Every forex broker is evil?!

[carlito]

I don't know if brokers trade against you, want you to lose, want to hit your stop etc..... but I can tell you one thing I have watched in real time charts from my broker and other forex brokers and the result is simple : all my winning trades would have been winning trades on other brokers charts and all my losing and stopped trades would have been stopped on other broker's charts too, the conclusion is simple :
when you are right you make money when you are wrong you lose money, don't blame your broker, when you buy in an uptrend the broker will not teverse the trend to make you lose your money.....if you don't belive me display charts from 2 different suppliers and you will see that the difference is very small (less than 5 points and most of the time 0,1or 2 points) that mean that they if you have a stop of 25 /30 pips your loss is only due to you , not to this little diffrences of quoting....)

 

[xxDavidxsxx]

Hi guys,

WM, I agree with you. But its not really to the horrifying extent it sounds like.

The broker can only spike the price a very small ammount. There is governing bodies and recorse if the broker is fraudulant.

Make sure your broker is a registered Futures Commission Merchant (FCM), a member of the National Futures Association (NFA) and is regulated by the Commodity Futures Trading Commission (CFTC)

So what broker do you recomend?

Dave

 

[Eagle Eye]

Quote from xxDavidxsxx:

Hi guys,

WM, I agree with you. But its not really to the horrifying extent it sounds like.

The broker can only spike the price a very small ammount. There is governing bodies and recorse if the broker is fraudulant.

Make sure your broker is a registered Futures Commission Merchant (FCM), a member of the National Futures Association (NFA) and is regulated by the Commodity Futures Trading Commission (CFTC)

So what broker do you recomend?

Dave

Also ask those governing bodies what exact recourse you will have !! For example, SAXO is claiming it is regulated by Danish FSA, and do you know what that means? Well for me it meant that so called Danish FSA does not investigate consumer complaints, and also it meant that I have to pay all the costs in oder to sue or investigate the very HONEST Danish SAXO Bank !!!!!

 

[WmWaster]

Quote from carlito:

I don't know if brokers trade against you, want you to lose, want to hit your stop etc..... but I can tell you one thing I have watched in real time charts from my broker and other forex brokers and the result is simple : all my winning trades would have been winning trades on other brokers charts and all my losing and stopped trades would have been stopped on other broker's charts too, the conclusion is simple :
when you are right you make money when you are wrong you lose money, don't blame your broker, when you buy in an uptrend the broker will not teverse the trend to make you lose your money.....if you don't belive me display charts from 2 different suppliers and you will see that the difference is very small (less than 5 points and most of the time 0,1or 2 points) that mean that they if you have a stop of 25 /30 pips your loss is only due to you , not to this little diffrences of quoting....)

I don't know, but it seems the "false" spike is not a small one to take the guy out. (you many find the story from the links in my first post)

If the story is true, then it should be something we need to be aware. And it seems a good & honest broker is utmost important.

 

[xxDavidxsxx]

Quote from Eagle Eye:

Also ask those governing bodies what exact recourse you will have !! For example, SAXO is claiming it is regulated by Danish FSA, and do you know what that means? Well for me it meant that so called Danish FSA does not investigate consumer complaints, and also it meant that I have to pay all the costs in oder to sue or investigate the very HONEST Danish SAXO Bank !!!!!

Indeed.

I will not bank outside the country. I will not trust another contries government to protect me. I don't know how that applies if you live in another country. I live in USA.
I would think swiss banks would be for safe trading. They have a world wide reputation for being a safe place for money.
And if your account size is big enough for it to worrie you, split it between 2 brokers. That way if one goes broke you only loose half your trade account size.

Dave

 

[xxDavidxsxx]

Quote from WmWaster:

I don't know, but it seems the "false" spike is not a small one to take the guy out. (you many find the story from the links in my first post)

If the story is true, then it should be something we need to be aware. And it seems a good & honest broker is utmost important.

wich broker had this large false spike?


I am currently surching for a new broker for the past 6 months. I am leaving FXCM(king of the bucket shop)

I am having a hard time getting comfortable with any out there.
Leaning hard at CMS. Bout to test interbank groupe. I don't like IBfx just because I want 400:1 leverage.
I have heard honerable things about CMS durring high volitity.

Dave

 

[Eagle Eye]

Quote from xxDavidxsxx:

Indeed.

I will not bank outside the country. I will not trust another contries government to protect me. I don't know how that applies if you live in another country. I live in USA.

Dave

I agree with you and I still dont know how I ended up with bloody Saxo and in Denmark !!! I mean I thought FSA in UK and FSA in Denmark would be the same but obviously I was wrong.

I think Danish FSA is only symbolic and regulates only in theory. Interestingly SAXO states everywhere that it is regulated by FSA but when the complaint is initiated the story changes and you need to take your complaint to www.pengeinstitutankenaevnet.dk

First I need to translate that !!! Anyway, I am gonna fight them till last blood, at least it will harm their reputation !!!

 

[Exchanges]

Quote from ElectricSavant:

I have made more money in Forex than I have in the regulated markets of Equities, Options and Futures combined...

Currencies and their associated volumes make them the best instruments to trade on earth IMHO...

but our thread authors post is still true....I just was extremely fortunate to find the right dealer/marketmaker from the get-go. This usually is not true for my other choices in life.

life is pain, can you handle the truth? (said in Jack Nicholsons voice)

Michael B.

Damn, Sav, you sound almost intelligent!

Could it be...?

*shakes head* nah.

x

 

[Exchanges]

Quote from FredBloggs:

wait until he does - meanwhile continuing to build skills paper trading.

Build SKILLS paper trading???

According to Illiquid, simulator trading is 100% waste of time, so you're posting your fact to the wrong guy.

Quote from FredBloggs:

they think they have made it because they believe they are trading against the banks/'pro's' etc. they cant admit they are really trading against some shyster in some grubby boiler room in detroit. in fact, as you imply, they arent really trading any market! they are just trading against some quote maker that sometimes loosely gives quotes that may sometimes represent that of the true spot market.

Never a more false statement has been made about forex.

(no disrespect intended, Fred.)

x

 

[Exchanges]

Quote from kiwi_trader:

But lets be realistic - success or failure in forex, as in futures, will have much more to do with your edge and your discipline than anything that a broker does. Its just noise; irritating but still just noise. Like the thread

True.

I've heard of guys cussing forex brokers out (due to their losses) because the broker's trading platform happens to freeze for a moment or goes offline temporarily.

Some guys blame the forex trader because their system cannot handle even a short-term stint away from the market!

If one loses due to brief digital/electronic maladies, the broker's not the problem.

If you can't win against a scummy forex broker, the broker is not the problem.

A broker would need to literally close my account to prevent me from winning.

That did happen one time in a global currency trading contest I entered where I turned (the initial) $5,000 into over $2,250,000 (and counting) in two weeks (over 45,000% profit).

Broker shut my account down a week before the contest ended.

x