Your Broker Is Your Enemy?

[Hurricane]

Common sense applies in the forex world. There's no such thing as a free lunch. I like IB for cash forex because 1) they don't take the other side of the transaction and 2) earn their money by commission rather than marking up/down the price. On a cross currency I frequently trade, IB's spread is 3 pips versus 10 pips at a European bank.

I also trade futures and they're fine if 1) you want to trade in the $ multiples (e.g. 100k) in which they are offered or 2) want to try and get hit between the market bid/ask spread.

 

[GabrieleV]

Quote from Hurricane:

Common sense applies in the forex world. I like IB for cash forex because...
I also trade futures and they're fine if ....

This is the right approach: every taste has its own gourmet !

 

[GabrieleV]

Quote from cabletrader:

No thanks, I'd rather be a medium sized fish in a little candy-coated pond than a little fish in a dangerous shark-infested ocean!

Cable, I respect you opinions, and consider valuable your suggestions.
I prefer to be a little, unknown but *free* fish in an ocean, than a little fish that get caught every time by its friendly MM

 

[cabletrader]

Quote from GabrieleV:

I prefer to be a little, unknown but *free* fish in an ocean, than a little fish that get caught every time by its friendly MM

Perhaps, but the benefits of swimming in a little pond are there are fewer predators, you get to know where the fishermans nets are and you don't get fooled by tempting little juicy tidbits secretly disguising a mean looking hook

The big boys get quite boisterous at times and things can get a little rough, they usually gang-up and pick on the weakest......

 

[GabrieleV]

Quote from cabletrader:

The big boys get quite boisterous at times and things can get a little rough, they usually gang-up and pick on the weakest......

I only try to follow someone of these big boys:never play against them !

 

[ProfitPirate]

Quote from fluttrader:

Forex Trading
When to not trade forex!

WHY DID YOU DELETE THE ABOVE POST, MODERATOR IVANOVICH ??

Well, that be some good advice, matey! I think yer post may may have been sunk earlier because of the external link to another forum. Aaaarrrrrggh...

 

[cabletrader]

Quote from fluttrader:



.....snip garbage....

Is there hope for a trader who wants to trade forex? Yes there possibly is. There may be forex brokers and retail banks where the trading is more legitimate than at others, with no leaning and a very small spread. I am not at liberty to tell you which ones those are because I have never seen or heard of one. You will have to do your due diligence in finding out if they exist.

With the exception of the above quote the rest of your cut&paste was dross.

Have a nice day

 

[Vickersa]

Thanks millions for this honest appraisal of forex trading. I was beginning to feel like a total schmuck after investing $500 in FXsolutions and losing $200 in the first two days. Actually, I still feel like a little bit of a schmuck, but thank god this is here to reinforce that feeling of schmukkiness while it could still do me some good.


Anyway, here's some honesty from a novice. I realized if I was going to keep at this I now know that I HAVE to practice more with fake money and talk more to people who know what they're doing. Glad I found this thread.

 

[GabrieleV]

Quote from Vickersa:
now know that I HAVE to practice more with fake money and talk more to people who know what they're doing.

Wow: I've got my little piece of paradise !
I'm very happy that these discussions have saved at least one person to loose his savings

Gabriele
http://www.gabrielevivinetto.it

 

[DRiSsT]

Quote from Vickersa:

Thanks millions for this honest appraisal of forex trading. I was beginning to feel like a total schmuck after investing $500 in FXsolutions and losing $200 in the first two days. Actually, I still feel like a little bit of a schmuck, but thank god this is here to reinforce that feeling of schmukkiness while it could still do me some good.


Anyway, here's some honesty from a novice. I realized if I was going to keep at this I now know that I HAVE to practice more with fake money and talk more to people who know what they're doing. Glad I found this thread.

Yes, indeed.
1. Practice with a demo account first and get good at it!

2. Even though you learn how to double even triple your account you're still not ready.

3. Once you start trading with real money you earned its not going to be the same but you have to learn to control that.

4. Practice, Discipline, Patience!

"Now lets go make some pips!"