Frequently Asked Questions

Q: Will you please explain how the Captains Forex Managed Accounts Program works?

A: All client funds are held in individual accounts at the broker. Clients have sole deposit/withdrawal rights. The money manager, WFS, Inc., has limited power of attorney only to trade the account and does not have deposit/withdrawal authorization. WFS, Inc. cannot and will not accept custody of your funds.

Q: What is the minimum deposit?

A:  $100,000.00 

Q: Is there any need of my personally managing my account?

A: No. The Captains Forex Managed Account does all the work for you. Absolutely no understanding of the Forex market is required other than that of the inherent risk involved.

Q: I’m ready to get started, what’s the next step?

A: Click Here and follow the steps.

 
Q: Can you explain the trading method used by the Captains Forex Managed accounts Program?

A: First of all, we want you to know that all the partners in the Captains Forex Managed Accounts Program trade our personal funds along side of your funds.  We utilize two methods: Carry trading, where earning annualized interest rates of up to 50% is the goal, while keeping the currency pairs stable. This is accomplished by hedging with the use of currency futures or options on futures contracts. The primary goals of the carry trade are capital preservation with limited draw downs while earning an adequate return. The second method used is directional trading where positions may be held for several minutes to several days or longer.

Q: Can I trade my IRA with the Captains Forex Managed Accounts Program?

A: Yes. Almost any retirement plan may be traded in the Forex with the Captains Forex Managed Accounts Program. However, it’s considered a “self-directed” investment, just as buying a house may be placed into an IRA (which many people don’t realize is possible). You must have a “custodian” for this purpose, and there are two we can suggest:
Equity Trust – This is the company our Senior Trader uses for her own IRA, located in Ohio.
Contact: Tim Debronsky at 1-888-382-4727 x.329
Email: t.debronsky@trustetc.com
Website: http://www.trustetc.com

Millenium Trust is another IRA custodian. We don’t have a personal relationship with them but they’re located in Illinois.
1-800-258-7878
Website: http://www.mtrustcompany.com

Q: Will I get a 1099 from the broker at the end of the year?

A: Surprisingly, Forex brokers are not required to report to the IRS and most do not. You will not receive any year-end tax information and reporting is your own responsibility.  Consult your accountant on the tax benefits associated with trading.

Q: How often are gains taken out?

A: Actually, our Senior Trader never takes out any gains from her managed accounts. Instead, she reinvests your profits constantly, which has the effect of compounding as more currencies are put into trade. More currencies in trade also means more interest earned in carry trades, and more lots trading in directional trades. Please let our Senior Trader know just before you request funds from your account, so she can make an adjustment if necessary to avoid too many trades for the remaining capital. Emails should be sent to and you should wait for her to respond before requesting to withdraw any funds. This is for your own protection to prevent putting your account into jeopardy (too many trades with too little money equals too much risk). It is suggested that when profits permit, you remove your initial investment capital either all at once or in increments.

Q: Are your traders licensed?

A: Our traders have passed the Series 3 exam and are registered as Associated Persons with the National Futures Association (NFA).  WFS, Inc is registered with the NFA (#0395348) as a Commodity Trading Advisor (CTA) and is a member in good standing with the NFA. 

Q: Isn’t pooling money illegal?

A:  No, pooling money is not illegal.  In order for a company to legally pool funds they need to be registered as Commodity Pool Operator (CPO) with the NFA.  The Captains Forex Managed Accounts Program does not pool your money. You’ll have your own, individual account which is completely liquid (money available upon request with 3 business days notice.