Is this typical of FOREX trading?

[houks]

Hello All.

I am new to the forum and would like to relate to everyone an experience I just had with a managed FOREX account. I am wondering if this is a typical experience. I opened a managed account through FXHelpers.com in March 2013. It was a small retail account - $10,000 minimum investment. Unfortunately, the trader lost close to all of my money on one trade. There was no effort to take a profit when he could have, and there was no effort to stop a loss. The people at FXHelpers placed loans amounting to $13,000 in my account just to prevent a margin call. The loans were deposited without ever consulting me. With only $1,800 equity remaining in my account, I contacted FXHelpers to close the account and prevent a total loss. They replied that they had placed those loans to prevent me being margined out, and I would not be responsible for them. The broker on the account is SmarttradeFX, and they tell me that I cannot remove the remaining funds until the loans are repaid.

The entire experience is rather disappointing. How does a professional trader lose almost all his client's investment on one trade? I guess if this was Roulette or Craps, I could understand.

Is this typical?

Thank you.

 

[Pharaoh]

Go ahead and open a thread in the Scam Alerts Folder.

It should be impossible for any 3rd to place money (loans or otherwise) into your forex trading account.

 

[alanrox]

Hello All.

I am new to the forum and would like to relate to everyone an experience I just had with a managed FOREX account. I am wondering if this is a typical experience. I opened a managed account through FXHelpers.com in March 2013. It was a small retail account - $10,000 minimum investment. Unfortunately, the trader lost close to all of my money on one trade. There was no effort to take a profit when he could have, and there was no effort to stop a loss. The people at FXHelpers placed loans amounting to $13,000 in my account just to prevent a margin call. The loans were deposited without ever consulting me. With only $1,800 equity remaining in my account, I contacted FXHelpers to close the account and prevent a total loss. They replied that they had placed those loans to prevent me being margined out, and I would not be responsible for them. The broker on the account is SmarttradeFX, and they tell me that I cannot remove the remaining funds until the loans are repaid.

The entire experience is rather disappointing. How does a professional trader lose almost all his client's investment on one trade? I guess if this was Roulette or Craps, I could understand.

Is this typical?

Thank you.

oh man this is a serious issue. Take necessary steps before it's too late. Do what Pharaoh suggested here

 

[Rambo35]

How does a professional trader lose almost all his client's investment on one trade?

A professional trader does not. Sounds like you were scammed heavily and you should try to take any action possible and without sounding as the pessimist here I think you can kiss the rest of your money which you deposited good bye as well (I hope I am wrong).

 

[PhilRichards]

That sounds like an awful experience and it seems unthinkable that an experienced money manager would lose 100% of an account on 1 trade and so I hope you manage to find out why this occurred.

 

[Zhuk]

Yeap, it is definitely not something, that happens every day! Make sure you let people know!

 

[willforex]

Thanks for sharing this incident

 

[madi1991]

management account are not sincere with us.