Your Broker Is Your Enemy?

Quote from da-net:



At no point in the 3 times of cut & paste of Joe Ross's webpage did you disclose that you are not the author so what have you said or posted in this thread that I or anyone else should believe?

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Unfortunately you'll always find people like flufftrader on the net, they plagiarize other people's work because they don't have any coherent thoughts, ideas, or opinions of their own.

I don't personally agree with a lot of what Joe Ross has to say about trading but there's no excuse for some little pissant like flufftrader posting cut & pastes off his website without making it clear where they originated and crediting the author for what is in fact his intellectual property.
 
all brokers we know now are like this:
THE FOREIGN CURRENCY TRADING YOU ARE ENTERING INTO IS NOT CONDUCTED ON AN EXCHANGE. [MEMBER] IS ACTING AS A COUNTERPARTY IN THESE TRANSACTIONS AND, THEREFORE, ACTS AS THE BUYER WHEN YOU SELL AND THE SELLER WHEN YOU BUY. AS A RESULT, [MEMBER]'S INTERESTS MAY BE IN CONFLICT WITH YOURS. UNLESS OTHERWISE SPECIFIED IN YOUR WRITTEN AGREEMENT OR OTHER WRITTEN DOCUMENTS [MEMBER] ESTABLISHES THE PRICES AT WHICH IT OFFERS TO TRADE WITH YOU. THE PRICES [MEMBER] OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE AND [MEMBER] MAY OFFER DIFFERENT PRICES TO DIFFERENT CUSTOMERS.
IF [MEMBER] ELECTS NOT TO COVER ITS OWN TRADING EXPOSURE, THEN YOU SHOULD BE AWARE THAT [MEMBER] MAY MAKE MORE MONEY IF THE MARKET GOES AGAINST YOU. ADDITIONALLY, SINCE [MEMBER] ACTS AS THE BUYER OR SELLER IN THE TRANSACTION, YOU SHOULD CAREFULLY EVALUATE ANY TRADE RECOMMENDATIONS YOU RECEIVE FROM [MEMBER] OR ANY OF ITS SOLICITORS
http://www.nfa.futures.org/news/newsNotice.asp?ArticleID=2059


If any broker is acting like this plz let me know,thanks a lot.

THE FOREIGN CURRENCY TRADING YOU ARE ENTERING INTO IS NOT CONDUCTED ON AN EXCHANGE. [MEMBER] IS ACTING AS A COUNTERPARTY IN THESE TRANSACTIONS AND, THEREFORE, ACTS AS THE BUYER WHEN YOU SELL AND THE SELLER WHEN YOU BUY. THE PRICES [MEMBER] OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE.
ALTHOUGH [MEMBER] IS THE COUNTERPARTY TO EACH OF YOUR TRADES, [MEMBER] LIMITS RISK TO ITSELF BY INSTANTANEOUSLY OFFSETTING THE TRADES AND POSITIONS IT ENTERS INTO WITH YOU WITH A BANK OR INSTITUTIONAL MARKET MAKER. AS A RESULT, [MEMBER] DOES NOT PROFIT WHEN YOU LOSE MONEY ON A TRADE. RATHER, [MEMBER] EARNS COMMISSIONS ON EACH TRADE IT ENTERS INTO WITH YOU. THE AMOUNT OF COMMISSIONS CHARGED IS DISCLOSED ON PAGE [x] OF THE CUSTOMER AGREEMENT.
http://www.nfa.futures.org/news/newsNotice.asp?ArticleID=2104
 
r u sure they have the following characteristics:?
(1) when a retail customer enters an order on the FDM's platform, the FDM automatically (without human intervention and without exception) enters into the same transaction with another counterparty, creating an offsetting position in its own name; (2) the FDM confirms to the retail customer the price at which the order has been executed, which is the same price at which the FDM entered into the offsetting position; (3) the FDM does not profit from any resulting market movement as its offsetting transaction will result in the same profit or loss as the retail customer's transaction; and (4) the FDM's sole manner of compensation is a commission charge on each trade.
http://www.nfa.futures.org/news/newsNotice.asp?ArticleID=2104
 
If you are resolute in your belief that there are no firms that meet this referenced criteria, then don't attempt to trade the spot forex market unless your bank extends a line of credit for you to trade on their system. It's that simple.

It's like I mentioned in another thread a few months ago - you people are just looking for reasons to fail before you even try. This is called a defeatist mentality (or also Harry Reed Syndrome - :D ) If you think the cards are stacked against you, then don't trade the product. If you believe that a firm is not what you think it is, then don't use them.

Bunch of pikers.
 
like what NFA replied to me that they should exist but couldnt give me their names,
"The names of Forex Dealer Members who are using the alternative language is not public information. Therefore, I cannot provide you with a list."
so i just try to find them here if possible!
 
Quote from cstfx:

If you think the cards are stacked against you, then don't trade the product. If you believe that a firm is not what you think it is, then don't use them.

Bunch of pikers.
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Well said!
thumbsup.gif


By the way what's a 'piker'? I've seen it used a few times around the forums so I'm guessing it's derogatory?
 
Each broker ,which have proprietary trading desk/account
is not pure agent of principal .

Exist conflict of interess - Broker have and used information
about client behaviar (that is not forbidden)


Broker ,which are pure agent of principal#s are

AMTD ,OXPS and hotspotfx

If broker stated ,that he is pure agency as MBtrading owner have made that on ET ,potencial client must check
cleint agreement and CFTc,NFA,sEC

If client agreement of MBT ,which must be signatured

you can read ... involved in proprietary trading ...

proprietary trading can be only against client interess ...
#########################################

Not forgett ,that under best conditions retail have not any advantage ,as market-maker taked spread.

with only 1.6% advantage in europha casino#s roullete ,
MonteCarlo casino make multiple mln $ ,not retail operator.

Occasionaly retail can win ,but that is only depend from game theory ...

Cehck bankruptcy rate of NYSE member's and compare
with average reatail aaccount life expectancy by retail forex

45-60 days.

Professional say ,that for each professional (market maker) for
good profit (mln $ +) need some 2000 -5000 retail's
operator's

Zero summ game ,where professional have advantage's
hing intense operation (100 000 per year) -take spread .
 
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