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LITE FOREX closed 17 of my positions in 45 seconds

Discussion in 'Scam Alerts' started by mikewise, Jan 7, 2012.

  1. mikewise

    mikewise Private

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    Hi everybody

    I noticed at a certain moment yesterday morning that my connection with Lite Forex was lost. The other 8 online brokers were fine.
    I clicked 3-4 times Rescan servers. Nothing. I was just pondering whether to login again, when suddenly one position closed in front of my eyes. I saw the connection established again. In 2 seconds, another order closed. Then 15 orders were closed rhythmically, in a mechanical manner.

    It is a micro acct and I lost about 600 Eurocents.

    I checked broker's website and the only mention I found was about automatically closing order for a margin of 20%. My available margin was about 7 times larger than the necessary minimum.
    Anyway, were this the case, a comment would appear in the log.
    Well, no comment in the log. Everything looks like I have been closing all those positions.

    It is true I'm using a trade copier (EA's are welcomed by this broker; at least they WERE, now I can not find any EA reference on the site). The trade copier is above suspicion, I've been testing it for 2 months. It couldn't have done anything like this.

    Anybody experienced anything similar? Could anybody give an opinion or make a suggestion?

    I wrote them an email, they asked for the log and then they said it was obviously me who initiated the closing command.
    Not one word about the connection breakout. Cause I'm certain none of this would have happened without the breakout.

    Regards,

    Mike
     
    #1 mikewise, Jan 7, 2012
    Last edited: Jan 8, 2012
  2. Pharaoh

    Pharaoh Colonel

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    Contact support and see what they say.
     
  3. mikewise

    mikewise Private

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    This is the claim I wrote:

    Today, the 6th of January 2012 at 9.50 my MT4 lost connection with you. My other 8 online brokers were working fine. At 9.52 the connection went on and at the same second some of my open positions started to close.
    Rhythmically, in a mechanical manner, 17 orders closed.
    I lost about 600 units.

    NOTE: earlier today, before 8.23 I had closed a few orders myself. These have nothing to do with the 17 orders you closed starting with 9.52.

    - I want you to restore my balance at the value before the 9.52 login. The orders you closed should stay closed, since I can not restore the market conditions and trade right now, after 4 hours.

    - Check your connection cause you are the only broker out of 8-9 other brokers to lose connection. It's not the first time I email you with this subject.
    Thank you. Regards,

    - This is the answer to my claim:

    Hello.
    Your claim can not be satisfied due to to lack of reasonable grounds.
    We provide you with log file of the trading server, please check it carefully.
    The IP address from which orders were closed is the same IP address which you used to log into account.
    -- here it was the detailed log --

    - I replied:

    1. Surely there could not be an IP located on the Moon. It had to be a known IP, what else?
    You try to close 17 orders that fast, did you think of it?

    2. I'm certain none of this would have happen IF YOU DIDN'T LOSE CONNECTION.

    As I said, I wrote you before about your losing connection and I felt something like this would happen.

    SO IT'S YOUR FAULT, NO MATTER WHAT YOUR "EXPLANATION" IS.

    - This is their answer this morning, Monday January 9th:

    Hello.

    Unfortunately company will not change its decision.

    Best regards, Ilya Lashenko
    LiteForex Group of Companies

    UPDATE: Here is another email from them which came right now, at 9.45 Monday morning:

    Hello.
    Please take to notification that server's log file is not our explanation, it is a proof of the fact that orders were closed from your computer.
    Even if it was made by the third person, the company would not be responsible for such action.
    According to point of the "Terms of use":
    "6.8. The Client is obliged to keep passwords and Profile data in the Client's Cabinet safe and to
    ensure that third parties do not have access to the commercial devices. The Client is bound to the Company
    in respect of operations carried out with the help of the Client's password or his/her personal information in
    the Client's Cabinet, even if they are made by third parties without Client's consent."
    Best regards, Aleksandr Mestovsky

    LiteForex Group of Companies

    Sure, as if we were kindergarten children. Keep our passwords safe... When they have no arguments/proofs they are insulting us.
    - I was nearby the computer when it happened, what "third party"?
     
    #3 mikewise, Jan 9, 2012
    Last edited: Jan 9, 2012
  4. Shuvalov

    Shuvalov LiteForex Representative

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    Hello,
    Unfortunately I can only repeat what we said: it was you who closed those trades. We have all the log files to back up our position. Our support specialists think that most probably the trades were closed because of your expert advisor. Apparently something is wrong with it.
     
    #4 Shuvalov, Jan 9, 2012
    Last edited: Jan 9, 2012
  5. mikewise

    mikewise Private

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    I replied to Mr Shuvalov 2 and a half hours ago, but I don't see my post yet.
    Is there anything the matter?

    Mike

    - I see this one went trough. I demand to see my 2 and a half hours ago post here, where I have put it.
    Or is your policy to let the representative have the final word? What kind of a forum is this?
     
  6. mikewise

    mikewise Private

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    Ok, I will write it again:

    Hello, Mr Shuvalov

    Let me tell you how things went:

    This is the account I was talking about:
    Experimental System | Myfxbook

    You probably know the values of the chart are at the end of each day.

    My acct grew from 19.15% on January 2nd to 50.89% on January 5th. Yes, its equity was way behind but who knows what the next week could bring?

    So at the end of January 5th the acct was 50% up and the next day first thing in the morning 17 of my positions were closed.

    I am certain someone noticed my acct gained 30% in 3 days and decided to cut my wings.

    Lite Forex is clearly guilty because of the moment when it happened, capisci?
    I was up, connection broke and at the second the connection restored 17 orders closed.

    My growth itself incriminates you, see? You know I'm right, and I know you know.
     
  7. Shuvalov

    Shuvalov LiteForex Representative

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    We have a good number of clients whose accounts are upwards for months, not days. Do you mean to say that there are no profitable traders?
     
  8. mikewise

    mikewise Private

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    Of course the accounts go up and down. In my case:

    1. Your people saw it was about an EA which always wins, there are very low chances to lose: Forexcelent. They knew about it, it is easy to spot it based on the high number of simultaneous orders: over 30.

    2. Your people saw EA's orders were transmitted through a trade copier, which you can not manipulate. Everything you can not manipulate is serious case for you.

    - To tell you the real whole story, I knew you will not like my bulletproof setting and I wondered what you will do to block me.

    Well, you blocked me in a brutal manner cause you couldn't do it otherwise - you couldn't save face at all.
     
  9. Shuvalov

    Shuvalov LiteForex Representative

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    These are serious accusations. There is a Traders Court at FPA. If you think that we cheated you, you can file a case against us. The board of independent traders will consider your case. But be advised that unlike you we can back our position with log files from which can be clearly seen that those trades were made from your side.

    You can also file a case against us at RAFFM (Russian Association of Financial Market Makers), which is a regulatory authority for LiteForex.
     
  10. mikewise

    mikewise Private

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    Of course I will file a case against you at FPA.
    Of course you have logs to back your position: it's your game and you have all the means.
    I will rely on strong circumstantial evidences.
     

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