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Lost half of my years salary in a week!
- Thread starter acdspit00
- Start date
Quote from mparkernys:
the OP closed the account, against the advice of many, yours, mine and prob others.
my request for additional funds were simply to cover what could have "possibly" become a problem, although at that time the margin requirements were safe --- but since it was not my account i could not add funds and needed the OP to cover, "just in case !"
btw -- is that AUDUSD falling even further ???
my forex and stock clients have no problems with the way i trade -- and so far, looks like it all works out in the end !
sorry, but after being beaten about for a few days, even the gentlest of men becomes a bit "ticked"
You couldn't add funds??
BULLSHIT!
You wanted him to add more JUST IN CASE??
BULLSHIT!
Have one of your forex clients come on here and give a testimonial....as well if possible showing a winning traders log.
You are unreal. A truly delusional scammer..
Someone call the cftc, nfa...this is sicky sick...
Quote from PohPoh:
A truly delusional scammer..
Someone call the cftc, nfa...this is sicky sick...
I've been seeking their comments/ feedback so far. Please wait.
Quote from acdspit00:
He also wants me to put money into crownforex b/c he thinks he can average 200 a day on 5k account.
Quote from acdspit00:
He told me he would manage a 10k account with FXDD. He could make like 300 a day on it... and he would get 25%
Chris did the right thing -- NEVER MEET A MARGIN CALL.Quote from mparkernys:
the OP closed the account, against the advice of many, yours, mine and prob others.
my request for additional funds were simply to cover what could have "possibly" become a problem, although at that time the margin requirements were safe --- but since it was not my account i could not add funds and needed the OP to cover, "just in case !"
btw -- is that AUDUSD falling even further ???
my forex and stock clients have no problems with the way i trade -- and so far, looks like it all works out in the end !
sorry, but after being beaten about for a few days, even the gentlest of men becomes a bit "ticked"
Although the broker hasn't called the margin. The fact that you asked for more money is equivalent to a margin call.
Either
-- you ask for more than $10k to start the account, or,
-- knowing the account is only $10k, you should trade the account as a $10k account and not over leverage it to the extend that you have to ask your client for more money.
Oh, excellent. Most entertaining. ET should have some kind of Scammers Hall of Fame where all these threads go. You could call it the "WARNING TO NEWBIES" thread. A public service from your good friends at ET.Remember the days of traderbrad..
http://www.elitetrader.com/vb/showthread.php?s=&threadid=30453&highlight=traderbrad
I don't remember the specifics, but there was a thread a couple of yrs ago where members were criticizing some guy and he just went friggin' ballistic. I remember he was English 'cause he was using all kinds of English expressions, he was so upset and angry, every other word was profane, it was like he was having a nervous breakdown right in front of us he was so pissed. It was hilarious. Anybody remember that? Was the thread deleted? Shame if it was, it was a classic.
H
How to file a complaint!
http://www.bbbsilicon.org/gccomplaint.html
Q
Spotting "Forex" Fraud
http://www.bbbsilicon.org/news_Sept2003.html
With financial markets on the upswing, many consumers are re-evaluating their investment options. Solicitations to trade foreign currency contracts, also known as "forex", are particularly tempting. Ads for high-return, low-risk investment opportunities in foreign currency trading are blanketing local newspapers, radio promotions and attractive Internet sites. Are these offers too good to be true?
Sometimes, they are. While much forex trading is legitimate, the Commodity Futures Trading Commission (CFTC) reports a sharp rise in foreign currency trading scams. How does one sort through the offers to select a reputable operation? The CFTC and the Better Business Bureau offer the following warning signs of fraud to those who are considering forex investment opportunities.
*
"Too good to be true" claims. Get-rich-quick schemes are actually lose-everything-quick schemes. Be particularly cautious if you have recently acquired a large sum of cash. Retirees make easy victims.
*
Offers that predict or guarantee large profits. Such claims are false! No person or business has a crystal ball that can predict the future.
*
Offers that promise little or no risk. If the company claims that written risk disclosure statements are routine formalities imposed by the government, beware! Do not fall for promises that your investment is "secure" or that there is a "maximum" that you can lose per day.
*
Pressure to invest funds that you cannot afford to lose. The currency futures and options markets are volatile; they contain substantial risks for unsophisticated customers. Reputable companies will permit you time to evaluate their offer and make an informed decision.
*
Unwillingness to provide a performance record. Always obtain the company's track record, and verify that data with other sources and someone whose financial advice you trust. Even the glossiest of brochures can contain false information!
*
High-pressure tactics to send or transfer cash immediately. Phony currency trading firms have seized upon the Internet as an inexpensive way to reach potential customers. Many such firms are not located within the U.S. and do not display any information identifying their location. Once you transfer your funds offshore, it becomes very difficult or impossible to recover your investment.
*
Reluctance to provide credentials or background information. Do not deal with anyone who will not give you requested information about their expertise, experience, and industry registration or relevant association membership details in writing!
Prior to purchasing any forex, check whether the company is registered with the CFTC (www.cftc.gov) or is a member of the National Futures Association (www.nfa.futures.org). Other sources of helpful information include your state securities commission (www.nasaa.org), Attorney General (www.naag.org) and Better Business Bureau (www.bbb.org).
If in doubt, do not invest! If you can not get solid information about the company, the salesperson and the investment, why would you want to risk your money?
UQ
http://www.bbbsilicon.org/gccomplaint.html
Q
Spotting "Forex" Fraud
http://www.bbbsilicon.org/news_Sept2003.html
With financial markets on the upswing, many consumers are re-evaluating their investment options. Solicitations to trade foreign currency contracts, also known as "forex", are particularly tempting. Ads for high-return, low-risk investment opportunities in foreign currency trading are blanketing local newspapers, radio promotions and attractive Internet sites. Are these offers too good to be true?
Sometimes, they are. While much forex trading is legitimate, the Commodity Futures Trading Commission (CFTC) reports a sharp rise in foreign currency trading scams. How does one sort through the offers to select a reputable operation? The CFTC and the Better Business Bureau offer the following warning signs of fraud to those who are considering forex investment opportunities.
*
"Too good to be true" claims. Get-rich-quick schemes are actually lose-everything-quick schemes. Be particularly cautious if you have recently acquired a large sum of cash. Retirees make easy victims.
*
Offers that predict or guarantee large profits. Such claims are false! No person or business has a crystal ball that can predict the future.
*
Offers that promise little or no risk. If the company claims that written risk disclosure statements are routine formalities imposed by the government, beware! Do not fall for promises that your investment is "secure" or that there is a "maximum" that you can lose per day.
*
Pressure to invest funds that you cannot afford to lose. The currency futures and options markets are volatile; they contain substantial risks for unsophisticated customers. Reputable companies will permit you time to evaluate their offer and make an informed decision.
*
Unwillingness to provide a performance record. Always obtain the company's track record, and verify that data with other sources and someone whose financial advice you trust. Even the glossiest of brochures can contain false information!
*
High-pressure tactics to send or transfer cash immediately. Phony currency trading firms have seized upon the Internet as an inexpensive way to reach potential customers. Many such firms are not located within the U.S. and do not display any information identifying their location. Once you transfer your funds offshore, it becomes very difficult or impossible to recover your investment.
*
Reluctance to provide credentials or background information. Do not deal with anyone who will not give you requested information about their expertise, experience, and industry registration or relevant association membership details in writing!
Prior to purchasing any forex, check whether the company is registered with the CFTC (www.cftc.gov) or is a member of the National Futures Association (www.nfa.futures.org). Other sources of helpful information include your state securities commission (www.nasaa.org), Attorney General (www.naag.org) and Better Business Bureau (www.bbb.org).
If in doubt, do not invest! If you can not get solid information about the company, the salesperson and the investment, why would you want to risk your money?
UQ
Quote from hcour:
Oh, excellent. Most entertaining. ET should have some kind of Scammers Hall of Fame where all these threads go. You could call it the "WARNING TO NEWBIES" thread. A public service from your good friends at ET.
I don't remember the specifics, but there was a thread a couple of yrs ago where members were criticizing some guy and he just went friggin' ballistic. I remember he was English 'cause he was using all kinds of English expressions, he was so upset and angry, every other word was profane, it was like he was having a nervous breakdown right in front of us he was so pissed. It was hilarious. Anybody remember that? Was the thread deleted? Shame if it was, it was a classic.
H
If my memory serves it was an Aussie(can't remember the name) who would get mad then drinking heavy and come back on the board taking swings at everyone that commented. I think it got started when someone claimed he ripped off someone else's trading system. I would say that he topped them all.
Bsulli
Right! Yeah, I remember now, he would come back and apologize for mouthing off while he was drunk, then do it all over again, like a few hours later, I think. (Can you say AA?) Anybody got a link?If my memory serves it was an Aussie(can't remember the name) who would get mad then drinking heavy and come back on the board taking swings at everyone that commented. I think it got started when someone claimed he ripped off someone else's trading system. I would say that he topped them all.
H
==========================================Quote from Lon Eagle:
Parker
Please don't think my lack of replies from here on in mean I am conceding to you.
I just don't think you should be given any more airtime to peddle your half truths.
ah, HALF truths now !!!!!
in only a few days a VAST improvement from scammer, dont you think ?
why in a day or so, we might even have someones say, "gee, maybe he wasnt wrong !"
and a few days after that, "gee, hes a pretty good trader after all !"
LOL -- gotta love it !
mp
Now, wait just a damn minute! The OP only suffered, what, a 90% drawdown in a 10k account in one week at the hands of this guy? You mean to say, like, that ain't good tradin'? That ain't smart money management? Whoda thunk it? But then, the mkts always come back, right?Chris did the right thing -- NEVER MEET A MARGIN CALL.
Although the broker hasn't called the margin. The fact that you asked for more money is equivalent to a margin call.
Either
-- you ask for more than $10k to start the account, or,
-- knowing the account is only $10k, you should trade the account as a $10k account and not over leverage it to the extend that you have to ask your client for more money.
Re: The Indignant Scammer. The motto of that old Mad magazine goofball character Alfred E. Neuman comes to mind here: "What, me worry?" Especially when it's somebody else's money...
And to the OP, not to rub salt on the wound, and don't know if anyone's pointed this out, but you shouldn't be trading money you can't afford to lose in the first place, lad, much less half of your yearly salary. I mean, hey, you say you're just a kid, but I was never that young... Christ, were you drunk?
H