People like to read about pain and suffering, I enjoyed the multioption threads for the same reason. I wonder what happened to him?
as is often said, there are two sides to every arguement or discussion -- allow me a moment to present my side ! originally, the poster sent me a PM at sho with questions concerning the Forex mkt, and while i was busy at the moment, anyone over there knows i answer all questions as well as possible. Our conversation went on for some time while i was executing trades and after approx an hour, it ended --- being picked up the next day when the poster ASKED ME if i would manage his account. Originally my answer was NO, as I already was pretty danged busy with my own trading and i stated that I WOULD CONSIDER IT OVERNITE ! At this point i do not know if i was just trying to let his enthusiasm settle overnite, or simply putting it off as a man at a car dealer will say "well, I have to talk this over with my wife !" The next day, bubbling with enthusiasm, the poster was back, pressing me for an answer, to which I gave in and said "OK, i will handle your account for you." May I point out that NEVER did I engage the poster showing a desire to handle his account or in any manner try to SELL him on the idea, but was simply answering his questions concerning daily gains and success in the Forex mkt, at which point I was happy and very satisfied. In the first and second day of handling his account, I produced a positive income flow of nearly $1700 BUT in the meantime, while in a long position in USDJPY and a short position in AUDUSD, the fit hit the shan and the dollar plumetted, based on being overbought and poor positive forecasts and the long in USDJPY went down and the short in AUDUSD went up ! Now this is a scary situation, BUT the dollar is not a penny stock that has been run and discarded -- it was a time to hunker down, set up defenses and wait out the situation. The first day, for hours straight after the first news announcement, I bought mini lots to hedge the margin on AUDUSD --- it was like deep sea fishing, where you let out a little and then pull back a little, at all times trying to get a hold on your catch. It worked well, even though i was getting a tad tired, until my order platform blocked my margin readout and in a flash, i was liquidated at a margin percentage of 80% -- other brokers have their percentages set at 50 or 30%, but so be it ! All thru the time i was trading, i would notice that small trades were being closed without any order by me, and for two days went over this problem with Ascher, one of the tech support people at FXDD. Ascher had me send in my logs and files and he analyzed them and came up with the fact that another computer in Japan was reading my trades, which didnt bother me as the poster of this complaint is located in Japan, obviously had his trading panel open watching what i was doing --- BUT SOMETHING WITH THAT CONNECTION WAS CAUSING TRADES TO BE LIQUIDATED with no action on my part ! With all of this going on, I still held a short in AUDUSD which was fluctuating wildly intraday, as the daytraders went in and out of flips, and at 3AM yesterday morning, the currency had dropped to within $30 of being in profit ! Seeing that the trend was down longer term, I decided to hold for at least another day and work with the prevailing trend, as the currency had beaten against resistance repeatedly but was not breaking thru. (as an aside, the currency would have (had the account not been closed in panic) made a decent profit this morning around 4AM) Additionally, USDJPY has now hit bottom and is coming around to honor the long positon ! I requested the poster put a few hundred dollars into the account for the purpose of QUARDING THE MARGIN, and not for him to put it there for any additional trading, but instead, as i and he said, he closed the account in panic even though the currency was doing exactly what it had done for days, but dipping lower on each cycle. Since the account was closed, conversations with Ascher ceased and we never did get down to what was causing the arbitrary closing of trades in the MT4 platform, and my feelings are that the poster simply could not take what was a swing trade, when the market went against the position, WHICH HAPPENS IN EVERY SWING TRADE ! In fact, the general advice is to "buy the dips" which I wasnt doing, but simply sitting back, waiting for the bleeding to stop. There are 2 sides to most things, and i can easily understand the posters upset and fear, but i was on yahoo repeatedly, sent emails and phoned him a number of times in Japan, all in an effort to explain what was happening and have him look at a chart and understand, but he never answered one phone call or message left. and then, at a loss, he closed the account, effectively ending his ability to recover. For 5 days now, i have gotten a total of perhaps 10 hours sleep and have been watching these positions like a mother hen watches her chicks --- having taken on the commitment (which i did not want to begin with) it was now my responsibility to keep the poster as safe as i could, but i couldnt do anything once the account was closed ! btw, both myself and my partner are holding USDJPY long and AUDUSD short, and with sufficient dollars in the account to carry the margin, are just waiting out the bloodletting ! Long winded, as is my style but thats the truth as i remember it, even though my mind is foggy and i would love to have some sleep -- what I believe is we have a momentum trader (the original poster) who couldnt understand that what goes down, also comes up, especially when its the US Dollar ! The whole danged market is going down --- does anyone think its the end of the world as we know it ? enjoy and trade well mp
Do you think any trader should lose more than 10% of an account in a week, regardless of the style of trading? How can you argue that extra margin was required - not for trading but for margin? That is madness. Are you regulated to trade a strangers account? Did you take any steps to check the the background of your client? What % of the loss was caused by the trades "not closed by yourself"? You state these were only small trades - did they make a significant difference. What would have been the account position when the account was closed, without these "rogue" trades.
Welcome to the board, mp. Feel free to ask questions and take notes. You will learn a lot and hopfully it will get you out of this beginner stage that you are in.
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?