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Forex can be the fastest way to make a fortune...
if one makes more right bets than wrong ones ... 
ERROR... should read...
This particular trader should have gone and sign up for Mr. Woo's coaching course...
This particular trader should have gone and sign up for Mr. Wu's coaching course...
| Investor lost $180k in forex trade in three months | ||
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HIGH-risk investments can make or break an investor, especially during the current troubled times. If the investor makes the decision to invest, but also expects his bank's relationship manager to watch out for him, who should be blamed if the investment turns bad? This question was raised in the case of a 30-something Singaporean investor who lost more than $180,000 in foreign exchange trades in just three months. John, who did not want his real name published, works as a technical consultant in an investment firm. He claimed that he was not aware that he suffered so much in losses until it was too late. The reason: He had trusted his bank's relationship manager and the bank's services, and had relied on that to keep him posted on his investment. However, one investor coach we spoke to said that it can be hard to pin blame on the relationship manager. The investor is responsible for his investments. (See report on facing page.) John said that every time before he made a transaction, he would call his relationship manager to check on his account balance. On top of that, the bank would usually post a notice to him to let him know how much he had made or lost in a particular transaction after it was completed. He would receive it in about a week. However, it now appears that these were insufficient measures. The coach investor we spoke to called such manual tracking 'primitive'. But for John, this had worked well since 2006, when he started investing in foreign exchange trading through his ABN AMRO wealth management account. He had set aside $50,000 of his savings to open his account. Over time, he traded in higher amounts as his returns from each trade increased. Then, things started going wrong in August this year. From August to October, John, who had hoped to get bigger returns with the volatile markets, placed several trades of more than US$100,000 ($149,000) each time in the US dollar and the Australian dollar. 'I wasn't told' On 15 Aug, he said that his trades made a US$129,000 loss, and John is now claiming that he did not know about this until a month later. He claimed he did not receive the weekly notice on that transaction, and found out only in the monthly statement, which states the profits and losses made during the month. He also claimed that he had been calling his relationship manager before he found out about the loss, but was not given the information earlier. He said: 'When I called, I wasn't informed of the losses. I presumed that the profits from my other transactions had managed to cover my losses. I was told there was still an excess in my account.' This led him to mistakenly believe that he had more money in his account than he really had, John said. After the loss in August, he placed another trade, which resulted in a US$190,000 loss on 19 Oct. He said he knew the risks of forex trading, and he had a 'stop-loss level'. 'I had a buffer amount of losing no more than US$150,000,' he said. 'By neglecting to tell me that I had made such a huge loss, the bank exposed me to a very risky situation and caused me to over-extend myself.' Affected behaviour He said: 'If I had known I had to top up my account with US$129,000, I would have lowered my trading limit. 'What was the possibility that they missed out such a huge transaction? I even called them regularly to check.' Frustrated, he wrote in to the bank demanding an answer. He said the bank apologised for the error, but he was not satisfied. When approached, a spokesman for ABN Amro said: 'As (part of) the bank's policy, we do not comment on individual client matter due to client confidentiality. 'We have taken the issues raised very seriously and conducted a thorough investigation and review. 'We believe that our current processes and the steps we have taken are in line with market's best practices. We will continue to actively address any further concerns the client may have.' This article was first published in The New Paper on December 14, 2008. |
01101749 :
all the best and good luck to u too !
do drop in occasionally ... we all can be still be friends despite differences in methods and strategies ..
well i seldome visit this forum. i wont give away my hard earn knowledge.
this knowlege earn through thousand of hours of research and trading for years on multiasset level.
actually what i can make is only 50% profit rate compared to my peers who inspire me to achieve.
what i can tell u is, your trading strategy is different from mine. I dont gamble it's a lose lose game.
mine purely based on trading skill. actualy i was using same scalping strategy as u while back and i decided to scrap it altogether.
came up with something better! i dont use indicator-indicator are a marketing scam to get customer to generate brokage.
I have tested out all indicator- i concluded, market moves in a random motion nothing more. if u use indicator u will fail- what they show u at the end of the day are random movement nothing more! so i scrap the shitty indicators and i came up with my own which works 99% of the time, now that's what i call indicator! sorry folks, i will not give any tips .... im out of here!
all the best!
Forex is the biggest ocean of $$$money$$$ on this whole small planet...
01101749 :
really appreciate ur honesty. respect ur hardwork and awed by the results of ur research ! Salute !
this gives me an idea for me to do a research ! with ur permission , (though it is publicly online) , i think i will look through the charts of the various pairs u have posted below of the 20 and 21 Nov. ... and see if i could get some clues ..
at the same time , i need to qualify that if i can find the time to squeeze in this research ... it would be done manually on a leisurely basis.... don't worry , i won't be a competition to u if i get some clues , hahaha ...
honestly ... i think it will be like looking for a needle in a hay stack ! ....hahaha !
serioulsy, i am quite comfortable with the method i am employing now ... yours could be 'good to know' (if could get the clues at all ) ... anyway it will give me a chance to look at the charts of other pairs other than usdjpy
as my father used to say ... business is like an Ocean .. teeming with abundance ... u can use a fishing-rod or a trawler to fish ... to each acccording to his abilities and according to his needs ... its no going to dry up ....
i suppose it applies to forex trading too ...
That's the way to go, man... life is for learning... hehehe...
Well i don't really like to share, don't wan people to copy my hard work of research.
I'm making at 250 pips a day up to 500 pips. if i have screen time.
but I'm trying out meta trader auto made it. seems to work. actually speed up my trading
able accumulate 300 pips with in 2 hours.
key is I don't take high risk!
summary for demo-trade Nov 2008
caveat emptor .. for entertainment and educational purposes