No course. No subscription.
I only earn when you do. Here is the whole arrangement — where the money sits, who trades it, what it costs and how you get it back.
Four steps, in this order.
None of them happens off the back of a form, and none of them happens without you seeing it first.
We talk first
Nothing is set up off the back of a form. I want to know what you are trying to do and whether this suits it.
A personal reply within 48hThe account is opened
A managed-account structure at the broker, under the agreements that govern it. You see the terms before you sign anything.
Base currency · USDThe strategies run
Intra-day, systematic, flat at the New York close. You do nothing day to day — that is the point of it.
Flat overnight · flat at the weekendYou are reported to
Monthly, in the same format each time. Winning months and losing months, on the same sheet.
Reporting · monthly
The terms, in full.
Everything that governs the arrangement, on one sheet. If something here is not what you were told elsewhere, this is the version that counts.
A high-water mark means I cannot charge twice for the same gain. If the account falls and recovers, I earn nothing on the recovery — only on new ground above the previous peak.
- Management fee
- None
- Performance fee
- 20%, monthly
- Charged
- above a high-water mark
- Lock-up
- None
- Redemption fee
- None
- Withdrawals
- monthly, on request
- Managed capital
- £1K – £100K
- Institutional
- £100K+ · call with the trading team
- Base currency
- USD
- Overnight risk
- none
- Weekend risk
- none
Paid on new ground, never twice.
- It rises
A gain is charged.
When the account makes new ground, I take 20% of the gain, charged monthly. There is no management fee alongside it.
- It falls
A losing month: nothing.
The account drops below its peak. The peak — the high-water mark — stays exactly where it was, and no fee is charged.
- It recovers
Back to the peak: still nothing.
Recovering a loss is not new ground. I cannot charge twice for the same gain, so the climb back to the old peak is never charged.
- New ground
Only the part above the peak.
Once the account passes its previous high, the fee applies again — to the gain above that line, and nothing below it.
- Fee charged · 20% of that gain
- No fee
- The high-water mark
Where the money actually comes from.
No course, no subscription — so here is exactly what is charged, when, and on what.
A share of the gain above your high-water mark, taken monthly. No management fee, so an account that goes nowhere is charged nothing at all. After a losing month I earn nothing until the account is back above its previous peak.
The groups and the community are not sold as courses. What you pay is stated on their own pages, in full, with nothing behind it. If a page ever fails to say what something costs, treat that as a mistake and ask me.
This replaces the older wording that said joining was free. Joining is free. Being managed is not, and pretending otherwise would fall apart on your first statement.
Asked often.
If yours is not here, it is a good question — ask it in the application and it will be answered personally.
Nothing to join. There is no course, no subscription, no setup fee and no management fee. On a managed account I take a share of the gain above your high-water mark — so in a flat month I earn nothing, and after a losing month I earn nothing until it is made back.
Your money isn't just sent to an individual trader. You invest through the managed account structure with the broker or platform. Trenex manages the trading, while your capital sits within that account structure — and you can monitor the performance through the investor side.
Yes. There is no lock-up and no redemption fee. Withdrawals are on request, with monthly windows. Positions close at the end of the New York session, so there is nothing open over a weekend to unwind.
Managed capital runs from £1K to £100K. Above £100K there is an institutional arrangement, and for larger allocations a call with the trading team can be arranged. If you would rather trade it yourself, MISCON is a £300 broker deposit for all 7 groups, with no fees.
No. The strategies are intra-day and flat at the close. No overnight risk and no weekend risk — which is a large part of why the drawdown profile looks the way it does.
Yes, once I know who I am speaking to. What I am allowed to show depends on how you are categorised as an investor, which is the first thing the application asks. The record includes the losing months.
Systematic strategies run the execution, not me clicking buttons. They were built in partnership rather than by me alone, and I would rather say that plainly than claim otherwise.
You tell me and it stops. No notice period, no exit fee, no conversation designed to talk you out of it.