trading curriencies is a lot of fun - but don't be fooled -just because its not stocks doesn't mean you don't have the same risk-do check out a book by andy krieger 0 can't remember the name - he owns a hedge fund called northbridge capital - it talks about how he made $300 mm in one year
Anybody trading currencies?
- Thread starter reno4nook
- Start date
I think that's about right. That's normally the case at other internet forums on this subject as well. Bit of a misleading word, sometimes, "bank".
No takers, eh, not even NumidianCavalry, who wrote back in November: "Saxo Bank is very good - endless liquidity on all majors and crosses. Competitive prices and lightning execution"?
Guess Saxo oughta pay its touts more, or more often, to keep them around.
Note that Saxo now "powers" the margin fx offered by RCG (the UK branch of the USA futures firm), and by Sonray, new outfit in Australia.
Hi, members,
Before I traded with real money in forex trading with Refco,I was introduced by a friend to practise the demo account and it was so easy to make profits with all executions of entry orders, stop orders and limit orders guaranteed and honoured irrespective of the movements of the market temptation was so great and lured me into trading with real money, 1 mini and 2 regular accounts, in reality, it was a completely different scenario.There might be two sets of computerized systems.As a result, I suffered substantial losses in all 3 accounts. The entire game was not fair and advantageous to Refco which operates just like a casino.Just imagine how many winners in the casino(10%- 20%?).It operates like a banker in the casino by charging 3-5 pip spreads. My bitter and painful experiences are:
(a)Entry orders were not executed on time but 5-10 minutes later which placed the execution either too high or too low from the desired entry points resulting in great losses.Limit orders became stop orders automatically and arbitrarily.
(b)Market orders were denied access when there was a swift movement in the market thus missing the chances of placing a point in your favour to gain profits.
(c)Whilst it might be quite easy to make a small profit from gaining a few pips,it would be too easy to lose 10 pips(10 pip stop loss as a safeguard), not to mention at times 50 pips if you think the market would reverse without a stop loss.
(d)Very often, despite making a few pips gain, the market suddenly ascended or descended for no reason whatsoever and definitely not due to a release of economic data.This would very much lead someone to doubt whether the system was manipulated behind the scene to make you lose.
(e)During release of economic data,it was uncommon to see the market go in one direction first and then reverse to another direction within a range of 20-30 pips first thereby executing all stop orders (losses to both buy and sell orders) and then ascending or descending sharply up to 50-100 pips.Logically speaking, the economic data should affect the market in one direction and not both ways first. It was all manipulation!
Now I have decided to close all accounts with Refco for good.If someone wants to trade with Refco, I suggest he/she should seriously consider the risk and the disadvantage encountered at the end of the day!
Before I traded with real money in forex trading with Refco,I was introduced by a friend to practise the demo account and it was so easy to make profits with all executions of entry orders, stop orders and limit orders guaranteed and honoured irrespective of the movements of the market temptation was so great and lured me into trading with real money, 1 mini and 2 regular accounts, in reality, it was a completely different scenario.There might be two sets of computerized systems.As a result, I suffered substantial losses in all 3 accounts. The entire game was not fair and advantageous to Refco which operates just like a casino.Just imagine how many winners in the casino(10%- 20%?).It operates like a banker in the casino by charging 3-5 pip spreads. My bitter and painful experiences are:
(a)Entry orders were not executed on time but 5-10 minutes later which placed the execution either too high or too low from the desired entry points resulting in great losses.Limit orders became stop orders automatically and arbitrarily.
(b)Market orders were denied access when there was a swift movement in the market thus missing the chances of placing a point in your favour to gain profits.
(c)Whilst it might be quite easy to make a small profit from gaining a few pips,it would be too easy to lose 10 pips(10 pip stop loss as a safeguard), not to mention at times 50 pips if you think the market would reverse without a stop loss.
(d)Very often, despite making a few pips gain, the market suddenly ascended or descended for no reason whatsoever and definitely not due to a release of economic data.This would very much lead someone to doubt whether the system was manipulated behind the scene to make you lose.
(e)During release of economic data,it was uncommon to see the market go in one direction first and then reverse to another direction within a range of 20-30 pips first thereby executing all stop orders (losses to both buy and sell orders) and then ascending or descending sharply up to 50-100 pips.Logically speaking, the economic data should affect the market in one direction and not both ways first. It was all manipulation!
Now I have decided to close all accounts with Refco for good.If someone wants to trade with Refco, I suggest he/she should seriously consider the risk and the disadvantage encountered at the end of the day!
Not to worry, the bucketeers and their handymen are doing OK without you, as recent post below (from another board, unmentionable) shows:
__________________________________________
"Open a 10k acct. w/ Refco and follow the recommendations in
the 'signals and technical levels' section of their news plug-in.
Your chances of winning are much better then a 1k acct. w/ no experience."
___________________________________________
I see. I give them ten grand, vastly increasing my chance of winning; in return, they give me the entries, stops, and limits to use ("signals and technical levels"); they hold all the bets and decide if the bets are winners. These are some extremely nice people.
Those nice-guy dealers are at it again, spreading their love like never before it seems, again measured by a recent post from that other board, below:
_______________________________________________
"I have been trading forex for about 6 months. I have traded stocks for several years. A major negative difference that I have noticed with forex trading is that my stops seem to be picked off with a curious frequency. I have reviewed over 200 trades that I have made, and on well over half of them I had correctly guessed the direction of the price in the short term, usually 3-5 bars. But within 1 or 2 bars, my stop is usually hit before continuing in the direction I had predicted. I trade the majors off of an hourly chart, and my stops are usually 20-30 pips, so I don't think that my stops are too close. More often than not, my stop is the exact low of the short term period. I am not by nature a paranoid guy ,but it's almost as if someone is watching me. My question is this: is there an incentive for forex dealers/brokers to have their customers lose? Do they lose money when I win? They say that they make their money from the spread, so I can grudgingly accept some price entry slippage during violent moves, but I would think that it would be to their advantage to see me win, as this would mean that I would continue making trades with them. I use CMS and really like their platform, but this has got me wondering. Any information or clarification would be very greatly appreciated."
______________________________________________
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