The above is entirely accurate. To spare others who might make the same or similar mistake, you might want to describe how you were enticed into the predicament. For instance, you mention a "moderator" of a web board or forum. Which board or forum and what was the pitch? Did you check the pitch in any way before committing your money and, if so, what did you learn? Where did you send your money? Anything along the above lines might help educate ET readers and save them the tuition you've apparently paid.
First question you ask yourself: why would someone who knew what he was doing after 15 years still be running an internet forum? Sorry to hear of your losses.
It reminds me how I got in to trading .Ears ago I know nothing about it .Some one tailed me about this ,,grate broker`` so I ran there with my hard earned money, with hope that he can multiply it. Of course it never happened; he lost a lot of my savingsâ¦Then I said to my self: screw him, I can lose money my self , at least I learn some think... Advice: never use more then 1% of your account, and donât trust some one who is promising big money. I purchased this CD and listening to it if depression is hanging in the air... http://www.exceltosuccess.net/store...play&Product_ID=8&CFID=93521&CFTOKEN=80043236 It helps me a lot.
He said hes been doing big board/pennys for years and well liked in forum.. i dont want to mention anything now because I dont want anything worse to happen to me. 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% Hes got a hold of my IRA/Indiv accounts with choicetrade but doesnt seem to care too much about them... hasnt placed one trade. HELP hes currently got me in audusd still at 755 dollar loss attached is the trade history...
A major case of churn and burn. It would be good for you, after you close him out of your accounts, to post this with his name to the chat room where you met him. Since you have the facts, he can't take any action. The problem with a lot of these chat room gun slingers is they think because they have a little experience, then can turn profits for others. So you can help others to stay away from him. Regarding AUD/USD, if you are long, it is making triple top on the daily charts, which is not a good sign for a long. In any event, I would get him out of your accounts ASAP. Because you could be liable for more than you have deposited if this fool keeps churning. Shut it down and move on. And remember that others have lost far more than you. Tomorrow is another day.
OMG, a 300k reversal -- wrong account. Tell the dude, you're done experimenting. It's time to break out the k-y and bring it on.
Good chance that he traded against a second "client" taking the opposite trades. Loses you as a client and keeps the happy client whom his more than happy with the 25% commission. Happy client stays in until he loses. He probally divides his clients into BUY and SELL and the trades are entered at the same time.
That sounds precisely like some of these guys, except for the stock angle. The "managed account" section is definitely a must read, while none of these may be your scamster, there might be some ideas and support here-and you will notice, your not the only one. managedaccounts
I run a trading forum, and even though I am a profitable trader, I would never manage a persons money based on the fact that I run a forum. I am sorry to hear about what happened to you. If legal action has any presence, I would look into that. If you want someone to manage your money make sure they have a legal track record. Take this as a lesson. Keep us posted. Take care, -Kastro