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RJM Law
RJM Law, Lawyer
Category: Law
Satisfied Customers: 3448
Experience:  LL.B (Hons)
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I'm doing CFD trade with For Trade. This afternoon the agent

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Hi I'm doing CFD trade with For Trade. This afternoon the agent who handles me closed all the trades that were open and due to this I lost around £10,000. According to the rule of trade if my trade goes into the negative and it if goes beyond 50% of the the total equity it will automatically cancel those in the red till I recover or move up to the 50% of the equity. At the point when he closed the opened trade first I was at 51% and the second time I was at 85% of the total equity. The agent did this out of vengeance that I didn't respond to his call. I had told h
JA: Where are you? It matters because laws vary by location.
Customer: I had told the agent about my inconvenience a few times and also had promised that I'll communicate when I become free. I want to see how I can deal with this issue.
JA: What steps have you taken so far?
Customer: Nothing, I'm shell shocked and distraught
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: I don't know as this is the first time I am doing this trade business.

Welcome and thank you for choosing our service, I will be the expert assisting you with this matter today.   I appreciate this matter is important to you and I shall try to resolve it as precisely and quickly as possible for you today.

Please note; there may be delays between messages as the experts on this website all work on a third party basis and are not online full time however, I shall endeavour to respond to your question as soon as possible.  I look forward to assisting you in this matter.

Thank you.

Thank you for the question.  I am sorry to hear about this matter.  Quite clearly, the person who has done this, if as you say, acting out of vengeance, has also from a legal perspective acted negligently.  If they are part of an organisation, then you will want to issue a complaint and claim to them, you can also look at involving the financial ombudsman in the matter.   However if ultimately, you do not achieve a remedy in the matter you can make a claims against them for the sums you have lost.    As this is under £10k you can actually still use the small claims process.

You can complete the forms for a claims action easily online.  You will have to highlight what the issues are and tell them how much you are claiming for, to be honest the first are straight forward and self-explanatory.   If you feel you can do this yourself then you don’t really need to hire a solicitor but I will provide details for you in case you feel you want to.  You will then receive a response to the claim and a court date.  On the day (unless they offer a settlement) you will appear at the local court and basically provide your evidence and give you claim to the judge and they will response.  The judge will assess the merits of the claim and defence and make a judgement this should be relatively easy for you to prove so the respondent may well offer a settlement in the meantime.

I hope this information has helped.  You can find a local solicitor who deals with this on the law society webpage which is;

https://solicitors.lawsociety.org.uk/

If you require any help moving forward on this matter in the  future,  please do feel free to come back to us and I would be more than happy to assist.

Kindest Regards.

RJM Law and 3 other Law Specialists are ready to help you
Customer: replied 13 days ago.
Hi,Your response is helping my resolve and I think I can manage it myself through Financial Ombudsman. I had already sent a request.Thank you for help, I’ll contact if zi still need some advice if that’s ok.Anthony

You are very welcome and I wish you all the best.

Customer: replied 13 days ago.
Hi I’m coming back to the case I raised. I was thinking about it. I think I might seek your help as I see a malicious intention for closing my trades. Because it was German shares and the biggest lot I was bidding to sell and I feel the agent acted on inside information. This morning it has crashed quite substantially and I stood to gain a big profit on it, instead I got a huge loss of capital I worked hard to have. If you look at the way it was closed there was no justification to close the second lot which was closed ten minutes after closing the first one, by which time My marginal level had climbed to 85%.Let me know how we can proceed, what is involved and how much it will cost me.Thank youAnthony

Thank you Anthony, if you wis to pursue this then you will require to instruct a solicitor to bring a claim for you.  This is not a service provided by this website.  However, if you use the link I provided above, you will be able to find someone who will be able to assist you.

Customer: replied 13 days ago.
Thank you, I’ll contact someone from the link here. AppreciatedAnthony

All the best.