ok, lets say that hindsite is wonderful, and that ive become the boy to be flogged. for anyone to say there was no increased volitility, one only has to look at any chart with USD and see the drop ! I will continue to let you flog me, as this will go away in a few days, even though I wont be able to help the original poster, and should you desire a few references, ask some others what ive done with their accounts ! its fine -- for a few days it shall be my lot in life to be tarred and feathered --- i truly believed, by at least showing the other side of what is a real problem, facing up to what happened and relating that to a board that received the original complaint, you could at least fairly examine the issue --- i forgot how much people like to kick a person they feel is down (pack behavior i guess !) but im not down, and neither would have been the original poster had he held pat, but simply waiting out the storm which is blowing itself out quickly -- as i said, time will tell whose opinion and methodology was correct -- what really bothers me is not the slings and arrows but that the original poster gave up too quickly --- THAT hurts tremendously !
The forex market has done nothing unusual for months, what are you talking about? Just a query, how long have you been trading forex (with real money)?
IMHO, this is one of the most valuable threads on this site in a long time, if it serves only to give caution to anyone else who is looking to trade currencies, or looking to provide funds for anyone else to trade. In my memory, and that goes back a long ways, I've never seen such overblown hype and absolute crap being promoted about the "opportunity" to make profits in a market. And I put many posters on this site in that same category. Far too much talk about gains, and not nearly enough about losses. If this site exists for any good purpose, it should exist to help the ignorant from falling into the traps being laid by very talented scammers and bucket shops.
Snipped the magnanimous fluff... If my account were down 50% in a week I would stop trading or if my account was being managed, fire them. If my account were to drop 5% in a week, I'd stop trading, reevaluate and reduce my trade size. 5% in one month and I re-evaluate what I'm doing, reduce size, and begin a new strategy.
Indeed. Talking of euro dollar - I know this wasnt a euro position but it shows how quiet the market has been - it traded on a 1.27 or 1.28 handle for something like 55 days in a row. It broke the pattern and moved a massive 1% before coming back into the old range a week or so later.
I think if you manage less than 10 people or under so much money (perhaps <$100k) you don't need to be regulated or authorized other than an agreement to do so - written or oral. I don't recall precisely.
Fair enough -as I sated earlier I am in the UK so dont know US law. But he has stated he had traded for many people before. If i was this guy I would pay the $10k back - after all he is a very succesful trader and so it is peanuts to him and if the authorities start to delve into his activities it will cost him taht in legal fees very quickly - even if he is 100% innocent.
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.