If it was in the UK you would have 2 reasons to sue. - If the individual was not licensed by the FSA to trade you would have recourse via the trader and the broker - also even if he was licensed it is unlikely that your account should have been accepted. Usually only intermediate customers can have their account traded in this way and by what you say you would not be classified as that. If you are US based I don't know what your regulations are.
possibly the loss is only a smaller %age of the mod's total fund but he decides to book it all to your a/c so he doesn't have to absorb any losses, thats why it becomes such a large %age of your a/c
The account is a MANAGED account. The Op opened the account and funded it. The trader is only managing it.
I will tell everyone who he is once I close this final order which is shorting audusd entered at .7673 right after a huge candlestick was formed and had the chance to sell at 3 different times for only like a 50 dollar loss. Can someone help me exit this trade? I can be reached on aim- acdspit00 msn- c_saunders_15@hotmail.com (as my email too) yahoo- c_saunders_15 Any advice is much appreciated. I think maybe if we bark up the owner of this forums tree maybe I can get a donation for my loss.. i know the guy makes thousands everytime the owner of PINK/Penny stock gets their mods to pump it up. 20k they were paid for pumping GZFX is what the guy told me after he put me in a 1k position in gzfx which is down as well. I know he is managing other peoples accounts as well as 100s by what he says even the countys most decorated policeman where he lives in garrison ny... He told me he would piggyback my orders in regards to the million dollar accounts he manages thereafter. When i asked him to atleast give me half back cause you know he must be well off if he does all what he says and told me he lives off pension/social security... that all his proceeds from trading go directly towards his childrens trust funds so that his ex cant touch it. He tried to get me to put more money in with paypal saying it would go straight in there and said his partner just put some in there to hold her margin too.. i told him i bet your partner isnt an e-3 in the military making minimum wage and hasnt lost half of her life savings in a week... he didnt say much after that. Last i heard he wants me to start a joint account with crownforex and have my part grow to 5k in which that would be enough to make a quick 50 here and there... i just dont have the heart to do it anymore... Anymore legal advice or financial advice is appreciated. I don't mind if you email me or whatever. Thanks for all the support.
Just say you want the aussie position closed and walk away. On no account give him another cent to manage. Anyone can lose money - that happens. But no pro trader should lose more than a max of 2% (at a stretch 5%) in a day.
Some or much of what you've said below is so preposterous that I wonder if you're not putting us on. If you're not -- not putting us on, I mean -- then you are much too inexperienced and more than a little too naive to be risking your money in anything other than a passbook savings account.