Although embarrassing, I want to share my story with you and others so that you don't make the same mistake of listening to their overzealous brokers. we purchased an Atlas account and bought silver bullion in a leveraged account. At first we made several thousand dollars within just a few days and we got caught up in the excitement of greed and gambling. Everything we read about on the Internet, newspapers were heard on the news, indicated that the United States was headed for disaster with high oil prices, inflation and a quickly deteriorating US dollar. Of course all of these indicators would lead investor to want to cover themselves by buying precious metals.
Our broker urged to to invest our entire cash savings of $50,000 into silver and platinum which he said were safe investments which only go up in value. We relied on his fast talking broker-Joker to guide us on when to get in and out of the market as it went up or down within a close dollar range. He assured us that he could double our money within three months. We were totally unprepared when the metal market took a deep plunge. We were called with the bad news that we needed to put more money into our account to cover our leveraged position. To squeeze the last $16,000 out of my retirement account. He put a "stop loss" on this last silver bar position which was the smartest thing he did with our account and which ultimately saved us from losing some money-when the market plunged deeper over the next few days, we received another call advising us that our account had been cleared of money except for about $10,000 which we could either try to hold onto or cash in.
We cashed in our chips and received a check for about $10,000, representing a loss of about $50,000 within a three-week period.
I'm sure that Monex is greatly benefited from the "gold rush" of investors trying to protect themselves from the weakening dollar. Fear And Greed will always separate a fool from his money. Take my advice, never by precious metals with leveraged Monex accounts. If you must, buy the gold or silver bullion in. In your backyard-it'll be a lot safer!