Every forex broker is evil?!

I started reading the referenced article but had to give up due to an accute ROFL attack after the following amazing "discovery" revealed by the author:
When you read that the FX market is the largest in the world, and trades an average of $1.3 trillion per day, much of this is in game/demo accounts [my emphasis] (or so I’ve read), and on its own, if we remove leverage (counting only real trader funds) we are left with a much smaller market that [sic!] Futures or Equities. How then does the market stay liquid? That would take a while to explain, but suffice it to say the Market Makers simply hedge against your trades and never lose regardless of your position. Relying on the spread, slippage, price manipulation and many other methods to make their profit from your trade.
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I wish I had some of that $1.3 trillion in my demo account! :D
 
Quote from zuijlen:

I started reading the referenced article but had to give up due to an accute ROFL attack after the following amazing "discovery" revealed by the author: I wish I had some of that $1.3 trillion in my demo account! :D
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Hmm so that was me yesterday who moved the market
with my demo account.
 
When you read that the FX market is the largest in the world, and trades an average of $1.3 trillion per day, much of this is in game/demo accounts (or so I’ve read), and on its own, if we remove leverage (counting only real trader funds) we are left with a much smaller market that [sic!] Futures or Equities.
OMFG, that has to be the funniest/stupidest thing every written in the history of internet and trading! Someone frame this and quote it everytime we need a laugh.
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Quote from zuijlen:

I started reading the referenced article but had to give up due to an accute ROFL attack after the following amazing "discovery" revealed by the author: I wish I had some of that $1.3 trillion in my demo account! :D
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How ridiculous.
Good spot!

But I think there's some truth in this article, despite this ridiculous claim.
 
WM, I disagree with the "every" in the title of this thread. You have acknowledged that you are a neophyte in the forex market. So I can see where you are coming from. This June will mark my 11th year in the forex market. Do business with a reputable broker. The skill and talent required in trading forex is very rare. Just look at the USD/CAD thread.
 
Quote from Deptrai:

WM, I disagree with the "every" in the title of this thread. You have acknowledged that you are a neophyte in the forex market. So I can see where you are coming from. This June will mark my 11th year in the forex market. Do business with a reputable broker. The skill and talent required in trading forex is very rare. Just look at the USD/CAD thread.
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So who are the reputable brokers?
 
WM, on the CFTC website you will be able to find out if the broker is registered with them, as well as any black marks that broker may have. Welcome to the forex market.
 
Quote from WmWaster:

So who are the reputable brokers?
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The best would be the ECN style forex brokers. The rest are market makers.

Interactive brokers.
MB trading
CoesFX
Hotspot FXi
CurrenEX

When CME/Reutures FXmarketspace spools up early next year, expect to see more ECN style brokerage offerings.
 
What about firms like MB trading though? They do charge a commission and you get a tighter spread...they don't trade against us do they?
 
Quote from delta1:

What about firms like MB trading though? They do charge a commission and you get a tighter spread...they don't trade against us do they?
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Nope, they don't trade against you. They simply match orders with you and their liquidity providers. This is why they charge a commission. That's the only way they make money off you. Unlike the "no commission" market makers.
 
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