Yes. Regulated fx firms can be some of the worst. Because they can fool more people with the illusion of regulatory protection. The company just has to be a bit sneakier about it. Offshore broker can just be silly with your execution and/or just walk away with your cash.
Mt4 really made a whole class of retail traders that do not understand basic accounting. Netting mode is the standard accounting method everywhere.
Live equity + margin requirements are the only thing that matters. The account balance number means nothing. So only the equity gains/losses shown
in the account are real, especially trading long term. short term (day trading) you would see the account balance be more in sync with equity because you are closing positions constantly.
is correct in this case.
FPA is more than just a rant board. We try to bring companies and traders together to resolve disputes.
We encourage victims to submit evidence to support their claims. And the community is free to evaluate the evidence and offer their analysis on it.
You might be making an assumption that since most companies do scam their clients in some form that FPA members will automatically assume the victim's behavior is without error. But in some cases, the trader can also equally be at fault or could have taken some steps to mitigate loss.
I already acknowledged that TickMill likely did not process deposit intentionally to trigger a stop out.
Based on the UK FOS finding + my understanding of their business model.
I would even argue that TickMill intentionally
has their funding workflow setup so that they could trip up clients as needed. So their payment approval workflow was intentionally setup in a way that was ambiguous so that if a client questioned, or if they were investigated formally, they could just say the payment "failed" and it would appear innocent. That conclusion is based on my knowledge of their business model of how they profit from clients + what other people who run brokerages have admitted to me about parts of their workflow + the FOS investigator's own findings.
And i accept you are fortunate the FOS caught the tricks TickMill was doing and was willing to give you the benefit of the doubt.
Actually I'm impressed the FOS investigator even considered the payment was not properly processed.
I also accept that traders have some responsibility to mitigate loss.
So even with all of the losses and hostile behavior of TickMill since before the stopout (10+ instances according to FoS , after being fully stopped out and in a middle of a legal dispute for losses), you proceeded to reopen positions and trade more???????????? At the same brokerage that you are simultaneously having all this drama with over literally 2 year period since the 44k eur loss occurred??
What were you hoping to accomplish by continuing to trade with a broker that openly mishandled your account funding?
How would you know their payment system problems were resolved? As the exact same problem could occur again (it occurred over 10 times already, one of which "caused" the early stop out).
But i was thinking to myself about how strange that your account(s) was only 225 eur away from margin call/stop out. And that when the stop was hit less than 24 hours from the 225 eur funding attempt (08 March 2020), you had 44k eur loss. The stop outs occurred over a 5 minute period .
Which means that you reached the breaking point of margin on your account near that time anyways.
And you also claim that you are a position trader, so you hold positions for several weeks/months.
So while I don't have the account history, i did my best to mathematically reconstruct the account open positions at the time. So I made some assumptions about the state of the account:
-> you had an average of 9.0 fx lots open
at any given time, You may have opened and closed trades several times in between, but this is a simplified estimation.
-> you had at least -400 pips
in negative drawdown.
-> You have 1:30 leverage on the account. (1:20 for gold)
View attachment 78307
-> The account margin stop out level is 50%
View attachment 78308
-> And off course the stop out to where you had 44k EUR in losses.
-> Total starting equity and or redeposits were likely in excess of 66.5k EUR
before you began to open positions that were stopped out. (83k eur
for gold/fx minor pairs and 1:20 leverage)
View attachment 78319View attachment 78320
Of course this is just estimates. When I have the full track record, a more precise analysis can be made.
As I stated earlier, Tickmill gave you at least 2 weeks notice that they were discontinuing services to you. They don't need a reason. They just determined not to continue doing business with you. Now if you can show the FOS that cfd brokers are supposed to instead give you more time, then maybe you can win some restitution on that technicality.
But the 225 EUR question from me: Why you would want to stay with a company that treated you so poorly??
....is beyond me. You could have closed and reopened positions at a new brokerage. Even as a long-term position trader, at most you would lose the extra commissions paid to reopen all positions and whatever pips movement between the withdrawal of funds from tickmill to the deposit at the new broker. This is simple arithmetic.
I am certainly not TickMill employee. And there is nothing wrong with exercising your rights to complain to the UK FOS.
Perhaps there is some FCA rule that TickMill was supposed to provide more time to terminate relationship with clients if they have open positions. And if they are willing to award you more funds, then so be it.
But wasn't it easier and less stressful to simply refrain from trading with the company?
If tickmill was so bad, why did you continue trading with them!??! Why are we opening positions with them? Especially after a 44k loss that they were disputing. It's been 2 years since that incident has occurred. Why would you continue opening new positions? I think everyone reading this would like to hear your rationale for this.
I can only judge your behavior on the forum and the evidence you present. Are we allowed to judge the evidence and ask questions?
So for the sake of full transparency, are you willing to upload a complete history statement?
Again, here is the link to properly generate this:
Estimated read time: 12-15 min. Estimated money and stress savings: your original deposits + profits - withdrawals. One of the most important pieces of evidence to maintain is the full account trade history. This history includes rows of trades such that each row has the order/ticket...
Follow the video examples exactly, and you should get the complete history and attach the zip file here. It is not difficult if you follow the steps carefully; pause the video if needed.
And if your account is locked out for some reason, you should at least have the account statements submitted for the FOS investigation. And the daily confirmation email for July 1st, 2022 when TickMill closed your trades.