Down 3000 Pounds

B

Bristolguy

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Hey All,

I started trading 2 months ago using a Trader. Friday was the last straw wiped out all of my CFD positions and now the markets recovered to a point that i could have taken profit.

Seems like i got in at a very bad time. Well better get saving and try again one day.

Has anyone else suffered big losses recently ? Somehow make me feel a little better ?
 
pboyles said:
You mean someone is trading for you? That sentence doesnt quite make sense, to me at least
Click to expand...

Sorry should have been alot clearer, i am using a Broker Agency who recommends good stocks to buy and places the trades for me. So i wouldnt class myself as a trader but i thought that investing in a good broker would help, but nothin can prepare you for a fallout like that on Friday, well especially when i only had 2% to go untill i was stopped out of my position as i was hoping markets would rebound.
 
Why are you looking for stories from other people that they are down money, in order to make you feel better? What other people do should be of no relevance, just focus on YOUR strategy and accept that sometimes the market is not favourable to that strategy.
 
meanreversion said:
Why are you looking for stories from other people that they are down money, in order to make you feel better? What other people do should be of no relevance, just focus on YOUR strategy and accept that sometimes the market is not favourable to that strategy.
Click to expand...

Who are you referring to?
 
I think you misread it. The guy is saying he lost 3k following trades recommended by a 'broker agency'.

Bristolguy its true a lot of people could have lost money on Friday but a lot of people also made money. You should also be aware that there are many scams who will tell you they can give you profitable trade recommendations but they will almost always lose you money. Sometimes they just want to take a monthly fee from you and other times they will be making money by charging you large commission if you trade through them. In the later case they will takes as many trades as they can to make commission from you without caring about profits.

Can you tell us the name of the broker agency?
 
Whoa before you start unleashing the cattle, i was just trying to find out if other people had lost money and that i was not just the only one. Purely conversation and interest to see if others where in similar positions that was all.
 
I think you misread it. The guy is saying he lost 3k following trades recommended by a 'broker agency'.

Bristolguy its true a lot of people could have lost money on Friday but a lot of people also made money. You should also be aware that there are many scams who will tell you they can give you profitable trade recommendations but they will almost always lose you money. Sometimes they just want to take a monthly fee from you and other times they will be making money by charging you large commission if you trade through them. In the later case they will takes as many trades as they can to make commission from you without caring about profits.

Can you tell us the name of the broker agency?
 
Whoa before you start unleashing the cattle, i was just trying to find out if other people had lost money and that i was not just the only one. Purely conversation and interest to see if others where in similar positions that was all.

Pboyles - I used a company i was referred to buy another person who had make considerable profits, i dont think it was down to bad selections as the market diving like it did certainly didnt help the situation at all. Again i had 5% stop loss orders on my trades so there really wasn't much room for movement if the market plunged like it did. Sometimes taking a loss at the level i did might have been a good thing as you never know when it might stop and recover. That is perhaps me just being pretty nieve and new to Trading practices etc.
 
I'm net down £55 since Friday. As you can see I trade in major size lol :) No but seriously, I wouldn't be taking a commission chasers word for gospel.

Best of luck next time.
 
To be honest I have never found any such signal/advisory service that is profitable. They may claim to be profitable but there is so much dishonesty in this game that it never seems to work out that way. The following company were around all the trade shows for a while and a lot of people traded with them but it all ended in tears and they went bust and disappeared I believe. My point is you need to be very careful because most businesses/people in this game will rip you off, especially if they know you dont really understand trading.

http://www.trade2win.com/boards/brokerages/49236-montague-pitman.html
 
Yeah i see what you are saying and would agree the only reason i wen with these particular people is that that made alot of money of him and i thought that it would perhaps wipe a little bit off on my account if they where so good. Admittedly i have had alot of winning trades, i over exposed myself in the market and got stung.

I suppose this is one very steep learning curve, i am only 20 so i think i have a few years to recover and get back there.
 
Don't give up what you haven't even started Bristolguy. Its a hard road. Make your own choices as to what /when to buy / sell. Think about how much you could lose on each trade, not how much you could make. Make a trading plan. Start with very small positions and when you are running trade after trade after trade profitably and according to your plan, increase your exposure.
Good luck.
 
tomorton said:
Don't give up what you haven't even started Bristolguy. Its a hard road. Make your own choices as to what /when to buy / sell. Think about how much you could lose on each trade, not how much you could make. Make a trading plan. Start with very small positions and when you are running trade after trade after trade profitably and according to your plan, increase your exposure.
Good luck.
Click to expand...

Good advice, this.
 
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