Trading Account Insurance

Drygrass

Recruit
Messages
3
It's my first post on here so I hope I've selected the correct forum area.

I've had a trading account with Libra Markets for over six months now. I have an account manager who does all the trading for me and phones me weekly to discuss my account and answer any questions I may have. The majority of trading is predominantly done by robot with a couple of days a week done by my account manager. I'm very pleased with the performance of my account - which has almost doubled in value since opening it.

This week, my account manager contacted me explaining that due to the volatility of the trading market there was a high risk of me losing my investment. He was proposing that I should pay €6,000.00 for insurance cover which in the event of me losing money, it would pay out 100% of the loss. Also, it would add €4,000.00 into my account for trading. I have no way of verifying with anyone else if all this is true or am I being coerced into something I do not really need?

I've been unable to find any further information on this sort of thing. Is this something anyone else has heard of being offered to Cryptocurrency trading market account holders? On one hand I feel I maybe being set up but conversely I do not want to lose my significant amount of investment.
 

sebking1986

Recruit
Messages
210
If you were comfortable with the risk you took in investing the capital you did with this guy then you are prepared to lose it, or should be in a worse case scenario. Without any guarantee that any of what he is now suggesting is legit I would run a mile. The markets are indeed volatile at the moment but it is his job to practice sound risk management on your behalf otherwise what is the point of him as you could run the robot yourself. Don't hand him a penny more is my advice. If you are concerned the level of investment is too high you should be withdrawing not adding in more.
 

Granigamand

Private, 1st Class
Messages
50
That's a good question.
But really, it's all individual moments.
Because I think that in every trader's life there were moments when we deposited additional funds to the account in order to insure our position.
And sometimes it really works.
 

Mnefyn

Recruit
Messages
15
If the situation is so complicated, why not close the order?
Yes, you'll have certain losses, but on the other hand, even if you only have some capital left, you can recover. And if you have nothing, you'll have to start all over again.
 

7Bulletin

Sergeant
Messages
138
If you have such a situation, it all depends on how much you trust your account manager and broker. If you trust them and have been trading with them for a long time, it makes sense to listen to them. If you do not quite trust them, then close the order. You will lose some of your investment, but at least you will not lose all of it.
 

JamesEdwards98

Private
Messages
85
It's my first post on here so I hope I've selected the correct forum area.

I've had a trading account with Libra Markets for over six months now. I have an account manager who does all the trading for me and phones me weekly to discuss my account and answer any questions I may have. The majority of trading is predominantly done by robot with a couple of days a week done by my account manager. I'm very pleased with the performance of my account - which has almost doubled in value since opening it.

This week, my account manager contacted me explaining that due to the volatility of the trading market there was a high risk of me losing my investment. He was proposing that I should pay €6,000.00 for insurance cover which in the event of me losing money, it would pay out 100% of the loss. Also, it would add €4,000.00 into my account for trading. I have no way of verifying with anyone else if all this is true or am I being coerced into something I do not really need?

I've been unable to find any further information on this sort of thing. Is this something anyone else has heard of being offered to Cryptocurrency trading market account holders? On one hand I feel I maybe being set up but conversely I do not want to lose my significant amount of investment.
Not something I've heard of to be honest - interesting.
 

Talar

Private, 1st Class
Messages
62
Such moments are always exciting and difficult, I don't know what your experience is and how well you understand what's going on in the market - but it's most likely an individual solution and if you understand that you don't find the answer - then you should consult with someone who doesn't work for your brokerage company and can look at the situation from the outside.
 

jim67

Private, 1st Class
Messages
143
sounds very strange and dodgy to me? never heard for trading insurance protection and there is no way of recovering loss from a trade. you need to do some research and get back what ever money you can
 
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