller sizes. Very slowly building back up, but hopefully in a couple of months I will recoupe my losses. I just don’t like that the “day of doom–Dec. 28″, up to the most recent trades, are not posted on their website. It should be posted, to still show they are accountable and transparent in their trades. I will update this review by the end of this month. I will give them a chance to “fix” their mistakes. I thought too I should have disabled their signals between Christmas and New Years, just to be on the safe side, because most Forex Traders don’t trade during that week for that simple reason. I sure hope they reestablish themselves. Right now I give them a two star from a five star rating. Hopefully soon they can earn their five star again.
Stavro D’Amore, Prime Eagle Funds, Australia
Rating: No Rating
Date of Post: 2012-01-19
Review: Hello All,
Just a clarification. All our systems since 28th of December were enhanced to add more protection to them.
What type of protection are you talking about. Your Current Drawdown is 31% and you use martingale to recover losses. This is not protecting your clients risk capital.
Sunadorer, Cologne, Germany
Rating:
Date of Post: 2012-02-12
Review: At first, I was so disappointed about the non-commenting about the Dec 28th-events that I unsubscibed at once and re-started (contacting PEF) much later. They truly regret things happened and want to help to recover. I have been set up to the ultimate-elite system where I lost another 30% (drawdown and canceled!). Then I was set up to the scaping system right before the very drawdown beginning Jan 25th with another 13% loss.
Well, all that has been very bad luck since statistics (myfxbook) stated that I had just entered when the DD began. For me, it will take a long time to recover, but right now, the improved Elite-System where I was finally hooked up to, is doing very fine so far.
I give 5 Stars for the overwhelming great Support, 3 Stars for the new Elite System – makes 4 Stars.
I will keep you updated here… as soon as my losses have been covered, It’ll be 5 Stars again.
2012-01-05 1 Star Sadly, I have to relativize my statement from Dec 4th.
Recent occasions got me to escalate the dishonest service that seemed to be honest before. I talked to Stavro and the staff and in a matter of fact they seemed all professional and to be knowing what they’re doing. That is why I ignored my intrinsic feeleing about that doubling contra positioning system. Obviously it worked out in the last two months before – producing nice profits day after day. I felt the risk to be extraordinariy high – since if it fails just once – it’ll be a disaster. Still, that doubts had been soothed by the staff (e-mail discussion from 20th/21st of Dec).
Now, all profits were gone in one day – and MUCH more. That one day was catastropic and brought my account down like one cannot imagine. Dec 28th was the day my account suffered a disaster drawdown of no example by that roulette system (“EA watched by professional traders like all the time, so that nothing could ever happen” – that was not the case).
No explaination had been sent by PEF – worse: The open “myfxbook”-Stat had been made unavailable at once. The MT4 Stat of FPA counted until Dec 27th only – not showing what happend (last update Dec 27th, too).
I lost trust completely and deactivated the trade copier at once. I put much hope in that system and the company.
Gone!
2011-12-04 5 Stars I am with Prime Eagle Funds for about a month now. So, here’s my review:
Performance is very good (see their myfxbook-statistics). Reliability of the trade copier is also very good and makes me sleep well. It is good that i found an MT4 signal provider who is honest, reliable and high-performing.
I was a little afraid of market constellations that the “profit core” (the new system) cannot handle. Since the position is doubled when it’s going against you, there may be big draw downs on some occasions as i thought. Until now, that vage feeling has proved me wrong. There havn’t been any drawdowns to speak of. I really hope that can be kept.
I feel being in good hands. I hope that it continues the way it has been last weeks. – In that case, I will be a customer for a long time.
Did you know their Strategy is a Free Grid Martingale EA?
Have you heard of iLAN 1.4? You can download it for free from the Link below.
Click here and read the discussion from 2008
The end result are always BLOWN Accounts. If you don’t believe me, ask PrimeEagleFunds to Update their latest account on Forex Peace Army ( Last Update was on December 27th, 2012). And today is March 9th, 2012.
Here is a screen shot of their latest trades and how their EA enters and exits its trades.
Simply put, the strategy will continue to increase the lotsize in a ratio multiplier if the first trade goes into a period of drawdown ( aka loss). The entry is based on a Grid ( aka. distance between orders) format and it will continue to add necessary positions until the last position ( largest Lot Size) goes into profit. The Position of the largest lot size, must gain enough pips to recover the losses from the smaller positions before all trades are then closed out at a basket Profit.
The downfall of this strategy is that you are
Have a nice day! (click on ‘Summary’ for more details and you will see more clearly regarding this) 
