How an "honest" stock exchange drove a Kazan trader into debt

[Alexey Volchanskiy]

Went out tonight and listened to an interesting podcast, there for half an hour. Dear stockbrokers, did I understand correctly that by working in the stock market one can easily get into debt many times the size of one's own deposit???
Specifically, a dude with a 5.6-million-dollar deposit has a 28-million-dollar debt!

Please listen, your comment is interesting. The presenters are out of touch, but there's an interview with the trader himself, which is also kind of murky. And a specialist commentary at the very end.

Something I can't imagine, that on a "fraudulent" forex I could have a debt of such multiples.

http://radiokp.podfm.ru/tema/20983/

[Igor Kuzminets]

This trader's name is Denis Gromov. Here is his post on Smartlab:

http://smart-lab.ru/tag/TOM

[Igor Kuzminets]

Interestingly, in the audio recording (podcast) the trader says he did not know and did not see... (I started trading on MICEX in the summer of 2015, and this all happened on December 30, 2015), so he did not see in his terminal information about the interest that is charged for the use of borrowed funds. It is not clear from the conversation what kind of terminal.But then, during the phone conversation with the broker, he told him where to open a tab and put a check mark to make the hidden column appear and the trader saw all the commissions. I.e. On the other hand, why did the broker allow the trader to make transactions when there was no more security on the account?

[Alexander Ivanov]

a duck. For pity's sake, I guess. And I don't think there's any way he could have traded without NZ. Lucky traders like that usually keep a couple of grand in their coffers. Bullshit.

[nowi]

"Kazan trader decided to make money on the stock market and went bankrupt".

and now he's an orphan from Kazan))

[[Deleted]]

The exchange has absolutely nothing to do with it.

[Dmitry Fedoseev]

That's some bullshit. I mean, made up, untrue. To what end?

Imagine yourself in this situation. You are profitable, suddenly someone calls you and says that you are losing. What is your reaction? And the guy starts frantically doing something.

[Dmitry Fedoseev]

Igor Kuzminets:
Interestingly, in the audio recording (podcast) the trader says he did not know and did not see... (I started trading on MICEX in the summer of 2015, and this all happened on December 30, 2015), so he did not see in his terminal information about the interest that is charged for the use of borrowed funds. It is not clear from the conversation what kind of terminal.But then, during the phone conversation with the broker, he told him where to open a tab and put a check mark to make the hidden column appear and the trader saw all the commissions. I.e. On the other hand, why has the broker allowed the trader to conduct transactions when there is no more security on the account?

If so, how could he trade for half a year without thinking about the fact that the profit is accrued in some obscure way and without thinking about how it is accrued?

[Georgiy Merts]

Dmitry Fedoseev:

That's some bullshit. I mean, made up, untrue. To what end?

Imagine yourself in this situation. You are profitable, suddenly someone calls you and says that you are losing. What is your reaction? And the guy starts frantically doing something.

Why "bullshit"? It is not "someone" calling, it is a representative of the broker, and it is likely that Denis had the opportunity to verify the call. But it was probably not necessary.

The people just did not know the value of money and they had more money at the stock exchange than many of my friends had been earning for 50 years and they were not used to thinking either.

That's all right, in the 90s many people went bust in a similar way... He's not the first, he won't be the last. He'll be more careful next time.

[Georgiy Merts]

Alexey Volchanskiy:

Specifically, the dude, who has a 5.6 million-dollar deposit, has a 28 million-dollar debt!

He made deals worth 160 million dollars and 23 billion roubles! Not every state can afford so much ...

Compared to such figures, some measly 30 million rubles in debt is nothing ...

Here, below, they say that in 4.5 hours the man managed to carry out more than 5000 transactions of buying and selling currency for 42 billion rubles !

That's 1000 deals per hour ! Less than 5 seconds per transaction ! When was there such a rush to think ?

No.... Once again I am convinced that scalping is an evil for a trader and a gold mine for a brokerage company.

[Dmitry Fedoseev]

...то есть за 38 минут, он провел около 2650 сделок...

http://money.rbc.ru/news/56b31e6a9a7947ba61fe93d7