Lost half of my years salary in a week!

Get out now. $300/day consistently from a $10,000 account? If he could really do that, he would be BY FAR the most sucessful trader/financier in the world, and certainly wouldn't need or want to talk to you. Do the math, modestly compound those returns and extrapolate them out a few years, and he is worth more than the U.S. GNP. I would find out whether he is registered in any way with NFA, NASD or anyone, as those claims are ridiculous and at least probably actionable. The fact that he opened a highly leveraged trading account for an amount that was a sizeable portion of your annual income/net worth is also legally (and certainly ethically) problematic, assuming that you gave him accurate figures.
Jessie

 

they said every trade in the account was correct... That there was nothing they could do and I learned my lesson =) I will talk to a lawyer soon enough. Even though I gave him my login information like an idiot... would it still be unlawful to login to my account?

 

It is perfectly lawful. You have stated in this thread you let him manage your account. If your taking him to court don't let him find this thread..haha. Try to find out if those trades were actually placed.

Erik

 

they were placed

 

In the UK it would not be lawful.

 

<i>"Even though I gave him my login information like an idiot... would it still be unlawful to login to my account?"</i>

Depends on your paperwork. If you signed power of attorney over to this person(s) for account control, they have great (but not unlimited) discretion over the trades.

If you had no written, legal agreement between parties, strongly consider a legal case if prosecuting won't result in greater cost than money lost.

 

we have a saying in my country "poco a poco"...litlle by little.

Start small...learn first...and go from there. dont jump in with gusto if you dont know what you are doing.

good luck for the next time and start a litter smaller.

 

we have a saying in my country "poco a poco"...litlle by little.

Start small...learn first...and go from there. dont jump in with gusto if you dont know what you are doing.

good luck for the next time and start a little smaller.

 

acdspit00 ..... Could you post a link and name the mod? If not why?

 

Have you actually signed a LPoA by loging it with the broker for paying him the profit bonus through the broker? Otherwise how could he ensure you will pay him after making profits?