Author Topic: Gareth Gates lost 250k on forex trading  (Read 264 times)

PipMeHappy

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Gareth Gates lost 250k on forex trading
« on: October 25, 2020, 10:36:26 PM »
Sad story...though I cannot read it in full as I am not subscriber...

Here is a screenshot of the title...

Would love to know more...

but it goes to show how anyone can lose

a lot of momey fast in this game, if they do not

know what they are doing...

PipMe

eddieb

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Re: Gareth Gates lost 250k on forex trading
« Reply #1 on: October 26, 2020, 08:47:07 AM »
Hi PipMeHappy
Ive got yesterday's Sunday Times but haven't read that article yet. When I  have I'll post the details here for you.
Eddie
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

PipMeHappy

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Re: Gareth Gates lost 250k on forex trading
« Reply #2 on: October 26, 2020, 11:36:28 AM »
Hi PipMeHappy
Ive got yesterday's Sunday Times but haven't read that article yet. When I  have I'll post the details here for you.
Eddie

That would be amazing, Eddie!!!

eddieb

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Re: Gareth Gates lost 250k on forex trading
« Reply #3 on: October 26, 2020, 02:08:58 PM »
Okay, rather than try and put it into my own words, I'll type the comments he made on forex word for word.
He was asked "Do you invest in shares?"

"I do the Forex thing but I'm more careful now as I got burnt once and lost 250,000. I had a meeting with a guy who claimed to be an expert in trading foreign currencies. He had a very good track record and lots of my wealthy friends at the time had invested and seen a good return. So I decided to get involved. I invested initially about a hundred grand. He told us the return would be 50 percent each year, and I saw that 50 grand return. Then I decided to invest even more. So I put another 150K in. So I'd invested 250, yes I'd had 50K back, but the second year the monthly payments started to slow up and we found then he'd blown the account. Everybody's money had been blown. He obviously didn't have good risk management in place, and he'd got himself in too deep. He'd maybe lost some bad trades and literally everybody's money, unfortunately. And I was a victim of that. I got nothing back and it was a big learning curve for me and I learnt a big lesson that I invested a little bit more than I possibly should have."

I'll just leave this here and let you guys read it and give your thoughts.
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

PipMeHappy

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Re: Gareth Gates lost 250k on forex trading
« Reply #4 on: October 26, 2020, 04:11:50 PM »
Interesting, Eddie!

Of course there is regulation and regulation, but if you look at funds they state that clients must be of 200k net-worth
which means that if anything happens the clients can take the loss. This is all legit, not the realms of scammers, by the way.

So if you are regulated and a client that has a high net-worth (as stated above) enters into an agreement with you and
you lose some of their capital - say, because of a black swan event - then you are covered, legally.

But of course, hindsight is a wonderful thing... if you listened to the interview about the London 'flash-crash trader', he
was also giving money to a Mexican 'investor' who promised rich returns and who did deliver for a while until the money
stopped and when Narvinder got arrested he then also got confirmation that his money was gone. Narvinder was a successful
trader, and Gareth was not of the same calibre, which goes to show how everyone can fall for a 'too good to be true' investement
scheme... Like the Greig story in Aberdeen that I shared on this very forum not long ago...

I think, though, that it is very sad when this happens. I am actually looking into how to set myself up as a financial entity to
trade on behalf of clients, but it is a long road ahead and not at all easy... Then, of course, I could just set up an education
website and sell forex 'secrets' to make a nice return, thanks very much: it is very easy, and tempting, to tap into that cash cow
and milk it for all it is worth... and we had a recently example of this with a member of our community here on NTN, which was a
hotly debated point, i.e. what is 'genuine' and what is 'deceitful' when it comes to selling education online for new traders...

I am an ethical person and I am not at all attracted to the idea of essentially  misleading people to believe that I am a 'professional
trader' or 'pro investor' or other grandiose titles: I may have good, recent profitable trading history to show, and done some good
things for the trading community (like my trader interviews with women in finance, or my FreeFX videos), but it does not give me
anything like having experience as being employed by a firm to perform a control function on the firm's or their clients' money...

Funds work hard to get credibility and are heavily regulated, so it is not 'easy' to do but if you follow the law and the ethics stated
by the CFA / CMT charters, as those from the FCA (UK) and FINRA (US) to name some examples, you should hopefully never be
the kind of 'investor' who loses clients' money or blows up their trading account(s). . .

This is where I think that people need to be informed about what they are getting themselves into, and really think a 1m times
before giving a lot of money to anyone.

What do you think?

Caesar

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Re: Gareth Gates lost 250k on forex trading
« Reply #5 on: October 26, 2020, 04:58:01 PM »
He told us the return would be 50 percent each year,
That line above suggests to me that the trader was probably not regulated. Who, having gone through everything required to be regulated would make rash promises like that? It sounds like a Ponzi scheme to me.
It just stinks and I'm surprised Gates or his wealthy friends haven't taken it further.
Hail Caesar.
No, just a bit of rain

PipMeHappy

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Re: Gareth Gates lost 250k on forex trading
« Reply #6 on: October 26, 2020, 05:20:04 PM »
@Caesar

Yes, it really does sound a bit dubious...

But then again, what is 50% compared to these returns?

https://www.myfxbook.com/strategies/all-strategies

Perhaps it would be interesting to ask: what guarantees

or evidence did the investor provide Gareth with?

PipMe

eddieb

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Re: Gareth Gates lost 250k on forex trading
« Reply #7 on: October 27, 2020, 11:39:29 AM »
It struck me that he didn't seem to be apportioning blame on the trader, just seems to accept it and moved on.
In one sense I figure that's a healthy attitude, but I  think I  might have been less forgiving had it been me.
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading

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Re: Gareth Gates lost 250k on forex trading
« Reply #8 on: November 10, 2020, 03:23:00 AM »
Forex is Not a get rich scheme
it study , work hard @ it
have a bussiness model and a plan and stick to it
Gareth Gates !!!!!!  really
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