Life is too short to have anything but delusional notions about yourself.
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Broker Regulations - Complaints & How to Secure Ourselves? 18 replies
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Broker complaints get over it ????? 8 replies
Do you really think a broker will let you get away with that? 4 replies
Quoting StockKJayDislikedI think this broker discussion is crazy. Retail mms like Oanda, GFT, FXCM etc etc are all pretty much the same thing. If you trade long term positioning or trade anything outside of volatile times they are fine. They give you tools, analysis, charts etc to use. They want your business if you trade anything but news. They may make something when you lose... they make something when you win by getting the spread difference.
If you trade news get with an ECN or some bigger broker that will let you trade with them. If they requote you leave and try a new one.
As for "news trading died two years ago"... that is pretty much the most useless comment I have seen on this board. Just because brokers dont honor stoplosses like they used to you .. is that reason to just give up and throw in the towel? So you can't straddle... go out and get a news service like Reuters and practice your reflexes. I know a guy that trades with HotSpot FXI and trades news at a minimum of $1000/pip. BS news trading is dead. His account is well into the millions and he makes or loses $50k on NFP trades. Can I tap into this? no.. because there is no way I can scrape together 500k - 1 Million dollars to open an account. Until then I got to stick with ECNs or other brokers and work my way up.
Retail mms will do what they need to to make money. The same as any other company. Except car manufacturing companies of course : ).Ignored
Quoting StockKJayDislikedI think this broker discussion is crazy.Ignored
Quoting StockKJayDislikedAs for "news trading died two years ago"... that is pretty much the most useless comment I have seen on this board.Ignored
Quoting StockKJayDislikedSo you can't straddle... go out and get a news service like Reuters and practice your reflexes.Ignored
Quoting /StockKJayDislikedI know a guy that trades with HotSpot FXI and trades news at a minimum of $1000/pip. .... His account is well into the millions and he makes or loses $50k on NFP trades.Ignored
Quoting merlinDislikedabsolutely right on with this whole post.
and for those that dont already know, you need to be with MANY brokers! trading with one broker puts you at a serious disadvantage!Ignored
Quoting merlinDislikedyeah, we are opening a Broker Bitching forum very soon, i will stickie this and your article in that forum.
thanks much this is a great idea!Ignored
Quoting DarkstarDislikedI'm gonna write up a market microstructure article tonight that explains in detail why spreads get widened and orders get slipped. I think it would help the misguided noobs understand things better.
If its good maybe my buddy Merlin can sticky it somewhere.Ignored
Quoting smjonesDislikedI would like to complain about your complaining about people's complaints about complaints in this thread... No wait, I mean complaining about complaining.... No wait, Oh I am so confused.... LOL
ScottIgnored
Quoting mrmikalDislikedFXO,
What you claim is fair IS fair from a customer's point of view...but it is an idealists point of view. Brokers aren't here to serve us. Short, long, medium, whatever...Ignored
Quoting mrmikalDislikedFXO,
If the price is at 1.8905 buy and 1.8903 sell at the price feed of the bank that is providing the data and liquidity then that is where it is at. That is the fact and that is the truth. There is nothing open to interpretation. NOTHING. If a broker decides to show you 1.8915 and 1.8893 as the spread than they are lying in a deliberate attempt to defraud and cheat you. That is the FACT and the TRUTH. They are purposely cheating you. UNLESS you agree to that in your contract going in they are misrepresenting the actual market price. Fact and Truth.
Brokers do this because they are not passing your positions straight through. They do this because they don't know how to make up for the loss they would incur due to the time period between your trade and their ability to cover their total postion with their liquidity provider. Some are trying to cheat you for additional profits while others are merely trying to protect themselves and "make it all work out".Ignored
Quoting FXopportunistDisliked
You need to get some kind of grip on how the Forex market works. First, there is no market.
Then what are we all doing???? This is the standard market maker tactic to muddy the water........
There is no true currency price.
Then we should throw out the tic rules to then and just go free for all. Wonder why they don't?? Because the markets couldn't function.
In your example, if a bank quotes 8903 @ 8905 that is a single bank. the other hundreds of banks have every right to make up their own price as well.
Not even close to true. They can buy and sell their own trade and interests the same way we do. BUT if they enter an agreement to be a liquidity provider then they are bound to some form of integrity. Once that is acknowledged we get back to the argument of where to draw the line. And if they don't function with integrity with other banks, they find themselves on the outside looking in. Kind of how you said you treated your previous customers.
I know this because I was a market maker.
T H A T E X P L A I N S E V E R Y T H I N G ! !
Bottom line, there is NO MARKET PRICE and there is NO MARKET. If you don't like the game call the NFA and leave us alone or find another market to trade.
I see you took it upon yourself to speak for everyone. Or, are you just speaking for the market makers that are getting fat on a sad unregulated environment?
PhilIgnored
Quoting dofDislikedI have a friend who has 3 balls... basketball balls.
My remark is useless, Phil's is not. You don't agree, it's a different story.
Anyway, happy trading.Ignored
Quoting FXopportunistDislikedIn your example, if a bank quotes 8903 @ 8905 that is a single bank. the other hundreds of banks have every right to make up their own price as well.
Not even close to true. They can buy and sell their own trade and interests the same way we do. BUT if they enter an agreement to be a liquidity provider then they are bound to some form of integrity.Ignored
Quoting lietuveDislikedUnfortunately I cannot find a post I wanted to quote from "that's not your game you were not invited" something like that.
That's not true. Just look at all those websites advertising forex trading...
...we were invited into this game and by signing an agreement with a brokerage and by positioning our money into the account we bought a service. Service in a market has the same value as a product. If I am getting a worse product or service than an initial agreement, I have right to complain! In other words if a broker cannot quarantee the spread, or the connection during the news - it should be advertised before the client signs an agreement. You know, there is a law in the US that a your service or your product should fit your advertisement.
Tha'ts how I see it.
Peace.Ignored
Quoting lietuveDislikedYou know, there is a law in the US that a your service or your product should fit your advertisement.
Peace.Ignored