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one thing I do to protect myself is that I do not use a conventional credit card but an “on-line” credit card that can only be used for internet payments and only the money that has been deposited-before hand can be withdrawn (just like a Debit card). You should ask your bank if they offer such type of credit cards…
hi, Aleksandrov… thank you for your reply. The name of the broker is GSI markets. In the past they asked me to deposit certain amount of extra money in order to make a trade with a lot of Crude Oil. I did, and that was profitable adding like $300 to my balance. Then I tried to withdraw that same amount of money that I initially invested for the trade, but they said that I could not do that because they would loose money if I did that. In the end I was able to withdraw, but only like one fifth of the initial investment. I should be able to withdraw same amounts each month… I would like to withdraw all but I know they would not allow that. Other condition was that I needed to increase my balance closing positives, otherwise they would loose… I also dont see how they would loose, this is not how they make profits as far as I know, thank you.
thanks for the reply Aleksandrov… may I consult further about the advise they are giving me? they tell me to open positions without stop/loss – take/profit orders (to not over complicate things), stating that if a position goes negative… that really should not matter because a loss is not really considered a loss until you close the negative position… and that I could just leave those negatives there for weeks/months until they become positives (this mainly for forex). What I am starting to see is that some negatives are becoming huge negatives, and not sure how ‘healthy’ it is to just leave positions opened hoping that some day they will turn positive. Even if I have enough margin, my current balance just doesn’t feel ‘real’ and also that I may get stuck with negative positions for a long time. Would you recommend this strategy… or do think they have something up their sleeves aiming only for their own profit? thank you.
My broker is telling me to just open positions without Stop/loss and just leave them there until they make a positive profit. And that if I close a negative position the company/broker will also loose…. is this for real? or is this just a scam strategy so that I never should be able to withdraw all my money? (since I need to have all my positions closed in order to do that).