Man Thinks He’s Day Trading Futures Demo Account
Above all, the following story shows us how emotion can affect us when we’re day trading futures. Please take this with a grain of salt as not all results are created equal…
Harouna Traore was learning everything about day trading futures. Part of his training included practice trading a demo account using real market data. He opened a $23,000 account with British brokerage firm Valbury Capital, and began “practicing.”
Day Trading Futures Without Fear
Later that night, Traore went home to continue learning about what it’s like to day trade futures on a demo account. Like many beginners do, he went on to push the limits of the trading software.
After all was said and done, he had lost more than a million dollars.
Reality Sets In
After finding himself more than one million dollars in the hole, Traore realized he wasn’t using a day trading futures demo account. In contrast, his account was very real, and he was in a pickle.
“I could only think of my family,” Traore said. “I was stressed.”
But instead of alerting the authorities or the company he was trading with, Traore decided to continue trading to see what he could do.
(Dis)Advantages of Day Trading Futures
Traore began day trading futures, and eventually found himself building up a $5 billion position in U.S. stock futures. He went on to turn his loss into a profit of about $11.6 million.
At this point, he called Valbury Capital, who immediately claimed breach of contract. His winnings were declared void immediately.
Traore is currently suing Valbury Capital for the $11.6 million. The case is ongoing and may move to France in the coming months.
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