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Sabotaging profitable traders on Spot FX dealers?
- Thread starter Remiraz
- Start date
Below are some recent jewels from Moneytec, where the shills for spot fx dealers (the bucketshops) are winning the battle.
First, proving that suckers really are born every minute, is this request (somewhat pitiful) from a bucketed customer about to tap out:
_______________________________________________
"Hi every body
i learn forex 9 month every day 17 hours
right now real account before 4 month
i am very sad
i dont know what i do to win every day 20 pips
i read everything every system
i need help what i can to do
just 20 pips every day
any frames 60 min , 4 hours , day
but i want 20 pips
any one have offer"
___________________________________________________
Second, proving that âdumbing downâ pays, is this tag-team shill:
__________________________________________
[Straightman:] âYes Kali, and others...what broker do you use? A sympathetic broker offering tight pip spreads is key to scalping. Otherwise forget about even trying.â
[Reply:] âLook for broker that offers 1.5 pip spread on eur/usd. 2 pips would make it possible too. I don't experience slippage live trading at all---if anything sometimes the price will move a pip or two in my favor as I enter or exit.
[Straightman:]: âKali , you forgot to mention , which broker you are working with.â
[Reply:]: âinterbankfx offers 2 pips spread on eurusd.â
__________________________________________________
I particularly like the "sympathetic broker" part. Kinda gives you the warm and fuzzies about all the money the spot dealers want to give you, including when they add "a pip or two in my favor as I enter or exit."
First, proving that suckers really are born every minute, is this request (somewhat pitiful) from a bucketed customer about to tap out:
_______________________________________________
"Hi every body
i learn forex 9 month every day 17 hours
right now real account before 4 month
i am very sad
i dont know what i do to win every day 20 pips
i read everything every system
i need help what i can to do
just 20 pips every day
any frames 60 min , 4 hours , day
but i want 20 pips
any one have offer"
___________________________________________________
Second, proving that âdumbing downâ pays, is this tag-team shill:
__________________________________________
[Straightman:] âYes Kali, and others...what broker do you use? A sympathetic broker offering tight pip spreads is key to scalping. Otherwise forget about even trying.â
[Reply:] âLook for broker that offers 1.5 pip spread on eur/usd. 2 pips would make it possible too. I don't experience slippage live trading at all---if anything sometimes the price will move a pip or two in my favor as I enter or exit.
[Straightman:]: âKali , you forgot to mention , which broker you are working with.â
[Reply:]: âinterbankfx offers 2 pips spread on eurusd.â
__________________________________________________
I particularly like the "sympathetic broker" part. Kinda gives you the warm and fuzzies about all the money the spot dealers want to give you, including when they add "a pip or two in my favor as I enter or exit."
Quote from Remiraz:
I read that for a lot of Spot FX dealers once you're flagged as profitable they'll put you on "manual execution" which means major slippage and requotes.
True or false?:eek:
Some of the FX exchanges have the ability to disable you from trading against some of the larger liquidity providers(banks) at the banks request.....
http://www.thememoryhole.org/corp/finance/sec_amex_report.htm
See link for a topic concerning "manual execution" for option traders. All option exchanges and specialist firms are currently being sued for slowing down profitable options traders with "manual execution" (and yes, manual executions even on fully-electronic exchanges). It is a calculated effort by an entity to take your profits for themselves. The calculation on their part occurs when they estimate that traders will suffer in silence with whatever rules they may institute against you. The SEC report states the AMEX has gone so far as to falsify documents to government agencies to conceal trading violations committed against traders.
Effected traders should get together, possibly on the ET board, and notify the appropriate regulatory agency of the abuses, keep track of the trades in question with exact dates and times, etc., actively encourage other exchanges to list the securities, and hire a law firm which will take your case on a contingency basis.
See link for a topic concerning "manual execution" for option traders. All option exchanges and specialist firms are currently being sued for slowing down profitable options traders with "manual execution" (and yes, manual executions even on fully-electronic exchanges). It is a calculated effort by an entity to take your profits for themselves. The calculation on their part occurs when they estimate that traders will suffer in silence with whatever rules they may institute against you. The SEC report states the AMEX has gone so far as to falsify documents to government agencies to conceal trading violations committed against traders.
Effected traders should get together, possibly on the ET board, and notify the appropriate regulatory agency of the abuses, keep track of the trades in question with exact dates and times, etc., actively encourage other exchanges to list the securities, and hire a law firm which will take your case on a contingency basis.