[forexplayer]

ALL BLOOD SUCKING B@$T@RDS !!!! these brokers.

[Fulltime247]

Those example settings really dont bother me to much. I WISH they would just leave the favoring at 1 pip!! - If he gets a better price than I asked for by 1 pip or 2 I wont cry. - In those example the client still gets in at the price they requested. I wanna see the SMOOTHING, FREEZING, DELAY inputs. Those are the tricks that steal the most cash from us. Its the brokers that abuse the setting that make me sick!

[aquaart]

Go to post #350 and #353 if you would like to be pro-active and do something about this scam looking software.

[MadCow]

Maybe MT4 is a Trojan. It connects automatically somewhere for history, updates etc. Ever heard of conficker? You have a lot of financial info on your PC.

Makes as much sense as any prior rant.

[aquaart]

I would encourage everyone to submit their own complaint.... UNLESS you have proof of ongoing slippage make your complaint about the software. Complain about the software as it is the problem and will be an ongoing problem for traders no matter what platform you are using if it does not get stopped immediately. Ask for regulation and fines for implementation of such fraudulent software. Lets work together on this forex community, because if MT4 (metaquotes) are doing this, its just as likely or possible that other software is doing this too its just that we don't know about it.

Here is a link about the company.... Boston Technologies
http://bostontechnologies.com/


Here are the websites for appropriate complaints in the appropriate country...
Here are websites for the USA - CFTC
http://www.cftc.gov/customerprotecti...form/index.htm

or NFA
http://www.nfa.futures.org/BasicNet/Complaint.aspx


Here is a link for Australia...
https://www.edge.asic.gov.au/008/com...29407270aadcd1

Here is a link for Britian...
http://www.fsa.gov.uk/Pages/about/co...rm/index.shtml

Here is a link for Switzerland, however the Swiss being Swiss don't have everything in English so this was the only contact info I could find...
http://www.finma.ch/e/pages/kontakt.aspx

DO NOT POST THIS ON THE METATRADER4.COM forums. The reason is:
And by the way... ...if you ask metatrader at their metatrader4 forums, your post will be deleted without any correspondance and you will be banned from their websites via IP address. Hence changing the sign in name and password and email will not allow you to re-post in their website forums. This leads me to the idea that this software is really quite possibly real.

Hope this helps people, and I hope that metaquotes are forced to be accountable to the appropriate regulatory authorities.

[jagui]

Where do you live guys?
Every forex platform can do these sort of thing.
This plugin could well be what is under the "non dealing desk" stuff... there's no human dealer, the plugin does the job.

Every broker/delaer can do whatever he want with this or other software.

The point is not what brokers/dealers can do, but what they ACTUALLY do.

[aquaart]

I believe the point is:

That retail market makers can benefit from customers losing or becoming less profitable which is why in their contracts you read and are required to sign:

"THE FOREIGN CURRENCY TRADING YOU ARE ENTERING INTO IS NOT CONDUCTED ON AN EXCHANGE. INTERBANKFX, LLC 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, INTERBANKFX, LLC'S INTERESTS MAY BE IN CONFLICT WITH YOURS. UNLESS OTHERWISE SPECIFIED IN YOUR WRITTEN AGREEMENT OR OTHER WRITTEN DOCUMENT INTERBANKFX, LLC ESTABLISHES THE PRICES AT WHICH IT OFFERS TO TRADE WITH YOU THE PRICES INTERBANKFX, LLC OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE AND INTERBANKFX, LLC MAY OFFER DIFFERENT PRICES TO DIFFERENT CUSTOMERS. IF INTERBANKFX, LLC ELECTS NOT TO COVER ITS OWN TRADING EXPOSURE, THEN YOU SHOULD BE AWARE THAT INTERBANKFX, LLC MAY MAKE MORE MONEY IF THE MARKET GOES AGAINST YOU. ADDITIONALLY, SINCE INTERBANKFX, LLC ACTS AS THE BUYER OR SELLER IN THE TRANSACTION, YOU SHOULD CAREFULLY EVALUATE ANY TRADE RECOMMENDATIONS YOU RECEIVE FROM INTERBANKFX, LLC OR ANY OF ITS SOLICITORS."

So if the dealing desk has this boston technology software (or anything similar) they are effectively manipulating the price and deilberately profiting by not honouring what you clicked, they should be charged with stealing or fraud. Hence what this software is doing could be more easily called stealing or fraud. Moving the price against you in order for them to benefit, instead of what you click is what you get should be made illegal and therefore software like this should also be made illegal. However, an individual trader would never be able to tell and therefore this is an area that I would happily suggest should be regulated.


Hence I believe making formal complaints to the appropriate authorities about the software is a necessity. Because MT4 are doing it and have been for some time (version 3.16 of the software), this would mean that other software vendors for trading platforms are probably or have developed there own versions. It needs to be stopped and the only power we have is to complain on mass to the appropriate authorities.

[jagui]

No amount of regulation can stop bucket shops to act dishoneslty.
They could, just in case, change their "pricing algorithms", to effectively spread the users at the price feed level (not at the execution level, like this plugin does).
And they could do many other thins. Regulation don't protect you. Regulators can't be trusted.

Complaining is a losing path.
Just use some brokers you trust and go trading.
Everybody knows ibfx is a scam but they have thousands of clients. People like to lose, the majority are losers.

[stradlink]

Originally Posted by jagui

No amount of regulation can stop bucket shops to act dishoneslty.
They could, just in case, change their "pricing algorithms", to effectively spread the users at the price feed level (not at the execution level, like this plugin does).
And they could do many other thins. Regulation don't protect you. Regulators can't be trusted.

Complaining is a losing path.
Just use some brokers you trust and go trading.
Everybody knows ibfx is a scam but they have thousands of clients. People like to lose, the majority are losers.

Didn't know the "everybody's doing it" was a valid excuse for dishonesty...and to just bend over and take with out even a mild response. If you know its happening don't you have some responsibility to at least say something?

[Trademesilly]

Greetings all, including reps from dealing desks pretending to be novice traders, and posting here as such. As background, interested souls should familiarize themselves with the work of NDD forum and website. Further insight can be gained from the bottom of this Trading blog, especially bottom links related to bucket shops and permitted anomalies such as "internalization". As an aspiring, (not new), trader, I am sympathetic to the idea of formal complaint mechanism, and support it fully. I am likewise supportive of boycotting known brokers who are known to manipulate prices and engage in stop hunting. Both avenues should be pursued. This subject is not new. In the coming days of anticipated reform, what can we expect? It is possible that we are entering a phase, as market participants, where everyone loses. Tenacity as a trader can be mutated to other pursuits. One does not of necessity have to trade. A first step to claiming the right to a level playing field may well be a total trading boycott. Don't pay to play in a game that is rigged. Don't buy into the bullshit that sounds like advice from trading "professionals". Don't buy the courses that teach you how to trade on a playing field that will not let you win. If a so called honest broker presents himself, it won't take long for a large number of traders to provide business. That broker can scam selectively, be profitable, and traders can delude themselves, believing that all is finally well enuf!

[aquaart]

Originally Posted by stradlink

Didn't know the "everybody's doing it" was a valid excuse for dishonesty...and to just bend over and take with out even a mild response. If you know its happening don't you have some responsibility to at least say something?

You are totally right Stradlink....

We have a responsibility to trade properly and correct things that are wrong with our trading...

We are accountable for bad trading, bad internet links at our end, bad OS on our computers or trying to use irresponsible programmed software (in our EAs).

The broker should be accountable for its trading, its internet link, its OS, and its software.

I am NOT going to be some bent over prison babe, who says you can have me the way that you want.....

I will speak up....
I will be responsible...
I will inform the authorities...
I will expect positive outcomes....
I will promote others to do the same....

Brokers MUST trade honestly and on a level playing field...


So if the dealing desk has this boston technology software (or anything similar) they are effectively manipulating the price and deilberately profiting by not honouring what you clicked, they should be charged with stealing or fraud. Hence what this software is doing could be more easily called stealing or fraud. Moving the price against you in order for them to benefit, instead of what you click is what you get should be made illegal and therefore software like this should also be made illegal. However, an individual trader would never be able to tell and therefore this is an area that I would happily suggest should be regulated.


Hence I believe making formal complaints to the appropriate authorities about the software is a necessity. Because MT4 are doing it and have been for some time (version 3.16 of the software), this would mean that other software vendors for trading platforms are probably or have developed there own versions. It needs to be stopped and the only power we have is to complain on mass to the appropriate authorities.

See this post for the appropriate links.
http://www.forexfactory.com/showpost.php?p=2690339&postcount=39 5

[hazelj80]

you can complain directly to them all you want and this is what you're gonna get

"No Broker wants an investigation, so this is how the Brokers more drastic self-preservation methods will likely unfold.

The account is flagged to locking up the traders platform to prevent existing trade closer at a significant turning point in the market that will force the trade into the negative to close out at a loss, sometimes even a margin call. If and when you complain, the Broker will then claim that it is due to freak or periodic liquidity issues that are beyond the brokers control and that just need to be accepted as part of the risks of trading in the Forex, hoping that the trader will fall for this lie, accept responsibility, and give up the fight, which most ignorant naive traders do. If that deception doesn't work, then the broker may claim that their is nothing that he can do about it, hoping still that the client will still give up the fight. Many do just that. For those who still persist, he may try to accuse the client of using some kind of an unethical trading edge and that that he simply cannot allow unethical clients to be successful, or to trade any longer with their firm. If the client is now persistent, angry, and smart enough to threaten filing a claim with the NFA, the Broker will likely shift his tactical position to negotiating a settlement, offering a small fraction of the amount lost, in staed of the prospect of wading through a long drawn out investigation from the NFA that may or may not result in a favorable decision for the trader. Most remaining traders cave in at this point and accept some kind of offer to make an adjustment to their account, restore 10 to 30 percent of their loss. Afterall, the Broker will reason with them, if you are good enough to get this far with your account, then you could buiold it all back again, and much more, before you would ever get an answer to a complain to the NFA, right. This all makes perfect sence, accept the trader is somehow never able to experience the same kind of result with that broker service, either due to tactical manuvering from the Market Maker to prevent success, or by a combination of that and new emotional interference in the mind of the trader who is never able to get completely mentally accept the injustice of the settlement. until the trader finally realizes that the Broker new at the time of the settlememnt that this client/trader's account would forever more be flagged as a hiugh risk account, to be regularly sabotaged, never again to be allowed to be come so successful. Of course the Broker will have also had the trader sign a release, waiving the Broker of all responsibility, and even promising to never speak mof this incoident and of the settlement to anyone else, and to never file a complaint about it to the NFA. Alas, the complaint to the NFA would probably have been a more profitable choice, even if the investigation did take six months. Then again, it may have resulted in a much higher settlement offer from the Broker, perhaps even a full restoration of the losses in question to the traders account. Then, the Broker must decide whether or not to continue allowing the client to trade an account with him. Frankley, it is better to take your money somewhere else. "

so basically they still might get some or most of your money in the end anyways. it's like when celebrities get a slap on the wrist and laugh about it later. they have deeper pockets than us and that would be an uphill battle unless it's a class action suit of some type. despite what some people wanna say about spot forex, there' money to be made just don't trade with a market maker and you'll be fine. sadly, it's mostly unregulated and they can change the rules whenever they want and however they want. don't think so, then why is hedging going to get banned!? next thing you know, they will say you can't scalp or use an EA or something else stupid like that... and then give a dumb definition of what can and cannot be done.

[jagui]

Originally Posted by stradlink

Didn't know the "everybody's doing it" was a valid excuse for dishonesty...and to just bend over and take with out even a mild response. If you know its happening don't you have some responsibility to at least say something?

Never said it is a valid excuse for dishonesty.
Never said you have to bend over.
What I say is that the honesty of a broker is not made of software and/or regulation.
Blaming some piece of software is useless.
The software does what the broker wants.
Every monkey can write more and more software.
Every broker can find more and more ways to bypass regulation.

What I say is that if you find a dishonest broker, simply don't even think of opening an account with them, or run away if you already are with them.

[ragnakore]

Originally Posted by jagui

What I say is that if you find a dishonest broker, simply don't even think of opening an account with them, or run away if you already are with them.

Well said!

However as brokers start to cheat because they get to bybpass some of the regulations, sooner or later, even the honest ones will become cheaters.

"Good people gets tired of doing good earlier than Bad people gets tired of doing bad."

[aquaart]

Originally Posted by ragnakore

Well said!
"Good people gets tired of doing good earlier than Bad people gets tired of doing bad."

No...


I am only good if I do something about it...



That includes:

• changing broker (for myself).
• informing the correct people (to protect myself and others).
• and letting others know (for others).

I am no good and I do no good unless I look beyond myself...
Anything less would be selfish of me

A take on what a wise man once said, all it takes for evil to triumph is for the people who can do good to do nothing.


Brokers MUST trade honestly and on a level playing field...


So if the dealing desk has this boston technology software (or anything similar) they are effectively manipulating the price and deilberately profiting by not honouring what you clicked, they should be charged with stealing or fraud. Hence what this software is doing could be more easily called stealing or fraud. Moving the price against you in order for them to benefit, instead of what you click is what you get should be made illegal and therefore software like this should also be made illegal. However, an individual trader would never be able to tell and therefore this is an area that I would happily suggest should be regulated.


Hence I believe making formal complaints to the appropriate authorities about the software is a necessity. Because MT4 are doing it and have been for some time (version 3.16 of the software), this would mean that other software vendors for trading platforms are probably or have developed there own versions. It needs to be stopped and the only power we have is to complain on mass to the appropriate authorities.

See this post for the appropriate links.
http://www.forexfactory.com/showpost...&postcount=395