Contest - slowlybalm (by slowlybalm) Quick Stats
Gain: +1288.0%
Drawdown: 71.37%
Pips: 1632.1
Trades: 93
Won:
Lost:
Type: Demo
Leverage: 1:200
Trading: Unknown

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Contest - slowlybalm Discussion
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ShalonPVSabahFx

Member Since Jun 15, 2011  40 posts Shalon Paraivagas (ShalonPVSabahFx) Oct 10 2012 at 08:40
hehehhehe :)

I Love Forex...
meessras

Member Since Jan 07, 2012  2 posts Ray (meessras) Oct 10 2012 at 10:49
Hi Damilare,

Regarding your pending buy XAGUSD, I think it's difficult to tell whether there was any error there.
The spread of XAGUSD at the time you took the screenshot was 33.985 - 33.815 = 0.17.
Assuming constant spread then yes, your pending buy should have been triggered.
However, spread does change.

About the other issue, I don't think it was a cheat. If anything, it must have been an error.
I maybe wrong, but I would expect real and demo accounts to connect to different servers and receive independent price feeds, no?
I don't see any reason for a broker to spend time manipulate price feeds for demo accounts.

But I agree with you, even if it was an error, still it doesn't give a good impression of the broker.

My 2 cents.

slowlybalm

Member Since May 19, 2011  28 posts Damilare (slowlybalm) Oct 10 2012 at 11:55 (edited Oct 10 2012 at 11:58 )
meessras posted:
Hi Damilare,

Regarding your pending buy XAGUSD, I think it's difficult to tell whether there was any error there.
The spread of XAGUSD at the time you took the screenshot was 33.985 - 33.815 = 0.17.
Assuming constant spread then yes, your pending buy should have been triggered.
However, spread does change.

My 2 cents.


Thanks Ray for you contribution , it worth more than a cent advice. firstly with respect to the pending order, if look at the wick tail of the hammer head candle, the lower price hit 33.38 before reversing, meaning it must have passed the pending order 33.57.
although that is not a big issue. the one that is big issue and has affected my profit margin is the LONG position I entered at 33.41 and suppose to be in big profit , but was quoted with 3 days back price of 34.41 , leaving my account with big losses. While the market price as at date 9th October has not even gotten to half way of the qoute price.




I want to use a lay-man narration to explain the error.

1. if a trade on XAGUSD of 100 lots @ 34.16 on 2012.10.8 2:51PM = - $170,000 ( -35PIPS)

2. 1 placed a trade on XAGUSD of 100 lots @ 33.41 on 2012.10.9 22:21pm (but quoted as 34.41) with ERROR losses = -$299000

THEREFORE with the error,

the trade in number one suppose to be in profit of 25pips

i.e current ERROR market price as at the time - entry price
                                    34.41 - 34.16 = +25PIPS


https://www.screencast.com/users/slowlybalm/folders/Jing/media/5e2056a1-663a-4bdb-8cd2-6977201fe848

have chat with IAMFX support and i was adviced to send mail to their support department.

I hope it will be rectifed before the competition is over, because it has really discourage me from participating in the competition with the little days i have in a week to trade.

finger cross




slowlybalm

Member Since May 19, 2011  28 posts Damilare (slowlybalm) Oct 12 2012 at 22:47
Despite several mails sent to IAMFX and MYFXBOOK support about the error cause by their demo server to my account, no reply from them. Now coming in from work and logged into my account, I realize it has done lot of damages to my position , affecting my account by 900% plus. (484000/50000 * 100). And this is a bad sign to and intending investor with IAMFX, if their server can be errornously manipulating customers position to big loss and without being able to rectify it.

So what will be my stake if a trade I entered LONG on SILVER on 9th October 22:21pm at 33.41 and suppose to have yield a profit above $200000, but was errornously manipulated by their server immediately after entrying as 34.41 with instant losses of -$299000 and presently -$484000.

https://www.screencast.com/users/slowlybalm/folders/Jing/media/5e2056a1-663a-4bdb-8cd2-6977201fe848

I should accept it has A DESTINY?

bidemi12

Member Since Dec 16, 2010  8 posts bidemi12 Oct 13 2012 at 01:23
Not destiny, but a sound lesson. most of these brokers are bucket brokers since they aren't properly regulated. Plus, no broker wants a good trader to be with them. they want people who would 'donate' constantly to their funds. I would advice in the future to spread your account between numerous brokers preferably in the USA and never let your equity be too large in one account. no be beans to turn 50k to more than 1mil in a month. you know how much damage you can do with a live account? if it was me i'd be scared too.

slowlybalm

Member Since May 19, 2011  28 posts Damilare (slowlybalm) Oct 13 2012 at 08:39
Thanks My Brother for the advice. Can anybody recommend any MT4 platform and well regulated broker either in USA or another country. Although have been using FXopen for 2-3 years now, have not heard bad report about them. but is good to spread risk.

bidemi12

Member Since Dec 16, 2010  8 posts bidemi12 Oct 13 2012 at 12:15
I would recommend fxsolution. well regulated, no swap of commission which means you can open trades indefinitely without getting charged. only problem is leverage is 1:50 unlike fxopen where you can pick what you want. Back when i lived in Naija fxopen was good to me until i moved to the states and they had to block all US residents due to regulations. Fxopen is Good and are user friendly. Another nice one you might consider is Marketiva and fxcm. Best of luck.

deysmacro

Member Since Jul 17, 2012  274 posts deysmacro Oct 14 2012 at 07:03
slowlybalm posted:
Thanks My Brother for the advice. Can anybody recommend any MT4 platform and well regulated broker either in USA or another country. Although have been using FXopen for 2-3 years now, have not heard bad report about them. but is good to spread risk.


you can use Liteforex ... their spread is pretty much fixed... my friends have been using it for years already ...

there are many options for deposit and withdrawal too... for swap free, you can use lite2 account..

the current market price line is always updated in real time (streamed) ...

hope this helps.. :)

Past experience usually helps present self
slowlybalm

Member Since May 19, 2011  28 posts Damilare (slowlybalm) Oct 14 2012 at 16:54
Thanks Bidemi12 and SNGBSA , I will give them a trial.

saeid4iranegold

Member Since Jul 26, 2012  5 posts saeid4iranegold Oct 15 2012 at 08:11
eekeekeek

so you good trader.wink

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