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Signals Reviews

Kondakov Review: The perfect forex system we don't buy

The Ukranian trader Konstantin Kondakov is running one of the more popular systems at Myfxbook. Being an asset manager at an unregulated broker called Forex MMCIS he does not allow to be followed and his signal copied. Yet many people are interested in him. We took a look at his system and at the suspicious Forex MMCIS broker.
Three of the ten most popular system as of today in Myfxbook's Autotrade social platform are asset managers from an Ukranian broker called Forex MMCIS. The best results are displayed by the Kondakov's system but the other two system, Berezhnoi and Asset Management, have very similar overall patterns. The broker is offering asset management with a minimum amount of $10000 required to use their uber forex trading abilities.
Kondakov system is using a real (USD) account with leverage of 1:100. The strategy is described as  technical and is manual. The system has been started in October 2009 and since now has made 447% profit which is about 100% per year.
Risk-wise the strategy seems to be very sound with a low drawdown especially in the past 2 years.  The max. drawdown is 28.41 but since December 2011 the max. drawdown is below 7%. It looks almost perfect.
From the provided data we can conclude that Kondakov's is using Martingale based strategy. Only Martingale can explain profit accompanied with negative overall pips balance during trades. For example for the EUR/USD, the mostly traded pair, Kondakov have recorded -366.0 pips with profit of $3181667.62 for 582 trades. The profit indicates that the system is trading with big money. The overall balance is $9073960.93. As mentioned, this is an asset management account.
The overall profit in pips is 1.2 pips per trade. If the strategy was other than Martingale that should ring alarm bells.
So far, so good.
However, we are concerned about the Forex MMCIS broker. It is not regulated and frankly speaking after visiting its website we are far from convinced that this broker is reliable and trustworthy. According to Forbes Ukraine, in an article entitled “MMCIS: the story of one Ponzi scheme”, Mr Konstantin Kondakov is the de facto owner of the broker.
If Mr Kondakov and his asset management team are so good why do they advertise heavily in Ukraine in order to raise money to invest in forex trading. An authentic team of asset managers able to perform like that would not have any problem to raise millions of capital instead of hunting individuals willing to invest $10000. 
All in all, if a Martingale based strategy was able to sustainably achieve such results that would be heavily explored already. We just don't buy Kondakov system as authentic.
TAGS: Konstantin Kondakov  mmcis  myfxbook  martingale  forex strategy  forex system 
Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web $100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
$100 Review Website
UK, Cyprus FCA, CySec MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
$50 Review Website
UK, Australia, Singapore FCA, ASIC, MAS, BaFin MT4, Web,
$0 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
$100 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus CySec MT4, Web, Gwasy $100 Review Website
Belize IFSC MT4, MT5, Web $1 Review Website
Cyprus CySEC in-house mobile
$50 Review Website
Seychelles FinaCom MT4 $10 Review Website

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