Ever Blown Your Trading Account?

[dkami]

At least you received a "margin call" warning......I received nothing.....one moment the hedged (all on USD/CAD) trading account was there, and then without any warning at all, the account was left with a negative balance.....and market was normal at that time.
Yes, I know I should follow this up with a complaint to FOS, but my record keeping is rather messy and I really do not want to go through all that hassle.

Anywhere, good to know that you got positive resolution from that manipulative broker ICMarkets.

No they didn't give me a warning ICM closed all my positions and then wanted around 8k, It took me a lot of BS to get my trades reinstated but with my opened positions I knew I shouldn't have been closed out!

Sorry to here you lost another account tho

 

[Whitesnake]

No they didn't give me a warning ICM closed all my positions and then wanted around 8k, It took me a lot of BS to get my trades reinstated but with my opened positions I knew I shouldn't have been closed out!

Sorry to here you lost another account tho

Oh apart from the trading difficulty the traders may have to go through such manipulative brokers and risk our hard earned money which is painful.

 

[Pharaoh]

At least you received a "margin call" warning......I received nothing.....one moment the hedged (all on USD/CAD) trading account was there, and then without any warning at all, the account was left with a negative balance.....and market was normal at that time.
Yes, I know I should follow this up with a complaint to FOS, but my record keeping is rather messy and I really do not want to go through all that hassle.

Anywhere, good to know that you got positive resolution from that manipulative broker ICMarkets.

Think of it this way. They know that less than 1 person in 100 will bother to file a real complaint. If you file one for an amount that's "not wot the hassle", you not only throw off their calculations, you can document the whole procedure step-by-step to show fellow traders exactly how it's done. This leverages your complaint into an increase in complaints against other brokers that cross the line.

 

[RahmanSL]

No they didn't give me a warning ICM closed all my positions and then wanted around 8k, It took me a lot of BS to get my trades reinstated but with my opened positions I knew I shouldn't have been closed out!
Sorry to here you lost another account tho

Wish I know how to BS, but as one of my business partners told me a long time ago after coming out from an unsuccessful bank loan meeting "I think next time we meet with another bank loan officer/manager, you should not come along because you are just too frank and honest"....and I have not attended another meeting since and our company got what we wanted from the banks

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@Pharaoh : "Think of it this way. They know that less than 1 person in 100 will bother to file a real complaint. If you file one for an amount that's "not wot the hassle", you not only throw off their calculations, you can document the whole procedure step-by-step to show fellow traders exactly how it's done. This leverages your complaint into an increase in complaints against other brokers that cross the line."

Yah, I admit I am just too lazy to keep proper records of my trading accounts, too lazy to go through the hassle of filing a complain, and have a "don't really care" attitude which are all part of my many weaknesses.
So I guess I will have to lie on the bed I made

P/S: Belated congratulations on winning the Kentucky Derby and one more (forgot which one) other prestigious races

 

[downtrend]

I've blown my account numerous times, didn't even remember how many accounts I've blown but now from last 2 years its been a very different situation. Only once my account got burned and that was also a stunt account with only 15$ in it.

 

[JohanneH]

Using SL and TP is my basic trading plan since I started to invest in Forex trading.

 

[JohanneH]

Once at first, but since I use stop loss to avoid the market wiping out all of my balance, SL is the best decision to do.

 

[dkami]

Once at first, but since I use stop loss to avoid the market wiping out all of my balance, SL is the best decision to do.

A SL wont help you in a low liquidity market like there was with the unexpected swiss bank news unless ( there were many story's of SL not being honored on this unexpected swiss news across a wide range of brokers resulting in margin call's)
1, your broker guaranties your SL at the level you have placed it (not many brokers will guarantee a SL)
2, your broker has provisions in place during low liquidity markets to stop false pricing ( on unexpected swiss news AUDCHF price went down to 0.0217 with ICM when correct price on AUDCHF price only went down to 0.68377)
or 3, don't use any leverage which is the only real way to guarantee you will never get a margin call

I was just in the 3rd position @ the time of the swiss news and hadn't used any leverage, that's the only thing that saved my account in the end!

 

[Whitesnake]

A SL wont help you in a low liquidity market like there was with the unexpected swiss bank news unless ( there were many story's of SL not being honored on this unexpected swiss news across a wide range of brokers resulting in margin call's)
1, your broker guaranties your SL at the level you have placed it (not many brokers will guarantee a SL)
2, your broker has provisions in place during low liquidity markets to stop false pricing ( on unexpected swiss news AUDCHF price went down to 0.0217 with ICM when correct price on AUDCHF price only went down to 0.68377)
or 3, don't use any leverage which is the only real way to guarantee you will never get a margin call

I was just in the 3rd position @ the time of the swiss news and hadn't used any leverage, that's the only thing that saved my account in the end!

The third point is quite really very challenging for all the small time traders who do not have more funds to trade in the forex market. Without the use of leverage certainly only will not face the margin call but how about the money made.

 

[EURUSD]

Once at first, but since I use stop loss to avoid the market wiping out all of my balance, SL is the best decision to do.

I think the problem is not using Stop Loss or not because using stop loss could cause loss many times if you don't set it in the right price so it can drain many dollars from your account. If stop loss can't limit loss effectively then traders can feel useless to use it. But if you can set Stop Loss in the strategy price then it can limit loss when you made mistake too. It can help traders to prevent big losses and prevent traders to blow up current account.