Lost money in commodities trading

Mecisteus

Mecisteus

Great Supremacy Member
Joined
Jun 16, 2002
Messages
55,825
Reaction score
12,257
Johnlim2478 said:
You mean check whether td ameritrade conduxt is correct? I read that by dealing with unregulated traders you lose the MAS protection...
Click to expand...

He is definitely a licensed broker. If he is not, TD A A will be in trouble.

You may be wrong to give your account details.

But is his conduct correct to trade on your behalf? See some of the rules.

http://www.sias.org.sg/index.php?option=com_content&view=article&id=264&Itemid=101&lang=en

Lastly, is your broker TD A is the Asia one or the overseas one?
 
J

Johnlim2478

Junior Member
Joined
Feb 10, 2018
Messages
29
Reaction score
0
MikeDirnt78 said:
He is definitely a licensed broker. If he is not, TD A A will be in trouble.

You may be wrong to give your account details.

But is his conduct correct to trade on your behalf? See some of the rules.

http://www.sias.org.sg/index.php?option=com_content&view=article&id=264&Itemid=101&lang=en

Lastly, is your broker TD A is the Asia one or the overseas one?
Click to expand...

Understand tdaa is incensed. But my trader isnt...i think your link applies for trading rep that are registered with a company? Did i interpret it correctly
 
J

Johnlim2478

Junior Member
Joined
Feb 10, 2018
Messages
29
Reaction score
0
A

alyssax

Member
Joined
Feb 8, 2013
Messages
314
Reaction score
0
I think what TS means is that 1. His brokerage account is TD Ameritrade. 2. The person who is logging into his account and trading on his behalf (“trader”) is a man on a street who is unlicensed and have no connection with TD Ameritrade.

Can you reveal the name of the trader then ?
 
L

limster

Arch-Supremacy Member
Joined
Oct 31, 2000
Messages
13,110
Reaction score
4,081
alyssax said:
I think what TS means is that 1. His brokerage account is TD Ameritrade. 2. The person who is logging into his account and trading on his behalf (“trader”) is a man on a street who is unlicensed and have no connection with TD Ameritrade.

Can you reveal the name of the trader then ?
Click to expand...

I think some have wondered why someone would let this kind of person have access to his money and trading account, and why access to so much money,

Finally, how come after losing the money, he know how to come to MM/SSI to post, but before that, don't know how to ask in MM/SSI whether its a good idea to hand over his cash and trading account to an 'unlicensed person.
 
J

Johnlim2478

Junior Member
Joined
Feb 10, 2018
Messages
29
Reaction score
0
alyssax said:
I think what TS means is that 1. His brokerage account is TD Ameritrade. 2. The person who is logging into his account and trading on his behalf (“trader”) is a man on a street who is unlicensed and have no connection with TD Ameritrade.

Can you reveal the name of the trader then ?
Click to expand...

Hi that is right. Sorry if it was confusing.

I rather not reveal as he is a friend afterall..
 
J

Johnlim2478

Junior Member
Joined
Feb 10, 2018
Messages
29
Reaction score
0
limster said:
I think some have wondered why someone would let this kind of person have access to his money and trading account, and why access to so much money,

Finally, how come after losing the money, he know how to come to MM/SSI to post, but before that, don't know how to ask in MM/SSI whether its a good idea to hand over his cash and trading account to an 'unlicensed person.
Click to expand...

Think its the same situation as the friends and family of the XIV guy who lost 4mn?
 
Mecisteus

Mecisteus

Great Supremacy Member
Joined
Jun 16, 2002
Messages
55,825
Reaction score
12,257
JuniorLion said:
Nobody would have expected it. Unless you're in some big trading firms and professional at that. Otherwise, it comes as a shock.
Click to expand...

Even professional traders/investors can bust their accounts and funds.
 
revhappy

revhappy

Arch-Supremacy Member
Joined
Mar 19, 2012
Messages
12,206
Reaction score
2,669
I don't understand, commodities didn't really crash like the XIV or like the USDCHF in 2015. The commodities market didn't make any outsized moves. So your friend can't blame a bad market. He seems to have just taken a very bad bet.

Sent from Xiaomi REDMI NOTE 4 using GAGT
 
J

Johnlim2478

Junior Member
Joined
Feb 10, 2018
Messages
29
Reaction score
0
revhappy said:
I don't understand, commodities didn't really crash like the XIV or like the USDCHF in 2015. The commodities market didn't make any outsized moves. So your friend can't blame a bad market. He seems to have just taken a very bad bet.

Sent from Xiaomi REDMI NOTE 4 using GAGT
Click to expand...

He traded US Indexes such as ES. Crashed 200 points in one day
 
A

alexchia01

Senior Member
Joined
Jan 24, 2013
Messages
1,941
Reaction score
3
Johnlim2478 said:
He traded US Indexes such as ES. Crashed 200 points in one day
Click to expand...

I trade Index Futures, YM and ES. Made a killing last week. One of my best results.

Even if I lose, I don't lose more than 10% of my capital.

How your guy lose all your capital and still owe over $90k is beyond me.
 
J

Johnlim2478

Junior Member
Joined
Feb 10, 2018
Messages
29
Reaction score
0
Johnlim2478 said:
He traded US Indexes such as ES. Crashed 200 points in one day
Click to expand...

alexchia01 said:
I trade Index Futures, YM and ES. Made a killing last week. One of my best results.

Even if I lose, I don't lose more than 10% of my capital.

How your guy lose all your capital and still owe over $90k is beyond me.
Click to expand...

I mean no point saying this now..doesnt help my situation...:(
 
You must log in or register to reply here.
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ Forums. Forum members and moderators are responsible for their own posts. Please refer to our Community Guidelines and Standards and Terms and Conditions for more information.
Top