agree. stops are a recipe for disaster, the dealers love them.
surf
Forex brokers
- Thread starter nirav34
- Start date
agree. stops are a recipe for disaster, the dealers love them.
surf
to even get to the real interbank market you need alot of capital
at least 500k and then you need to fill trading requirements of almost a billion in trades. And the process takes a few weeks to set up the account. I mean they do due diligence reports on you. Trade history, the works and even then you may not get in. 99% of forex traders end up at the counter party and get interbank prices but it is not the true interbank. but if you are a good trader then you can do well at the retail brokerages.
at least 500k and then you need to fill trading requirements of almost a billion in trades. And the process takes a few weeks to set up the account. I mean they do due diligence reports on you. Trade history, the works and even then you may not get in. 99% of forex traders end up at the counter party and get interbank prices but it is not the true interbank. but if you are a good trader then you can do well at the retail brokerages.
Maybe they hunt for stops. My earlier post stated I thought that stops that were in popular spots were hit more often. Maybe.
On Tuesday around 8:00 pm I went short on the USD/CHF at 1.0078. I placed my initial stop, then raised it by approx 10 pips and went to bed. The price rose to under 5 pips from the stop, then dropped, so I was safe. On Wednesday at approx 6:00 pm eastern time, I lowered my stop to 1.0000, thought twice, raised it to 1.0010. The following morning, approx 3:00 am eastern, the price rose to within approx. 9 pips of 1.0000. I closed the trade manually Friday morning. But was Oanda searching stops? If so, why not mine? If I were long, placing a stop just below psych level of 1.0000 would have seemed natural. Cleared approx 135 pips. In short (too late), I guess my story lends creedence to the "stop-hunting" theory, myself , I am still not convinced.
On Tuesday around 8:00 pm I went short on the USD/CHF at 1.0078. I placed my initial stop, then raised it by approx 10 pips and went to bed. The price rose to under 5 pips from the stop, then dropped, so I was safe. On Wednesday at approx 6:00 pm eastern time, I lowered my stop to 1.0000, thought twice, raised it to 1.0010. The following morning, approx 3:00 am eastern, the price rose to within approx. 9 pips of 1.0000. I closed the trade manually Friday morning. But was Oanda searching stops? If so, why not mine? If I were long, placing a stop just below psych level of 1.0000 would have seemed natural. Cleared approx 135 pips. In short (too late), I guess my story lends creedence to the "stop-hunting" theory, myself , I am still not convinced.
I'd phone them up and complain, that's discrimination!
When I've traded with Oanda I've had stops missed by 2/10ths of a pip, but then I've also had limit orders missed by 2/10ths of a pip, I guess it's just the way it goes sometimes. The idea that brokers move price 20 or 30 pips just to take out a stop is ridiculous.
Not placing stops, especially when trading with a broker who has no telephone trading back-up is too risky, platforms and connections tend to go down at the most inconvenient times! Even just a wide 'emergency' stop is better than no stop at all.
When you say 'it' I'm assuming you mean price?
But even if that was true, are you saying you can't think of a way to exploit your apparent ability to move price on the broker's platform
lol, you couldn't make this stuff up!
I may have developed a new indicator for this type of trading.
If we assume that a stop would be run, and fully expect it, and plan ahead for it, and salivate at it's arrival, (with me?), let's call it the Pavlov Reversal Anticipation indicator. PRA for short. We can program an automatic reversal when stopped out, we'll always be in the market........wait a minute, I think it's been done.
If we assume that a stop would be run, and fully expect it, and plan ahead for it, and salivate at it's arrival, (with me?), let's call it the Pavlov Reversal Anticipation indicator. PRA for short. We can program an automatic reversal when stopped out, we'll always be in the market........wait a minute, I think it's been done.
Ah, now you're thinking outside the box!
How about calling it the Pavlov Reversal Anticipation Trader. Become an IB for the broker crgarcia is on about and offer the P.R.A.T proprietary trading system "as used by banks and other top financial institutions" free to anyone who trades a minimum 1m volume a month using you as the IB. You get quarter pip in and out for every trade they make, the broker cleans them out, everyone's happy!