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Code Of Ethics

Forex Account

Good Ethics=Good Business

Ethical guidelines are based on moral principles and I am well aware that I am not only selling a copy trading financial service, I am also asking for trust. My aim is to make money for my clients using managed forex accounts within a framework of responsibility to my shareholders and the business and also the wider society I live in.  Blackwave Ltd exists to understand financial markets and to prove it with financial success because this is the only honest way to demonstrate true understanding. I have worked in this industry for some time and often witnessed copy traders and established international firms who wish to stay within the letter of the law but are not entirely interested in morality or ethics beyond that.

In this hi-tech and fast moving industry in which regulators are only now beginning to notice the latest developments, it is more important to me than ever not only be seen to do the right thing in all cases, but to actually want to do the right thing as an end in itself. Some firms in this industry believe they are selling accounts and employ salesmen with little or no financial services experience to do so. They may as well be selling shoes. While I will not be dealing with client funds or client identification documents there are some areas where I can make a contribution to ethical behaviour in copy trading.

I intend to begin giving money back. Should Blackwave Monaco reach $1m I will give away 10% to a local school. In the mean time I am giving to the National Children’s Hospital Tallaght which is in Dublin. You can too if you wish and the fundraising page is HERE. I believe strongly that one of the most efficient way’s to benefit the world is to invest in children.


 

1. Duty of Care. I will discourage clients from leveraging my gains. I am working hard to make you money but some platforms will let you leverage my results higher. This is an unnecessary risk. It harms you if you hit a margin call (and it harms me when I lose a client).

2. Quantity of Trades. I will not place illogical trades in order to provide activity for it’s own sake or for the sake of any Introducing Broker relationship. Trading will only take place in the interests of you the client.

3. Fiduciary Responsibility . Trading Forex is by it’s nature the absorbing and managing of risk. If you cannot afford to lose the money I would strongly suggest you do not copy my trades. If you NEED to make those kind of monthly returns I would also suggest that you do not copy my trades but rather evaluate your financial circumstances. Clients questions about risks will be answered truthfully and I will recommend that clients do not copy my trades if I feel they are not sufficiently aware of the risks involved. Lastly I think it would be a good strategy to periodically withdraw profits from your trading account.

4. Subscribers & Client Data. I will never pass on data relating to subscribers or any client data to any third party unless the client has authorised me to do so.

5. Performance Targets. I will strive to find a suitable balance between driving profits forward and keeping maintaining appropriate risk control within my trading style.

6 Avoid Conflicts of Interest if at all possible between my clients interests and other concerns, and if I cannot; treat clients fairly and honestly.

7.Balance business and shareholder responsibility with social and public responsibility.

 

On the one hand you the client remain in complete control of your account and capital at all times, and can change my trades or add your own trades to the same account to the point where the performance of your account may not copy that of mine. On the other hand I am clearly having an influence on the balance of your account with you having agreed to that risk along the way. So wherever you are in the world you should know that I believe in fiduciary responsibility to you insofar as I can influence it, and within the bounds of you accepting that there are risks in this copy trading business. In short I believe in the old saying “do unto others as you would have them do unto you”.

Gary Comey  


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