I somewhat got myself into a bind. I trusted a moderator on a pretty big stock/forex forum and let him handle a 10k forex account. In 1 week I am down 9k.. Holding on to my last 1k but unlucky enough its deemed as a bagger in audusd down 700 dollars so far. He wants me to add more money to keep the margin but I just dont have the guts to do it anymore... so depressed. He told me he has been doing it for a long time 15 years in the biz. There isnt anything I can do is there? I want to feel reinbursed somehow but i know he would never give me half of what he lost... well if i need to i can post the history and see what you guys think i can tell you he place 4lot orders at a time and the first two being going long on usdjpy.. He also wants me to put money into crownforex b/c he thinks he can average 200 a day on 5k account. I am not knoledgable enough to trade forex myself as i know would be the best way so there is nobody to blame but myself.
I thought this as going to be about a tax bill! Yep, you probably did your dough. Sounds a bit like that guy who was profiled on forexbastards, but theres a lot of them out there.
Sorry for your loss. But take what you have left, and walk away. The forex market is very trecherous under the best of circumstances, and unfortunately it has become an unregulated playground for many scammers and con artists. Yes, the money is very important to you, but it could have been worse. There is nothing you can do, so don't put good money after bad. Every experienced trader, including me, will tell you that the best lessons are those that cost you the most. And most of us lost something...very often a lot...before we learned the most important lessons. So learn something from this, and it will be worthwhile in the long run.
Did you just fall off the turnip truck? Sorry man I think your money is gone, no way in hell I would hand over my $$ to someone I didn't know. Don't give him another cent. This is your first lesson in the market: Cut your losses quickly. Sorry, and good luck.
As much as I hate to say it I have to agree with the poster and tell you to chalk it up to education.
maybe you can find a lawyer and sue the chap who screwed you ? perhaps the chap is not liable due to some fine print but legal advice ( not only advice and comments from the ET community would be advised here ) ( one more thing ... does this chap have an audited "track record" and were you the only one who suffered here or did a whole class of investors get screwed ) ? good luck :eek:
Also, be sure to follow up and make certain that the trades were actually placed, and that your money was not just pocketed. If the trades were legit, nothing you can do. If they weren't then you have a case. In any event, do not make the mistake of slamming this person in chat rooms, etc. You will leave yourself open to legal action. Every person reading this thread should appreciate why Forex sites are littered with pages and links to risk disclosures. There is good reason why. Today, for example, you probably got slammed hard when the dollar dropped big and took USD currency pairs with it. S**t happens. And when you are leveraged 200:1, it happens quickly.
Crownforex broker ? Could be he get paid part of the loss that you have by this crooked broker. I believe I know somebody who had the same experience like you. PM me the name of the chap and the website.
-90% of the entire managed account in one single week? At a loss for words on that one... don't even know where to begin. My sincere condolences to you, for sure.