Don't Invets In AdOnTheNets Forex Thing

**DamageX** · 01-21-2009, 07:38 AM

"Drained"? As in someone withdrew the money or they lost it all in bad trades?

**halfpint** · 01-21-2009, 07:39 AM

Originally posted by MikesTraffic

Needless to say after months of really good returns....today my account was drained by 95% so take this warning and stay away.

Was that a managed forex account , with the GBP tanking Iv been doing pretty well with it today

**MikesTraffic** · 01-21-2009, 07:40 AM

Originally posted by halfpint

Was that a managed forex account , with the GBP tanking Iv been doing pretty well with it today

yeah it was a managed account, he closed all the trades that were he had setup to go long, he should have left the fuckers open until they finally went positive again beh

**DamageX** · 01-21-2009, 07:42 AM

Originally posted by MikesTraffic

yeah it was a managed account, he closed all the trades that were he had setup to go long, he should have left the fuckers open until they finally went positive again beh

Maybe he wanted to have enough margin left so he could re-enter the same trades at a lower point and stick with them for a longer run?

**Machete_** · 01-21-2009, 07:43 AM

wow - what a surprise!!!! who would have thought?

**MikesTraffic** · 01-21-2009, 07:45 AM

Originally posted by DamageX

Maybe he wanted to have enough margin left so he could re-enter the same trades at a lower point and stick with them for a longer run?

I hope that's the case, doubt there is enough margin to get that money back though haha

**HorseShit** · 01-21-2009, 07:47 AM

great success!

**DamageX** · 01-21-2009, 07:50 AM

Originally posted by MikesTraffic

I hope that's the case, doubt there is enough margin to get that money back though haha

Well, if the GBP keeps dropping, he picks a good level to take some longs to hold on to and then the GBP rebounds to more "normal" levels (significantly aboce today's) then there's plenty of room to make it back, for a smart trader.

**halfpint** · 01-21-2009, 07:52 AM

Originally posted by MikesTraffic

yeah it was a managed account, he closed all the trades that were he had setup to go long, he should have left the fuckers open until they finally went positive again beh

Yeah it can go pear shaped very quicky. If you have the time you are better off trading yourself, he most prob did cancel the trades so that you had something left to continue trading. Hopefully he will make it all back again. I had the same thing happen to me I lost almost all of my funds now Im doing very well..thank god

**marketsmart** · 01-21-2009, 07:58 AM

Originally posted by MikesTraffic

yeah it was a managed account, he closed all the trades that were he had setup to go long, he should have left the fuckers open until they finally went positive again beh

if you are down 95% then he probably got margin called or his traders dont know what they are doing.. there was a big drop in the past few hours, but i see it coming back already..

i am in a lot of positions long on the usd/jpy and i am not worried about the drop..

i just keep cost averaging and wait until the usd gets back to around 95..

**MikesTraffic** · 01-21-2009, 07:58 AM

Originally posted by halfpint

Yeah it can go pear shaped very quicky. If you have the time you are better off trading yourself, he most prob did cancel the trades so that you had something left to continue trading. Hopefully he will make it all back again. I had the same thing happen to me I lost almost all of my funds now Im doing very well..thank god

The guy is one of the few traders that actually makes money...and that's not coming from him, that's from the guys that run oanda....so I'm sure he has a system to get it back or at least make up some of it....with the gbp collapsing so far if it does rebound to normal levels cash flow can be made up relatively easily

**Iron Fist** · 01-21-2009, 08:00 AM

Originally posted by DamageX

Well, if the GBP keeps dropping, he picks a good level to take some longs to hold on to and then the GBP rebounds to more "normal" levels (significantly aboce today's) then there's plenty of room to make it back, for a smart trader.

Don't your positions close at the end of the trading day anyways?

**MikesTraffic** · 01-21-2009, 08:02 AM

Originally posted by sharphead

Don't your positions close at the end of the trading day anyways?

no you can leave them up for as long as it takes

**WiredGuy** · 01-21-2009, 08:13 AM

Personally, I would rather pay for the advise on what trades to do and do them myself than put cash into a managed account to specifically prevent issues such as this.
WG

Don't Invets In AdOnTheNets Forex Thing

Don't Invets In AdOnTheNets Forex Thing

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