wasn't him who referred me but as soon as I got there I started to think of him as my sea daddy (navy term. but like a mentor) ya know than he inferred that he was managing accounts and that he would take me in.... me seeing this as an golden opportunity almost rushed to the phone to wire money to FXDD... than bam all hell lets loose.. 1 week of pain, feel so not like doing anything anymore...thought he would sympathize but the only thing he said is he promised i would get it all back from his good trading...
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Lost half of my years salary in a week!
- Thread starter acdspit00
- Start date
I am sorry to hear about your situation. Also, I just want to thank you for making public about these "experienced" traders.
From the trades I saw in the log, MP6140 seems to be a freaken beginner.
1) He took profit too quick:
1 pip on USD/JPY? He is a joke! He doesn't know jack about risk and reward ratio.
2) He doesn't know about stop-loss:
When a trade went against him--like the 4 lots USD/JPY long he made on October 24. The trade went against him right at the start. He hope and prayed that the USD/JPY would go back up while the TA and Fundamental were obviously telling him USD/JPY is going down! He finally closed his position on October 26 after knowing there is no way USD/JPY would go back to 119 anytime soon.
3) No money management strategy:
There is absolutely no rationale behind trading 1 lot or 4 lots.
There are many more of these so called "experienced" traders out there running their forum or chat room pretending to be making money and getting admiration when in fact they have no clue how trading works.
One last thing I want to say is, don't trust anybody but yourself. No one is going to help you but yourself in the trading arena.
Pension_Admin
From the trades I saw in the log, MP6140 seems to be a freaken beginner.
1) He took profit too quick:
1 pip on USD/JPY? He is a joke! He doesn't know jack about risk and reward ratio.
2) He doesn't know about stop-loss:
When a trade went against him--like the 4 lots USD/JPY long he made on October 24. The trade went against him right at the start. He hope and prayed that the USD/JPY would go back up while the TA and Fundamental were obviously telling him USD/JPY is going down! He finally closed his position on October 26 after knowing there is no way USD/JPY would go back to 119 anytime soon.
3) No money management strategy:
There is absolutely no rationale behind trading 1 lot or 4 lots.
There are many more of these so called "experienced" traders out there running their forum or chat room pretending to be making money and getting admiration when in fact they have no clue how trading works.
One last thing I want to say is, don't trust anybody but yourself. No one is going to help you but yourself in the trading arena.
Pension_Admin
So sorry for your loss. This thread is sickening to read.
Here's my angle... for whatever it is worth
1. We are all assuming that this guy is not licensed by any regulatory authority because you said it was a forex board.
But, most of his threads are stock related. Additionally he has a COPYRIGHTED section on the site that details his "method"
Also here is a quote from one of his post in which he claims to have worked with Jim Cramer a few years back...
"unlike a lot of people out there, I also like cramer, but having worked with the man a few years back"
I would say the chances are pretty good that he might be either NASD or NFA registered. Registration also means a member firm should be supervising his activities. This is where you need to start. The fact that he "managed" your account without a proper POA breaks ALL protocol. There are 3 possible individuals that match in the NFA Database. I need more info to check the NASD. Do you know what city or state he resides in?
2. In what capacity was he "holding himself out to the public as a money manager? Do you have ANY emails that offer to manage your funds or was everything verbal? Do you have any emails that discuss the $300 a day estimated profit?
If you want to PM me his city/state i'll check the database
Here's my angle... for whatever it is worth
1. We are all assuming that this guy is not licensed by any regulatory authority because you said it was a forex board.
But, most of his threads are stock related. Additionally he has a COPYRIGHTED section on the site that details his "method"
Also here is a quote from one of his post in which he claims to have worked with Jim Cramer a few years back...
"unlike a lot of people out there, I also like cramer, but having worked with the man a few years back"
I would say the chances are pretty good that he might be either NASD or NFA registered. Registration also means a member firm should be supervising his activities. This is where you need to start. The fact that he "managed" your account without a proper POA breaks ALL protocol. There are 3 possible individuals that match in the NFA Database. I need more info to check the NASD. Do you know what city or state he resides in?
2. In what capacity was he "holding himself out to the public as a money manager? Do you have ANY emails that offer to manage your funds or was everything verbal? Do you have any emails that discuss the $300 a day estimated profit?
If you want to PM me his city/state i'll check the database
Quote from late apex:
Match what?
There are 3 indivduals with the same name as the mod in the NFA database
http://www.nfa.futures.org/basicnet/
Quote from acdspit00:
wasn't him who referred me but as soon as I got there I started to think of him as my sea daddy (navy term. but like a mentor) ya know than he inferred that he was managing accounts and that he would take me in.... me seeing this as an golden opportunity almost rushed to the phone to wire money to FXDD... than bam all hell lets loose.. 1 week of pain, feel so not like doing anything anymore...thought he would sympathize but the only thing he said is he promised i would get it all back from his good trading...
These scams happen all the time and they are hard for begiiners to pick. I got taken for over $2000 when I started trading (before finding ET). Some lose hundreds of thousands.
The way EliteTrader works is that vendor scammers get torn a new a..hole as soon as they appear. There are just too many clued up members on this board for the shark to get anywhere, let alone become a moderator.
Quotes from MP6140 [Q]""Those who havent seen FOREX yet are in for the greatest surprise ever known in the market -- something so predictable and smooth that it brings tears to ones eyes and money to their accounts ....I will say that forex is VERY predictable and VERY simple for one who comes out of the wars of penny stocks for the number of years ive been doing it, and hopefully i can help you all learn it also.""" [/Q]
Quote from late apex:
What I was really asking was -- how do you know the mod's name? I haven't seen it mentioned anywhere.
I didn't want to mention his name on ET because the poster is concerned..but if you click on the link he posted
http://www.stockhideout.com/forex-futures-commodities/8141-mp-free-forex-e-book.html
and then click on all threads posted by the mod ...you will see his full name listed next to the "methodology" thread
OK, I've figured as much, after my post. I see that 2 of the 3 potential matches have been inactive for over 20 years. The 3rd one... still active, a spotless clean 4-year record (and 10 years at the company level)... not a chance that's the guy, IMO. It is a very common name, after all.
its hard to paste a lot of the conversation due to not all of it being recorded because alot of talk wasn't being done on meebo.com's which has sweet convo recording feature.. Some of this might help the bigger picture. PM me if you want the whole thing..
[11:27] c_saunders_15: so how do you know which way the big jump is gonna be on monday for gbd and aud
[11:29] mp6140: only by technical means
[11:29] mp6140: using the charts, watching the action
[11:29] mp6140: and prayer works sometimes also
[11:29] mp6140: lol
[11:30] mp6140: but its in the charts --- support and resistance, indicators, prior highs and price action
[11:32] mp6140: of course, like anything else, along comes news and BAMM, so much for the best laid plans of mice and men
[11:34] c_saunders_15: like last time i saw how fast many forex analyzing companys changed their views about the dollar
[11:35] c_saunders_15: long term to downhill slope with bad risk/reward ratio
[11:35] c_saunders_15: stuck with dollar falling 100 pips in a hour
[11:35] mp6140: the dollar reached overbought,
[11:36] mp6140: and it was time to take profit, but it got way out of hand and now shorting the dollar will make money
[11:37] mp6140: and everyone knows that, so down goes the dollar
[11:37] c_saunders_15: yeaup
[11:37] mp6140: and will bounce nicely when it bottoms
[11:37] c_saunders_15: good thing maybe we let go when we did huh
[11:37] mp6140: cause its the dollar, after all
[11:38] c_saunders_15: or would it of been possible to wait till its revival with shorts and stuff
[11:40] mp6140: we were in a technical short position that would have been fine but for the news
[11:40] mp6140: essentially, it was an error to be in the position, but was a good idea at the time
[11:42] c_saunders_15: yea cause when you were offline when i got up in the morning i checked it out and saw i was 5k in the hole and wanted to close it but wasnt sure and asked a forex guy who is on my buddy list and he was wondering why i was in there and said he couldnt give me any advice .. and i was sweatin bullets the whole day till we talked again
[11:44] mp6140: was not a good move, but was made on a technical basis for a flip move the day before, not for a long term hold
[11:44] mp6140: so it was to be only a flip, not a hold position
[11:44] mp6140: although, it could have been held had i not made a mistake
[11:45] mp6140: just sit until it comes back up again -- would take time, but thats all
[11:45] mp6140: because the trade goes against you doesnt mean you HAVE to sell -- you can choose to just wait it out
[11:46] mp6140: and when i saw the loss, there really wasnt much else to choose from
[11:46] mp6140: in hindsite, was an error, but was actually meant to be a short play for an hour or so
[11:47] c_saunders_15: yea its cool all is done.. all in due time
[11:47] c_saunders_15: 2 months isnt long time to wait
[11:47] c_saunders_15: or that one you were talkin bout
[11:47] c_saunders_15: when we gonna set up join accout
[11:48] mp6140: in hindsite, if i had called you and had you wire more money into the account it would have been ok also
[11:48] c_saunders_15: no way
[11:48] mp6140: but i didnt even have the time to do that
[11:48] mp6140: i was fighting it every minute
[11:48] c_saunders_15: ohok
[11:49] mp6140: additional money would have protected the margin
[11:49] mp6140: which im sure was done by a few million traders
[11:56] c_saunders_15: so if we joined accounts we would both be together till enough to give back our original amounts
[11:56] mp6140: might not be that long
[11:57] mp6140: enought to build the two accounts to a point where they could stand alone
[11:57] mp6140: prob to the 5k each area
[11:57] c_saunders_15: cause she would already be set to square1 but not me yet though :/
[11:58] mp6140: once the accounts reached that point (10k total) then each could stand alone
[11:58] c_saunders_15: once it gets to 5k it would only take a month or how long
[11:58] c_saunders_15: lol keep askin same questions but feels good to get it out
[11:58] c_saunders_15: i just type what i think
[11:59] mp6140: should be in that area
[12:01] c_saunders_15: when does she wanna do it
[12:03] mp6140: havent spoken with her today but sent her a post yesterday nite
[12:03] mp6140: will hear from her
[12:04] mp6140: lemme check and see if shes signed on
[12:04] mp6140: no, not on yet
[11:27] c_saunders_15: so how do you know which way the big jump is gonna be on monday for gbd and aud
[11:29] mp6140: only by technical means
[11:29] mp6140: using the charts, watching the action
[11:29] mp6140: and prayer works sometimes also
[11:29] mp6140: lol
[11:30] mp6140: but its in the charts --- support and resistance, indicators, prior highs and price action
[11:32] mp6140: of course, like anything else, along comes news and BAMM, so much for the best laid plans of mice and men
[11:34] c_saunders_15: like last time i saw how fast many forex analyzing companys changed their views about the dollar
[11:35] c_saunders_15: long term to downhill slope with bad risk/reward ratio
[11:35] c_saunders_15: stuck with dollar falling 100 pips in a hour
[11:35] mp6140: the dollar reached overbought,
[11:36] mp6140: and it was time to take profit, but it got way out of hand and now shorting the dollar will make money
[11:37] mp6140: and everyone knows that, so down goes the dollar
[11:37] c_saunders_15: yeaup
[11:37] mp6140: and will bounce nicely when it bottoms
[11:37] c_saunders_15: good thing maybe we let go when we did huh
[11:37] mp6140: cause its the dollar, after all
[11:38] c_saunders_15: or would it of been possible to wait till its revival with shorts and stuff
[11:40] mp6140: we were in a technical short position that would have been fine but for the news
[11:40] mp6140: essentially, it was an error to be in the position, but was a good idea at the time
[11:42] c_saunders_15: yea cause when you were offline when i got up in the morning i checked it out and saw i was 5k in the hole and wanted to close it but wasnt sure and asked a forex guy who is on my buddy list and he was wondering why i was in there and said he couldnt give me any advice .. and i was sweatin bullets the whole day till we talked again
[11:44] mp6140: was not a good move, but was made on a technical basis for a flip move the day before, not for a long term hold
[11:44] mp6140: so it was to be only a flip, not a hold position
[11:44] mp6140: although, it could have been held had i not made a mistake
[11:45] mp6140: just sit until it comes back up again -- would take time, but thats all
[11:45] mp6140: because the trade goes against you doesnt mean you HAVE to sell -- you can choose to just wait it out
[11:46] mp6140: and when i saw the loss, there really wasnt much else to choose from
[11:46] mp6140: in hindsite, was an error, but was actually meant to be a short play for an hour or so
[11:47] c_saunders_15: yea its cool all is done.. all in due time
[11:47] c_saunders_15: 2 months isnt long time to wait
[11:47] c_saunders_15: or that one you were talkin bout
[11:47] c_saunders_15: when we gonna set up join accout
[11:48] mp6140: in hindsite, if i had called you and had you wire more money into the account it would have been ok also
[11:48] c_saunders_15: no way
[11:48] mp6140: but i didnt even have the time to do that
[11:48] mp6140: i was fighting it every minute
[11:48] c_saunders_15: ohok
[11:49] mp6140: additional money would have protected the margin
[11:49] mp6140: which im sure was done by a few million traders
[11:56] c_saunders_15: so if we joined accounts we would both be together till enough to give back our original amounts
[11:56] mp6140: might not be that long
[11:57] mp6140: enought to build the two accounts to a point where they could stand alone
[11:57] mp6140: prob to the 5k each area
[11:57] c_saunders_15: cause she would already be set to square1 but not me yet though :/
[11:58] mp6140: once the accounts reached that point (10k total) then each could stand alone
[11:58] c_saunders_15: once it gets to 5k it would only take a month or how long
[11:58] c_saunders_15: lol keep askin same questions but feels good to get it out
[11:58] c_saunders_15: i just type what i think
[11:59] mp6140: should be in that area
[12:01] c_saunders_15: when does she wanna do it
[12:03] mp6140: havent spoken with her today but sent her a post yesterday nite
[12:03] mp6140: will hear from her
[12:04] mp6140: lemme check and see if shes signed on
[12:04] mp6140: no, not on yet