GUILTY Case# 2015-062 | naveen1020 vs bancdebinary.com

[naveen1020]

@ruseneca, Agreed with your risk management. As said in my post above, I am desperate to recover and hence told lies to increase credit limit. Initially resisted to do this, but if you see this was advised by broker (Danny Goldmann) and he informed that you can withdraw back in 2 days and pay back.

Also, all those trades and amount was given by broker and when I resisted, he even called me and asked to trust him as they were experts in that.

I just listened to them thinking if not, I won't be in a position to withdraw money.

 

[ruseneca]

@ruseneca, Agreed with your risk management. As said in my post above, I am desperate to recover and hence told lies to increase credit limit. Initially resisted to do this, but if you see this was advised by broker (Danny Goldmann) and he informed that you can withdraw back in 2 days and pay back.

Also, all those trades and amount was given by broker and when I resisted, he even called me and asked to trust him as they were experts in that.

I just listened to them thinking if not, I won't be in a position to withdraw money.

Naveen, I am so sorry for disappoing you but it is impossible to recover your losses. Even they give you a bonus, they will apply a certain volume to trade before you can even withdraw. With such a high risk, your balance will reach the 0 after 2-3 trades. They perfectly know that. But to give you a bonus, the client should make a deposit. Their duty is to convince you to make that deposit, at all costs, and misguide you so that you lose it. Your loss is their profit. It is completely obvious that their intention is to steal your money - they don't apply risk management, they claim to be experts but no previous experience is shown to clients, they intentionally check credit cards and credit rankings to know whether it is possible to "torture" you until you agree to make the deposit and lastly, they give you false advices to lie the bank to increase your limits. At least, these limits are put for your safety!
You just have a very bad luck because you have been manipulated by using your sense of gambling. You should have stopped at the moment you lost $27,000. It is impossible to recover these losses in a week or two without gambling your next deposit. You should have stopped for a while and think why you lost them.
Anyway, why didn't you place a withdrawal request of your deposit once your balance turned over $100K?! Once it had reached over $50,000 it is an indication for withdrawal as your profit would had been about 100%.

 

[naveen1020]

You should have stopped at the moment you lost $27,000. It is impossible to recover these losses in a week or two without gambling your next deposit.

Anyway, why didn't you place a withdrawal request of your deposit once your balance turned over $100K?! Once it had reached over $50,000 it is an indication for withdrawal as your profit would had been about 100%.

I just went ahead with their words, as he stressed to deposit and they are experts and will guide to recover in a wk. This is also a lesson for me.


I have indicated in first post. Danny came to know that I have enquired about withdrawal process and he immediately emptied my account in an hr or 2. There is not even a day in between.

 

[ruseneca]

I have indicated in first post. Danny came to know that I have enquired about withdrawal process and he immediately emptied my account in an hr or 2. There is not even a day in between.

You should have informed them to stop trading in your account because of intention to withdraw. Any attempt to open an option should then be considered as their risk, you've alredy informed them to stop trading. By the way, do you have some contract with them, or at leasst power of attorney to let them trade from your behalf?! Because, if you have not signed such document, your chance for funds recovery in a legal court case are very high.

 

[naveen1020]

You should have informed them to stop trading in your account because of intention to withdraw. Any attempt to open an option should then be considered as their risk, you've alredy informed them to stop trading. By the way, do you have some contract with them, or at leasst power of attorney to let them trade from your behalf?! Because, if you have not signed such document, your chance for funds recovery in a legal court case are very high.

Apologies if above misguided you. I mean to say, I have only opened the trades, but strictly with their signals. I am afraid, if I don't listen to them, I might be in trouble
i.) for withdrawing or
ii.) for account recovery or
iii.) they might not give signals in future.

He gave wrong signals immediately, once he came to know that I enquired the withdrawal process.

 

[ruseneca]

Apologies if above misguided you. I mean to say, I have only opened the trades, but strictly with their signals. I am afraid, if I don't listen to them, I might be in trouble
i.) for withdrawing or
ii.) for account recovery or
iii.) they might not give signals in future.

He gave wrong signals immediately, once he came to know that I enquired the withdrawal process.

Then, unfortunately, there's nothing that can be done regarding this case. You have deposited by youself, you have bought optoins by yourself and lost due to lack of knowledge how markets move, what you should do to prevent a potential loss and how to properly apply risk-management. I really feel for you and your financial losses but I cannot see why is the BO broker guilty when their work is to convince you to make a deposit and trade with them ( if you could possibly lose with them ).

It is really essential for all traders to understand that the broker is not responsible for your losses. Everyone knows how much capital can he/she afford to lose, that should be the capital for your investment, nothing more that can reflect on your current financial background.

 

[Ibrahim Adam]

77k that is an enormous amount to lose ,my heart really goes for you,but there is some missing logic here,how come a trader trust anyone who claims that he has a winning signal,if this guy really has a 5 winning signals like he said per day then why doesn't he use them himself,he can turn 1$ into a million dollar in just 18 winning signals,surely they are dishonest unethical broker but am not sure if i could vote scam because the trader choose to follow their signals himself.

 

[naveen1020]

Then, unfortunately, there's nothing that can be done regarding this case. You have deposited by youself, you have bought optoins by yourself and lost due to lack of knowledge how markets move, what you should do to prevent a potential loss and how to properly apply risk-management. I really feel for you and your financial losses but I cannot see why is the BO broker guilty when their work is to convince you to make a deposit and trade with them ( if you could possibly lose with them ).

It is really essential for all traders to understand that the broker is not responsible for your losses. Everyone knows how much capital can he/she afford to lose, that should be the capital for your investment, nothing more that can reflect on your current financial background.

I am surprised to hear this. Broker took advantage of my desperate situation and made me to deposit with false promises. I am new to this, but they should know what they do and if not, shouldn't do it and shouldn't give such promises and assurances.

If he is not sure of a signal, he shouldn't give it and when I resisted, even called me and said "Trust us, just open it immediately or else you are going to loose. We are paid heavily and we know what to do. We are experts in this".

Also ~90% of signals were wrong and you still say there is no mistake from broker. Also, if its not intentional, he should't ask me to open for such a big trades. They sure, know the risk management, but here didn't applied.

Again to repeat, I followed only his signals. I even said, I am fine with one signal per day and asked only risk free. I repeatedly said, just want my money back and no profits.

 

[ruseneca]

I am surprised to hear this. Broker took advantage of my desperate situation and made me to deposit with false promises. I am new to this, but they should know what they do and if not, shouldn't do it and shouldn't give such promises and assurances.

If he is not sure of a signal, he shouldn't give it and when I resisted, even called me and said "Trust us, just open it immediately or else you are going to loose. We are paid heavily and we know what to do. We are experts in this".

Also ~90% of signals were wrong and you still say there is no mistake from broker. Also, if its not intentional, he should't ask me to open for such a big trades. They sure, know the risk management, but here didn't applied.

Again to repeat, I followed only his signals. I even said, I am fine with one signal per day and asked only risk free. I repeatedly said, just want my money back and no profits.

Naveen, it is clearly visible for us that you are a complete newbie in this industry, we can see that from your writing and your past actions.
Noone expects a full recovery of $27,000 by making a deposit worth $10,000 in a single week. It is impossible without gambling on market movements. As traders, we don't have access to information which big brokers receive when they pay about $10,000 fee per month. Professional information is a big plus for them but it is not for free, as you know. Even though they've offered you such proposal ( by accepting you in the CEO's group ), you've gambled your deposit by opening orders without any signal or knowledge what you're doing. If we accept that the broker is guilty, that decision should be based on the fact that you have been excluded from the group because you were promised to stay in the group ( and receive several signals per day ) after making a deposit. After making your deposit, firstly, you are receiving less than promised and secondly, you were excluded for a reason. I cannot call this cheating or scamming but a simple way to "help you" in the decision-making process. It is your obligation to keep your capital safe and refuse any offer to make a deposit. Whatever they offer you, it won't be enough to recover your losses within a single week. You could have recovered your losses in a month or two with a high risk again.

By providing you singals, they just want to retain their client. Noone is 100% sure whether the price of a certain asset will go up or down within a certain time frame. We can only predict that! If you decide to follow some signals, it is your duty to apply certain risk-management and open options based on your account balance. If brokers had told you to open an option with 100% of your capital, I am sure that you would have done so!

Naveen, I really cannot take your side of the story because all evidence provided are against your logic. It is your fault that you lost your capital, not the brokers'. Their duty is to take your deposit and you just gave it by gambling it away. Noone had an access to your account, noone had ever asked you to open options which had been provided to you by signal provider. It is your decision whether to accept or deny this signal. Moreover, you had not placed a withdrawal request when your balance reached $127K and put the guilt on an account manager who gambled your account ( as it seemed to me in the beginning ). If someone had an access to your account and really started to place options without your knowledge and without your permission, that would be counted as a scam or a cheat. But since your loss is due to the fact you have placed these options without any information which is actually a gambling, I can fairly say that all 65 votes ( till now ) that the broker is guilty had come from their competitors OR traders who had not read the entire case.

I just cannot find anything that I can describe as a form of cheating or scamming as you even had not placed a withdrawal request with suh a high profit in your account.

 

[naveen1020]

Naveen, it is clearly visible for us that you are a complete newbie in this industry, we can see that from your writing and your past actions.
Noone expects a full recovery of $27,000 by making a deposit worth $10,000 in a single week. It is impossible without gambling on market movements. As traders, we don't have access to information which big brokers receive when they pay about $10,000 fee per month. Professional information is a big plus for them but it is not for free, as you know. Even though they've offered you such proposal ( by accepting you in the CEO's group ), you've gambled your deposit by opening orders without any signal or knowledge what you're doing. If we accept that the broker is guilty, that decision should be based on the fact that you have been excluded from the group because you were promised to stay in the group ( and receive several signals per day ) after making a deposit. After making your deposit, firstly, you are receiving less than promised and secondly, you were excluded for a reason. I cannot call this cheating or scamming but a simple way to "help you" in the decision-making process. It is your obligation to keep your capital safe and refuse any offer to make a deposit. Whatever they offer you, it won't be enough to recover your losses within a single week. You could have recovered your losses in a month or two with a high risk again.

By providing you singals, they just want to retain their client. Noone is 100% sure whether the price of a certain asset will go up or down within a certain time frame. We can only predict that! If you decide to follow some signals, it is your duty to apply certain risk-management and open options based on your account balance. If brokers had told you to open an option with 100% of your capital, I am sure that you would have done so!

Naveen, I really cannot take your side of the story because all evidence provided are against your logic. It is your fault that you lost your capital, not the brokers'. Their duty is to take your deposit and you just gave it by gambling it away. Noone had an access to your account, noone had ever asked you to open options which had been provided to you by signal provider. It is your decision whether to accept or deny this signal. Moreover, you had not placed a withdrawal request when your balance reached $127K and put the guilt on an account manager who gambled your account ( as it seemed to me in the beginning ). If someone had an access to your account and really started to place options without your knowledge and without your permission, that would be counted as a scam or a cheat. But since your loss is due to the fact you have placed these options without any information which is actually a gambling, I can fairly say that all 65 votes ( till now ) that the broker is guilty had come from their competitors OR traders who had not read the entire case.

I just cannot find anything that I can describe as a form of cheating or scamming as you even had not placed a withdrawal request with suh a high profit in your account.

There is no point arguing or try to convince you. I can guess, whom you might be. So I leave your conversation here.