Winners get kicked out? | Forex Factory

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Winners get kicked out?

  • #1
  • First Post: Jun 22, 2013 4:20pm Jun 22, 2013 4:20pm
A guy was kicked out of a Japanese broker (DMM). This guy had earned about 1mil profit over a few years and got a letter from the broker, saying he violated a company policy. Of course the policy was applied in a wicked way. He was a day-trader, but not a scalper. He used no EAs. He was forced to close his account, but got the full amount that he had made by that point.

I read this episode last week on a Japanese forex forum.

My question is,
Has anyone heard anything like this? (US brokers in particular)?
  • #2
  • Jun 22, 2013 4:44pm Jun 22, 2013 4:44pm
don't be so trusting. verify that info first, gossip spreads and perhaps that trader did something he actually violated the company's policy. who knows? anyways, you have no link to this info, no name of the trader, no name of the broker so kind of hard to believe the whole thing just based on what you've said.

however, some brokers will make the conditions unfavorable for a profitable forex trader, which usually occurs when the broker is taking the other side of the trade.
  • #3
  • Jun 22, 2013 4:52pm Jun 22, 2013 4:52pm
Quoting jhehe
don't be so trusting. verify that info first, gossip spreads and perhaps that trader did something he actually violated the company's policy. who knows? anyways, you have no link to this info, no name of the trader, no name of the broker so kind of hard to believe the whole thing just based on what you've said. however, some brokers will make the conditions unfavorable for a profitable forex trader, which usually occurs when the broker is taking the other side of the trade.
I heard the stories about some rouge traders who got kick out by brokers in this forum. But this episode I'm talking about is credible. The trader is called "Yoshi" and the broker is DMM that is one of major Japanese forex brokers.
  • #4
  • Jun 22, 2013 5:25pm Jun 22, 2013 5:25pm
Quoting Forexgogo
{quote} I heard the stories about some rouge traders who got kick out by brokers in this forum. But this episode I'm talking about is credible. The trader is called "Yoshi" and the broker is DMM that is one of major Japanese forex brokers.
oops, looks like the broker was mentioned 'DMM', sorry, i thot you did some weird acronym or something, not a broker. glad to know about this story tho.
  • #5
  • Jun 22, 2013 6:16pm Jun 22, 2013 6:16pm
If this is true, then that's the guy's degree in trading. He should go open up his own firm or brokerage or something.
Play the players, not the cards.
  • #6
  • Jun 22, 2013 6:38pm Jun 22, 2013 6:38pm
Quoting GnarlyPips
If this is true, then that's the guy's degree in trading. He should go open up his own firm or brokerage or something.

You mean, he grew his account too fast? or are you saying his profit 1mil is too much for retail brokers?
  • #7
  • Jun 22, 2013 7:06pm Jun 22, 2013 7:06pm
Quoting Forexgogo
A guy was kicked out of a Japanese broker (DMM). This guy had earned about 1mil profit over a few years and got a letter from the broker, saying he violated a company policy. Of course the policy was applied in a wicked way. He was a day-trader, but not a scalper. He used no EAs. He was forced to close his account, but got the full amount that he had made by that point. I read this episode last week on a Japanese forex forum. My question is, Has anyone heard anything like this? (US brokers in particular)?
Hello.
Please japanese forum site link.
I can japanese.
  • #8
  • Jun 22, 2013 7:25pm Jun 22, 2013 7:25pm
Quoting entheos
{quote} Hello. Please japanese forum site link. I can japanese.
http://www.cmb-fund.jp/fx/blog/

Go to June 18 2013. It's a blog actually, not a forum.
  • #9
  • Jun 22, 2013 8:24pm Jun 22, 2013 8:24pm
follow this link for the translated english version:

http://translate.google.ca/translate...log%2F&act=url

you're gonna have to scroll down a bit to see the relevant post.
  • #10
  • Jun 24, 2013 9:46am Jun 24, 2013 9:46am
Check this thread out:
http://www.forexfactory.com/showthre...37#post6773937
  • #11
  • Jun 25, 2013 4:00pm Jun 25, 2013 4:00pm
what a stupid broker.I would find a way to frontrun his trades with millions...a win win situation
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
  • #12
  • Jun 25, 2013 9:28pm Jun 25, 2013 9:28pm
Quoting Forexgogo
{quote} I heard the stories about some rouge traders who got kick out by brokers in this forum. But this episode I'm talking about is credible. The trader is called "Yoshi" and the broker is DMM that is one of major Japanese forex brokers.
Why doesn't he file a complaint to FSA in Japan?
  • #13
  • Jun 26, 2013 12:51am Jun 26, 2013 12:51am
This is really strange. We should always select the well regulated brokers for this reason.
  • #14
  • Jun 26, 2013 3:27am Jun 26, 2013 3:27am
Quoting slovforex
{quote} Why doesn't he file a complaint to FSA in Japan?
See that is the point I'm talking about. The broker did not take/stole his money/profit. The broker simply said he needed to leave for a policy violation. What do you think he could do? The broker did not break the law.

So, the broker has an upper hand over us always. If they don't like us, they can kick us out at any time for any reason.
  • #15
  • Jun 26, 2013 7:49am Jun 26, 2013 7:49am
I have double feelings about this. On one hand I am inspired that someone, somewhere is making such profits, on the other hand I'm a little bit discouraged: what if broker won't return even smaller profits? what if one day my broker will just close everything down with no explanation? how stable it is?

Can anyone with more curiosity and free time retell main posts from the Japanese thread? Maybe there are more details about this?
  • #16
  • Jun 26, 2013 8:04am Jun 26, 2013 8:04am
Quoting DitterPD
I have double feelings about this. On one hand I am inspired that someone, somewhere is making such profits, on the other hand I'm a little bit discouraged: what if broker won't return even smaller profits? what if one day my broker will just close everything down with no explanation? how stable it is? Can anyone with more curiosity and free time retell main posts from the Japanese thread? Maybe there are more details about this?
As long as Japanese brokers go, you don't lose money (both your capital and profit) due to the strict gov control (a felony charge). This is what I've heard from reliable sources. (I don't use them because I live in the US).

However, I have no idea about other brokers (US and others). I think gov regulations mean little when it comes to protecting your own money. I could lose ALL your money, if your broker disappears over night. There is no way tracking them down, especially if it is off-shore.
  • #17
  • Jun 26, 2013 8:15am Jun 26, 2013 8:15am
Quoting Forexgogo
{quote} See that is the point I'm talking about. The broker did not take/stole his money/profit. The broker simply said he needed to leave for a policy violation. What do you think he could do? The broker did not break the law. So, the broker has an upper hand over us always. If they don't like us, they can kick us out at any time for any reason.
But did they pay out his profit?
  • #18
  • Jun 26, 2013 8:26am Jun 26, 2013 8:26am
Quoting slovforex
{quote} But did they pay out his profit?
Yes -- the story in post 1.
  • #19
  • Jun 30, 2013 9:02pm Jun 30, 2013 9:02pm
Good that he didn't loose his profits. I have heard hundreds of similar stories from casino industry except there house usually keeps the money.
  • #20
  • Last Post: Jul 3, 2013 3:07am Jul 3, 2013 3:07am
Quoting tradin2fast
Good that he didn't loose his profits. I have heard hundreds of similar stories from casino industry except there house usually keeps the money.
And to get into such casino, you must first knock 2 long & 3 shorts on the metal door, then go few minutes through dark corridors and eventually enter smoked filled room with 2 guys on the entrance, looking like 2x2 meters boulders with a mustaches?
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