Last Updated on April 19, 2024
Harouna Traoré was a new trader in 2017. He was studying in Paris to learn everything he could about the markets.
Once he became more comfortable with trading, he decided to open an account with a brokerage. Traoré gave a British broker 20,000 euros, and he was off. He began using the platform he received, trying things out with some simulated trading.
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So far, he is on the right path. At Earn2Trade, we likewise suggest education and then practice for new traders. Harouna Traoré was ready to succeed, but things were not as they seemed.
In reality, he soon found out he was not on a simulated account! By that time, he had managed to take a position in the neighborhood of a billion euros in equity futures. Not just that, he was down one million euros from these trades.
Harouna Traoré vs. His Brokerage
At this point, he was losing his mind with worry about what will happen to him and his family. Then, he makes a decision that is both bold and wild. He keeps going. He pushes his position even larger, around $5 billion. In the end, he ends up in profit! Harouna Traoré has made $10 million in euros in the end.
No doubt more relieved than he has ever been in his life, Harouna Traoré stops trading and calls the broker a few days later. It is not typical that he would be allowed to trade such large quantities without the margin to back it up. Traoré’s account was actually meant to be limited to 10 contracts per day, but obviously, something went wrong with that. Too late to worry about that now, though. The trades were complete.
However, this was not how the broker saw it. They said he went against the terms of the brokerage contract and that his trades were not valid. This caused Traoré to sue them for the huge pile of money they now had due to his trades.
It’s a sure thing they will be fighting over that money for a while. It’s also a sure thing you can practice your trading with Earn2Trade’s simulator accounts without accidentally putting millions of dollars on the line.
