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  • Lured by hopes of easy money, amateur Chinese commodity traders lose their shirts

    From reuters.com

    Chasing the promise of outsized returns, 48-year-old businessman He Xiaolun started trading oil last August on a platform developed by the Shaanxi Non-ferrous Metal Exchange. Over the next five months, he lost nearly 3 million yuan ($455,000). "Initially, I lost several thousand yuan," He said. "The exchange's trading advisor told me to put in more money, and guided me into trading more frequently." The exchange did not respond to questions from Reuters. The advisor said clients made trading decisions and it was not the exchange's fault if they lost money. He and other investors say they were duped by online ... (full story)

Yep
"Bulls make money, bears make money, pigs get slaughtered"
He doesn't know "stop loss" or Hedging? If you wait to loss some milion this man have a big problem and the trading failure maybe is the smaller problem. Maybe
Sometimes I don't know to laugh or to cry at this kind of story. I don't even know who to blame or curse.
maybe her a beginner on trading
Quoting swing77
maybe her a beginner on trading
Maybe you're right, but from a beginner i expect a kind of reaction "panic" and relatively situation overtrading in the hope to cover potential loss.
Oil futures ? Just an average day for any and all forex traders ... those forex broker tall office buildings don't build themselves (:
  •  Guest
  • | IP X.XX.36.245
How did he earn $455,000 stick to that!
but the risk of a trader either expert or beginner is profit and loss. but when the perpetrator trading is already prepared an on trading. according to the wise trader is that he can understand the situation of the market, technical analysis, and wary of news that resulted fundamental impact if a trader has to understand that then me trading is fun.
  •  Guest
  • | IP XX.XXX.244.252
I reckon I can make a fast buck selling trading courses to the Chinese. all I need is a translator.
  •  Guest
  • | IP XXX.X.14.218
Does not sound like a hands on type setup. It is clear that there was an over dependence on the so-called advisor and that one was just a loser for the period (and may be a poor trader in fact). Regardless people can be passive investors a lot of times and call themselves actual traders (especially if it is assumed they give the final buy sell instruction). No different than mirror trading or any such dependent setup. Of course it would be criminal even in such a case if the advisors are shown to have deliberately misled as to the risks and or their return potential just to keep or gain custom - I suppose.

The Crow (-_-)
HOW do these chinese folks ALWAYS have HUNDREDS OF THOUSANDS OF DOLLARS TO WASTE????
Twitter: @TrendersGame
  •  Guest
  • | IP XX.XXX.225.43
Some folks aren't happy with 400k, so they gamble it away. Just take your unbiased eyes and look at the market; the odds are heavily stacked against you, no matter how great you are. You might see trends and payouts, but what it really is,
you might buy into a retracement,
you might buy on the wrong side completely,

so your buy analysis is already ~66% out of the money just starting off and then find a way to include the spread to pay these salesmen.
hahahaha
They should of used this. http://www.forexfactory.com/gjscalper#acct.72
@GJscalper I've turned a new leaf. No more trolling.
  •  Guest
  • | IP XX.XXX.200.96
what time is this CNY trade balance. it is usually red news for aussie commodity imports. what time exactly is "tentative" for this announcement? don't try pull my other leg, it's got a kangaroo kick, mate, worse than Mr Miyagi.
Quoting Guest
I reckon I can make a fast buck selling trading courses to the Chinese. all I need is a translator.
you're right is easy as fuck

However i'm half Taiwanese and i know what you're saying , Chinese people invest their money blindly and a lot of people fall in to this shit.

and i can speak fluent Chinese also.
Quoting Citiboy
HOW do these chinese folks ALWAYS have HUNDREDS OF THOUSANDS OF DOLLARS TO WASTE????
Most of the people in China are taught to save all their money and use it in the future . And many of them don't really spend a lot of money they only save money.
Quoting Citiboy
HOW do these chinese folks ALWAYS have HUNDREDS OF THOUSANDS OF DOLLARS TO WASTE????
Many people never come to China or live here will never understand why they are so rich. Believe me, in other countries, probably someone who drove a luxury sports car, you ask him how much saving he got on bank and probably several ten thousands. But in China, even you saw he dress like a beggar without Louis Vuitton or Versace clothing with an old motorcycle, he probably have several million savings.
Quoting ChinaTraderz
Many people never come to China or live here will never understand why they are so rich. Believe me, in other countries, probably someone who drove a luxury sports car, you ask him how much saving he got on bank and probably several ten thousands. But in China, even you saw he dress like a beggar without Louis Vuitton or Versace clothing with an old motorcycle, he probably have several million savings.
You're right.
what's the businessman complaining about losing $455,000 ??!!

shows that he' a prosperous man.......otherwise he wouldn't had that much money to lose !
"The man told me oil is bottoming" = trading on tips/hearsay = one way road to the traders' graveyard
Patience is magic
Quoting Muntu
"The man told me oil is bottoming" = trading on tips/hearsay = one way road to the traders' graveyard
it goes both ways, today is dudes going broke, tomorrow its the biggest gain you have seen over x months.
All posts are my personal opinion
It is better they only loose shirts the markets can take underwearrrrrr.
Trade fearless not careless...
Quoting Rtm
it goes both ways, today is dudes going broke, tomorrow its the biggest gain you have seen over x months.
Most of them here born as a gambler or maybe we can say human born to be greed, but they are extremely greedy. What usually gambler does when they lose money? They blame those sales, those brokers, those so called guru, but never blame themselves being so greed and so naive thinking that trading is very easy without knowledge needed. That happens not only with this guy and I believe many traders worldwide.
Quoting ChinaTraderz
Most of them here born as a gambler or maybe we can say human born to be greed, but they are extremely greedy. What usually gambler does when they lose money? They blame those sales, those brokers, those so called guru, but never blame themselves being so greed and so naive thinking that trading is very easy without knowledge needed. That happens not only with this guy and I believe many traders worldwide.
this happens with more than trading. People who win the lottery and then are broke next year will blame everyone but themselves too. Cant help stupidity...
All posts are my personal opinion
Quoting Rtm
this happens with more than trading. People who win the lottery and then are broke next year will blame everyone but themselves too. Cant help stupidity...
Exactly. Frankly speak, I don't know whether this guy feel shy to tell press that he loss so much money because of that broker/sales. Instead of either showing off or blaming others, he should realize on his own stupidity.
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  •  Guest
  • | IP XX.XX.14.80
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  • Story Stats
  • Posted: Jun 7, 2016 8:56am
  • Submitted by:
     Newsstand
    Category: Entertainment News
    Comments: 25  /  Views: 6,514