An amateur trader who suffered heavy losses by betting on the price of oil during the market turmoil at the start of the pandemic is suing the broker he has appointed for up to £ 3.7 million.
Robert Day, who runs a logistics company , has filed a lawsuit against FXCM in the High Court alleging that the broker « misjudged » that it was appropriate for him to trade CFDs despite his inexperience.
He also alleged that FXCM did not warn him to that it would close out its positions if the price of oil fell to zero and mistakenly treated the CFDs it bought as expiring in April 2020 rather than the following month.
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