Lost money in commodities trading

[Perisher]

Better don't let him see this thread then. Can use as evidence you allowed him to do whatever you said you did.

 

[JuniorLion]

Agree. Report to the trading company and police that your account is hacked.

Terrible idea.

If you report to police that your account is hacked when you willingly give it to him, eventually police will find out when you're being questioned. Giving false testimony is a chargeable offence.

 

[Mecisteus]

Hi,

Newbie here which need some advice.

I have this trading account under my name, which i provided the login details to a guy to trade/invest for me and he takes a small cut of my profits as admin/commission charges. There is no sign agreement between us of this arrangement.

Currently, he has lost all the money i invested in the account. Is there any way I can recover the money from him?

How did he manage to take a small cut of profits from you? The account is your name and you can't deposit into other person's account.

If this is a local broker, I suggest you talk to the local company. See if he has breached his fiduciary or professional duties as a remisier.

If it is not a regulated company by MAS, then you can suck thumb only.

 

[koreanlover]

WEird arrangement that you have with this guys unless you guys are really close and you trust him completely.

It*********s like you giving someone else full access to your internet*********s banking account.
IF the person transfer out all your money it*********s no use even if you go to the bank to complain.

He still owes the brokerage money.
It is worse than that.

 

[Johnlim2478]

Hi guys thanks for the concern and advice. sadly in our chat, its hard to deny that the login was given to him willingly.

Its was due to the recent crash that resulted in the loss, but I am curious whether being outplayed by market in this scenario allows me litigation/compensation from him.

 

[Johnlim2478]

By virtue of him using your trading account is already illegal. He scam you into giving him your account password with the promise of return, but he squander your money away. This is an criminal case. You can report to police, sue him for scamming and illegal access to your account.

There was never any guarantee of returns, merely "expected returns". The account was doing pretty well for 2017, but only got hit during this recent crash.

 

[Johnlim2478]

are you sure he lost money and not transferred the money out?

yeah. the account got margin called after the crashed. not transferred out

 

[Johnlim2478]

How did he manage to take a small cut of profits from you? The account is your name and you can't deposit into other person's account.

If this is a local broker, I suggest you talk to the local company. See if he has breached his fiduciary or professional duties as a remisier.

If it is not a regulated company by MAS, then you can suck thumb only.

I transferred money to his bank account based on the account P&L. There isn't any company involved, as mentioned there isn't any formally signed agreement.

 

[Maeda_Toshiie]

WEird arrangement that you have with this guys unless you guys are really close and you trust him completely.

It’s like you giving someone else full access to your internet’s banking account.
IF the person transfer out all your money it’s no use even if you go to the bank to complain.

Nah, I may not even do that with family members.

 

[Perisher]

Margin called means he leveraged? Always a bad move, at least if you don't want big risk.

 

[Maeda_Toshiie]

Margin called means he leveraged? Always a bad move, at least if you don't want big risk.

I think most currency trading is done with leverage, unlike stocks.

 

[Perisher]

I think most currency trading is done with leverage, unlike stocks.

Forgot it's commodities trading coz I read investing.

 

[Mr.Canberra]

Forex/Futures Trading

Its was due to the recent crash that resulted in the loss, but I am curious whether being outplayed by market in this scenario allows me litigation/compensation from him.

We refer and often joked about this on Forex thread as ACCOUNT EXPLODED!

Your account has insufficient margin during the shortfall. Depending on broker the following scenarios will happen:

1) Auto liquidation once margin drops to a certain level.
2) If you do not have stop loss your position will continue to drop as per market price. Next trading day your broker will email/call you to top up account (margin call). T+2 settlement if not broker will liquidate all positions. You are still liable for any deficits if any after liquidation of position(s).

Forex trading is already very difficult much less commodities futures. Until now I still dare not hoot WTI Crude Oil.

I think most currency trading is done with leverage, unlike stocks.

Forex and Futures all trading on leverage. This is why I love Forex. Free 'loan' from broker to hoot big contracts.

Funding costs for stocks margin financing is high that is why I am zero vested in stocks.

 

[dewjef]

Based on this situation,I think it is un-fair to the person who helps to trade.

Is TS expecting 100% sure win by letting him to trade or is this guy did committed 100% result?

Dont blame others. It is your hard earned money,but you simply let it go.still trying luck to recover from that guy.

Learn the lesson,learn how to trade/invest in proper way,then recover from markets.else you better stay away.

 

[Mr.Canberra]

Based on this situation,I think it is un-fair to the person who helps to trade.

Is TS expecting 100% sure win by letting him to trade or is this guy did committed 100% result?

Dont blame others. It is your hard earned money, but you simply let it go.still trying luck to recover from that guy.

Learn the lesson, learn how to trade/invest in proper way, then recover from markets. else you better stay away.

I agree with you. Must be 愿赌服输. Don't be another chua sai boy like the one on Forex thread.

Just take it as paying tuition fees and be wiser the next time.

 

[Soul77]

TS. Did you approach the person or did the person approach and sweet talk you? Not that it would matter much anyway..

 

[Johnlim2478]

I agree with you. Must be 愿赌服输. Don't be another chua sai boy like the one on

Just take it as paying tuition fees and be wiser the next time.

Thanks for the advice everyone!just on my side because i now owe 6 digits debt to the broker and its hard to accept it on my end.

 

[Johnlim2478]

TS. Did you approach the person or did the person approach and sweet talk you? Not that it would matter much anyway..

Actually i was referred by a friend and i approach him...how will you decide whether its sweet talk?

 

[Soul77]

If the promised something like low risk safe bets, etc. You may still have fighting chance. Because that person doing something that is not suitable with your risk profile.. but im not expert on this. Better ask someone with more knowledge.. 6 figures means the person is selling options with your account and it goes into the money?

 

[Mr.Canberra]

Thanks for the advice everyone! just on my side because i now owe 6 digits debt to the broker and its hard to accept it on my end.

Wow 6 figures loss is a lot!

Whatever course of action that you take I wish you all the best.