Every forex broker is evil?!
- Thread starter WmWaster
- Start date
Exactly!
Forex traders are all trading the same global Interbank market quotes at the same time.
No bank, market maker or broker on the face of the earth would DARE try to manipulate a trend or falsify a fluctuating rate.
If they did, they'd subject themselves to getting vaporized in the open forex market.
That ain't worth it, to mess with any one particular currency trader.
Possible exception (in my experience): When a broker is making the quote up themselves by hand-dealing the rate to a particular trader.
In this case, and it would need to be an exotic pair, a broker may be able to 'pad' the quote or quote whatever they want (within toleration) due to the spread, due to the pair being less liquid than a major, being excessive. Because no one on the retail side would necessarily know what the Interbank actually dealt that broker at a specific time.
But that would need to be with a broker who handles most trades in a non-automatic environment, that is, when the broker deals each trade by hand in their back office (requotes and excessive processing time are telltale signs of this).
My forex broker is all automated. No hand dealing/quoting happens.
The rest is all paranoia of losing "traders" trying to justify their lousy trading systems.
x
if you trade with the dealers--- here are 2 rules i follow:
1. never ever ever use hard stops. i have learned that your stops will likely be hit if placed on dealers platform.
2. watch depth of 4-6 different brokers at same time to gain edge and to see where your dealer fits into the scheme of things. is your dealer a "follower" or a "leader"?
i think you can understand where i am going with this.......
yes, money can be made trading with dealers. one just needs to understand how they play the game.
best,
surfer
1. never ever ever use hard stops. i have learned that your stops will likely be hit if placed on dealers platform.
2. watch depth of 4-6 different brokers at same time to gain edge and to see where your dealer fits into the scheme of things. is your dealer a "follower" or a "leader"?
i think you can understand where i am going with this.......
yes, money can be made trading with dealers. one just needs to understand how they play the game.
best,
surfer
I use cms and they have improved a lot, the charts are great, no problems of order execution, even if the marker jumps of 100 pips against me during annoucements my stop is honoured at the right price (i use 25 pts stop), no slippage, for the moment I don't have to complain, their platform is more reliable than 2 years ago.
The only problem is the spread of 4 points on gbp , for intraday trading it is a little bit too much, if i want to change that I would move to fx futures with IB: reliable, funds insured by sipc and loyd .....
The only problem is the spread of 4 points on gbp , for intraday trading it is a little bit too much, if i want to change that I would move to fx futures with IB: reliable, funds insured by sipc and loyd .....
These 2 companies:
Blatant Stop Running by Fx Solutions
http://www.moneytec.com/forums/showthread.php?p=187319
The truth about FXCM
http://www.moneytec.com/forums/showthread.php?p=187318
http://www.moneytec.com/forums/showpost.php?p=181491&postcount=2
http://www.moneytec.com/forums/showpost.php?p=184079&postcount=15
((No bank, market maker or broker on the face of the earth would DARE try to manipulate a trend or falsify a fluctuating rate.
If they did, they'd subject themselves to getting vaporized in the open forex market.
That ain't worth it, to mess with any one particular currency trader.))
This is false. A bucketshop can easily throw a spike in that hits quickly enough to take out stops but isn't tradeable either because of the speed or they could just freeze the platform temporarily.
((Possible exception (in my experience): When a broker is making the quote up themselves by hand-dealing the rate to a particular trader.))
True...another bucketshop trick
If they did, they'd subject themselves to getting vaporized in the open forex market.
That ain't worth it, to mess with any one particular currency trader.))
This is false. A bucketshop can easily throw a spike in that hits quickly enough to take out stops but isn't tradeable either because of the speed or they could just freeze the platform temporarily.
((Possible exception (in my experience): When a broker is making the quote up themselves by hand-dealing the rate to a particular trader.))
True...another bucketshop trick
I'm not saying every forex broker out there is honest.
But not every person out there is honest, either.
Does that mean you should ban the entire human race?
*thinks that over* ...
Nah.
Same with brokers.
Even if they HAD a dip here and there into your pocket, you're still missing lots of opportunities in the foreign exchange market for exciting trading if you don't trade currencies!
Plenty of opportunies to get all your money back and much much more.
Don't sweat the small stuff.
x
But not every person out there is honest, either.
Does that mean you should ban the entire human race?
*thinks that over* ...
Nah.
Same with brokers.
Even if they HAD a dip here and there into your pocket, you're still missing lots of opportunities in the foreign exchange market for exciting trading if you don't trade currencies!
Plenty of opportunies to get all your money back and much much more.
Don't sweat the small stuff.
x
Quote from Exchanges:
I'm not saying every forex broker out there is honest.
But not every person out there is honest, either.
Does that mean you should ban the entire human race?
*thinks that over* ...
Nah.
Same with brokers.
Even if they HAD a dip here and there into your pocket, you're still missing lots of opportunities in the foreign exchange market for exciting trading if you don't trade currencies!
Plenty of opportunies to get all your money back and much much more.
Don't sweat the small stuff.
x
But no one says we should ban the entire human race.
The main point is since forex has such-and-such disadvantages, why not pick a better option and trade futures?
Unless your trading strategy will not work in futures (or some other special needs/reasons), I don't see any good reason why one should insist on trading forex, provided that there're a lot of worries (be it small or big) around.