Lost half of my years salary in a week!

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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It is not a problem at all, although i wish what had happened (and can not be explained to this board) did not happen.

I only tried to present what I saw and know full well that none of these people know me in any manner and so draw their own conclusions (and most will go for the negative 9 times out of 10) so i can understand their reactions -- nothing they say is of any permanent bother as I (as well as a whole lot of other people who know who and what i am), but your situation is !

Yes, i tried repeatedly to contact you, by phone, email and yahoo and in no manner was I hiding -- this i belive you fully understand !

Errors may have been made which certainly may have been created by a situation between our two computers, but I do object to being classified as a "scam" when IN NO WAY did i ever go looking for you, didnt advertise for additional work or ever present myself as one who wanted to trade others accounts

hard to be a scam when my only comments to you were that I didnt want to trade your account !

so for all the people on this board, you may have your idea of my competence or whatever, BUT stay away from the SCAM word --- if you had one smidge of knowledge of who I am, how hard i fight to see that newbs keep their money thru that first hard year, how much ive devoted myself (for no renumeration) trading concepts, tools and methods (all for free, btw) and all very workable, then perhaps youre ideas of me might change !

even though not my fault, call me STUPID, but do NOT for one second consider that i could scam anyone --- my background, years of moderating and serving and countless hours of good advice stand as my reputation !

mp
 
MP, the bottom line is that you recklessly traded this guy's account with UNBELIEVABLY BAD money management.

If it were me, I'd pay him back COMPLETELY to try and redeem what dignity I had left.
 
Quote from lindq:

The law centers on whether or not he was holding himself out to be a professional, and if he was expecting compensation. From what I've read here, that is the case. Bottom line is, with very few exceptions (such as a close friend or family member who is an accredited investor) in most states if you take money, or expect to take money, you need to be licensed. If you are not, then you have complete liability.
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That is the situation in the UK.

Trading without a licence is a very serious offence - at the minmimum you have to repay the losses and receive a fine. In some cases it can lead to jail.
 
Quote from mparkernys:

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It is not a problem at all, although i wish what had happened (and can not be explained to this board) did not happen.

I only tried to present what I saw and know full well that none of these people know me in any manner and so draw their own conclusions (and most will go for the negative 9 times out of 10) so i can understand their reactions -- nothing they say is of any permanent bother as I (as well as a whole lot of other people who know who and what i am), but your situation is !

Yes, i tried repeatedly to contact you, by phone, email and yahoo and in no manner was I hiding -- this i belive you fully understand !

Errors may have been made which certainly may have been created by a situation between our two computers, but I do object to being classified as a "scam" when IN NO WAY did i ever go looking for you, didnt advertise for additional work or ever present myself as one who wanted to trade others accounts

hard to be a scam when my only comments to you were that I didnt want to trade your account !

so for all the people on this board, you may have your idea of my competence or whatever, BUT stay away from the SCAM word --- if you had one smidge of knowledge of who I am, how hard i fight to see that newbs keep their money thru that first hard year, how much ive devoted myself (for no renumeration) trading concepts, tools and methods (all for free, btw) and all very workable, then perhaps youre ideas of me might change !

even though not my fault, call me STUPID, but do NOT for one second consider that i could scam anyone --- my background, years of moderating and serving and countless hours of good advice stand as my reputation !

mp
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The bottom line is this:

The right thing for you to do now is to make him whole on his losses. In the past when i was beginning to work with a capital raiser, I made a critical error by not locking out my PC to outsiders, and my little 1-year old girl got on the PC and input two mystery orders. After countless hours of diagnosing with the dealer, tech support, security centers, and so forth, I finally came to this conclusion after remember seeing her online for half a second while taking care of my then-pregnant wife.

Thank GOD she didn't figure out how to change the position size, and that they were only worth $1/pip. But it ended up costing me $300 to which I was HAPPY to pay back to the original investor. It was a mistake on my part, and I owned up to it because it was the right thing to do.

You made mistakes, you were overleveraged, PERIOD. Your reputation means dick as far as trading ability goes in this situation, so the right thing to do now is to write a check for the full amount that you irresponsibly lost to his account.

You may be the best trader in the world, the best father, husband, and great server to our country - but you are now at a point where you must decide if you want to defend and live up to this level of integrity that you proclaim to have. I really hope, for everyone's sake, that you do this.
 
Oh my god I really wonder why you guys ("traders") are all bashing the "vendor".

If it's true that the original intention to have the money "managed" came _solely_ from the (japanese) thread starter, I see this guy 100% guilty !
 
MP, I'm afraid your words are still delusional... still not grounded in reality.

Even giving you the maximum possible benefit of the doubt... If you still disagree that you had NO BUSINESS agreeing to manage the OP's money, ever, then you deserve to be banned from the industry for life, for gross misconduct in so many ways. Are you having trouble understanding just how serious this is?

How about just saying "no" and sticking to it? As in "no, I can't manage your account now, let alone on an unfamiliar dealing platform."

Doesn't matter who solicited whom... who said or did what when... and so on.

Does the concept of "fiduciary responsibility" mean anything to you? I would very strongly recommend that you look it up.
 
Quote from lindq:

The law centers on whether or not he was holding himself out to be a professional, and if he was expecting compensation. From what I've read here, that is the case. Bottom line is, with very few exceptions (such as a close friend or family member who is an accredited investor) in most states if you take money, or expect to take money, you need to be licensed. If you are not, then you have complete liability.
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That's a good point. But I don't think it applies in the US. Maybe it does. Several brokerages allow one to manage money of clients if the number of clients is less than 15 or 10 who are not CTA or IA. And a fee can be charged off profits.

And for argument sake, if he didn't do it for a fee nor as a business then he hasn't passed the professional status test.

I don't recall reading what the fee arragement was or if there was one. It seems as if it was done as a favor. Albeit a reluctant and ill mannered favor.
 
Quote from local_crusher:

Oh my god I really wonder why you guys ("traders") are all bashing the "vendor".

If it's true that the original intention to have the money "managed" came _solely_ from the (japanese) thread starter, I see this guy 100% guilty !
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Untrue. The "vendor" was moderating or participating in a public forum and presenting himself as an expert. He has said even here that he has traded for others, and it was my understanding from the "victim" that compensation was expected from profits.

No matter how much he "protested", he still took the responsbility of trading the funds with the expectation of compensation. He is liable.
 
Quote from ddunbar:

That's a good point. But I don't think it applies in the US. Maybe it does. Several brokerages allow one to manage money of clients if the number of clients is less than 15 or 10 who are not CTA or IA. And a fee can be charged off profits.
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Brokerages are not responsible for the actions of an account holder. They aren't regulators.

Understand that the reason state and federal regulations are in place is to help prevent PRECISELY what has been discussed in this thread. And that is an informal, oral (useless) agreement to trade money for profit. Under any circumstances, it should not be done unless you are ready, willing and able to find yourself in a courtroom. Period.
 
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