wackypete2
Legendary member
- Messages
- 10,211
- Likes
- 2,058
Depends on how you are "working" for them. Did you have to put up a deposit in order to trade with them, separate from any training fees? If you put up a deposit, say $5000, and they back you by offering 10-1 or 20-1 leverage they will deduct losses from your deposit, usually on a monthly basis. The details are in your agreement. If they are truly backing you 100% with no deposit then generally you do not have to cover losses, but be prepared to be told goodbye if you can't make profits quickly. Usually in this case though you would have paid massive $$$ for their training programs which more than covers any losses you make.
Peter
trader_dante
Veteren member
- Messages
- 4,535
- Likes
- 1,535
You will have to check the agreement that was signed with them. It is the only way to clear it up.
Technically speaking, unless there is a contract between you and the backer that clear states that you are responsible for losses, the answer is NO.
If you are a backed trader, the backer is assuming all the risk for a percentage split.
Aside from that, the only way that you can be held for any losses is if you acted in an illegal and negligent way.
This is from my own experience of running a group where I backed traders.
If you are a backed trader, the backer is assuming all the risk for a percentage split.
Aside from that, the only way that you can be held for any losses is if you acted in an illegal and negligent way.
This is from my own experience of running a group where I backed traders.
