Broker Horror Stories??

I currently am a mini account holder at FXCM and am kind of surprised at some of the negative comments regarding FXCM.

I have dealt with them for over two years now and have been both active and inactive during that time with my trading and have found them to be very professional in their dealings with me.

I have found their platform to be first rate, although I have never traded with any other forex dealer to consider alternatives.

I should also add that trading has been a humbling experience for me, but I can't attribute that humbling experience to anything FXCM has done. Rather, I find their platform and service leaves me in the position to only place my results (positive and negative) squarely on my shoulders.

Anyways, thats my first contribution to this forum...

L
 
Quote from JCLFX1:

The numbers in [ ] above are mine, for readers' convenience.

Your entire argument depends on "one price" assumption: the same bid/ask is presented to every FXCM customer, in a given currency pair, at any given moment. That assumption is, in fact, incorrect. As part of a routine practice known as "price shading" - well documented to exist at FXCM over a long period of time (and, to be fair, at certain other forex market makers) - it is very easy, from a technology perspective, to stream different bid/ask prices to different customers, depending on their (known to FXCM) positions and pending orders, in a given currency pair, at any given moment.

For example, some accounts with a stop at price X will be stopped out at X, while at the same time other accounts with a limit at X will not necessarily be filled at X, as you suggest. Those stops and limits you are talking about - they exist in different accounts, of course. For those who may not know this, there is no hedging feature at FXCM - you can't be long and short the same pair simultaneously, in the same account.

Therefore, while [1] and [2] are true, [3], [4] and [5] are clearly not true. In other words, selective stop hunting is alive and well at FXCM, among other market makers. Until retail forex is cleaned up, that's not likely to change.
More...


If it’s so “well documented” surely you can provide a screen capture or one single shred of evidence. I’m not holding my breath. You and the rest of the drooling conspiracy theorists have such grand ideas about how the manipulations that go on and yet even with your advanced “knowledge” of two price feeds, arb opportunities every where etc you still can’t profit off it. Is it me or do you have do be pretty pathetic to have such great inside knowledge and the only thing you can do is post about it on an internet message board. All brokers have a price history that they can send you if you are curious.

Market makers don’t need to play games to make lots of money off their clients. The theme for all the conspiracy theorists is the same: I win because of skill and lose because of my market maker. Take some responsibility for your trades, no market maker cares about the three mini lots you have anyway.

best Regards,

Trader/God
 
there is only 1 solution to the problem i think. it is to avoid all otc
markets such as retail forex markets and concentrate strictly on
exchange traded markets. just my personal thought. :)
 
Quote from myongsun:

there is only 1 solution to the problem i think. it is to avoid all otc
markets such as retail forex markets and concentrate strictly on
exchange traded markets. just my personal thought. :)
More...

You're steps ahead of most first-time posters in these forex forums.
 
Here's a quote I found interesting in another forum.


"Probably you have heard that if you are winning regularly in forex, you may be barred from trading.
Is this true? Yes it is.
The fact that it is true is just another proof that when you trade forex you are trading at a bucket shop.
In the book, “Reminiscences of a Stock Operator,” we are told that Jesse Livermore was banned from trading
at certain stock brokers because they couldn’t stand him beating the house.
The same thing is true with many forex brokers. Since they are the ones guaranteeing you a fill,
they are in effect the buyer and seller of last resort.
The truth is that most forex brokers have precious little liquidity at their firms.
In order to give you the impression that there is liquidity, it is the broker who gives you your fill.
It is the broker who does the stop running that supposedly doesn’t exist in forex.
But if you are regularly beating the socks off the broker, he will ban you from trading at his firm."


hmmmmm...
So you're not trading in the big world of trillions,
but just against your brokerage firm.



-------------------------------------------------------------
Remember: Forex is not regulated.
What would you do if you're the owner of a forex brokerage company?
 
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