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Honest truth about forex.....

Tiffany (TiffanyK)
Nov 09 2016 at 07:15
427 posts
snapdragon1970 posted:
When you start making money ,that's when they start playing games , every broker is great at the start to get you on board.
The broker I use has been pretty good I can say,it might not be the most sophisticated platform , but I can make money on it.


Kieran is right, there is no such thing as the “perfect broker”. If their conditions match your needs for trading – you found the right one. A good trader should focus on his strategy, not waste time to find the best broker. They are changing options all the time…

Accept the loss as experience
kieran (snapdragon1970)
Nov 09 2016 at 11:39
1945 posts
One thing I do know from experience is that if a broker has been investigated regularly , they will be on their best behaviour for awhile ,do your research.

"They mistook leverage with genius".
Richard Bills (RichardBills)
Nov 09 2016 at 13:47
74 posts
snapdragon1970 posted:
One thing I do know from experience is that if a broker has been investigated regularly , they will be on their best behaviour for awhile ,do your research.


Good point, yes, but really 'for awhile'. Some US brokers were fined numerous times by NFA and still do their tricks.
Research should be done on the basis of the licence of the broker - what is it allowed to do with the trades. How many people actually check on the regulator's site the licence of their broker? 😄

kieran (snapdragon1970)
Nov 09 2016 at 14:14
1945 posts
RichardBills posted:
snapdragon1970 posted:
One thing I do know from experience is that if a broker has been investigated regularly , they will be on their best behaviour for awhile ,do your research.


Good point, yes, but really 'for awhile'. Some US brokers were fined numerous times by NFA and still do their tricks.
Research should be done on the basis of the licence of the broker - what is it allowed to do with the trades. How many people actually check on the regulator's site the licence of their broker? 😄

It takes them awhile to devise new tricks , the fines are nothing but a slap on the wrist. Corruption is rife in this business.

"They mistook leverage with genius".
Richard Bills (RichardBills)
Nov 09 2016 at 15:57
74 posts
snapdragon1970 posted:
RichardBills posted:
snapdragon1970 posted:
One thing I do know from experience is that if a broker has been investigated regularly , they will be on their best behaviour for awhile ,do your research.


Good point, yes, but really 'for awhile'. Some US brokers were fined numerous times by NFA and still do their tricks.
Research should be done on the basis of the licence of the broker - what is it allowed to do with the trades. How many people actually check on the regulator's site the licence of their broker? 😄

It takes them awhile to devise new tricks , the fines are nothing but a slap on the wrist. Corruption is rife in this business.


Yeah, no matter in which country, regulators are always one step behind. New tricks can even mean new business models...

Baldo (BaldoN)
Nov 10 2016 at 08:35
522 posts
Great topic everyone and good read I must say 😄 This game is rough. Choosing a broker is one of the most important homeworks to be be done at first. Putting your money in a brokers is already a risk and you are exposed even if no open positions are held. IF a broker goes bust you be the first to lose. The broker has to be big , reputable and regulated. There are too many small scammer brokers. The Black swans are getting even more because of the electronic trading and when they happen , if your broker is not prepared they can easily go broke and you have to say goodbye to your money.

mlawson71
Nov 14 2016 at 10:01
1487 posts
True. Sometimes even the big brokers cannot be trusted though, even when they're regulated, especially if it comes to binary options. Take EZTD, for example. The US Securities and Exchange Commission (SEC) charged the Israel-based binary options and forex broker EZTD Inc. with misleading investors and has ordered it to pay more than $1.7 million. (https://smnweekly.com/2016/11/11/us-sec-fines-binary-options-broker-eztd-1-7-mln-for-misleading-investors/) The broker has lured investors into trading binary options over the Internet without disclosing them the associated risks.

Under such circumstances it's difficult to trust any broker completely.

c3po
Nov 14 2016 at 11:10
51 posts
mlawson71 posted:
True. Sometimes even the big brokers cannot be trusted though, even when they're regulated, especially if it comes to binary options. Take EZTD, for example. The US Securities and Exchange Commission (SEC) charged the Israel-based binary options and forex broker EZTD Inc. with misleading investors and has ordered it to pay more than $1.7 million. (https://smnweekly.com/2016/11/11/us-sec-fines-binary-options-broker-eztd-1-7-mln-for-misleading-investors/) The broker has lured investors into trading binary options over the Internet without disclosing them the associated risks.

Under such circumstances it's difficult to trust any broker completely.


For real. FXCM is 'regulated' but they will wait right before a sell off and as soon as everyone gets ther stoplosses set, FXCM jumps their Ask price up 10x like from 3 pips to 30 pips and shreds everyone's stops....and THEN they drop the Ask price again and let all the algos replace their sell orders then they JUMP the Ask line up again 10x and pop all those orders... THEN they drop Ask back to 3 pips and let algos replace orders again, then Jump up again.... rinse repeat...

you can watch thier Ask line jump from 3 pips to 30 about 10 or 15 times until all accounts blown and/or until the sell off proceeds. Total scam cheating bastards. OH BUT THEY'RE REGULATED. by who? a bunch of crooked friends?




     

Clive (CliveCampbell)
Nov 15 2016 at 12:10
47 posts
c3po posted:
mlawson71 posted:
True. Sometimes even the big brokers cannot be trusted though, even when they're regulated, especially if it comes to binary options. Take EZTD, for example. The US Securities and Exchange Commission (SEC) charged the Israel-based binary options and forex broker EZTD Inc. with misleading investors and has ordered it to pay more than $1.7 million. (https://smnweekly.com/2016/11/11/us-sec-fines-binary-options-broker-eztd-1-7-mln-for-misleading-investors/) The broker has lured investors into trading binary options over the Internet without disclosing them the associated risks.

Under such circumstances it's difficult to trust any broker completely.


For real. FXCM is 'regulated' but they will wait right before a sell off and as soon as everyone gets ther stoplosses set, FXCM jumps their Ask price up 10x like from 3 pips to 30 pips and shreds everyone's stops....and THEN they drop the Ask price again and let all the algos replace their sell orders then they JUMP the Ask line up again 10x and pop all those orders... THEN they drop Ask back to 3 pips and let algos replace orders again, then Jump up again.... rinse repeat...

you can watch thier Ask line jump from 3 pips to 30 about 10 or 15 times until all accounts blown and/or until the sell off proceeds. Total scam cheating bastards. OH BUT THEY'RE REGULATED. by who? a bunch of crooked friends?
     


I think this is a classic example of stop hunting. Such things should be recorded and exposed somehow! Seems the fines by the regulators are also not enough...

kieran (snapdragon1970)
Nov 15 2016 at 13:02
1945 posts
One broker I have been using for a few years plus500,no major problems and I always get my money out with no problems.

"They mistook leverage with genius".
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