Proprietary Trading Firm Lawsuit Assistance
Budget: €750 – €1,500 EUR
I am currently seeking a lawyer familiar with proprietary trading firms and compliance issues to assist me build a lawsuit. My goal is to regain access to my live trading account at a Hong Kong firm which was denied due to a compliance issue.
Experience & Skills:
- Proficient knowledge of the law surrounding compliance issues.
- Proven track record in successful lawsuits involving trading firms.
- Helpful to have familiarity with Hong Kong jurisdiction.
My expectations:
- Understand my case and clearly explain possible courses of action.
- Construct a compelling lawsuit compelling the firm to reopen my account.
- Previous consultation with a lawyer is not done.
This is a challenging task so a seasoned professional is preferred, though I am open to upcoming talent with essential expertise.
"Dear All,
I would like to sue a company called "Trades with Edge", a prop trading firm, for denying me live account access due to alleged "No manipulation" rule violation.
My objective is to contest the firm's decision and seek reinstatement of the live account or compensation for the breach of contract.
The "No manipulation" rule is:
"All challenge and funded accounts are traded on a demo account so we can manage our risk. Your funded account is connected to a real funded account, which you are paid from.
To ensure trades can be copied effectively to the real account we can not tolerate any form of manipulation on any account.
Manipulation includes but not limited to:
Tick scalping – constantly opening and closing trades in less than 30 seconds. We realise sometimes trades are closed instantly for one reason or another, so if there are occasional trades that are opened and closed in less time we won’t close your account.
Arbitrage.
Hedging between accounts.
Delayed or frozen data feeds.
Unrealistic fills that don’t take into account slippage, where a huge lot size is used and closed within a small amount of pips.
Allowing others to trade your account.
Copying others trades.
Lot size manipulation – Traders cannot use a much smaller trade to pass the minimum days after hitting the profit target or to fill the minimum trading days. As a guide, the deviation can not be greater than a factor of 5.
– Example 1: If your smallest lot size is 1 and your largest is 5 on similar assets, this is okay.
– Example 2: If your smallest lot size is 0.1 and your largest is 5 on similar assets, this is not okay.
– Example 3: If your trade 1 lot on EURUSD and hit your profit target and then trade 1 lot on LTCUSD to pass minimum days, this is not okay as LTC has a contract size of 1 while EURUSD has a contract size of 100,000. In this example, a 100 pip increase in LTCUSD would be equivalent to $10 but a 100 pip increase in EURUSD would be equivalent to $1,000.
– Example 4: If you have 5 trades of EURUSD opened at the same time, each with a lot size of 1, your net position size is 5 Lots. Thus, if your smallest lot size is 0.5 lots, this is not okay.
Taking advantage of the demo environment is also not permitted.
Traders cannot trade digital currencies over the weekend to pass the minimum days."
I traded 16 days to pass the challenge, and on 9 of those days at least I respected the rule.
I am seeking legal assistance to contest the firm's decision and pursue the desired outcome.
Experience & Skills:
- Proficient knowledge of the law surrounding compliance issues.
- Proven track record in successful lawsuits involving trading firms.
- Helpful to have familiarity with Hong Kong jurisdiction.
My expectations:
- Understand my case and clearly explain possible courses of action.
- Construct a compelling lawsuit compelling the firm to reopen my account.
- Previous consultation with a lawyer is not done.
This is a challenging task so a seasoned professional is preferred, though I am open to upcoming talent with essential expertise.
"Dear All,
I would like to sue a company called "Trades with Edge", a prop trading firm, for denying me live account access due to alleged "No manipulation" rule violation.
My objective is to contest the firm's decision and seek reinstatement of the live account or compensation for the breach of contract.
The "No manipulation" rule is:
"All challenge and funded accounts are traded on a demo account so we can manage our risk. Your funded account is connected to a real funded account, which you are paid from.
To ensure trades can be copied effectively to the real account we can not tolerate any form of manipulation on any account.
Manipulation includes but not limited to:
Tick scalping – constantly opening and closing trades in less than 30 seconds. We realise sometimes trades are closed instantly for one reason or another, so if there are occasional trades that are opened and closed in less time we won’t close your account.
Arbitrage.
Hedging between accounts.
Delayed or frozen data feeds.
Unrealistic fills that don’t take into account slippage, where a huge lot size is used and closed within a small amount of pips.
Allowing others to trade your account.
Copying others trades.
Lot size manipulation – Traders cannot use a much smaller trade to pass the minimum days after hitting the profit target or to fill the minimum trading days. As a guide, the deviation can not be greater than a factor of 5.
– Example 1: If your smallest lot size is 1 and your largest is 5 on similar assets, this is okay.
– Example 2: If your smallest lot size is 0.1 and your largest is 5 on similar assets, this is not okay.
– Example 3: If your trade 1 lot on EURUSD and hit your profit target and then trade 1 lot on LTCUSD to pass minimum days, this is not okay as LTC has a contract size of 1 while EURUSD has a contract size of 100,000. In this example, a 100 pip increase in LTCUSD would be equivalent to $10 but a 100 pip increase in EURUSD would be equivalent to $1,000.
– Example 4: If you have 5 trades of EURUSD opened at the same time, each with a lot size of 1, your net position size is 5 Lots. Thus, if your smallest lot size is 0.5 lots, this is not okay.
Taking advantage of the demo environment is also not permitted.
Traders cannot trade digital currencies over the weekend to pass the minimum days."
I traded 16 days to pass the challenge, and on 9 of those days at least I respected the rule.
I am seeking legal assistance to contest the firm's decision and pursue the desired outcome.