FX is basically me (the traders) vs the FX firm?

speres · May 7, 2009

Quote from Mr.Consistent:

You've got it, while others still don't get it.

yep, c'mon Mr T bone, lets see if you can get those brain cells moving along.....

cabletrader · May 7, 2009

Quote from You Wish:

Cabletrader which is a guy on ET who opened account with Oanda

he is trading against Oanda

lol, if that's true then Oanda are losing

Regarding the OP's question, trading is trading, either you can do it profitably or you can't. A bad workman always blames his tools!

powerfade · May 7, 2009

Quote from cabletrader:
Regarding the OP's question, trading is trading, either you can do it profitably or you can't. A bad workman always blames his tools!

To the OP, don't believe this for a second. Please do some research into what a bucket shop is and how they make their money. Would you want to use me as a broker if I was the one feeding you your quotes and I could see your positions and execute against you or refuse to execute your trade whenever I felt like it?

Bucket shops like Oanda make their money off of credulous newbs. Don't let the ET shills fool you. Your only hope in the forex market is to trade with a broker who uses an ECN model. Again, all the info you need is here, Please use the search function and find it.

cabletrader · May 7, 2009

Quote from powerfade:

Your only hope in the forex market is to trade with a broker who uses an ECN model.

lol, all evidence to the contrary

Have a read of this thread, and perhaps this thread and make an informed decision based on factual information, and select a broker who will suit your trading style and investment level as they aren't a one-size-fits-all.

Don't take anyone else's word for it.

Mr.Consistent · May 7, 2009

Quote from powerfade:

To the OP, don't believe this for a second. Please do some research into what a bucket shop is and how they make their money. Would you want to use me as a broker if I was the one feeding you your quotes and I could see your positions and execute against you or refuse to execute your trade whenever I felt like it?

Bucket shops like Oanda make their money off of credulous newbs. Don't let the ET shills fool you. Your only hope in the forex market is to trade with a broker who uses an ECN model. Again, all the info you need is here, Please use the search function and find it.

It always amazes me how most newbies are "victims" of FX MMs. It must be the "1 mini-lot" size that causes MMs to drop everything and stalk these accounts and engage in conspiracy theory LOL

speres · May 7, 2009

Quote from powerfade:

To the OP, don't believe this for a second. Please do some research into what a bucket shop is and how they make their money. Would you want to use me as a broker if I was the one feeding you your quotes and I could see your positions and execute against you or refuse to execute your trade whenever I felt like it?

Bucket shops like Oanda make their money off of credulous newbs. Don't let the ET shills fool you. Your only hope in the forex market is to trade with a broker who uses an ECN model. Again, all the info you need is here, Please use the search function and find it.

I must say, choice of broker is the last thing a newbie needs to worry about.........

Trader KGB · May 7, 2009

Quote from dandxg:

So many clicks just to make a trade. As my friend said it's to their advantage to make it slow, more spread earned.

I would assume faster entry = more trading = paying the spread more often. How does slowing it down improve the spread earned by the broker?

dandxg · May 7, 2009

Quote from Trader KGB:

I would assume faster entry = more trading = paying the spread more often. How does slowing it down improve the spread earned by the broker?

Point taken. Better stated I should have said it prevents scalper and frequent traders. I am not looking to scalp per se, but get 20-30 tick moves. I am not a news trader, but I am not interested in swing trading either. I just seemed really slow on MT4 when compared to any futures DOM.

powerfade · May 8, 2009

Quote from speres:
I must say, choice of broker is the last thing a newbie needs to worry about.........

In the equities, equity options, futures, futures options or ETF markets, I would absolutely agree with you.

In the forex 'markets', choice of broker is probably the first thing a newbie should worry about, given that if he opens his account at a bucket shop, he is overwhelmingly likely to get the shit kicked out of him by the owners, all the while believing that he's trading an actual market.

powerfade · May 8, 2009

Quote from Mr.Consistent:

It always amazes me how most newbies are "victims" of FX MMs. It must be the "1 mini-lot" size that causes MMs to drop everything and stalk these accounts and engage in conspiracy theory LOL

LOL... I wouldn't exactly call the owners of most of the bucket shops that sprout like mushrooms 'market makers'. Market fakers, maybe.