I'm gonna take a wild guess and say when higher interest currencies like GBP and AUD begin to fall, these systems start to deteriorate? Retail spot fx boom coincided with a continuously falling dollar, which made what were in essence short usd "systems" parading as carry trades look good.
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Whats the main difference between FX futures and FX?
- Thread starter c_323_h
- Start date
You've made some good (and funny) points in this thread, but your presumption about fx-review.com happens to be off. Just because an apparent crook has linked to it, doesn't make it crooked in itself. (And it has no review of anything named "Vortex" or similar.)Quote from Chood:
Speaking of spot forex and systems, below is a recent systems shill on Moneytec. The shill doesnât even bother disguising the initial wreckage â demand must be that good. The post conveniently comes with embedded hyperlink to something called w*w.fx-review.c*m, presumably a site sponsored by spot fx dealers:
All fx-review does is offer a free, non-commercial, unbiased resource, to assist in evaluating online, subscription-based, for-profit forex signal services. It is not sponsored by anyone, spot fx dealers or otherwise. It depends, in part, on input from actual end users and, as anyone can easily see in seconds, often pulls no punches with respect to services that are less than honest... or profitable... or easy to follow. Anyone even considering subscribing to a forex signals service would do themselves a favor by taking a close look at fx-review.
I've corresponded with its founder, David ("Firedave"), and found him to be nothing but straight up.
It was not my intention to be unfair to fx-review.com. I perused that site after reading your reply and found its "Forum" section. There, among other items, was the promotional post below from the same systems seller I quoted in my earlier post -- you know, the one who blew out his customers' accounts, and who added that he felt their pain, but "it's not my fault."
Also, on fx-review.com, I found reviews of systems sellers who sharply discount their monthly fees to purchasers who use particular spot fx dealers. Right, I get it: I win by betting my cash on your system at your dealer. Shouldn't someone warn the dealer? I mean let's not break him. But back to the first point. Here's the come-on post of the systems seller, showing why these types of promotions, wherever found (including honest review sites), are costly to the unknowing or naive:
___________________________________________________
âTeam Forex and one other provider on this board are the only ones so far willing to show a live trading report to prove we are profitable.
Team Forex is also offering a FREE 30 day trial and after that you only pay us if you make money, month by month.
I would like to throw out a challenge to all the other signals companies to do the same.
Don't make claims of thousands of pips per month unless you are willing to:
1. Show a live account statement
2. Offer a fair trial period
3. Be willing to have your trade statement audited by an independant [sic] party.â
___________________________________________________
Then, in reply to the promotion, this request from a wannabe is posted in the same thread:
___________________________________________________
âWhereabouts in your website can I see your results?â
___________________________________________________
His results? He blew out his customers' accounts, as said.
Also, on fx-review.com, I found reviews of systems sellers who sharply discount their monthly fees to purchasers who use particular spot fx dealers. Right, I get it: I win by betting my cash on your system at your dealer. Shouldn't someone warn the dealer? I mean let's not break him. But back to the first point. Here's the come-on post of the systems seller, showing why these types of promotions, wherever found (including honest review sites), are costly to the unknowing or naive:
___________________________________________________
âTeam Forex and one other provider on this board are the only ones so far willing to show a live trading report to prove we are profitable.
Team Forex is also offering a FREE 30 day trial and after that you only pay us if you make money, month by month.
I would like to throw out a challenge to all the other signals companies to do the same.
Don't make claims of thousands of pips per month unless you are willing to:
1. Show a live account statement
2. Offer a fair trial period
3. Be willing to have your trade statement audited by an independant [sic] party.â
___________________________________________________
Then, in reply to the promotion, this request from a wannabe is posted in the same thread:
___________________________________________________
âWhereabouts in your website can I see your results?â
___________________________________________________
His results? He blew out his customers' accounts, as said.
There are some crazy myths about futures on both this thread and the 1001 other ones on the same topic.
Yes there are some spot bucket shops but choose your broker carefully and there are good honest ones around. If you are with a spot broker and you are not happy then get another one. Always have funds with at least 2 brokers so you can always close a position.
With respect to futures to claim you just pay a commision, which is less than the spot spread, is ludicrous. When it is volatile you will just want to hit a bid or an offer and won't have any interest in putting your price in the market. So futures you will quite often pay a spread and brokergae on top.
Via a spot broker it is quite easy to get a 2 pip euro dollar price and that is not a rip off at all. You do not have to provide reciprocal pricing as you would as a bank and you have a price all day in virtually all conditions..
Yes there are some spot bucket shops but choose your broker carefully and there are good honest ones around. If you are with a spot broker and you are not happy then get another one. Always have funds with at least 2 brokers so you can always close a position.
With respect to futures to claim you just pay a commision, which is less than the spot spread, is ludicrous. When it is volatile you will just want to hit a bid or an offer and won't have any interest in putting your price in the market. So futures you will quite often pay a spread and brokergae on top.
Via a spot broker it is quite easy to get a 2 pip euro dollar price and that is not a rip off at all. You do not have to provide reciprocal pricing as you would as a bank and you have a price all day in virtually all conditions..
Quote from 65Matt:
Spot FX - mysterious upward spike right before an downtrend that stops most of their customers out
FX Futs - downtrend
This pic is from 1/7/05
Show me several other spot quotes that don't have this spike and I might be inclined to question this broker. Just because it didn't show on futures doesn't mean the spike didn't occurr in the the spot market.
Spot fx dealing desk, update: "Sorry, sir, the charted spike is a misquote, your take-profit limit order was not filled. The price was 'never there'. But try again, we may have some more shorts to stop out at that price later."
Quote from 65Matt:
Spot FX - mysterious upward spike right before an downtrend that stops most of their customers out
FX Futs - downtrend
This pic is from 1/7/05
FredBloggs
Guest
makes me laarf when i read you guys saying you trade the spot market!!
you are trading nothing more than a quote your 'broker' (and i use that term lightly - cos youre not actually trading anything) gives, losely based around the interbank market.
they all make their quotes to please them and screw you. that fxcm chart says it all.
if fxcm ( a big reputable 'broker') do, then they all will at some time or another.
do you really think fxcm are big enough to drive the most liquid market in the world like that? i dont. those sorts of move are v rare in the real spot market.
lambs to the slaughter....
baaaa baaaa baaaaa
bleet bleet
you are trading nothing more than a quote your 'broker' (and i use that term lightly - cos youre not actually trading anything) gives, losely based around the interbank market.
they all make their quotes to please them and screw you. that fxcm chart says it all.
if fxcm ( a big reputable 'broker') do, then they all will at some time or another.
do you really think fxcm are big enough to drive the most liquid market in the world like that? i dont. those sorts of move are v rare in the real spot market.
lambs to the slaughter....
baaaa baaaa baaaaa
bleet bleet