Exactly.
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Sabotaging profitable traders on Spot FX dealers?
- Thread starter Remiraz
- Start date
Exactly.
anybody trading via http://propfx.com (part of FXCM)? they seem to invite scalpers etc? or is this just a way for fxcm to easily identify scalpers and put them on manual exec?
Quote from Chood:
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."
RFLMAO
Bucket ehhh.... FX shops are unregulated. Trade futures instead.
edit: or use a reputable broker like IB (but even then you have no garantee that there are no games being played. At least you'll have an independent intermediate party that will check the timeliness of your executions)
Sherlock
FredBloggs
Guest
Quote from wilburbear:
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.
interesting.
i was reading the original (translated text) of sun tzu's 'the art of war' yesterday, and drawing parallels to the craft/art of trading. i am looking at it from the perspective of a large fund or bank (nation) rather than the self directed trader (mercenary)
the second chapter is entitled 'waging war'. it details the issues of financing a war (trading/war campaign) and the depletion of resources (capital/weapons), and the requirement to keep resources (trading platform, connections etc/weapons sharp) in good condition etc.
more to the point, it considers how when large amount of troops gather in a geographical location, prices will rise as the local merchants up their prices in response to the increased demand for their produce. this should be taken into consideration by the general when planning and financing his campaign.
this is related to your post.
in your post you are seeing this. the local merchants (bucket shop) are changing the rules and pricing policies in response to the increased amount of troops/traders in this birdhouse that is known as retail fx.
good book to draw parallels from, and see how this industry works.
Would you say that trading on Currenex will solve of these problem since you are dealing directly with multiple MM instead of one?
bucket shop alert. nothing new under the sun alert. read Livermore.
That promise of unbiased, impartial dealing, by design, is the primary appeal, the siren song of Currenex, HotspotFX, COESfx, IB...Quote from Futures_Man:
Would you say that trading on Currenex will solve of these problem since you are dealing directly with multiple MM instead of one?
Within that business model, one still needs to take a hard look at the implementation details. Devil's in the details... Here's one checklist; choose what's important to you.
- company background, reputation, regulatory history, financials, client base / assets growth
- commissions; don't underestimate their monthly bite (depending on your trading style, frequency, scaling in and/or out)
- min account size
- min trading size
- max trading size
- currency pairs offered
- normal spreads
- fast market and near-news spreads (if applicable to one's trading style)
- stop orders handling
- platform reliability
- platform features
- speed / ease of viewing, submitting, modifying and cancelling orders
- charting
- API (if any), if needed
- hedging; linked accounts
- leverage / margin
- funds deposit and withdrawal
- interest (at least one of the above doesn't pay any)
- trading hours
- emergency position closing via phone, 24/6.
If you are managing OPM, add:
- multi-client trade entry / allocation
- flexibility of reporting and transaction history
- fees management.
Quote from late apex:
That promise of unbiased, impartial dealing, by design, is the primary appeal, the siren song of Currenex, HotspotFX, COESfx, IB...
Within that business model, one still needs to take a hard look at the implementation details. Devil's in the details... Here's one checklist; choose what's important to you.
- company background, reputation, regulatory history, financials, client base / assets growth
- commissions; don't underestimate their monthly bite (depending on your trading style, frequency, scaling in and/or out)
- min account size
- min trading size
- max trading size
- currency pairs offered
- normal spreads
- fast market and near-news spreads (if applicable to one's trading style)
- stop orders handling
- platform reliability
- platform features
- speed / ease of viewing, submitting, modifying and cancelling orders
- charting
- API (if any), if needed
- hedging; linked accounts
- leverage / margin
- funds deposit and withdrawal
- interest (at least one of the above doesn't pay any)
- trading hours
- emergency position closing via phone, 24/6.
If you are managing OPM, add:
- multi-client trade entry / allocation
- flexibility of reporting and transaction history
- fees management.
IF I told you you can trade on Currenex with a 2 pip spread on ALL pairs and no commison with a min account size of 25k
what would you say about that (you cant say Currenex is a bucket shop)
Quote from Futures_Man:
IF I told you you can trade on Currenex with a 2 pip spread on ALL pairs and no commison with a min account size of 25k
what would you say about that (you cant say Currenex is a bucket shop)
I'd doubt the 2 pip spread... 25k even more... I'd like to be proven wrong though. Hotspot.. DB... EBS... have MUCH wider spreads on average and MUCH higher min cap reqs. Have'nt looked at Currenex though.