Ian Dickinson FX Trading

[arabianights]

Because that was my point from the offset, the people involved are not all 'smug' etc they are normal down to earth families with sense of humours and aspirations for the furture which have now been shattered thanks to 'a ridiculous investment gone bad' or as I would put it, advice from a friend that turned out to be wrong.

Let's not beat about the bush here... they wanted money for nothing.

FX is not investment, incidentally.

 

[youwish]

Apologies, trading, whatever, i think we all know the context in which it was meant, and taking an element of risk is not a 'for nothing' deal.

 

[Black Swan]

I used to love that series Raffles when I was a kid, Anthony Valentine played the part, what a rakish cad and bounder the fellow was, always got some frustrated landed gentry top totty and banged her into the middle of next week (whilst nicking her jewels and her husband's cash)..top bloke...although his mate Bundy was a bit slow on the uptake..

What I don't get is how these modern day bandits get away with it. What *bit* don't folk see coming? wtf do they just simply hand over 50-100K to some bloke they met down the Conservative club..? I sympathise, but bloody hell...

 

[arabianights]

Apologies, trading, whatever, i think we all know the context in which it was meant, and taking an element of risk is not a 'for nothing' deal.

Actually it is.

It's when you take the risk on for someone else (i.e. risk transfer) that you can argue that. Trading FX like this is not risk transfer in any meaningful sense.

 

[TheBramble]

Rotary Club

Are funds donated to (and disbursed by) a Rotary Club covered by any any legal requirements for control and audit?

 

[footballerswife]

I suspect much of this "earned" wealth actually came from house price increases, one way or the other, and is now owed... this type tends to be very highly leveraged, as it was terribly important that they had a new RR Sport to rival the neighbour's X5...

As they reap what they sow 'tis delightful

unearned income! jesus god! house value only turns into actual money if you own your house and want to downsize or when your parents die and they owned their house! perhaps we all got a bit carried away here. not least the high street banks. pay for your house first then put all your money on black/red or the 3 dog or a beautiful racehorse with a catchy name. oh yeah or in the city.

 

[footballerswife]

I always knew you were a classy act...

yeah! see you soon babe - inbox me xxx

 

[footballerswife]

To me the level of diligence has nothing to do with knowing the investors or not.
Its about who they gave their money to an unqualified 'pillar of the community'.
Baseless trust born out of greed.

Don't get me wrong I feel sorry for anyone lsoing their hard earned cash like this.
But in these types of cases all the signs are there if someone wants to avoid it they need only think of what they can lose. This Dicki was a conman or had inflated ego about his abilities, or more likely both. If he had really cared about other people and their cash he would not have taken it off them in the first place.

started off taking 10 large - it was the minimum invest from people who could afford it ended up hassling people for 2000 pounds. people who couldnt afford to lose it. despicable.

 

[glyder]

started off taking 10 large - it was the minimum invest from people who could afford it ended up hassling people for 2000 pounds. people who couldnt afford to lose it. despicable.

Despicable yes. Dicki is a total $|hit.
Sounds like he was desperate to prop up a ponzi scheme at the end.

 

[The Whistleblower]

Indeed....Indeed....It didn't start off like that...but did 100% end like that. On the last morning, just before the "attempt", he asked for £100,000 from someone who REALLY, REALLY couldn't afford to risk it!

 

[Black Swan]

started off taking 10 large - it was the minimum invest from people who could afford it ended up hassling people for 2000 pounds. people who couldnt afford to lose it. despicable.

Did he provide the Ponzi statements from time to time, *highlighting* how your investments were going up? Over how long a period of time did this scam take place? Did you guys get any/have any knowledge of forex trading, did you leave it to him hands on? I'm honestly not looking to take the p1ss here, I'm genuinely sorry if anyone has been stiffed..

 

[Black Swan]

Indeed....Indeed....It didn't start off like that...but did 100% end like that. On the last morning, just before the "attempt", he asked for £100,000 from someone who REALLY, REALLY couldn't afford to risk it!

Someone did a sum the other day on another thread; if you took ten grand, and only risked 3% per single trade, and revised it down with every trade, it would take circa 430+ consecutive losing trades before you lost it all...I honestly reckon with sound MM the worst anyone could do (even with random/hunch "heh it looks like it's going up" trades would be to burn 25% of the capital over an extrapolated period of time...If he position traded he should have been able to return 10% minimum P.A. and be constantly audited whilst on the journey...Heh, he could have simply taken all the sterling and put it into Swissys, which is what so many with big cash funds have done over recent years, actually a lot longer than that..

Is it rescuable, can you guys re-group and set up some sort of co-op to attempt to recover or has it all vanished?

 

[glyder]

BS - you are correct with your money management description of course, but as you know this is something that takes time and discipline to instill and is more likely to be achieved when you have something of your own to lose. It sounds like dicki got desperate' he'd have no doubt fallen for all the usual traps - overtrading, revenge trading, increasing size, chasing losers, grabbing profits too soon, placing faith in hope rather than seeing reality etc..
Its tough to get over these traps. Even the very best can be caught out by them (hence real firms have limits). I doubt if desperate dicki would have been able to stick to good trading rules, supposing he had them or knew of them.

 

[pboyles]

If he was taking cash out to make some ponzi payments his pot would disappear much quicker. If for instance he was taking out 10% a month to keep up appearances then he'd be broke in less than a year without taking a single losing trade.

 

[Black Swan]

BS - you are correct with your money management description of course, but as you know this is something that takes time and discipline to instill and is more likely to be achieved when you have something of your own to lose. It sounds like dicki got desperate' he'd have no doubt fallen for all the usual traps - overtrading, revenge trading, increasing size, chasing losers, grabbing profits too soon, placing faith in hope rather than seeing reality etc..
Its tough to get over these traps. Even the very best can be caught out by them (hence real firms have limits). I doubt if desperate dicki would have been able to stick to good trading rules, supposing he had them or knew of them.

Weird thing is if he'd done the job right, perhaps created a properly constituted Co, registered it in Ireland for 13% corp tax, or the IOM, put an accountant on the board of directors to also act as a trustee, sent detailed audited pdf of the trades/account each month, with an explanation that the fund was down 15% and until restored to health no fees would be levied, folk would have probably understood it/accepted it. Let's not forget that Buffet's returns (measured in isolation) are actually crap once you take out his 20% managment fee..I guess this Dicko lad just spunked it...the soft tw@t.

 

[MrGecko]

For the record I would like it to be known that I am disappointed in the lack of participation by other Frinton-ites.

 

[counter_violent]

For the record I would like it to be known that I am disappointed in the lack of participation by other Frinton-ites.

Hardly surprising is it. Must have been a lot got burned with this. Still chrimbo to pay for as well.

"Mr Dickinson’s sister-in-law Melanie Tillett, who also lives in Frinton, said: ‘I have no comment to make and neither has my sister".

 

[arabianights]

For the record I would like it to be known that I am disappointed in the lack of participation by other Frinton-ites.

I concur.

Come on chaps... rotary acquaintances of his at least should say something... service above self and all that!

 

[scose-no-doubt]

How on EARTH did I miss this thread
5 stars right away

 

[arabianights]

lulz bump