Choosing a Broker?
- Thread starter lindec
- Start date
Exactly!
I think there will always be conspiracy theorists, naysayers, and doom mongers. Their glass is always half-empty. As you know, a lot of these people have lost money trading, they prefer to blame the broker rather than take responsibility for their own shortcomings.
To me it doesn't make any difference how or where people trade, if they're making money in a market where an alleged 90% lose it then they must be doing something right so good luck to them!
Hi,
I dont know much about IBFX and Hotspot FX.
I do not recommend any broker for trading. Because all the brokers are, only the means to be connected with forex market and trade this market. If I say that, you can go for Babypips,WSD-NZ... etc. You might think I am promoting these brokers or working for them it is not so. I am trading from these two brokers and perhaps doing good with their simple platform and services.. If you want to you can visit the sites of these brokers or search on the internet about various brokers engaged in forex trading..
I've seen a few of cabletrader's posts over the past few months. Most of them indicate that he doesn't actually trade. The one you're referencing takes the cake, though.
For any newbs reading his posts, please understand - a bucketshop is a place where you are not trading a 'market', you are trading against the house, and the house is providing you with your quotes. They can take you out of your position any time they want and refuse to fill you anytime they want. The idea behind a bucket shop is to maximize the number of times you wire money into the account before giving up in frustration.
If you are interested in trading an actual market, trade forex thorugh an ECN-style broker like IB or any of the others. cabletrader says that in the real markets, they 'don't play nice'. This tells you all you need to know about him and his 'trading'.
...someone who sees through cabletrader's lack of logic. If you can trade with a broker which is aligned with your interests then why do you chose to trade with one which trades against you? By the way cabletrader, you told in numerous other threads how Oanda has been stable over the past 6 months, then couple posts up you yourself paste links to your earlier posts with screenshots where the Oanda platform broke down. Funny isnt it? By the way, Oanda makes spreads on USDJPY and most other pairs >10pips wide in Monday Tokyo morning hours....compare that with spreads on the major ECNs....this all speaks for itself...I am providing facts not opinions,cabletrader!!!
Oh no, not another one who's lost money trading, hey it's not my fault, I haven't got your money, the broker probably has! lol, 30-odd trading blotters and apparently I don't trade, right, it's not too hard to see where you went wrong
Sure, 90% of their clients give their money away quite willingly yet bucketshops still shift quotes to trigger stops leaving themselves open to all sorts of arbitrage opportunists. Right, I see, of course they do. Really, you're just having a bit of fun with that right, you don't honestly believe it do you? Or maybe you do! By the way, ECN's can also "take you out of your position any time they want and refuse to fill you anytime they want" as well as bust trades later, it's all part of the game. Come on be serious, how can you possibly expect to profit from a market which you don't understand?
lol, well they don't play nice! Who needs the real market (and I'm talking about the real market, not IB, IB aren't a pure agency, they have their own problems). Partial fills, slippage of 100's of pips and volatile quotes across data and other thin markets as well as spreads out the wazoo, problems getting filled....I much prefer the instant fills up to 10 million per ticket and smoothed pricing which the bucketshops offer, not to mention the interest they pay and the fact that trades can be opened and/or managed over the weekend. I realize it's hard but try to accept responsibility for the losses you sustained, from reading your post in all probability it wasn't your broker to blame.
There's an interesting article here which compares the pros and cons of ECN vs bucketshop, or if you're really paranoid then it's simple, just trade futures.
lol, thanks for cheering up my Monday morning traderNik
Broke down? What, you mean the loss of connection for a few minutes? Could be anything, IB isn't immune from connection issues either, if I remember correctly didn't they have some serious issues with white or blue screens a while back? Every broker and trader will experience connection issues at some time, you'll find that out if/when you start trading. It could even be an ISP issue, it's sensible to have a contingency plan just in case.
I dunno, I don't trade thin sessions like the Asian, in fact it's so slow I'm not sure anyone does do they! Try watching sessions like the European and the US, you'll learn more than watching the Asian. Oanda's spreads on Eur/Usd and Usd/Jpy are normally .9 during active market times, and of course they don't charge commissions.
Anyway, you have a great day and thanks for your input, it's been ummm.....'interesting'
Well that's obviously your personal choice, like I said before it doesn't make any difference to me how or where people trade, if they're making money in a market where an alleged 90% lose it then they must be doing something right so good luck to them!
it still does not ocur to you that you seem to be the only idiot pushing bucket shops, LOL!!! Those who chose them dont know better, have too small an account to meet minimum account sizes with other brokers, want to trade helplessly over leveraged, or cannot even afford to trade a full lot. If one of those criteria are met then I recommend not trading at all, simple as that. But you seem to be the head-bucket-shop marketer here. I could not care less about your stubid ramblings if it was not for the newbies. Shame on you.