===================================== traderdon, thank you for at least taking the time to more fully research who I am and what i have done --- that is appreciated ! I cannot argue methodologies of trading, as anyone who has traded for a time will have their own and it can (and usually does) differ from others, sometimes in small ways and often in very large ways. One persons "reckless" is another persons "normal" ---- i have read on this site that one should expect 3 pips or so as a good day --- I normaly do 3 pips in a few minutes, and would be extremely unhappy not to do that 15 to 20 times a day flipping, while still holding the gains on the core long or short position, but do i call those people "conservative and snail like ?" I agree totally that the account should not have dropped that low, but I was closed on trade after trade, reducing the total amount of protection on the account and while these were\ "unsolved problems" neither I or FXDD could solve them but FXDD did note that another computer was logged into my account, which was the original posters computer in Japan. This information is available from Ascher, the tech rep and im sure the original poster can validate my claim. also please note that FXDD (of course i find this out after the fact) has a reputation of closing trades, winning or losing, which you can take for whatever its worth at the following site ------ http://www.forexbastards.com/broker_reviews.shtml I am stunned at this time by what has happened, and if you bother to think about it, HOW ON EARTH COULD THIS HAVE HAPPENED in 3 days ? BEFORE you jump all over me, THINK and examine --- stop being a lynch mob and EXAMINE this situation --- if a scam, how did I make money ? A bad trader ? --- an awful lot of people thank me constantly as i help them grow their accounts including the ones ive taught to flip, right during our chat session by giving buy and sell signals intraday ! Bad money management -- not if FXDD hadnt kept closing out losses, reducing the original equity and margin percentages ! NO, there is far more to this than meets the eye or that a blanket statement of BAD TRADER or SCAM can explain, and while its left me shaken and the original poster very hurt, I intend to find out what and how all of this transpired @! and of course, through all of this, i still wait to hear from the original poster !
My god. Do you realize that they used to put people on Unsolved Mysteries when they con someone out of $10,000? I may not have understood this correctly... 1. You don't know anything about trading or this given 'business'. 2. MP steps forward and offers to 'help' you, by taking your money and investing it in a sure fire can't miss get rich quick scheme. 3. MP represented himself as a properly licensed money manager, whom in writing somewhere, indicated that he traded for other people as well, and made them a lot of money. 4. MP persuaded you to open an account at a real brokerage, and then proceeded to trade your money FOR YOU. He DID NOT tell you what to trade so you made the trades, he did, trading things that he chose, not you (I don't know about your brokerage, but even forums track IP addresses. It should be easy to subpoena the login IP's by date and time of anyone who logged into your account). So, if the above is correct, you were 'conned' by the classic conman. He offers to sell you the Golden Gate Bridge for $1 and you bought it. However, there are laws to protect people from predators like this, and if you were in the states, I'd suggest you call your local DA and ask him for advice. I know that in my area, you are subject to arrest for intentionally bouncing a check, and you can be arrested and held on fraud if the person prosecutes... that is, $100 bounced checks. $10,000, and you didn't know what you were doing and did none of the trading yourself? That's misrepresentation of his status (that he is legally able to manage other people's money) at the least, and fraud at the worst. Since you are not in the US, there has to be a legal advisor for the military in Japan who can at least tell you who to talk to to get help. I would think that the military has people who deal with this kind of issue specifically, you need to find out. At the least, I know that managing someone's money without a license is illegal and subject to fines and possibly imprisonment. But given that you knew nothing about forex trading, and did not direct the trading in any way, what he did was no different than someone scamming someone else out of money to 'open a restaurant', a situation that I saw in the news a few weeks ago, resulting in the arrest and imprisonment of the 'con artist' for fraud. While this may not pertain specifically to you, here's a few cases of fraud indictments for people who did similar things, albeit on a larger scale. You need to talk to a DA, but I'm not sure of the jurisdiction... where he lives is most likely the proper channel, and I'd be writing to the DA in his hometown tomorrow, in addition to writing the SEC and trying to talk to your local military legal advisor. An article about a fraud case in Southern California brought against people who "obtained over $100 million from investors on the basis of false and misleading representations.... charges with misusing investor funds..." http://www.usdoj.gov/usao/cas/press/cas50616-1.pdf Another type of fraud case in NY, where a 'money manager' was sentenced to jail for defrauding private investors and laundering the proceeds (his trades were REAL trades right? I wasn't sure. From what others have posted, the trades he supposedly made were not possible at the time they supposedly occurred because the prices were not accurate for that time?). "admitted in federal court that he told individuals and entities that he was investing their money in bonds, mutual funds and other documented investments and that he then put their money to different uses, including the payment of personal expenses and to repay other victims." http://newyork.fbi.gov/dojpressrel/pressrel06/stockbroker_sent051006.htm Finally, here's a page from Duke University about Internet Fraud: http://www.law.duke.edu/journals/dltr/articles/2001dltr0006.html " The Investment Advisers Act of 1940 was intended to regulate those individuals and companies providing investment advice by making it illegal for "investment advisors" to defraud their investors. In Lowe v. Securities and Exchange Commission, the Supreme Court set forth a definition of an investment adviser as a person who "for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling, or who for compensation and as part of a regular business, issue or promulgate analyses or reports concerning securities.4 The Court held that the intent for such a statute was clear-Congress was interested in "regulating the business of rendering investment advice, including publishing activities that a normal incident thereto.5 This broad definition is cut back by several exceptions, one of which is the First Amendment rights of the press to publish non-personalized information. " If I were you, if you don't get your money back very soon, I'd be pursuing every avenue to have this guy imprisoned... and the law above appears to be on your side. At the least, his life would be a living hell for the next 2 years til he goes to court. $10,000 may not be worth the satisfaction you can buy from knowing that he'll have to hire an attorney, pay for unrefundable bonding out of his arrest, and the distress to his family, co-workers and associates, or the fun he'll have in jail between his arrest and the time he gets bonded out ... but it will help.
=============================== unfortunately, your words are absolutely correct -- YOU HAVE NOT UNDERSTOOD THIS CORRECTLY ! cutting to the chase, he approached me and i refused at first. he then asked the following day if i would, and i decided that i would. at no time had i posed or intimated that i was a licensed money manager, broker, floor runner or janitor, but simply what i was ! as far as the legalities, lets get rid of the mob lynch mentality and not bother to run me out of town, tarred and feathered and riding on a rail, and lets the original poster and myself settle this as we can, AWAY from the greatest lynch crowd i have ever seen !
I don't pretend to know where the USD/JPY is going. I do not hope and I do not pray like you. If I am wrong, I cut my loss. If it does go back up like you said, do you think it is worth it to get that 1 pip after a 200pips drawdown? MP, you pretend to be competent trading forex when indeed you are not. That is the main reason why a lot of people are upset at you. You are a con artist. You conned acd into thinking that you are an expert and conned him into letting you trade his account without proper money management strategy, causing the account to blew up in a week!
MP, It's the way you try to avoid all liabilities and ignore key questions, it makes you sound like a scam-artist. Maybe if you learn to take some personal responsibility, people would change their opinion of your lack of integrity.
First, It really doesn't matter WHAT you told him regarding your abilities or credentials ...The fact is you DID manage his account and...by doing so, you broke the law. The only thing a license would have accomplished is that the poster would have a second and much deeper pocket to reach into when he recovers losses. Second, I dont think you realize this but the smart serviceman has SAVED all of his chat logs with you. So, don't try to fool us about what was said with regard to your compensation and smooth talking, clear-cut solicitation in which you mention your many "happy clients" because my friend, its all on a hard drive
something indeed caused it to blow up, but not money management or you saying im a con artist, which i most assuredely am not, proveable by profit others are making every day in forex once again, EXAMINE THE SITUATION fairly --- look at what happened with a detached manner and THEN make your decisions as to who and what i am !
Gentlemen and Ladies, cftc, nfa, securities exchange, it is my opinion that none of this applies to Forex managed accounts. A forex managed account does not fall under any cftc, nfa regulations. Since there is no regulation there can be no criminal charges, unless the plaintiff can prove that the perp actually stole the money, or represented themselves as a licensed advisor. If they say they are a trader, there are no laws broken because there are no laws. Civil action is possible but for a 10k account, not worth the money. You need to understand how these accounts work. The money is never in the account of the trader. A client opens an account, then gives POA for the trader to trade the account, also within the POA there would be provision for the trader to take out fees or percentage of gains. Now here comes the tricky part, within the POA there should be certain other stipulations such as % at risk per trade, % loss at which time the trading would be halted and the client would be able to reevaluate whether he wanted to continue and other things of that nature, if these agreements are in place and the trader violates them then you got him, but if you just sign the POA you are dead. Traderdon, I agree !!! mpa I don't think there is anger, just indignation from some pros, and others who care about other people. Your stops/drawdowns are ridiculous. And don't talk about trading style, this has nothing to do with trading style, it has to do with trading knowledge, and ability. If you where talking about $200 on a 12k account OK, but 4 lots, 200 pip drawdown, please. An 8k drawdown that has to be overcome before being profitable. I am not a gambler, but what you do sounds like gambling to me. This market, as it is, will not support this kind of trading, as the 100pip stop crowd are now finding out. The Ever Indignant VIPER