Menu

Options

Bookmark Thread

First Page First Unread Last Page Last Post

Print Thread

Similar Threads

Received warning email from broker - Greek/EU 11 replies

Warning broker cheats and plays games during big news! 19 replies

Warning Big Time Broker Cheats!!!! 3 replies

What are the Broker Warning Signs? 3 replies

Attachments: news trading broker warning
Exit Attachments

news trading broker warning

  • Post #1
  • Quote
  • First Post: Edited 10:06am Sep 8, 2006 7:18am | Edited 10:06am
May this be a warning to all:

GFT is far worse than FXCM!

They literrally place my orders AGAIN at the peak for a whopping 20 pips SLIPPAGE????

If you have GFT! Close it! Its tottaly useless for you to maintain GFT account for news trading! They will leech you trading against you!
Quoting BurgerKing
May this be a warning to all:

GFT is far worse than FXCM!

They literrally place my orders AGAIN at the peak for a whopping 20 pips SLIPPAGE????

If you have GFT! Close it! Its tottaly useless for you to maintain GFT account for news trading! They will leech you trading against you!
This is one of the reasons why I trade before momentum. I may not always get the direction correct but I also don't have this complaint anymore.

I now trade with a direct ECN but I made sure they sent me a message about not increasing spreads or stop hunting.
Saxo Bank did the same....
exactly the same

was demo fortunatly..


So, you still believe they want us to play news ?
well the fact that they did it to you on a demo account should tell you that this is the real pricing of the market. maybe you are too focused on your conspiracy theory to notice this.

i encourage you to learn about this market, it will melt away the conspiracy...

http://www.forexfactory.com/forexfor...ead.php?t=7484
Relax and be happy.
Switch to Interbank Burger King and then you can have it your way
Trade what you see - Not what you think
Quoting summitfx
Switch to Interbank Burger King and then you can have it your way
Was that InterbankFX?
Yes IBFX--I have no problems- Use the Straddle EA

I got filled using these settings with no problem and manually closed my order


Quoting BurgerKing
Was that InterbankFX?
Attached Image
Trade what you see - Not what you think
I was with GFT from 3 month... No problem all ok

Last month GFT begain doing Strange Stuff !

Maybe this happen becuase news Trading became More Popular !
Charting Markets into the Future...MǎҖ€¥.
Quoting merlin
well the fact that they did it to you on a demo account should tell you that this is the real pricing of the market. maybe you are too focused on your conspiracy theory to notice this.

i encourage you to learn about this market, it will melt away the conspiracy...

http://www.forexfactory.com/forexfor...ead.php?t=7484
Merlin, Saxo did today on demo, and probably also in real, because I did it on demo today as in last period I dont trust them anymore.

Happened in Real other times in last period...

So, is a case there is no liquid market anymore, or something else is behind this ?


No conspiracy theory Merlin , just reality.....
Quoting merlin
well the fact that they did it to you on a demo account should tell you that this is the real pricing of the market. maybe you are too focused on your conspiracy theory to notice this.

i encourage you to learn about this market, it will melt away the conspiracy...

http://www.forexfactory.com/forexfor...ead.php?t=7484
As Im quite new trader, I didnt get well informed on why if you say 'I WANT TO BUY POTATOS AT THIS PRICE', they force you to buy at a higher price..?
Who told them ?

How comes there is no way to tell tehm I WANT TO BUY POTATOS ONLY AT 1$ PER KG, no more.
If you can good, otherwise forget it...

Is there a way, or I was unable to find it ?

If there is not, is there a specific reason ? ...

Cheers
Quoting BurgerKing
May this be a warning to all:

GFT is far worse than FXCM!

They literrally place my orders AGAIN at the peak for a whopping 20 pips SLIPPAGE????

If you have GFT! Close it! Its tottaly useless for you to maintain GFT account for news trading! They will leech you trading against you!
Are you for real?! I send them the documents to open an account earlier this week. LOL!!! Not funny but somehow I started laughing when I read this... :/

Anyway thanks for sharing this. I hope you did manage to limit your losses or break even.

I know slippage is part of the system, but how do explain those who straddled and didn't get any slippage? Is it dependant on the amount of lots opened and/or the time you created the entry order?

I've seen people with the same account (broker) open the same amount of lots at about the same time with different outcomes. Some get filled immediately and some not.

The first time I experienced slippage I too got the highest price of the spike and was stopped out in the retrace! After that I complained to FXCM because it took them about 3 minutes to fill the order. By the time it showed up I already got stopped out. If I had immediate access to the trade I would have at least limited the losses somehow. FXCM warned me and told me that because I am on manual execution it could happen that my entery orders get filled later. This is because they must be approved by someone. After arguing for about 15 minutes they decided to put the account back to its original state just like before the trade. They said it was "an act of good faith". Next time I get burned I too will have to pay the price.

Quoting trucco
As Im quite new trader, I didnt get well informed on why if you say 'I WANT TO BUY POTATOS AT THIS PRICE', they force you to buy at a higher price..?
Who told them ?

How comes there is no way to tell tehm I WANT TO BUY POTATOS ONLY AT 1$ PER KG, no more.
If you can good, otherwise forget it...

Is there a way, or I was unable to find it ?

If there is not, is there a specific reason ? ...

Cheers
Some white label platforms like Propfx which I demoed a few weeks ago give you the choice to choose to partially fill or kill the trade at the price you choose. But it's a complex platform compared to others around. You have to babysit your trades and you need an initial deposit of at least 10k.
Quoting summitfx
Yes IBFX--I have no problems- Use the Straddle EA

I got filled using these settings with no problem and manually closed my order
Nice Lot Sizes there! WOW!

I hope I got better treatment - GFT was highly regarded by alot of traders Merlin and Maxey included. But when I started trading 2-4 lots, they decided to trade against me. Merlin, Maxey, I wonder how GFT treated you all fairly when obviously with just 3 trades I have with them, they already screwed me twice!?!?!
Quote

Are you for real?! I send them the documents to open an account earlier this week. LOL!!! Not funny but somehow I started laughing when I read this... :/

Anyway thanks for sharing this. I hope you did manage to limit your losses or break even.

I know slippage is part of the system, but how do explain those who straddled and didn't get any slippage? Is it dependant on the amount of lots opened and/or the time you created the entry order?

I was totally surprised with my first trade with them, went very well actually to my liking. Added with other's good ratings, I recommended it to you. But with my current trade results - HELL they are trading against you!

Dont bother funding it. Tell them you have friends who had very bad experience with them and decided NOT TO OPEN an account with them.
It's called a Limit order. A Limit order is just what you say, buy/sell at this price, and this price ONLY. But, with high volatility, you won't get filled. The market will move right past you (or the broker simply won't take the hit for you...)
We are all talking about Stop orders here. A stop order BECOMES a Market order AT the price we set as the stop. BUT! then, by definition, a Market order is filled at whatever price. (But you DO get filled....) Could be the price of the market at the time they finally get to your order, or could it be Brokers messing with you... That's the big question here. Many folks believe the brokers take the opportunity to steal pips from us. Merlin just noted above a great thread, a primer really, on how the forex market works, and why we get these spreads. I understand both views, but what gets me is one broker is fine (just a few points off the stop price) and the next broker down the street is 20p off!!!

Anyway, trader beware!

Now, some platforms allow you to set a "maximum deviation" from your stop price, where you set a stop price for your potatoe, but ALSO you get to say I don't want to pay more than this.... So you could set a stop price at a 1.1000 say, and a max dev of 5 pips, so you won't pay more than 1.1005. BUT AGAIN, nothing forces the broker to honor that, and you simply may not get filled. But at least you won't lose!! (My Metatrader4 at FXDD allows this, but I haven't used it....)

Hope that helps...
Quoting mrkam
It's called a Limit order. A Limit order is just what you say, buy/sell at this price, and this price ONLY. But, with high volatility, you won't get filled. The market will move right past you (or the broker simply won't take the hit for you...)
We are all talking about Stop orders here. A stop order BECOMES a Market order AT the price we set as the stop. BUT! then, by definition, a Market order is filled at whatever price. (But you DO get filled....) Could be the price of the market at the time they finally get to your order, or could it be Brokers messing with you... That's the big question here. Many folks believe the brokers take the opportunity to steal pips from us. Merlin just noted above a great thread, a primer really, on how the forex market works, and why we get these spreads. I understand both views, but what gets me is one broker is fine (just a few points off the stop price) and the next broker down the street is 20p off!!!

Anyway, trader beware!

Now, some platforms allow you to set a "maximum deviation" from your stop price, where you set a stop price for your potatoe, but ALSO you get to say I don't want to pay more than this.... So you could set a stop price at a 1.1000 say, and a max dev of 5 pips, so you won't pay more than 1.1005. BUT AGAIN, nothing forces the broker to honor that, and you simply may not get filled. But at least you won't lose!! (My Metatrader4 at FXDD allows this, but I haven't used it....)

Hope that helps...
Thanks for help.

But Actually limits orders for me dont get into markets in opposite direction.

I explain better:

if current price is eur/usd 1,2805 and I put a BUY LIMIT ORDER @ 1,2810, i get 'WRONG DIRECTION'.
If i want to go out of the price in LONG I must put a STOP ORDER.

LIMIT ORDERS can be used to get filled SHORT FROM HIGHER PRICE AND LONG FROM LOWER PRICE.

This is for me, I dont know what you have

But I dont think Im going longer to play news in the spikes anyway.
There are many other profitable ways

Thanks
Quoting trucco
Thanks for help.

But Actually limits orders for me dont get into markets in opposite direction.

I explain better:

if current price is eur/usd 1,2805 and I put a BUY LIMIT ORDER @ 1,2810, i get 'WRONG DIRECTION'.
If i want to go out of the price in LONG I must put a STOP ORDER.

LIMIT ORDERS can be used to get filled SHORT FROM HIGHER PRICE AND LONG FROM LOWER PRICE.

This is for me, I dont know what you have

But I dont think Im going longer to play news in the spikes anyway.
There are many other profitable ways

Thanks
Hi trucco,

what you need is called Stop Limit Order.
It works like this: you provide two prices, one for the Stop and one for the Limit. When the Stop price is hit, the order becoms Limit Order with the limit price. Actually the classic "Stop" order should be called "Stop Market" to make its functionality clear
I'm not insane; my mother had me tested.
<tt><tt>Hello,

As you know the USDCAD gapped higher on the news release. You were
filled at the best available rate available immediately after the Canadian
unemployment release.

GFT can not fill you at rates that do not exist. There simply were not
any sellers available right after the news in the 1.01120s or 1.1130s.
1.1140 was the first area where market participants were willing to
sell USDCAD after the news release. Therefore, your order was likely
filled in the 1.1140. Please remember that the market determines where
rates go and where you are ultimately filled.

The rate spiked down about 30 seconds after the news release. Had the
market continued higher you would have likely made money. In this case
the market reversed and therefore you did not make money since you
chose to get out rather quickly.

Good luck with your trading going forward.

Kind Regards,

Paul J
GFT Dealing


"Hello GFT

am news trader.. i lost today around 200$ while am trading CAD news my
order didnt execuited at the price i did

20 PIP Sillpage !!!!!!!!!!! non farm news GFT sillpage from me aslo
alot of pips.. why u do that

I was Respect GFT..... now GFT like other broker... i gonna refund my
account and gonna tell all my friends to do the same like me

Thanx alot for this</tt></tt></pre>
Charting Markets into the Future...MǎҖ€¥.
are you trading demo or real acct?
Quoting summitfx
Switch to Interbank Burger King and then you can have it your way
MIR
Quoting RoBiK
Hi trucco,

what you need is called Stop Limit Order.
It works like this: you provide two prices, one for the Stop and one for the Limit. When the Stop price is hit, the order becoms Limit Order with the limit price. Actually the classic "Stop" order should be called "Stop Market" to make its functionality clear
Hi Robik,

thanks for answer.

Sorry, still not clear: I have 3 type of orders:

STOP

LIMIT

MARKET
If you use 2 STOP entry orders, then , as we see, they will FORCE YOU to buy potatos alsto at 10$, even if you wanted at 1$ per kg

If you use a LIMIT order you can ONLY ENTER in LONG from a price which is lower then spot price (current price) and in SHORT from a higher price then spot price.

I dont know which platform you have, but me I can only do this.

And I would never expect once i saw that the price went UP of my ENTRY LONG STOP ORDER , and it was not executed...when i tryed to cancel it, I got 'ITS TOO LATE TO CANCEL THE ORDER MY FRIEND, NOW YOU ARE GOING TO STUCK IN HERE...'

They are more professional talking, but the sense is this....
Quoting trucco
Hi Robik,

thanks for answer.

Sorry, still not clear: I have 3 type of orders:

STOP

LIMIT

MARKET
If you use 2 STOP entry orders, then , as we see, they will FORCE YOU to buy potatos alsto at 10$, even if you wanted at 1$ per kg

If you use a LIMIT order you can ONLY ENTER in LONG from a price which is lower then spot price (current price) and in SHORT from a higher price then spot price.

I dont know which platform you have, but me I can only do this.

And I would never expect once i saw that the price went UP of my ENTRY LONG STOP ORDER , and it was not executed...when i tryed to cancel it, I got 'ITS TOO LATE TO CANCEL THE ORDER MY FRIEND, NOW YOU ARE GOING TO STUCK IN HERE...'

They are more professional talking, but the sense is this....

i see. your platform seems to have only limited order capabilities. i use MBT, you can see the order types they offer here.
I'm not insane; my mother had me tested.
They did not fill me on my price either because:

1. They dont have enough BANKS to cover the trade order, or
2. They dont want us to make money - HELL my order was filled 2 minutes after the news! What was happening in between? GFT waiting to know what is the highest price they can fill us up? Thats whay they did... They delayed for 2 minutes to know "YA BOSS! 1.1140 was the price to give them so they dont make money"

Either way, it all means GFT is not for us.
FXCM was far better than this! FXCM does not allow me tro trade heavy weight news like NFP/CPI but I am liberally trading minor news like this with 100% fills on my price. Comparing FXCM and GFT, GFT is like stinking CRAP and FXCM now smells like a dried leaf.

But I'd rather look for a broker than smells like a fresh garden rose.

Quoting MaXeY
<tt><tt>Hello,

As you know the USDCAD gapped higher on the news release. You were
filled at the best available rate available immediately after the Canadian
unemployment release.

GFT can not fill you at rates that do not exist. There simply were not
any sellers available right after the news in the 1.01120s or 1.1130s.
1.1140 was the first area where market participants were willing to
sell USDCAD after the news release. Therefore, your order was likely
filled in the 1.1140. Please remember that the market determines where
rates go and where you are ultimately filled.

The rate spiked down about 30 seconds after the news release. Had the
market continued higher you would have likely made money. In this case
the market reversed and therefore you did not make money since you
chose to get out rather quickly.

Good luck with your trading going forward.

Kind Regards,

Paul J
GFT Dealing


"Hello GFT

am news trader.. i lost today around 200$ while am trading CAD news my
order didnt execuited at the price i did

20 PIP Sillpage !!!!!!!!!!! non farm news GFT sillpage from me aslo
alot of pips.. why u do that

I was Respect GFT..... now GFT like other broker... i gonna refund my
account and gonna tell all my friends to do the same like me

Thanx alot for this</tt></tt>
0 traders viewing now