i am switching my account from global forex trading to hotspot fx i called gft to ask about why i was no longer getting filled on there live quotes which are not live i was told that they couldnt honor those quotes for people who are "aggressive traders" trying to time the market. he actually said they would go bankrupt. so if you are trading off of other bank spreads they dont want you what a scam forex is in desperate need for some regulation. at least at hotspot if the price is there when you hit it thats the price you get.
forex quotes
- Thread starter rayd
- Start date
Well punctuated...
rayd, I agree with you 100%. I too was somehow labeled "aggressive" by GFT, even though I'm basing my trades on their quotes and charts. ?????!!! I am disgusted by their dishonest and arrogant behaviour. I call the trade desk every time I get screwed - the answers are becoming more and more amusing. Totally agree with you: SCAM.
Are you serious? I can't believe this. What a bunch of crooked mfers ! when I think they are all over Futures Mag and Active Trader with their state of the art platform . Damn that's unbelievable.
Hotspot FX doesn't inspire me confidence either being an ECN, how many people trade there? what happens when nobody is there to trade with you? After all FXCM is not too bad when you hear about the rest.
Hotspot FX doesn't inspire me confidence either being an ECN, how many people trade there? what happens when nobody is there to trade with you? After all FXCM is not too bad when you hear about the rest.
you are right about hotspot there arent that many people trading but after 2 calls to gft i have been unable to get any trades in it automatically re-quotes me the funny thing is one of my last trades there after i got in there ask was three pips less than saxobanks bid i think they were shading the price and the funny thing is i only started to have a problem when i started making money when i was losing no problems getting filled. thats why regulation is needed
Hotspot provides at least 1 running rate in 10 mio all the time
3 pips euro and jpy (I have seen jpy 2 pips in european time zone) and 4 pips cable and chf. These prices are provided by an interbank partner of theirs and I hear they are adding another partner to their site very soon.
The fact that liquidity is solely provided by the people trading on the system has been the scourge of the ECN, but I think this gives me the best of both worlds because even if I were the only customer logged on at any given time there will still be a fairly tight rate for me to deal on.
3 pips euro and jpy (I have seen jpy 2 pips in european time zone) and 4 pips cable and chf. These prices are provided by an interbank partner of theirs and I hear they are adding another partner to their site very soon.
The fact that liquidity is solely provided by the people trading on the system has been the scourge of the ECN, but I think this gives me the best of both worlds because even if I were the only customer logged on at any given time there will still be a fairly tight rate for me to deal on.
Hey guys,
GFT screwing me was the BEST thing that ever happened to me.
Tell yahz why...
I was dumb enough to listen to all their claims too. However, the first (and last) trade I made with them... I think my grandma could have knitted an entire sweater before it got filled - and my grandma has been dead 30 years!
As I recall, the price on the pair I was trading hit a peak - I shorted it (trade came back filled over 50 points lower than where I shorted it). After the peak it fell close to 100 points where I covered the short... at least... according to their charts.
To my surprise (and about 4 days later) the cover price was 80 points HIGHER than where the market (and their chart) was.
I lost a HUGE amount of money (to me it was huge).
Story ends with on a good note - I asked for my money back - the desk said "No."
I wrote a single letter to the owner.
His secretary called and said they will send my money back.
I closed my account.
The reason it is the best thing that ever happened to me is because I switched to OANDA.
Funny name, sounds like PANDA... but let me tell you something...
You can trade as low as a single unit and when you click it is done - end.
I have placed over 2000 trades just like that.
You can also trade up to 100 lots (10,000,000 units) and >bink< when you click, it is the same - instant.
I have tried demos on all the brokers out there and OANDA is BY FAR the best in the world.
I would not say this if I did not think it was so.
Sam
GFT screwing me was the BEST thing that ever happened to me.
Tell yahz why...
I was dumb enough to listen to all their claims too. However, the first (and last) trade I made with them... I think my grandma could have knitted an entire sweater before it got filled - and my grandma has been dead 30 years!
As I recall, the price on the pair I was trading hit a peak - I shorted it (trade came back filled over 50 points lower than where I shorted it). After the peak it fell close to 100 points where I covered the short... at least... according to their charts.
To my surprise (and about 4 days later) the cover price was 80 points HIGHER than where the market (and their chart) was.
I lost a HUGE amount of money (to me it was huge).
Story ends with on a good note - I asked for my money back - the desk said "No."
I wrote a single letter to the owner.
His secretary called and said they will send my money back.
I closed my account.
The reason it is the best thing that ever happened to me is because I switched to OANDA.
Funny name, sounds like PANDA... but let me tell you something...
You can trade as low as a single unit and when you click it is done - end.
I have placed over 2000 trades just like that.
You can also trade up to 100 lots (10,000,000 units) and >bink< when you click, it is the same - instant.
I have tried demos on all the brokers out there and OANDA is BY FAR the best in the world.
I would not say this if I did not think it was so.
Sam
Are your 2000 trades with them live or are we taking about playing on the demo?
On another thread you said you started trading live about 2 weeks ago.
http://www.elitetrader.com/vb/showthread.php?s=&postid=435942&highlight=demo#post435942
""""kicking, been with oanda live for over a week and demo for over a month... never had this prob. they are right on the money even in heavy turmultuous markets trading eur/usd - even I was surprised to get an instant excution when I thought for sure there may be a time lag and or slippage during one really volatile time.they are the best there is - simple.
ol"""
you might still be able to enter the Gain Capital 's contest
for the Mini Cooper Car plus publicity for your trading skills
-Beginning February 1, 2004 FOREX.com will hold four Semi Final Rounds during the months of February â May. In each Semi Final Round, the top three performers, based on percentage gain, will be awarded a Mini Account with $1,000 and the opportunity to participate in the Final Round in June and win a 2004 MINI Cooper. -
for the Mini Cooper Car plus publicity for your trading skills
-Beginning February 1, 2004 FOREX.com will hold four Semi Final Rounds during the months of February â May. In each Semi Final Round, the top three performers, based on percentage gain, will be awarded a Mini Account with $1,000 and the opportunity to participate in the Final Round in June and win a 2004 MINI Cooper. -
Thank you, just the same - I have no time for contests.
Traded demos til I threw up then switched live.
I would not call what I do actually "trading" though, if I "traded" like others do I probably would have already had a margin call several times over again.
I have narrowly escaped many a time so far.
I have resigned myself to running "currency tests."
Not that I don't already have a pretty good trading structure but by nature I am an extremist and pretty good or great is not good enough for the demands I place upon myself.
I want the best there is - end. Anything less and I am just not satisfied.
Even though I am trading real money now (and have not lost any) I want to be sure that, when the next 500+ point switcharoola ( read EUR/USD this week ) happens in the market, I will walk out the other side of the trade unscathed - maybe even a little richer.
Until I have this Maximum Profit system that I am working on perfected I am not interested in greatly increasing my volume in trades.
I have already been trying to move units out of a trade I overextended myself in in my overly self-assured ways.
You should enter that contest. If you did, pls keep everyone posted here.
Take care,
Saham