king of the micro for a day, fool for a lifetime

anybody who thinks that rewarding people who trade in a way that puts them at a severe disadvantage in a zero sum game against the dealer isn't underhanded I do not understand. its not behaviour that should be rewarded by a firm with its clients interests at heart, even tho the winner has the "best" return.

and as someone who had to deal with a lot of angry losers, I feel more sympathy for the guy who was pissed about 500 than 50 000. not that we ever gave anyone a "do over" its just sad he was betting the rent.

anyways they could give the winner 200k if they wanted with no change to the bottom line, cause its all comin right back!
 
Quote from milktruck:

I'm not talking traders results as much as underhanded business practices. I can see a lot of people are going to miss the point and try to go ayn rand on me tho.
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I can see the point you're making but how are forex brokers any worse than the average casino in that respect, or even the lotto, they're all selling a pipe dream. In fact forex shops are more responsible if anything.

On every website there are risk warnings and advice about only risking money you can afford to lose, it's part of the account opening procedure for the client to sign that he's read and understood the risks involved, the same can't be said for casinos. When was the last time you saw a notice like this at the entrance:

'The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.'
 
Quote from cabletrader:

I can see the point you're making but how are forex brokers any worse than the average casino in that respect, or even the lotto, they're all selling a pipe dream.
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Well, dont you know finance pretends it is sophisticated and not gambling lol?

Casino owners dont have commercials saying you should "diversify" by "investing" in craps. They even tell you to gamble responsibly, not go balls-to-the wall. Their hand is forced but whatever.



Anyways, I was just making a cynical remark and now I feel like Im on a crusade, which Im not. Lets agree to agree to varying degrees and Ill get back to recouping a crap week trading last week.



:D
 
I personally don't see what the big deal is. FXCM is not lying about anything. The prospective trader knows what the currency prices are, they know what the margin requirement is, they know what the leverage is, and they know what the pip cost is. It is just a contest like any other. FXCM knows that it is simply a marketing tool with which to sign up new accounts and get people into FX trading. Sure the necessary returns to win are ridiculous but each trader can see from past contests that they need ridiculous returns to win.
 
Quote from milktruck:

Ill get back to recouping a crap week trading last week.

:D
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You're not alone, when I eventually managed to find a trade set-up it went wrong anyway!
 
I had a long euro trade on that would stop/reverse. I got burned both ways on a euro move not confirmed by any other cross - probably some retail joker dumping a big position between new york close and tokyo open.

and that original long was from 1.3130....

sonofabitch!
 
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