RE: It's over for crypto21 Jun 2022 10:56
Hi Mr Bond,
Fair comments,
All of us Centamin holders are in need of some good cheer and luck at the present, although in the main we are where we are because we were conned by those in very senior positions who were less than truthful and were far better at selling a lie than they were at running a mining company properly, but then they are not alone, indeed the markets are run on lies and spoof by those who lack integrity, but are adept and skilful in taking advantage of investors in some cases gullibility, lack of understanding, even trusting nature.
We all make mistakes at times; I recall one of my biggest which was allowing myself to be persuaded to get involved in CFD trading!
In 2011 after months of receiving daily telephone calls from a chatty Darren, partner in a Logic Investments London I was foolish enough to be persuaded by him to open what he described as a CFD advisory account that he would personally look after.
I really didn't understand anything much about CFD trading, although reading though the literature he sent me it seemed that one could make exceptional profits very quickly on leveraged CFD's.
What did concern me though was if such profits could be made so quickly, then surely huge losses could also occur very quickly, so I asked him if this was the case?
I was told not to worry as he got 70% of the trades right and in any case, he would be using "Stop Losses" to protect my portfolio.
So, I was persuaded to transfer a very considerable part of my portfolio to his company to be used for margin purposes through Logic's Saxo trading platform.
Move things on 12 months to when CFD trading had turned into a 24/7 nightmare for me as after following the advice of my now not so chatty and nice, but very persistent advisory CFD broker the part of my portfolio transferred to his company was now worth considerably less than the initial amount transferred!
I asked Darren my advisory CFD trader about this and he quickly pointed out that in the past month trading of mostly short positions on my behalf he had got 34 trades out of 47 right!
That was true, but then when I looked at my account it hit me between the eyes one investment consisting of numerous CFD positions was now down over £30,000!
In the last month my brokers trading commissions were well over £4000 and yet my actual profit after costs etc was £370!
So partly because of this but mainly on my doctors’ advice who was concerned about my mental state I paid off my debt to Saxo bank and closed my CFD account!
I have never traded in CFD's or short positions since and although this was a very worrying and very expensive time the experience taught me a great deal about the dark side of trading the markets.
Since then I have tried to turn a negative experience into a positive by not making the same mistakes again and by trying to help other investors avoid getting reeled in by the very clever marketing tactics used by CFD brokers.
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