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Bad trader or real scam?

  • #21
  • Aug 21, 2014 1:57am Aug 21, 2014 1:57am
That is why NFA forbid hedging.

Tommy, you should check the time all loss trades were closed, if it is closed after all new deposits, then it is clear that the trader hide his losses.
  • #22
  • Aug 21, 2014 2:08am Aug 21, 2014 2:08am
Quoting Special One
That is why NFA forbid hedging. Tommy, you should check the time all loss trades were closed, if it is closed after all new deposits, then it is clear that the trader hide his losses.
All the losing trade were closed the same day (18/09/2013 exactly)
And before 18/09/2013, there were only winning trades !!!
  • #23
  • Aug 21, 2014 2:10am Aug 21, 2014 2:10am
When all those loser trades (or most of them) were opened?
  • #24
  • Aug 21, 2014 2:15am Aug 21, 2014 2:15am
Quoting Special One
When all those loser trades (or most of them) were opened?
During July 2013
  • #25
  • Aug 21, 2014 2:20am Aug 21, 2014 2:20am
Quoting tommy64
{quote} All the losing trade were closed the same day (18/09/2013 exactly) And before 18/09/2013, there were only winning trades !!!
the trader was definitely hedging..

he was afraid of booking losses..maybe because he did not want to displease his investor..
losses kept accumulating he kept hedging..

then 18/09/2013 he realises that he cannot continue with the shenanigans..

rather than lose $2.3m.... let me close all bad trades..and save $250k
sorry once again..
never ever hedge...just use SL
practising coitus interruptus
  • #26
  • Aug 21, 2014 2:32am Aug 21, 2014 2:32am
Quoting tommy64
{quote} During July 2013
It is difficult to say 100% that it is a scam.

If before your friend added more fund, the floating loser trades were already created and were in red and the trader didn't tell your friend, then the trader is the one to blame, he was lying about the account equity.
If right before your friend add fund, the floating loser trades were in green then we can not accuse that he is a scammer.
  • #27
  • Aug 21, 2014 2:42am Aug 21, 2014 2:42am
Quoting avibe
{quote} the trader was definitely hedging.. he was afraid of booking losses..maybe because he did not want to displease his investor.. losses kept accumulating he kept hedging.. then 18/09/2013 he realises that he cannot continue with the shenanigans.. rather than lose $2.3m.... let me close all bad trades..and save $250k sorry once again.. never ever hedge...just use SL
I think i have to say... i'm agree with you
Avibe's comment is the most possible explanation

Sorry to hear money wasted like that
i worshipped... Momentum
  • #28
  • Aug 21, 2014 2:46am Aug 21, 2014 2:46am
Anyway - like any investor - he was just playing with money he can offord to lose
MT4/MT5 EAs/Indicators/Alerts coder
  • #29
  • Aug 21, 2014 3:18am Aug 21, 2014 3:18am
Quoting FerruFx
Anyway - like any investor - he was just playing with money he can afford to lose
Lol
  • #30
  • Aug 21, 2014 9:16pm Aug 21, 2014 9:16pm
I upload trade report
  • #31
  • Aug 21, 2014 9:18pm Aug 21, 2014 9:18pm
Quoting tommy64
I upload trade report
Attached File(s)
File Type: xlsx Combined Account Statement.xlsx   606 KB | 380 downloads
  • #32
  • Aug 21, 2014 10:41pm Aug 21, 2014 10:41pm
the statement shows the trader was holding loser trades from the beginning. it is not brokers fault.


----------------------------size-- -----opened-----------------------------------closed-----------------------------------profit/loss
31344434 EUR/USD------2,700,000------ 7/10/2013----16:51-------1.29520------9/18/2013 16:30-----1.35441-------(-177,450.000)

there are many trades like this wich are closed simultaneously. obviously he was not using SL in his trades
  • #33
  • Aug 21, 2014 10:45pm Aug 21, 2014 10:45pm
Quoting smart pivots
the statement shows the trader was holding loser trades from the beginning. it is not brokers fault. size opened closed profit/loss 31344434 EUR/USD 2,700,000 7/10/2013 16:51 1.29520 1.35441 9/18/2013 16:30 -177,450.000 there are many trades like this wich are closed simultaneously. obviously he was not using SL in his trades
Yes he is just a bad trader. He lost the money by trading.

A scammer doesn't lose the money. He steals the money.
MT4/MT5 EAs/Indicators/Alerts coder
  • #34
  • Aug 21, 2014 11:19pm Aug 21, 2014 11:19pm
yeah ! guys works hard to earn the money
others works hard to lose it !
  • #35
  • Aug 22, 2014 1:51am Aug 22, 2014 1:51am
14,187 lots were traded. if the commission was even at one pip per lot, that would be 141,870 earned by the trader.

hopefully your friend paid 10 pips/ trade commission, then he can ask the trader for 1,418,700 back. seems fair.

again, the only way for someone to scam the money from the account is by the amount of commission paid to the trader.
since no funds were withdrawn into another bank account, and in most circumstances we can count out the broker...

which broker was it anyways? you can tell us.
Quoting tommy64
He open his account in a well known forex broker F___.com)
fxcm.com?
forex.com?
facebook.com?
fuckingretarded.com?
  • #36
  • Aug 22, 2014 2:36am Aug 22, 2014 2:36am
If you are going to have an account manager then connect in and watch the drawdown...sounds like a case of greed and that the trader was receiving commissions as an IB and that is why he closed all positions, win or lose for the investor still makes the trader get comms
  • #37
  • Aug 22, 2014 2:38am Aug 22, 2014 2:38am
Quoting forks
14,187 lots were traded. if the commission was even at one pip per lot, that would be 141,870 earned by the trader. hopefully your friend paid 10 pips/ trade commission, then he can ask the trader for 1,418,700 back. seems fair. again, the only way for someone to scam the money from the account is by the amount of commission paid to the trader. since no funds were withdrawn into another bank account, and in most circumstances we can count out the broker... which broker was it anyways? you can tell us. {quote} fxcm.com? forex.com? facebook.com? fuckingretarded.com?...
Fxcm
  • #38
  • Aug 22, 2014 2:46am Aug 22, 2014 2:46am
okay, thank you for the trade report. lets get to the bottom of this.

the trader had a pretty good run from his first trade in Late May - early July (7/10), no losing trades. Not a Single Losing Trade. he made your friend 600,000 USD. he traded 3,444 lots.

right up until this point, you can see the first losing trades (actually, it's group of trades) he held from 2013/7/10 16:51 - 2013/9/18 16:30. and he lost 1,000,000. he had placed 170 lots.

but it was the same way he traded his previous winning trades.
you can see the group of winning trades, placed on 2013/7/10 10:59 for a total of 170 lots

on 2013/6/24 03:05 he placed a group of winning trades, 160 lots.

there's a group of losing trades on 7/11 4:31 for 30 lots, lost -145,169.

next group of winning trades on 7/15 7:50 for 200 lots, only earned 4,308.

then a big group of losing trades on 9/5 20:28 for loss of -1,216,000. this was 370 lots. these were the trades he held on until 9/18.

capiche?
  • #39
  • Aug 22, 2014 2:46am Aug 22, 2014 2:46am
Oh boy......
That which does not kill us makes us stronger
  • #40
  • Aug 22, 2014 3:06am Aug 22, 2014 3:06am
so the two major losing groups of trades were placed on 2013/7/10 16:51 and 2013/9/5 20:28.

let's call these two major mishaps 7/10 and 9/5 .

on 7/10 he placed a total of 170 lots (that's 17,000,000 units) and lost 1,000,000. this was a Sell EUR/USD order.

actually the 9/5 orders can be divided into:
2013/9/5 20:28 // 200 lots // Sell EUR/USD
2013/9/9 10:21 // 170 lots // Sell EUR/USD

the total lost from these orders was 1,216,000.

and most of these orders, from 7/10. 9/5. 9/9. were closed on the same day, 2013/9/18 16:30. because of Margin call from the broker.

your friend could have deposited more money to keep from margin call. the EURUSD is actually down a bit from where it was last year...

your friend might have made some of his money back...
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