Managed Futures Database, Resource & Tools

Program Details


Candor Capital Advisors LLC 

CandorFX Series 1.1

Manager: Stephen Hart

Address: 10411 Motor City Drive, Suite 750, Bethesda, MD, 20817, U.S.A.



Program Type:CTA
Inception Date:Jul 1, 2010
Incentive Fee:25%
Annual Mgt Fee:2%
Min Investment:$25,000
Disclosure Doc:View
Performance Program S&P 500
Total ROR:98.20%134.37%
Annual ROR:37.13%48.16%
1 Year:0.00%15.09%
Statistics Program S&P 500
Average Monthly Gain:3.88%4.30%
Average Monthly Loss:-1.89%-2.80%
Winning Months:2115
Losing Months:511
Current DD:0.000.13
Max DD:4.5117.03
Sharpe Ratio (RF 1%):2.17
Annualized Std Dev:16.64




DirectionalLong / Short
Holding PeriodShort Term
Counter Trend:25%
Technical Analysis:15%
Trend Following:50%

Monthly Returns as Percentage by Year

JanFebMarAprMayJunJul AugSepOctNovDecYTD


Program Info

The CandorFX Series 1.1 program uses several exclusive proprietary trading systems that were developed in-house by our development team. The aim of the CandorFX Series 1.1 program is to provide an investment alternative in the spot foreign exchange markets with minimal correlation to traditional investments [stocks/bonds].

All of our trading systems are guided primarily by technical analysis. Combined, they were programmed to monitor the activity of well over 30 global currency pairs. Of those pairs observed, we actively trade in an average of 1 to 5 currency pairs each day. Our two most actively traded pairs are the EUR/USD, followed by the GBP/USD. Our average trade length is just short of 3 hours and we aim not to have open trades into a weekend, to help ensure and avoid volatility spikes/gaps at the market's open on Sundays.

All trading signals stem from our privately-operated technical algorithms programmed in the Meta Quotes programming language (MQL) and are traded over the MetaTrader 4 platform. MetaTrader 4 is a trading platform available to investors/traders at various counterparty brokers, and is simply a front end interface that allows us to use our systems across various different brokers and banks globally that provide access to their liquidity and clearing through the same MetaTrader 4 front-end platform interface.

Our systems main objective is to observe the market's price action and predict recognized chart patterns. Several short term trend, counter-trend and scalping systems that we employ use a mix of standard technical indicators, including moving averages, relative strength index and other exclusive proprietary indicators [developed internally] to help define present market conditions and generate trade signals, in pursuit of delightful risk-adjusted returns.

The key to successful use of these various trading systems rests in the manner they are interconnected and utilized in their blend. All open trades under the trading program are constantly monitored by our development team. Candor also monitors liquidity, price availability and execution to ensure that they are competitive and in line with the market. These are important variables to keep in consideration, given that the market is Over The Counter (cash market) and we're not trading over a central exchange where all brokers provide the exact same price.

Vital to the Candor trading style, are low correlation between the different strategies employed and use of high liquidity currencies for efficient order execution. The actual number of strategies being used may vary and may change materially over time as determined by Candor in their sole discretion.

Our program will focus mainly on trading these currencies against each other, though we will not limit ourselves from trading other "exotic pairs" if the opportunities arise:

US dollar (USD), Euro (EUR), Great British Pound (GBP), Japanese Yen (JPY), Canadian dollar (CAD), Swiss Francs (CHF), and the Australian dollar (AUD).

Risk | Money Management
The fundamental objective of the Candor FX Series 1.1 trading program is preservation of capital, achieved through application of methodical technical analysis and very exact risk management protocols. Candor's edge in forex trading is recognized through our disciplined short term systematic approach toward the currency markets[average trade length is less than 3 hours - not too short to offend our banks / liquidity relationships, but not too long that we remain exposed to unnecessary market volatility]. Our target is to achieve and attain consistent capital appreciation, while attaining a low level of volatility.

Exact risk management protocols are the means to successful trading outcomes over the long term. Every trade signal of Candor's models must take into account their respective risk to reward parameters and overall impact to yield.

The initial risk per trade for our strategy ranges from 0.1 - 2% and a pre-determined maximum drawdown limit is set at 10% of the program's daily beginning equity (variables can be adjusted for single allocations >$1m). These pre-determined drawdown limits are imposed, so any position(s) that realizes the pre-determined drawdown limit will be issued a close order immediately.

The program's overall maximum equity drawdown limit is set at 25% and at that level, a close order would be sent by our algorithm to request all positions are closed immediately at the current market rates.

At that level, our management team would cease all trading activity to assess the issue with the broker, market, signal and/or system being used and ensure the problem has been addressed and resolved. Candor would then engage in communication with all clients to discuss and confirm approval prior to re-engaging in trading.
In summary, the program's multiple systems utilize / risk small amounts of trading capital per trade, and concurrently adhere to automated drawdown limits, continuously evaluating markets, and exercising efficient risk management processes, which hopefully leads to consistent, reliable and profitable results, whilst also preserving capital.

Company Info

Candor Capital Advisors, LLC is an independently owned investment management firm, engaged primarily in spot foreign exchange (forex) investments. We manage portfolios through a number of regulated and compliant forex counterparties (Banks/Brokers). Candor Capital Advisors is U.S. based and located just outside the Washington, D.C. area.

Candor Capital Advisors is registered with the United States Commodity Futures Trading Commission(CFTC) as a Commodity Trading Advisor(CTA). Candor is also an active member firm of the National Futures Association (0435212).

Candor invites investors across the globe to explore the investment opportunities being made available through our foreign exchange managed trading programs.

Manager Info

Stephen Hart is the sole principal of Candor Capital Advisors, LLC.

Hart is the Managing Director and Head Trading Advisor for Candor Capital Advisors. Hart has chief responsibility and oversight of money management, trade execution, and risk management of all transactions executed on behalf of Candor Capital Advisors. In addition, Hart manages the operations of the firm, including business development, compliance and marketing.

Prior to founding Candor Capital Advisors, Hart was Founder and Managing Partner of Valhalla Capital Group, an Introducing Brokerage and Commodity Trading Advisor (January 2008 - December 2011). Prior to Valhalla Capital Group, Mr. Hart was employed with Capital Ventures, LLC (September 2005 - December 2009). Capital Ventures was a registered Commodity Trading Advisor. Hart served as Managing Partner and Portfolio Manager for Capital Ventures.

Hart has developed significant knowledge and experience in the spot foreign exchange markets since 2005, working and developing liquidity relationships with prime brokers such as Rabobank in London, and FC Stone - Forex Division in the United States. Hart also has working relationships with top tier banks including Credit Suisse, Nomura, and Goldman Sachs. Many of these banks provide direct liquidity through network solutions (Electronic Crossing Networks or ECNs) like Currenex, Hotspot and Integral.

Hart is an NFA associate member and a Series 3 licensed Futures Broker. He graduated from the University of South Florida with a degree in Business Management.