Hi,
My name is Johnmark.
I learned about the forex in May of 2006 and started researching and learning about this forex market. Naturally I found babypips and spent a good time learning the knowledge found on this site. Unfortunately, instead of trading myself I was recommended a Trade Adviser. It is the best discription because all they did was tell me what to buy, how to set my limits for the currencies I was using. Instead of being self reliant I went with the advisor and slowly forgot what I learned in my research. I followed along with the Trade Advisor. In hind sight…that was a mistake!
I started with $10,000 on a mini account with a leverage of 400:1 My first day of live trading I made $600! Man, I was excited. By the end of 2006 I had a little over 30k in my account. At the beginning of 2007 I started with new, bigger balance and by June of 2007 I had withdrawn all my principle and was playing with house money. November of 2007, in fact Halloween day I had closed my account with a nice fortune and was preparing to bring it home when I found out that the broker was actually robbing me and all of it’s clients of our cash. All of my profits since I started were gone! The NFA and CFTC shut them down. To this day, I have not recieved a red cent from the efforts to recover client money from these criminals. I hear that one of the owners is living high on the hog in california! :mad:
I still had my principle, but that was a mighty blow to my confidence. So, I picked up and started over with one of the biggest brokers in USA. Then it happened again, but this time it was not the broker…but this rediculous market and the trust I had foolishly placed in this Trade Advisor’s system which had me leaving positioned open for 68 days until I finally said, “No more!”. I shut my accounts down and capitulated another big loss. That was hard to do but let me tell ya…am I glad I did because if I had not closed my account on Oct 20, 2008, I would be broke today. The next day the GBP/USD dropped 600 points and EUR/USD dropped 350 points and the USD/Chf only climbed 150 points. These point movements would have wipped me out.
Now, it is my own stupidity that I did not keep learning the forex and create my own strategy along side of this advisor. I may have been able to take advantage of this ‘Selling’ market.
Today, I still have enough funds to get back in and take control of my forex future and that is what I am doing. So, I am going to start learning how to trade correctly, safely. My plan is to make a plan and define/build the strategy that works best for me.
I hope you can support me in my efforts.
Thank-you
Johnmark