My overall profits last months are not more than some hundred USD, during last days again some good days, suddenly yesterday trading was no more possible, and after i contacted my broker he answered today morning in a mail that “the company decided to terminate cooperation with me according to a clients agreement, that gives the company the right to terminate cooperation anytime without any reason just with written notice”, and I should withdraw remaining funds within next ten days.
Well, i can go like Mr. Livermore to the next bucket-shop and do the same , on the other side i ask myself if there exists something like an unofficial “Black list of undesirable clients” among the brokers.
So my question to the pros- is there an informal information chanel among the brokers to warn of special clients? I mean it sounds ridicolous to me to “terminate cooperation” just because someone has some good days in a row and the overall profit is only some hudred USD?
I’ve wondered this myself - many brokers ban certain behaviours in their T&C’s and they will terminate accounts of anyone they believe is using these. But do they pass your details on to other brokers? In the UK and the EU I think this would be illegal under data protection laws so unless they tell you in the T&C’s that they intend to do so.
In other jurisdictions, who knows?..
What would have made your broker terminate your account? Arbitraging? Scalping?
Thats really a good question- scalping, hedging, trading on different accounts the same time is allowed. I traded from lap-top and smartphones, seems to be common practise to cancel accounts when the clients start to trade decent profitable. Dont mention the brokers name now, cause as he adviced me i withdrew today my last deposits, hope this works properly like the withdrawls before. Fair enough to say, that all past withdrawls were correct and fast, but i guess he pulled a kind of rip cord before i come in with some 1000 USD stake than just 100 USD stake.
But goes a Forex Broker bankrupt if some client earn, lets say 50000 USD, a year? Is such an amount a threat to the brokers balance-sheet?
I would have thought 50k profits woukd be peanuts for a broker? What about FTMO traders with a 300k accounts, sometimes making 10% per month, sometimes more.
By the way- is anybody here who started to make suddenly profits and pushed his account regularly in the profit zone and has no problems with this broker?
It seems seriousness starts with real Future-Accounts and not with all those Forex bucket shops.
Just remember Mr.Jessy Livermore- changing the city where he wanted to do his trading was not enough to hide his identity.
Later on Bucketshops owners sent to each other messages across the continent, not to let Mr.Livermore trade, cause he allways wins
Even In these early days of daytrading they had a black list.
I wouldnt be surprised if something like that exists nowadays also.
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I would not be surprised if there is a black-list. In the UK insurance industry, the companies maintain a black-list of clients who have made suspected fraudulent claims so it would make as much sense for brokers to keep a similar list of clients who have gained what they would all an unfair advantage in order to make profits.
, on the other side i ask myself if there exists something like an unofficial “Black list of undesirable clients” among the brokers.