A shill, lol, well in that case I want my shilling fee from somewhere!
Oh no wait, you're from Canada, you're automatically excused for posting inane comments
Is my broker trustworthy? (FXCM)
- Thread starter mamba315
- Start date
A shill, lol, well in that case I want my shilling fee from somewhere!
Oh no wait, you're from Canada, you're automatically excused for posting inane comments
I took the advice in the first paragraph and started a thread asking for help in the Trading section. It is a longshot, but I'm not emotionally invested in the outcome either way. If they screwed me over, won't admit it, and won't refund the money, then I'll take my business elsewhere. I just want to trade on a fair playing field, and I'm not going to stick with a broker that is trying to profit at my expense. If this was the only time FXCM had acted shady then I'd be more lenient, but it's not so I'm not. Fool me once, shame on you, fool me twice... you know the rest.
I believe my future is in futures.
I just want to trade on a fair playing field, and I'm not going to stick with a broker that is trying to profit at my expense. If this was the only time FXCM had acted shady then I'd be more lenient, but it's not so I'm not. Fool me once, shame on you, fool me twice... you know the rest.
I believe my future is in futures.
?and I'm not going to stick with a broker that is trying to profit at my expense
You must use pure agent of principal in this case -
broker ,which have not proprietary trading desk/account and no any income from proprietary trading ,not direct ,not through affiliate .
To date knew only OXPS,AMTD ,SWIM in relation to SEC instruments
Forex -hotpotfx ,but is is not public noted ,low capital base
(only 7 mln $) and alsov fractional liquidity
Account minimum -7500$
AMTD -2000$ margin account ,OXPS -0 $ ,SWIM -2500 $
Thsi three offer SIPC . OXPS and SWIM future trading .
I believe my future is in futures.
?and I'm not going to stick with a broker that is trying to profit at my expense
You must use pure agent of principal in this case -
broker ,which have not proprietary trading desk/account and no any income from proprietary trading ,not direct ,not through affiliate .
To date knew only OXPS,AMTD ,SWIM in relation to SEC instruments
Forex -hotpotfx ,but is is not public noted ,low capital base
(only 7 mln $) and alsov fractional liquidity
Account minimum -7500$
AMTD -2000$ margin account ,OXPS -0 $ ,SWIM -2500 $
Thsi three offer SIPC . OXPS and SWIM future trading .
I'm not sure what you mean when you say the price spike took an hour to drop 30 pips. According to FXCM's own audit of this price spike, the price went from 1.5638 to 1.5612 nearly instantaneously, but only lasted a couple ticks. Then it went back up to 1.5638 just as fast. The entire spike down and up happened in a matter of seconds. The market hit 1.5612 at other points that day, but those were NOT the price movements that triggered my stop. This has already been explained earlier in the thread. That being the case, I don't understand your reply. Who supplies your price feeds? Could you post a screenshot of what you mean?
Above is a correct quote of the NFA publication. NFA is an industry advocate so no way can it be biased against forex retailers. It is not a conspiracist against forex retailers. The quote means what it says: the forex retailer controls your entry and your exit. The retailer's integrity is all that stands between the customer and stops that are run, profitable trades busted for so-called "misquotes," and re-quotes and freeze outs of prices spiked to clustered stops.
The results are as predictable as they are rational -- that is unless the forex retailer is overloaded with integrity, which would mean that the full-of-integrity retailer is refusing to take profits it otherwise could take like candy from infants.
In actual fact for reputable marketmakers it's the trader who decides entry and exit, the marketmaker simply quotes prices at which he is prepared to deal, it's up to the trader whether he accepts them or not.
In a business where the stats say 90% lose overall, and where the marketmaker can have zero exposure if he chooses and still make truck loads of money, there's not much need to risk running stops just for the extra few bucks it's going to make him.
Everyone who loses money (in spot) has a story to tell and it usually involves a crooked broker but there are very few stories supported by any evidence.
I only have my own experiences to go by and I've traded cash for a number of years with various marketmakers, once I'd found the right one for me I had very few problems.
At the end of the day it's up to the individual to decide where to invest his money but suggesting all forex marketmakers lack integrity and are thieves is unfounded and just plain incorrect.
well i look around and found Metastock Profx http://www.equis.com/Products/ its a charting software that has a independent data feed from QuoteCenter from Equis International for the software and Forex only data its $179/month.
I also found this link for a free trial 30 day trial
http://www.equis.com/whc/pfx.aspx
FXCM is not really the problem.
I talked to a trader who made a $ million trading with FXCM, he never used hard stops, just mental stops.
The only problem was one day he had to take his wife to the hospital, and a news event came out. So what stopped him out was the margin call of $ 700,000.
So if you are going to trade during the day and watch your screen, you could probably do mental stops and ignore the spikes.
If you are not going be glued to the screen, well you need to either hedge your trade or use real stops. Stop hunters are not just your broker, they are going against everyone that was in that trade not just you.
You have to realize that when you trade, you are trading against other traders, banks, brokers, and bigger traders.
I went long JPM when as soon as could once I heard that they were buying BSC for $ 2/sh. I am up on that trade.
Now the question you have to ask yourself, did BSC have real assets, or did a rumor cause a run on the bank that margined called a 75 yr old firm out of the business of trading?
I talked to a trader who made a $ million trading with FXCM, he never used hard stops, just mental stops.
The only problem was one day he had to take his wife to the hospital, and a news event came out. So what stopped him out was the margin call of $ 700,000.
So if you are going to trade during the day and watch your screen, you could probably do mental stops and ignore the spikes.
If you are not going be glued to the screen, well you need to either hedge your trade or use real stops. Stop hunters are not just your broker, they are going against everyone that was in that trade not just you.
You have to realize that when you trade, you are trading against other traders, banks, brokers, and bigger traders.
I went long JPM when as soon as could once I heard that they were buying BSC for $ 2/sh. I am up on that trade.
Now the question you have to ask yourself, did BSC have real assets, or did a rumor cause a run on the bank that margined called a 75 yr old firm out of the business of trading?