Lost half of my years salary in a week!

in no particular order ------

one watches their shorts, and if the accumulation/distribution on a currency or stock does not change and the symbol is going against you, you cover margin and hold --- why would anyone want to sell a loss when it is easy to see that the pattern will die soon. For proof, simply look at what impact Bernakie's speech had on the currency mkt --- essentially NONE because the downside is getting exhausted !

there was one significant sale (along with 4 mini lot trades) that was not explained as of the time the account was closed, and has not been pursued because the account is no longer active --- I am not in a very good mood about all of this and may continue on my own to find out what has happened, but it all seems to point to two computers being logged into the same account at the same time --- WHAT happened, i simply do not know !

and with all the questions, please note that in the first two days of our "partnership" I produced an increase in equity of $1700 which the poster can and should verify ! We may play a trade differently, and I wont argue with how you do it, but if I can show that kind of profit while not working very hard, I would at least consider that i may just know what im doing !

respectfully, but not very happy myself

mp
 
Quote from mparkernys:

in We may play a trade differently, and I wont argue with how you do it, but if I can show that kind of profit while not working very hard, I would at least consider that i may just know what im doing !



mp
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You just blew out someone's life savings in a week and yet as part of that you think you are a good (if not great ) trader.

I think you have what it takes to be a great vendor. The best we see on ET really believe their own crap.
 
Quote from mparkernys:

why would anyone want to sell a loss when it is easy to see that the pattern will die soon.
mp
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What absolute rubbish and proves you should never be allowed to trade anyone's money apart from your own.

You sell a loss becuase it has hit your pre defined stop - that way you don't blow an account. It is never possible to say a pattern will die soon - especially when you already have a position in it.

There have been no abnormal moves in fx for the recent period of time. Indeed it is a time of the lowest volaitility in history - making even less reason to blow an account.

As for your Bernabake comment -that defies belief. Talk about clutching at straws because it validates your view. If you are talking about his speech yesterday I waited 3 hours to trade it. The first line of it said he would not comment on monetary policy. Thats why it did not move the markets so I turned off my PCs and went home.
 
I swear the only trades I closed myself were the last two being the short on aud with one lot and another minilot going long. As I knew they were going to close the account soon anyways due to myself telling them my financial situation and my experience in forex trading.. Yes I was watching most of the time because of being a worry wart...I don't know much about this stuff and i do regret posting this thread. I always do things without thinking when under pressure. Was just looking for answers that were innocent and unbiased just incase I was being scammed...hasn't been the first time...


PS: Sorry MP I notice you tried calling me but at the time I am way to embarassed to answer.
 
Quote from roberk:

Let me see,
An account with total $12,000, within two days of you taking management, goes down to under $3,000, and you consider this normal trading? Wow, so all of your accounts behave like that, they all add extra money when you ask?
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================================

well, i can see that there wont be a lot of trading on my part today, SO - - - - -

first, it was a 10K account that i turned into almost a 12 k account in two days - - - - -

i you read my post, you would see that there was some type of circumstance taking place that created some danged good problems.

had none of WHATEVER was going on, be it broker created or glitches in the system because of two computers trafficing on the same trading platform i do not know, but over the years I have developed and hold a very good reputation among decent traders who `often ask for my advice on support, resistance and trends, and offer up my posts and advice and picks on "stockhideout"

clearly there were problems, and I cannot begin to venture what was happening until all the facts are in, but once again I bring forward the fact that I was increasing his account in the area of $800 a day before the problems started ---- I make profit, and even after losses, i simply sit back, understand that this is the way of trading sometimes (although to be avoided, of course !) and continue on, back to the upside and recover that which was lost !

My problem, and I can understand the fear on the part of the poster, is that i cant recover what i cant trade.

but my reputation and abilities are well known, which is why the poster approached me in the first place --- one does not go to a failure to find out how to succeed.

I feel terrible about what has happened, but I would have made it work, if only he could have maintained his patience as the currency in question NEVER went above its primary long term resistance area, and as I said -- would have returned profit early this morning !

I do not habit the boards and the original post on this was pointed out to me by a very experienced momentum trader, and while he was mad as hell I figured it would be better to simply explain the un-explainable and present my case with no rancor.

Do not think for one moment that I am not horribly upset by this, that I understand why the poster would cut his losses (or so he thought) but I also see further into these currency pairs, see the reversals and was holding a swing position, not a flip -- time will prove me right or wrong but my success rate is proven and well respected on the site I help moderate which is, as i said, the reason the poster came to me in the first place !

I offer no excuses --- outwardly it looks like a bad situation, but in these situations one simply hunkers down and waits out the storm, which is exactly what i was doing ! The whole mkt is down today --- does one run away screaming and close out their account ?
 
Quote from mparkernys:



respectfully, but not very happy myself

mp
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If you are 1/2 as knowledgable as you present yourself to be, then you should we well aware of your liabilities under the law in taking responsibility for another person's funds, whether or not you were holding the funds. You are fortunate that your"partner" is not in the U.S.

And all excuses aside, you should have also been well aware that contrary to what the Forex bucket shops would have everyone believe, S**T happens every day in the currency markets, and anyone in that market is always at risk and needs to be prepared. And this is doubly true when trading someone elses money, no matter who or where they are.

IMHO, your continued posts simply reveal more of your incompetance, and I suggest that you both put it to rest and learn your lessons.
 
Quote from Lon Eagle:


There have been no abnormal moves in fx for the recent period of time. Indeed it is a time of the lowest volaitility in history - making even less reason to blow an account.
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I was thinking about the very same thing. Must be highly leveraged. North of 200:1. But even then I can't see it happening. But I guess it did.

Whatever happened to money management, then?
 
Quote from acdspit00:

I swear the only trades I closed myself were the last two being the short on aud with one lot and another minilot going long. As I knew they were going to close the account soon anyways due to myself telling them my financial situation and my experience in forex trading.. Yes I was watching most of the time because of being a worry wart...I don't know much about this stuff and i do regret posting this thread. I always do things without thinking when under pressure. Was just looking for answers that were innocent and unbiased just incase I was being scammed...hasn't been the first time...


PS: Sorry MP I notice you tried calling me but at the time I am way to embarassed to answer.
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You should not worry about starting this thread. Indeed you should print it off now and save a copy on your computer.

If this guy does not refund your money within 48 hours you go straight to the authorities with all the evidence inclding this thread, any emails and any other details you have.
 
Regardless, this thread should stay open for all to read. It is a lesson in how dangerous the forex market is, how sketchy it's players can be, and how sad life can get when you believe in promises that are simply too good to be true.

If it weren't for the lack of confrontational writing style, I would make the assumption that this mp guy is Skalpz. They trade exactly the same.
 
Quote from mparkernys:

================================



clearly there were problems, and I cannot begin to venture what was happening until all the facts are in, but once again I bring forward the fact that I was increasing his account in the area of $800 a day before the problems started ----
.

I feel terrible about what has happened, but I would have made it work, if only he could have maintained his patience as the currency in question NEVER went above its primary long term resistance area, and as I said -- would have returned profit early this morning !

I
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Am I reading this right:

- you say you were making $800 a day. What you really mean is you made thatfor 2 days.

Even if he had run the last position by adding more margin then only this psoition would have come back to break even - ie recovered approx $800. The whole account would still have been 80% down .

You claim you don't understand how FXDD operate their stop system and it differs from what you are used to. So you trade an account with massive levergae without knowing exactly how they reserve the right to stop you out.

I still not convinced it is not some sort of hoax - can't believe that anyone would try to justify these actions or make out they had any ability whatsoever.
 
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