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Honest truth about forex.....

c3po
Nov 15 2016 at 13:32
51 posts
snapdragon1970 posted:
One broker I have been using for a few years plus500,no major problems and I always get my money out with no problems.


plus500 doesn't allow US clients because US legislators struck some deal to prevent us.




kieran (snapdragon1970)
Nov 15 2016 at 15:47
1945 posts
c3po posted:
snapdragon1970 posted:
One broker I have been using for a few years plus500,no major problems and I always get my money out with no problems.


plus500 doesn't allow US clients because US legislators struck some deal to prevent us.
Something to do with the Volcker rule , if you have time to read it,800 pages long.





"They mistook leverage with genius".
c3po
Nov 15 2016 at 19:56
51 posts
snapdragon1970 posted:
c3po posted:
snapdragon1970 posted:
One broker I have been using for a few years plus500,no major problems and I always get my money out with no problems.


plus500 doesn't allow US clients because US legislators struck some deal to prevent us.
Something to do with the Volcker rule , if you have time to read it,800 pages long.






I dont need to read it to know its total garbage. I wonder if Trump would be so kind as to rip that crap up and let americans play by the same rules the rest of the world plays by. I would like to try plus500 but cant even try them.

kieran (snapdragon1970)
Nov 15 2016 at 23:59
1945 posts
c3po posted:
snapdragon1970 posted:
c3po posted:
snapdragon1970 posted:
One broker I have been using for a few years plus500,no major problems and I always get my money out with no problems.


plus500 doesn't allow US clients because US legislators struck some deal to prevent us.
Something to do with the Volcker rule , if you have time to read it,800 pages long.






I dont need to read it to know its total garbage. I wonder if Trump would be so kind as to rip that crap up and let americans play by the same rules the rest of the world plays by. I would like to try plus500 but cant even try them.

That's true , send him a message on Twitter.

"They mistook leverage with genius".
c3po
Nov 17 2016 at 11:02
51 posts
snapdragon1970 posted:
c3po posted:
snapdragon1970 posted:
c3po posted:
snapdragon1970 posted:
One broker I have been using for a few years plus500,no major problems and I always get my money out with no problems.


plus500 doesn't allow US clients because US legislators struck some deal to prevent us.
Something to do with the Volcker rule , if you have time to read it,800 pages long.






I dont need to read it to know its total garbage. I wonder if Trump would be so kind as to rip that crap up and let americans play by the same rules the rest of the world plays by. I would like to try plus500 but cant even try them.

That's true , send him a message on Twitter.


Not a bad idea. It could work.

Jason Rogers (jasonrogers)
Nov 20 2016 at 08:21
272 posts
c3po posted:
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?


CliveCampbell posted:
I think this is a classic example of stop hunting.


@c3po and @CliveCampbell, FXCM does not hunt stops.

For Standard accounts (5k minimum opening balance) and Active Trader accounts (25k minimum), we use No Dealing Desk (NDD) forex execution. That means each client order is offset one-for-one with the best prices from competing liquidity providers. Therefore, we don't profit from client losses or lose from client profits on the NDD model, and have no reason hunt stops.



Furthermore, it's worth noting that we use the same base price for DD execution on Mini accounts (before adding the spread markup) as the base price we use for our NDD execution (before adding the commission). That's a key reason you can have confidence trading with FXCM regardless of the account type you choose.

FXCM and its affiliates are regulated on 5 continents, so it's important to keep in mind that in compliance with NFA rules regarding price slippage and price re-quoting that were finalized in 2012, FXCM US provides daily trade reports to the NFA which monitors and supervises FXCM US's activity including information on the price where all client orders are filled and the corresponding price where those orders are offset with our liquidity providers.



All of FXCM's global trading entities including FXCM UK and FXCM Australia execute client rolling spot forex transactions as a riskless principal with FXCM US, so the same execution standards are applied for all of our clients worldwide. There are no re-quotes at FXCM, and all our clients around the world can benefit from positive slippage whenever it's available. The latest execution stats from January 2015 through March 2016 showed the following:

* 78.71% of all orders had NO SLIPPAGE.
* 12.77% of all orders received positive slippage.
* 8.52% of all orders received negative slippage.
* 50.2% of all limit and limit entry orders received positive slippage.
* 39.9% of all stop and stop entry orders received negative slippage.

This includes data from both the DD execution we provide to Mini accounts and the NDD execution we provide to Standard and Active Trader accounts. It is FXCM's goal to be an industry leader in providing you with transparency regarding our execution which is why we provide these details on our website: https://www.fxcm.com/uk/why-fxcm/execution/?CMP=SFS-70160000000MusRAAS

mlawson71
Nov 21 2016 at 10:51
1487 posts
c3po posted:
snapdragon1970 posted:
c3po posted:
snapdragon1970 posted:
One broker I have been using for a few years plus500,no major problems and I always get my money out with no problems.


plus500 doesn't allow US clients because US legislators struck some deal to prevent us.
Something to do with the Volcker rule , if you have time to read it,800 pages long.



I dont need to read it to know its total garbage. I wonder if Trump would be so kind as to rip that crap up and let americans play by the same rules the rest of the world plays by. I would like to try plus500 but cant even try them.


It's not all bad. At least they are going after real frauds with everything they've got (https://smnweekly.com/2016/11/17/us-court-fines-forex-broker-ib-capital-35-4-mln-for-operating-unregistered/). Sometimes I wish other regulators were as vigilant.

mlawson71
Nov 21 2016 at 11:02
1487 posts
Double post, my apologies.

janettte
Nov 21 2016 at 15:19
30 posts
CliveCampbell posted:
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...


I agree with both of you c3po and Clive! Good points and we have to be very careful when selecting or deciding to stay with a broker or not.

Charles_F
Nov 22 2016 at 07:35
38 posts
Parmenides posted:
Charles_F posted:
Parmenides posted:
The honest truth is that 95% of us don't make money. We just keep deluding ourselves that we make money (while we kept our losses secret) and keep refueling our account.


You mean for living, over the long term or at all?


I meant for most of us, we either quit and take up new hobby or we keep refueling the account for another go at it.
We follow simple ideas we found in a book read by countless others and decide to trade it. We might do some backtesting on such idea while ignoring that real trading is more than just about picking numbers on where to buy/sell.There is requote, low liquidity or even black swan events.

If the market efficient theory is true( got massive evidence that the market is at least weakly efficient). It means looking for profit's opportunities is very difficult. And looking for opportunities isnt even the trading part yet.


Got your point. When it comes to the profit opportunities, I think they will always be there for us to take them. But it depends on your perspective tot he markets. FX is close to the ideal competition model in my opinion.

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