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Is it possible to consistently win at Forex trading?

  • Post #1
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  • First Post: Sep 3, 2007 1:49pm Sep 3, 2007 1:49pm
  •  thebeaz
  • | Joined Sep 2007 | Status: Member | 2 Posts
Hello Everyone...There is obviously a great deal of experience-backed information here at FF. I've also spent many hours doing my DD on the Net in general before I start trading live (again) in Forex. The trouble is:

The more I learn about the Forex market (its construction, regulation - or lack thereof, unscrupulous broker tactics, etc), then the more skeptical I become that ANYONE can consistently trade in this market without eventually getting their clock cleaned. Perhaps most disheartening is trying to filter everything read (and considering the source) to really arrive at some semblance of truth enabling one to either chart a course for Forex success or just steer clear of the rocks completely.

I realize this is a touchy subject at a forum devoted to Forex traders and trading...Then again, there's no shortage of touchy subjects, members and postings here from what I've read so far. I think I can pretty much sum up most of my thoughts at this point into my first question:

1) Why would a (semi-regulated) Forex broker EVER allow a client to consistently make profitable trades if those profits come directly out of the broker's pocket?

If I understand the workings correctly, Forex brokers with a "dealing desk" provide liquidity when filling your buy/sell order by taking the opposite position. Given that this broker directly controls the price movement, knows all stop orders in their system at any given time, operates in a pseudo-regulatory environment and is in business to make a profit, then isn't it true that any account that is showing repeatedly profitable results would then be "targeted" in order to stop the hemorrhaging?

A couple of years ago I blindly followed a Forex system promoter into the arena and took a $10,000 demo account up pretty significantly during the trial. Then I applied the SAME (manual) methodology when I went live with the "largest" broker at the time only to suffer loss after loss, closing the account within 30 days and taking $6k of my $10k back to the equities market. I blamed the guy's SYSTEM for being faulty...Which brings me to another question that's been bugging me for days:

2) If an automatic trading program exists that takes the emotion out of Forex trading for individual traders and has been proven to produce profitable results through extensive back/forward testing, then why would any broker (again) allow you to sit back in your easy chair and collect a paycheck at the end of every month at their expense?

I've used computers since the punch card days at the mainframe in college...I also connected to that same mainframe through my Timex-Sinclair PC and a 300/1200 baud modem from my dorm room. The point being that nowadays you don't need a Cray Supercomputer for instantaneous and massive data analysis. While this isn't news, it does lay the foundation for my "conspiracy theory" behind a certain trading platform. Consider that if a broker's ability to meet payroll depended more on unscrupulous and devious methods instead of simple pip spreads and commissions, then wouldn't it naturally be appealing to the masses if you offered them the ability to develop or purchase an EA and have it automatically deposit profits into their Forex account while they sleep? If 90-95% of individuals lose money trading Forex, then it becomes a revolving door and the one with the most new accounts wins. And doesn't that make all of these EAs just mirages that promise easy money in free demo accounts, only leading those who follow them to live trading failure and losses...Even though the "program", its parameters and even the market conditions could essentially remain exactly the same?

This leads me to my final question:

3) If one employs a "proven Forex system" (manual or auto) and consistently trades it more or less without emotion and chooses an ECN for order placement, then is it possible (not probable, just possible) to enjoy any long-term trading success in the cash Forex market, given its current construction?

I've actively traded equities long enough to take a loss like a man, either because of a stop-out or just a boneheaded move on my part. I also have no problem losing money in Forex if my system stops me out (legitimately) or if I deviate from it and lose. However, I do have a problem taking capital into Forex if there's just absolutely no way I can leave with more money than I came with regardless of what I do.

A couple of weeks ago I demoed an EA I bought at eBay...Over the course of 7 trading days it took a $10k demo account to $12k without any intervention whatsoever on my part, running on a single currency pair 24 hours/day. Of course it scared the shite out of me when the pair started trending and this crazy thing started using a Martingale betting strategy to repeatedly double-up on bad positions, ultimately being down $6k (open positions) when I woke up one morning. It recovered, but I got a refund when I told the guy there's just no way I could trade that EA with a live account.

The point is it showed me that an EA can consistently take Forex profits in a demo account. There are also some very good trading strategies posted here (although I haven't personally tested any myself yet in a demo account). But none of that means much if everything changes when you move from demo to live trading.

On top of that, just when I've researched and researched brokers/ECNs and opened 2 accounts last week, I see a post here at FF that references a YouTube video of a broker-bashing guy who claims to present "credible" broker reviews and flat-out states that:

Every review here goes through a 6-step verification process before getting posted to avoid user abuse by either trying to bash or sugarcoat particular forex service provider.

Unfortunately, that video has "been removed by the user" after only 4 days...Along with another video of a Trader's response that has been removed by the user after only a few HOURS. These kinds of actions concern me as much as anything else mentioned above. I specifically decided to open an account with one of his top 3 reviewed brokers, only to read in that thread that he apparently gets a 25% commission/kickback/call-it-what-you-like for funneling new Forex traders to them. If that was disclosed up front, I might not have a problem...But given the fact that he refers to so many Forex bastards trying to make money by screwing us over -- but that his site is "different", impartial and credible -- well, I already feel like I just got screwed over and I haven't even funded an account or made a trade yet!

Although just putting my thoughts into words in this post has helped me at least understand the treacherous waters of cash Forex, it doesn't mean I'm above risking a couple of $k of an account balance to see if I can turn a profit and be allowed to keep it...And that may be what I need to do, since nobody here can tell me for sure if I'll win or lose. But I am legitimately asking the above questions to those of you who've been around Forex longer than me. I've read posts here and at other boards by those claiming that they make a living, pay the bills, etc through Forex trading. I also read where a guy claimed to be "from an Italian village of 1,000+ Forex daytraders"...LOL But I do tend to believe that there is a very narrow choice of options and actions that result in consistent Forex profits. I'm not looking for details and secrets...Just anyone who wants to share experiences.

You know, like "everyone I've ever know has lost it all when they came to Forex" or "my friend and I trade throughout the week and whenever we get stop-sniped, we close that account and move it somewhere else to keep what we kill" (if you'll forgive the Riddick reference). I just want a level playing field where I can win or lose fairly...Maybe that's asking too much in Forex?

LOL...It figures...I spend my holiday morning typing this message and went to double-check something at the bastards site and I see a new 10min video in the reviews section. It looks somewhat like damage-control to me. But he specifically confirms many of the broker tactics I've read about...Now whether or not I'm ready to trust someone who was possibly "caught" in the middle of a conflict of interest...Well, I'm still thinking about that one?!?!?!
  • Post #2
  • Quote
  • Sep 3, 2007 2:28pm Sep 3, 2007 2:28pm
  •  4XWeezal
  • | Joined Jan 2007 | Status: Member | 419 Posts
Lots of words..If you are that down on Forex stick to something you know.
Having said that:.(Having traded and am profitable in forex)
1.) Brokers do run stops for their payroll and manipulate. If your trading FXCM
you may as well give them your money - they manipulate heavily. I trade fxdd , mulitbank northern finance etc.. They are pretty legit in live trading.
Also, I autotrade multiple buys/sells in each order and 50 pip stops- that way I don't run into those problems. I also have automated getouts. Not an easy process.
2-3.) 95% of traders do lose money. I know why.Most don't trade multi time frame and most don't manage the tops and bottoms in getting out after being in the trade on multi time frames. Forex moves a lot and consolidates. Not an easy function for traders to do live or automate.
 
 
  • Post #3
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  • Sep 3, 2007 5:03pm Sep 3, 2007 5:03pm
  •  philmcgrew
  • Joined May 2005 | Status: I am not your bro | 1,302 Posts
As long as you think Forex is crooked you should not trade real money. Good luck on finding a market that is "fair." And by fair I think that means they let you take money from them. If you've ever traded options, you traded against a market maker who set the spread. If you've traded stocks you traded against a market maker who set the spread. I'm constantly baffled when people lose their minds in forex when brokers do the exact same thing. You don't think stops are ran in the stock market? Presumably, the same percentage of traders lose in stocks, options, futures, and other markets. Losers are not unique to forex.

It's not the broker's fault that a large percentage of traders are losers. It's not their fault that people log onto this forum download the latest EA and then drain their accounts. It's not thier fault that traders hold their losses and cut their winners short. They didn't start the fantasy that you can trade for 10 pips at a time while paying 4 pips to play. If I could trade against the majority of forex traders I would too. Brokers match trades. For every genius that thinks the market is going up there is another who is equally convinced that it's going down. The broker doesn't have to assume any risk whatsoever and they can rightfully collect the spread on both trades. The trades offset and they are left with 8 risk free pips. If their position does go net long or short they can shift the price by maybe a pip but risk getting out of line with the market. If that doesn't encourage a move in their desired direction they have the right to go into the market and offset their position with another broker or bank.

Why would a broker allow you to trade automated? Most traders don't have the discipline to follow an automated system for more than a day or two. They have nothing to worry about. The more you trade the more they make in spread. Hell, some brokers even offer automated systems! How did your automated system do? 10K to 6K? You, like most, didn't have the sense to understand when your system was broke and you took a 50% drawdown. Why wouldn't they take the other side?

I can't believe how many people think a dealing desk broker takes the other side while an ECN doesn't.

You took a lot of time to write a well thought out post and I respect that but the bottom line is that if you think Forex is crooked then don't come into our sandbox.
 
 
  • Post #4
  • Quote
  • Sep 3, 2007 5:33pm Sep 3, 2007 5:33pm
  •  PeterFM
  • Joined Apr 2006 | Status: Suaviter in modo, fortiter in re | 1,851 Posts
Quoting philmcgrew
Disliked
You took a lot of time to write a well thought out post and I respect that but the bottom line is that if you think Forex is crooked then don't come into our sandbox.
Ignored
but agreed with 100%. There are plenty of traders here who do so for a living, some spot, others futures, but I know from what I read they've learnt to deal with the market place as it is.
I hope to learn from them.
 
 
  • Post #5
  • Quote
  • Sep 4, 2007 1:56am Sep 4, 2007 1:56am
  •  billflet
  • Joined Mar 2007 | Status: It's all just noise. | 1,681 Posts
[quote If I understand the workings correctly, Forex brokers with a "dealing desk" provide liquidity when filling your buy/sell order by taking the opposite position. Given that this broker directly controls the price movement, knows all stop orders in their system at any given time, operates in a pseudo-regulatory environment and is in business to make a profit, then isn't it true that any account that is showing repeatedly profitable results would then be "targeted" in order to stop the hemorrhaging?[/quote]



I don't like to question just one point in such a long post but I see this question/complaint over and over, this theory of profitable accounts being targeted. I've even read a post written by a person who was making great strides with his demo until his broker began "playing games". I'm not sure how this would be done. Do you mean the broker would manipulate the price one way or another just to beat one individual account? Wouldn't there be people on the other side of the trade who would benefit? It would have to be one helluva position to make it worthwhile. I just don't think the brokers are watching individual accounts trading minis or a few standard lots all that closely. I'm sure when any sort of manipulative tomfoolery does go on it is done to target the nameless masses, not one individual account. If you get caught in a stop run it is because you are one in many, not because you've been showing a profit.
I agree this business is a minefield, but no one is going to come along and sweep the mines--they must be navigated. And once in a while, no matter how good you are, they're gonna get a piece of you. That's what it is.

And Phil, glad to see you back. All the posts you've written on this topic should be required reading before membership is granted.
 
 
  • Post #6
  • Quote
  • Sep 4, 2007 3:43am Sep 4, 2007 3:43am
  •  djmetric
  • | Joined Jul 2007 | Status: Member | 62 Posts
Quoting billflet
Disliked
I've even read a post written by a person who was making great strides with his demo until his broker began "playing games". I'm not sure how this would be done. Do you mean the broker would manipulate the price one way or another just to beat one individual account? Wouldn't there be people on the other side of the trade who would benefit?
Ignored
Isn't it possible that they could widen the spread and freeze platforms of individual traders? There are lots of games they could play.
 
 
  • Post #7
  • Quote
  • Sep 4, 2007 7:11am Sep 4, 2007 7:11am
  •  melpheos
  • Joined Jan 2007 | Status: Stochastic pipster | 1,657 Posts
There is allways one point which is usually forgotten i dont know why.

Bucketshop do send some orders on the market when there is a unbalance between long and short or when they can cluster several orders in one big order so they get better quote than what they provide.

Imagine all your clients going short on a pair while the market is indeed heading south. Do you really think the bucket shop will cancel all the orders to protect itself ?

No, they will send a batch order and as obvisouly some will take their profit early on and other will take their profit too late, the bucket shop will average the position so they are still safe and eventually make even more profit.
 
 
  • Post #8
  • Quote
  • Sep 4, 2007 7:43am Sep 4, 2007 7:43am
  •  bapxyz
  • | Joined Jun 2006 | Status: What, NO STOPS !! | 430 Posts
Quoting thebeaz
Disliked
Hello Everyone...There is obviously a great deal of experience-backed information here at FF. I've also spent many hours doing my DD on the Net in general before I start trading live (again) in Forex. The trouble is:

The more I learn about the Forex market (its construction, regulation - or lack thereof, unscrupulous broker tactics, etc), then the more skeptical I become that ANYONE can consistently trade in this market without eventually getting their clock cleaned. Perhaps most disheartening is trying to filter everything read (and considering the source) to really arrive at some semblance of truth enabling one to either chart a course for Forex success or just steer clear of the rocks completely.

I realize this is a touchy subject at a forum devoted to Forex traders and trading...Then again, there's no shortage of touchy subjects, members and postings here from what I've read so far. I think I can pretty much sum up most of my thoughts at this point into my first question:

1) Why would a (semi-regulated) Forex broker EVER allow a client to consistently make profitable trades if those profits come directly out of the broker's pocket?

If I understand the workings correctly, Forex brokers with a "dealing desk" provide liquidity when filling your buy/sell order by taking the opposite position. Given that this broker directly controls the price movement, knows all stop orders in their system at any given time, operates in a pseudo-regulatory environment and is in business to make a profit, then isn't it true that any account that is showing repeatedly profitable results would then be "targeted" in order to stop the hemorrhaging?

A couple of years ago I blindly followed a Forex system promoter into the arena and took a $10,000 demo account up pretty significantly during the trial. Then I applied the SAME (manual) methodology when I went live with the "largest" broker at the time only to suffer loss after loss, closing the account within 30 days and taking $6k of my $10k back to the equities market. I blamed the guy's SYSTEM for being faulty...Which brings me to another question that's been bugging me for days:

2) If an automatic trading program exists that takes the emotion out of Forex trading for individual traders and has been proven to produce profitable results through extensive back/forward testing, then why would any broker (again) allow you to sit back in your easy chair and collect a paycheck at the end of every month at their expense?

I've used computers since the punch card days at the mainframe in college...I also connected to that same mainframe through my Timex-Sinclair PC and a 300/1200 baud modem from my dorm room. The point being that nowadays you don't need a Cray Supercomputer for instantaneous and massive data analysis. While this isn't news, it does lay the foundation for my "conspiracy theory" behind a certain trading platform. Consider that if a broker's ability to meet payroll depended more on unscrupulous and devious methods instead of simple pip spreads and commissions, then wouldn't it naturally be appealing to the masses if you offered them the ability to develop or purchase an EA and have it automatically deposit profits into their Forex account while they sleep? If 90-95% of individuals lose money trading Forex, then it becomes a revolving door and the one with the most new accounts wins. And doesn't that make all of these EAs just mirages that promise easy money in free demo accounts, only leading those who follow them to live trading failure and losses...Even though the "program", its parameters and even the market conditions could essentially remain exactly the same?

This leads me to my final question:

3) If one employs a "proven Forex system" (manual or auto) and consistently trades it more or less without emotion and chooses an ECN for order placement, then is it possible (not probable, just possible) to enjoy any long-term trading success in the cash Forex market, given its current construction?

I've actively traded equities long enough to take a loss like a man, either because of a stop-out or just a boneheaded move on my part. I also have no problem losing money in Forex if my system stops me out (legitimately) or if I deviate from it and lose. However, I do have a problem taking capital into Forex if there's just absolutely no way I can leave with more money than I came with regardless of what I do.

A couple of weeks ago I demoed an EA I bought at eBay...Over the course of 7 trading days it took a $10k demo account to $12k without any intervention whatsoever on my part, running on a single currency pair 24 hours/day. Of course it scared the shite out of me when the pair started trending and this crazy thing started using a Martingale betting strategy to repeatedly double-up on bad positions, ultimately being down $6k (open positions) when I woke up one morning. It recovered, but I got a refund when I told the guy there's just no way I could trade that EA with a live account.

The point is it showed me that an EA can consistently take Forex profits in a demo account. There are also some very good trading strategies posted here (although I haven't personally tested any myself yet in a demo account). But none of that means much if everything changes when you move from demo to live trading.

On top of that, just when I've researched and researched brokers/ECNs and opened 2 accounts last week, I see a post here at FF that references a YouTube video of a broker-bashing guy who claims to present "credible" broker reviews and flat-out states that:

Every review here goes through a 6-step verification process before getting posted to avoid user abuse by either trying to bash or sugarcoat particular forex service provider.

Unfortunately, that video has "been removed by the user" after only 4 days...Along with another video of a Trader's response that has been removed by the user after only a few HOURS. These kinds of actions concern me as much as anything else mentioned above. I specifically decided to open an account with one of his top 3 reviewed brokers, only to read in that thread that he apparently gets a 25% commission/kickback/call-it-what-you-like for funneling new Forex traders to them. If that was disclosed up front, I might not have a problem...But given the fact that he refers to so many Forex bastards trying to make money by screwing us over -- but that his site is "different", impartial and credible -- well, I already feel like I just got screwed over and I haven't even funded an account or made a trade yet!

Although just putting my thoughts into words in this post has helped me at least understand the treacherous waters of cash Forex, it doesn't mean I'm above risking a couple of $k of an account balance to see if I can turn a profit and be allowed to keep it...And that may be what I need to do, since nobody here can tell me for sure if I'll win or lose. But I am legitimately asking the above questions to those of you who've been around Forex longer than me. I've read posts here and at other boards by those claiming that they make a living, pay the bills, etc through Forex trading. I also read where a guy claimed to be "from an Italian village of 1,000+ Forex daytraders"...LOL But I do tend to believe that there is a very narrow choice of options and actions that result in consistent Forex profits. I'm not looking for details and secrets...Just anyone who wants to share experiences.

You know, like "everyone I've ever know has lost it all when they came to Forex" or "my friend and I trade throughout the week and whenever we get stop-sniped, we close that account and move it somewhere else to keep what we kill" (if you'll forgive the Riddick reference). I just want a level playing field where I can win or lose fairly...Maybe that's asking too much in Forex?

LOL...It figures...I spend my holiday morning typing this message and went to double-check something at the bastards site and I see a new 10min video in the reviews section. It looks somewhat like damage-control to me. But he specifically confirms many of the broker tactics I've read about...Now whether or not I'm ready to trust someone who was possibly "caught" in the middle of a conflict of interest...Well, I'm still thinking about that one?!?!?!
Ignored
yes
 
 
  • Post #9
  • Quote
  • Sep 4, 2007 11:50am Sep 4, 2007 11:50am
  •  billflet
  • Joined Mar 2007 | Status: It's all just noise. | 1,681 Posts
Quoting djmetric
Disliked
Isn't it possible that they could widen the spread and freeze platforms of individual traders? There are lots of games they could play.
Ignored
Of course, anything is possible. But probable, or practical for the broker? And brokers manipulating demo accounts when the client begins to show success? What would be the point? To chase them away before they put real money in and start paying spreads? Maybe I'm missing something here.

If you really believe the brokers are watching our single, drop in the bucket individual accounts and are handling them seperately in an attempt to foil us all, why would you even trade?

The people who have done their work, learned their lessons, and are emotionally cut out for this are succeeding.
The best of the best students are learning to navigate the mine field because it is part of the business and must be done.


And thank you Melpheos. I think your point isn't forgotten as often as it is unknown. I think a lot of the conspiracy theories come from not knowing what actually happens to an order once it is placed.
Phil's and Darkstar's stuff--required reading. Agreed?
 
 
  • Post #10
  • Quote
  • Sep 4, 2007 8:43pm Sep 4, 2007 8:43pm
  •  Marrethiel
  • | Joined Feb 2007 | Status: Member | 313 Posts
Quoting billflet
Disliked
And thank you Melpheos. I think your point isn't forgotten as often as it is unknown. I think a lot of the conspiracy theories come from not knowing what actually happens to an order once it is placed.
Phil's and Darkstar's stuff--required reading. Agreed?
Ignored
http://www.forexfactory.com/showthread.php?t=7484

Is this the thread you are talking about? It is great reading.
 
 
  • Post #11
  • Quote
  • Sep 4, 2007 10:09pm Sep 4, 2007 10:09pm
  •  billflet
  • Joined Mar 2007 | Status: It's all just noise. | 1,681 Posts
Quoting Marrethiel
Disliked
http://www.forexfactory.com/showthread.php?t=7484

Is this the thread you are talking about? It is great reading.
Ignored
Yes, excellent work by Darkstar.
 
 
  • Post #12
  • Quote
  • Sep 4, 2007 10:16pm Sep 4, 2007 10:16pm
  •  thebeaz
  • | Joined Sep 2007 | Status: Member | 2 Posts
Thanks Phil...I've never seen a person who doesn't defend brokers actually defend brokers so much. And I probably won't come play in your sandbox because the brokers have turned it into their litter box, apparently right under everyone's noses. Losing traders do deserve to lose...But where I come from, winning traders also deserve to win instead of worrying about when and how their broker is going to pick their pocket while they're busy trading. This I read from another thread here about stop hunting in Forex:

Quote
Disliked
Its is totally brokers greed.

I was looking for good IB agreement with someone, and this one broker offered me a platform where I can skew prices to any extent I want at anytime I want to trigger Stops. He had this inbuilt software withing the platform.

I asked him what if the clients find the difference in charts, and he said we will just return him his money them than. Untill he finds the fault its always your profit, he said that to me.

I dont understand why will bankers of the brokers will do this?

Stop hunting in the stock market is nothing like stop hunting in Forex. Most market makers take at least a few minutes, sometimes an entire day or more to run stops in stocks...In other words, you generally have time to rethink your position entirely or adjust your stop up or down, depending on your risk tolerance. In Forex, it's been been described as "microseconds" when YOUR BROKER flashes a candle on your screen that doesn't show up on any other datafeed, takes out your stop, then it's back to the normal spread. While you might consider this "fair" because the brokers have families to feed too, it's nothing more than stealing. And when your stop is taken out in a stock, even on margin, it's just not comparable to the damage of a Forex stop being run at 50:1, 100 or even 200:1 leverage.

In nearly 20 years of actively trading equities, the most a broker has "stolen" from me was maybe 5 or 10 cents a share on a bad market order fill...But considering they may have had to go up/down a price level or 2 to fill me, I even give them the benefit of the doubt. Besides, it WAS a market order. Commissions are how I expect them to feed their families, unless they have the other side of one of my bad trades...And all of that is legit.

I just find it amusing that these kinds of broker "activities" are accepted by Forex traders as "part of the business", yet it's the trader's fault when their account is drained:

1) Your broker locks you out of exiting a profitable position because of "technical issues", but fills you once the position is no longer in profit.

2) Your broker confirms your entry AND exit of a quick and profitable trade, then notifies you the next day, "We're sorry to inform you that your trade yesterday never actually occurred."

3) Your broker requotes your confirmed fills after the fact, either reducing your legitimate profit or leaving you with a loss.

4) You ask your broker to close out your account and forward the proceeds to you. Three months later after you've hired an attorney, your broker agrees to send you your funds.

5) Your broker hunts your stops as described above and there's little you can do beyond filing complaints and closing your account or posting a bad online review. If you don't subscribe to individual account hunts, then how hard is it to generate a report of where the most profitable stop imbalances are if you know where your clients have their hard stops in YOUR system? And then just GO GET THEM?

I'm sure there are many other Forex broker tricks of the trade...But if you happen to have Phil's brokers, these things never happen to you. And if you trade in the Forex market and your broker does these things to you...We'll you probably deserve it because you're a bad trader and you would've lost it all eventually anyway.

I can read a chart...It's not that hard. I can also watch price and volume action on multiple timeframes, draw trendlines and support/resistance levels. Without EAs or fancy indicators I can tell you when to enter and when to exit, where to place a stop-loss and how to trail a profit...And I'll be right more often than I'm wrong. When I'm wrong, the average loss will be much smaller than my average gain. But if I have to keep looking over my shoulder wondering when my own broker is going to get tired of feeding my kids and come take his money back...Well, that just seems sort of counter-productive you know? If 90%+ of traders/investors are going to lose it all, regardless of what market they're in, then isn't that sufficient revenue for Forex brokers in addition to normal spreads and/or commissions?

Doesn't it seem a little excessive to anyone else that Forex brokers have to pull out their bag o tricks and go after the SUCCESSFUL traders who know how to trade and make consistent profits?
 
 
  • Post #13
  • Quote
  • Last Post: Sep 5, 2007 8:54am Sep 5, 2007 8:54am
  •  philmcgrew
  • Joined May 2005 | Status: I am not your bro | 1,302 Posts
It's really not so much that I enjoy defending brokers as much as I enjoy taking the other side of an argument. Especially when it's a weak one. If your "due dilligence" consists of an EA purchase off of eBay and belonging to Forex Factory for 2 days and quoting perfect strangers who comment on non-personal experiences then you've only scratched the surface. There may be unscrupulous brokers just as there are unscrupulous mechanics, banks, puppy breeders...you name it. If you take your eBay EA and you sign up with Bob's Forex Shop based in Belize in a mildly regulated industry then you get what you deserve. If you stick with the largest, well funded brokers who clear thousands of trades an hour then you are not going to experience the things you heard about. I have traded with the largest brokers in excess of 4 years now. I have never had an unfair trade, never disputed a transaction, never had an unreasonable fill, and have had a total of one requote in a fast market.

It doesn't bother me that you complain about brokers. That's your right. It does bother me that you quote experiences that are not your own and propagate stories that were perhaps more commonplace a few years ago. If you have service interruptions with your broker then you need to find a more reliable broker. It's no different than spotty service from an internet provider. You simply switch to a more reliable service.

And, if the market takes a day to run your stops you might want to examine the idea that you may have been wrong in your opinon of the market rather that the market colluding against you. This happens to a lot of struggling traders, they would rather buy into a market conspricy then admit they were simply wrong. I've stated before that blaming your broker is a phase most of us go through. I did it when I traded stock options and couldn't trade well until I moved beyond that. I hope that as you mature you can reach the same conclusion.
 
 
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