Blind leading the blind
This is a warning to all investors to be beware of so called 'experts traders' who will guide your account. I hooked up with Forexprime and as discussed and agreed with John Greenburg of Forex Prime in his London office that I would deposit £2000 to start an account with Invest.com of whom they are affiliates (beware as Invest.com are FCA regulated but Forexprime are not). (I later checked his phone number... he was not in his LOndon office but was dialling the Swiss international code). The idea being that he and I would work together to build the account with a view to gaining a small income. At no time did John Greenburg suggest that £2.500 was only one tenth of the amount required to trade on the heavily leveraged platform account Invest Pro. It should have been on the Invest Simple account. Risk management and high pressure selling by Forexprime had started. Neither did he mention that Derek and Tom would be directing me and that he longer had an interest in my account which was not our arrangement . The first thing that was advised was my first trade after showing me some technical analysis. This first trade although okay and would eventually gain started to lose to the extent that I got a margin call. I was contacted by phone to be told that the account should have a minimum of £25,000 in it but in the short term £7,500 was needed to prop up the margin call and take another trade. On three separate occasions and with nearly all trades losing, more and more money was required to prop up these trades that were losing. Eventually I had no more money. Before the Fed rate decision was announced they advised me to buy 8 lots of Crude Oil but because the interest rate went up and therefore the dollar so the price of Crude Oil went down. They did not know that the Fed interest rate announcement was going to rise or that it would affect the price of the dollar and therefore oil. They saw silver go down as that it is also priced in dollars so to compound matters they told me to take a specific amount of silver. When the USD went up all the traders that were using silver as a safe haven switched to USD which made silver go down even further and this took away any safe margin that I had. Nobody from Forexprime phoned me to help me or advise me. I dumped silver which lost me £11,500 and was still holding -£20,000 of worthless crude oil. I had no margin to purchase any defence (DWTI ETF) for this as it was too late I was tto far under the 100% level. I could of sold some stock X which was in profit by £134 but more importantly it had £1350 of margin which would help get me some DWTI if my stock recovered enough to get past 100% margin. I got a call late in the evening from a Forexprime broker who solemnly commiserated with me after I was trying to reach him and after the market had closed so I couldn't but DWTI even if I wanted to. I was worried and looking for expert advice but there was none available at all. The account survived the night but the platform dropped off the crude oil with a loss of £-19,000 and then X United States Steel dropped in price and took away the whole account. The stock X was specially selected and was placed as a big chunk of useless margin in my account and went down in price from day 1. It was ironic that the broker Derek quoted that 'you really need to keep this stock in your portfolio' and on another occasion 'I want to see your account reach £100,000 before the end of the month' What about what I wanted £2,500 with low risk and modest profit to take a little income. Don't sign up with these people unless you have a bottomless bank account to cover their ill informed trades. I sent a nice e-mail to them but none replied. They don't want to discuss anything in writing probably for legal reasons. Trade by yourself even if you are a novice. They got me trapped into losing £43,000 (all the money from the sale of my house which they knew about) plus £12,5000 off my credit card and I am 66 years old with a £720/week state pension (which they also knew about). They are without conscience.
Last Edit: December 18, 2016, 04:33:58 PM by Destroyed