I was tired of clearing trash for my boss at my job and was looking for replacement. I had an idea wanted to bring it to place. Hiring them for auto-trading and using a system called tradethink.com. I planned to get my much-needed head start.
eFloorTrade is run by a person named John Moore whose stories about scams and frauds are listed all over the internet..
The firm terms itself to be one of the best solutions for trading available in Florida. They have nicely maintained their Online Reputation and most people can fall for them. I started trading by my system and eFloorTrade LLC. They were affiliated with each other and understood things as per the deal was made.
eFloorTrade will work on the later part i.e. as per the instructions given by trade-think. Trading is all about making margin calls and account updates. As flow of money is really faster than other fields, as it is in Trading.
I laid enough stress in the contract about this issue. As soon as the updates weren’t given to me as they should have been, I informed about the delay E-floor made. This was my first interaction with John but he seemed pretty cool about it.
After seeing him pretty cool about all this, I gave him strict instructions DO NOT DO THIS WITH MY ACCOUNTS AS HE USED TO DO WITH OTHERS. I knew how he was going to someday or the other suffer for this because any kid in trading would tell you what overexposure would lead to! I did not want my clients to come up to me and tell they had to go through margin calls. The fact behind what happened me was simple.
John Moore never had the time to check which account needed to be leveraged. Either his firm was understaffed or he did not care about what happened after someone opened an account with them. Either of those is just unprofessional behavior which I could not afford.
I took the matter seriously and informed them how I would like to discontinue. I made myself clear though, I was getting mails from them. I called them up and asked them to stop. This is when I came to know that they haven’t cancelled my account yet, they were still using it.
My phone calls were ignored, I was charged for using nothing. I even got a call from the other system which was trade-think, they were abusing me for introducing them to E-floor. I took it a step further and filed a suit against them. This is when I came to know about few facts:
1. The U.S. Commodity Futures Trading Commission have already charged them once and they have gone through this thing.
2. They were charged for the failure in management of keeping accounts as they should be according to the instructions of CFTC.
3. Mr. Moore had admitted his inefficiency in this matter and was also charged for violations of Commodities Exchange Act.
This made my conceptions clear about Mr. Moore and eFloorTrade. They are a firm which is ill-managed and whoever is interested working professionally must avoid them.