Hi all Pete here, I have been trading now for about 2 years but started looking at trading around 4 years ago, so I got started as a complete novice with trade 360 who encouraged me to start an account with £2k, alot I know now for a novice, I was given a platinum account manager called Tracey Walker, she would call me most days sometimes several times a day and tell me exactly what trade to place. Knowing what I know now her trades were rediculace (very very high risk no protection at all no TP no SL etc) anyway some days were good I mean really good winning trades of 1k 2k every day or 2, I was the encouraged to add to the account 10k as big things were coming and huge gains were to be made, wow this lady really knew her stuff I was amazed and trades made 6k 9k but then loosing trades came 3k,6k 12k 7k 9k soon my account was in a sick condition, “don’t worry the market just turned against us it will recover this happens all the time just add some more money and we will recover everything and more it’s nothing to worry about” so another 16k added and sure enough she told me to make trades the recovered some of the losses but then again lost it all but 3k. “add more we will recover” so I did stupidly, you get the picture I stopped once I had maxed a credit card and added 10k to my mortgage, my whole life savings were gone and now in £18k of debt totlat money I added to the account a little over £60,000 gbp and Tracey Walker was nowhere to be seen, I contacted the company several times and was told Tracey no longer worked for them but if I add money they will be able to assist and we will recover, I did not add any more.
I suffered 2 x heart attacks over the next year due to the stress of loosing all of my savings and am now still working at 70 years old to pay off my debt.
I have tried with a few other companies and built am Acc from £250. 00 to £15k and then the company closed over night taking my money with them (Swift CFD)
And again just 2 weeks ago started with £250 got it to £1237 now can’t log in nobody returns my emails so again a company gone (kryptoknights)
I guess my questions are as follows if anyone could help I would be very grateful of honest advice.
Is there any chance of recoving any of this money?
Can I trade and get back the money?
Who is a reputable broker?
Where can I get good trading signals (if they exist)
Where is best to learn.
Thank you for reading this any help or support would be very much appreciated please be honest I cant take any more losses.
Kind regards Pete
SwiftCFD was a non regulated Forex / Crypto Currency CFD broker that opened in November 2018. Their website is now dead!
SwiftCFD is not a licensed broker. On October 8th 2018, the FCA issued this warning to investors. Also listed as an owner of this company is: Digital Enterprise Ltd, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.
Owned and operated by Digital Worldwide OU, they are located at: Roosikrantsi tn 2-K344, Kesklinna District, Tallinn City, Harju County, 10119, Estonia. SwiftCFD can be reached by phone in United Kingdom at: +44 208 089 7911, and contact email address is: [email protected]. Official website is: https://www.SwiftCFD.com/.
Pete, that’s a real body blow, and I’m sorry to hear you’ve been taken to the cleaners. If trading from the UK/Europe, Saxo bank would be your safest option.
Saxo Bank is considered safe because it has a long track record, a banking background and is regulated by top-tier financial authorities. They have a choice of trading platforms, which includes MT4.
However, on reflection, perhaps it would be better to lay off trading until you’re mentally prepared to handle the day to day management successfully. Take a break, pay off your debt, and recharge your batteries.
What a tragic loss! I’m so sorry it took a toll on your health too. I agree with Steve’s advice, perhaps it is better that you let go of trading for some time.
Making losses is okay in forex trading. But you need to know when the losses become unnecessary. If you see that you are losing more money than you should have otherwise, you must go backtesting and checking what is going wrong.
It’s true that when you are trading forex, you must be ready to lose. But it doesn’t mean that you should lose beyond your limit. If you think that it is not working, I don’t suggest wasting your hard-earned money on that. Start with demo accounts and then, move to micro accounts before you create your standard account.