WantJustice
Private
- Messages
- 15
About 1 year ago I opened an account with fortrade with the idea of exploring trading and to invest little by little. Being new to all this a manager from fortrade began assisting me. At first it was all high hopes for a bright future. He began assisting me real good..phoning nearly every day and giving me instructions which trades to open and the size of each position etc.. I began to make profits on some trades, losses on others..etc. All the way along I was told that I needed to add more funds as this would make my account more stable for market fluctuations.. The total amount I transferred in the first 6 months was about 120,000 euros.. and overall it was going good.
At around January this fortrade manager was replaced by another one..the same one I have now. He immediately placed me on the Cannabis stock Tilray.. from here on it was only panic, doom and gloom. He wanted me to invest in Tilray which was trading at around 80 usd. I was following Cannabis trades with small investments on Aurora, Cronos and Canopy but never dared look at Tilray which was in a downward spiral. He insisted it was trading really low and sent me emails with analyses..etc. Being my manager I obeyed and bought at a price of around 80 usd.. when Tilray kept going down I protested many times (always on the phone) but he insisted that I should only average down and no stop losses were ever mentioned. I trusted him and averaged down, but then my margin went really low and he insisted that I should add more funds..whilst I was telling him that I should close Tilray, taking the losses (were still manageable at this stage).. but he said that Tilray will prevail and sent me more emails with analyses etc..and kept telling me that I should keep adding funds and everything will be ok. However days later I went Against his suggestions and closed all Tilray stocks at a price of around 50 usd and taking a huge loss of about 80,000 euros. I was really disappointed and during one of our phone calls I told him that I wanted to exit all trades and to withdraw my remaining funds.. Few days later Tilray went to about 55usd and he sent me an email convincing me that I should not have closed it and that stocks reverse. I took the blame on myself and began trusting him again.. He told me many times that he will help me get profits again.. and that the Cannabis stocks will be very profitable and that I should keep investing in them and to always hold and not sell and I will get on top of all this (Tilray is currently at a price of about 20 usd.. so he was really wrong all way long)..
I decided that after that loss I will not invest in Cannabis until stocks settle down.. At the time silver was trading at about 15usd and after doing my own research I decided to invest in it (out of my own will) and so I did. I began buying silver stock little by little but he insisted I should close silver and instead invest in Cannabis stocks. I again resisted and told him that I would like to diversify my portfolio. He kept calling me nearly everyday to close silver and one time he was also rather rude. At first profits on silver I closed my position at a price of about 16 usd..and invested in Aurora (Cannabis) at an average price of about 7 usd. as he told me ! Big mistake ! One week later silver was at about 18 usd.. whilst Cannabis stocks began plummeting. If I had held silver I would have made a profit of more than 80,000 euro.. I protested again but was always reassured that everything will be ok.
To cut a long story short a got deep down in Cannabis stocks always averaging down, never selling and holding the huge losses, as he always told me to never sell with a loss. In an email I told him again that I wanted to close everything even with my losses (I still had an equity of about 160,000 euros from the 200,000 I had invested) and stop, but he replied that I should hold as the markets will turn around.
I kept adding more funds just to keep my margin from closing my now sinking positions.. until I deposited all my life savings, a total of about 250,000 euros (120,000 euros this year). The last 2 months all Cannabis stocks plummeted and many many of my positions were closed due to margin call. My Equity is now around 5,000 euros. Believe it or not he asked again last week to put in more funds and that he was really sorry for my losses !!
This Fortrade manager never used any risk management and ruined my life !
If anyone can help or suggest me a way forward please !
I have many emails backing up all this..though most of the talking was done on the phone. But I can assure you that he never mentioned anything to protect my account.
Thanks for the opportunity offered to express my concerns about these cheaters !
At around January this fortrade manager was replaced by another one..the same one I have now. He immediately placed me on the Cannabis stock Tilray.. from here on it was only panic, doom and gloom. He wanted me to invest in Tilray which was trading at around 80 usd. I was following Cannabis trades with small investments on Aurora, Cronos and Canopy but never dared look at Tilray which was in a downward spiral. He insisted it was trading really low and sent me emails with analyses..etc. Being my manager I obeyed and bought at a price of around 80 usd.. when Tilray kept going down I protested many times (always on the phone) but he insisted that I should only average down and no stop losses were ever mentioned. I trusted him and averaged down, but then my margin went really low and he insisted that I should add more funds..whilst I was telling him that I should close Tilray, taking the losses (were still manageable at this stage).. but he said that Tilray will prevail and sent me more emails with analyses etc..and kept telling me that I should keep adding funds and everything will be ok. However days later I went Against his suggestions and closed all Tilray stocks at a price of around 50 usd and taking a huge loss of about 80,000 euros. I was really disappointed and during one of our phone calls I told him that I wanted to exit all trades and to withdraw my remaining funds.. Few days later Tilray went to about 55usd and he sent me an email convincing me that I should not have closed it and that stocks reverse. I took the blame on myself and began trusting him again.. He told me many times that he will help me get profits again.. and that the Cannabis stocks will be very profitable and that I should keep investing in them and to always hold and not sell and I will get on top of all this (Tilray is currently at a price of about 20 usd.. so he was really wrong all way long)..
I decided that after that loss I will not invest in Cannabis until stocks settle down.. At the time silver was trading at about 15usd and after doing my own research I decided to invest in it (out of my own will) and so I did. I began buying silver stock little by little but he insisted I should close silver and instead invest in Cannabis stocks. I again resisted and told him that I would like to diversify my portfolio. He kept calling me nearly everyday to close silver and one time he was also rather rude. At first profits on silver I closed my position at a price of about 16 usd..and invested in Aurora (Cannabis) at an average price of about 7 usd. as he told me ! Big mistake ! One week later silver was at about 18 usd.. whilst Cannabis stocks began plummeting. If I had held silver I would have made a profit of more than 80,000 euro.. I protested again but was always reassured that everything will be ok.
To cut a long story short a got deep down in Cannabis stocks always averaging down, never selling and holding the huge losses, as he always told me to never sell with a loss. In an email I told him again that I wanted to close everything even with my losses (I still had an equity of about 160,000 euros from the 200,000 I had invested) and stop, but he replied that I should hold as the markets will turn around.
I kept adding more funds just to keep my margin from closing my now sinking positions.. until I deposited all my life savings, a total of about 250,000 euros (120,000 euros this year). The last 2 months all Cannabis stocks plummeted and many many of my positions were closed due to margin call. My Equity is now around 5,000 euros. Believe it or not he asked again last week to put in more funds and that he was really sorry for my losses !!
This Fortrade manager never used any risk management and ruined my life !
If anyone can help or suggest me a way forward please !
I have many emails backing up all this..though most of the talking was done on the phone. But I can assure you that he never mentioned anything to protect my account.
Thanks for the opportunity offered to express my concerns about these cheaters !
