For how long will we be able to trade the Forex?

Quote from alex.samant:

Ok, but back to the question.

If spot fx would not exist and having the goddamn PDT rule, what would there be left. What kind of futures are the most profitable and tradeable.

And Fred.... Are you using a retail fx broker?

I have been using SaxoBank (and you can't say that is a bucketshop) and i also opened an account with FX Solutions, and for me, the end user, it's the same thing. Does it matter?
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no i have never traded fx (other than futures).

i looked at the business model and decided it sucked.

i also hear too many horror stories about how they mis quote to grab all the stops.

if you want to read up on bucket shops, you should read reminissences of a stock operator by lefevre.

as for saxobank, you may also want to check out spreadbetting in the uk. this is bucket shop heaven. cantor fitzgerald and other very well respected financial houses have their paws involved - its still a scam. the name means squat. where there is money to be made - these guys will be there at every corner ready to dupe folk with their airs of respectability. dont you believe it.

comerzbank is the only bank i know of who lets its customers (retail) trade in te real fx market, but the account requirements are still large ($100,000 min trade size i think), and you still only trade against their inhouse quote service via ebs terminal or old telerates.
 
Quote from alex.samant:

Chood: What was your experience with Saxo?
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We opened a six-figure USD forex trading account with Saxo Bank after demo-trading the Saxo Trader for more than one year. After a successful first week of real-money trades, Saxo cheated us out of more than 12k USD by manipulating prices against our orders and refusing to fill profitable limit orders. The latter occurred three times, in each case after the limit price of the order was breached with room to spare. Saxo called the breaching prices “misquotes.” No misquotes on the demo ever. No misquote ever when a price hit one of our stops. Our stops were always filled instantly.

Here's an illustration possibly useful to novices:
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- Man in a casino plunks down three black chips ($300, the size, say, of a fx mini-account) at a blackjack table. The hand is dealt: he gets nineteen.
- Dealer has a ten showing and turns his hole card, an eight, for total of eighteen. Man smiles.
- “Mis-card,” dealer says as he fans the deck, pulls out a ten, and lays it squarely on top of the eight. “20” dealer says as he sweeps in the three black chips.

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The above is one trick in the bag of tricks facing customers of spot fx dealers. It’s the chief trick Saxo used against us. Now, knowing those are the rules that operate, why would anyone open an account with a spot fx dealer?

Also bear in mind that SaxoBank's so-called Danish regulator (Finanstilsynet, the Danish Financial Services Authority) will not provide Saxo customers with any information on Saxo. When we were burned, we contacted the regulator, informed it that were Saxo customers, and were told by it in reply that it could not disclose anything about Saxo. Nor do Danish banking laws apply to SaxoBank's forex dealing. Thus, like us, you will be without any protection at all when (not if) you are cheated.
 
Quote from alex.samant:

Ok, so, is there a broker worthy of any attention as per this discussion?
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Do you mean you are asking for a recommendation of a spot dealer to use? My first-hand experience of spot dealers starts and ends with Saxo Bank, so I'm in no position to answer that question, if that is your question.
 
Quote from ElectricSavant:

Pattern Day Trading...25k miniumum...Government picked a bad solution compared to other solutions they could have chosen, but isn't that usually the case?

Michael B.
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What I find funny is now the goverment wants everyone to have their own trading account thru social security reform.
 
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