4 years trading is still a beginner. It is not moderately experienced at all. You bet our home, on a broker you didn't know, on a market whose characteristics you didn't know (and still don't), with no backup communication systems, no idea of the execution speed of your broker, with a loan agreement you probably didn't understand. Highly leveraged instruments, daytraded with 400K positions, are not for the beginner trader. I feel sorry you didn't understand that when you were trading and your broker should really have ascertained this prior to giving you a loan. However, sometimes, you do need to take personal responsibility too. The people who were long XIV when it dropped 93% overnight also misunderstood what they were trading too, or had risk management rules in place to ensure it wasn't a large percentage of their net worth. As soon as you start thinking about "if I lose 10 (or more) trades in a row, some of them catastrophic with crazy losses, what happens?" your mindset will dramatically change.
Thank you, how I can make to take one quote and then reply, and repeat this operation different times in one reply, please? 4 years is not yet professional, I agree. Thank you for other observation too. we were FAZ drop in April 2009, received a little refund(respect what we lose) thanks to the class action and still in process of pre-court writings with Credit Suisse, who suppose to protect out losses and at least say us something about. But here, with UBS is another story. It is to add that in 2012, after first triumph and crash in 2009, 4 years of everyday training, little retail accounts, non-stopping backtesting and many books, live courses and coaching,m we feel quite prepared for this new invitation to trade in a large scale. I would not do it today, sure, because I am strong and now that 3000 is enough to build any wealth. But at that time we were minded that big capital is needed, as banksters prospect it to you. The broker was well known and leader of the industry, UBS bank. For this reason, we trusted them and the RECL product (Real Estate Collateralized Loan)We were promised electronic platform, once get a loan the platform was denied. But 20 seconds of executions was guaranteed! Not 2, 3 5 up to 20 minutes and not cause of volume - volumes was, but simply because they, the bank's clerks, were distracted, forgetting to process our orders in. One more detail - after a couple of months when UBS declared liquidation, in June 2014, they offered to us to transfer the portion of our loan to the Deltec bank, and we refused because if money should be locked there Deltec is a typical boutique offshore bank and has no any facility to serve needs of active traders. We asked again to be transferred to one of UBS facilities in the world, where we can have an electronic platform or to give us what was left of the loan, plus refund minus the whole amount of interest prepaid until the loan expiration. And they refuse it again. As traders, we are taking personal responsibilities for all what happening to us on the market, learning, evaluating.. But we cannot be blamed for dishonesty and lack of professionalism of those who suppose to be at the top of financial indsutry at UBS banks. Why it is so hard for you to understand - we are not a typical case, we did not lose money! Please, look at my schedule, the sample of two weeks, re-attaching here - we did not gain because of late executions. And once requested refund, UBS initiated our calvarium.
Not in this case 1. we did not have losses 2. the feels of injustice to carry with you, why? Why to cry when you can fight it in the court 3. we simply have no choice, there is only one way - get back what we have and bring radiant victory to defend the right of all traders Sorry for those who not supporting on ET, I hardly believe there is envy.. probably maybe. In any way big thanks to those who are supporting!
I don't understand why a 400K loss on a 3.9M property causes any real issue, unless you had no equity to begin with? Even if you had no actual income, any bank would see that level of equity in a property very favourably and provide a mortgage against that, and pay out your existing loan facility.
there is a good saying how much justice you can afford ? and its not only money its time, and nerves. some go for it - well good luck but being a justice warrior is not my cup of tea
Thank you. We simply have no choice, so we must go ahead while trying to restart performance from a ridiculously small account. Not easy, but not impossible. There are some great advantages - we are meeting so many nice people, whom I hardly can see how else we would meet, and learn about their beauty and real friendship. Sadly, as it is in all books, they are all not wealthy, Our superwealthy neighbors, whom we beleived friends, runned away at high speed. I still vote for wealthy, but wealthy traders and wall those who build wealth on their own, we certainly spent ten years in the wrong place, but it was a good lesson. Even my coming here on ET is such a gift and who knows when I would make this step, if ever. So, there is a balance. My husband becomes an excellent paralegal, and we know that trading is much easier than to do legal wors, this is inspiring! All the best to you too! And if you will have in mind some book for me to understand better how the financial industry work, would love to learn.
Yes! That's why we are fighting - if you have not noticed, we decided to give all that we will hopefully win to the charity, minus expenses. Peace of mind is coming to us as the result of a clear conscience. And in this war, we simply do not have any other choice than to bring it to the end of hearings.
You for sure had no time to take a look on our story, otherwise you will not suggest to give up all to UBS on a little sauser with the blue bord.