Trader's Way feedback | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Fibo Group Feedback 23 replies

Broker feedback, please 0 replies

Need feedback on FXCM Educational workshops 3 replies

Feedback on this please (especially Vegas) 0 replies

Any Feedback on Collective2 2 replies

Attachments: Trader's Way feedback
Exit Attachments

Trader's Way feedback

  • #21
  • Aug 30, 2017 7:09pm Aug 30, 2017 7:09pm
successwill That was going to be my guess too. It sounds like the computer opened some positions. I have had no problems yet with Tradersway. Tradersway has been perfect thus far. However just know that I am fully prepared to deal with any broker accordingly.
L-Train
  • #22
  • Aug 30, 2017 8:05pm Aug 30, 2017 8:05pm
How can an EA open trade when autotrading was off? Pls compare the last 3 trades in the attachments below..Stats from myfxbook and broker itself.. Closing time of the same trades are different. Also balance and equity is same on the left side however on the right side you can see the equity is bigger, despite the fact that there is no open trades.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: myfxbooktraderswaystat.png Size: 181 KB
Click to Enlarge Name: statmenttradersway.png Size: 209 KB
Click to Enlarge Name: chartfrommyfxbook.png Size: 602 KB
  • #23
  • Aug 30, 2017 8:25pm Aug 30, 2017 8:25pm
i think the broker is trying to correct things but the way they are doing so is strange..And i wonder how will they fix it according to the correct market prices as they say in the e-mail.. EA has hidden stop loss, they need to consider this. Otherwise my account cant survive
  • #24
  • Aug 30, 2017 8:40pm Aug 30, 2017 8:40pm
Yes, they have emailed me saying that they are going through these trade by trade. keep emailing them and keep us posted. Very curious on this.
L-Train
  • #25
  • Edited 8:55pm Sep 1, 2017 12:16pm | Edited 8:55pm
Quote
Dear Valued Client,

Early in the morning on August 29th one of our liquidity providers began sending incorrect quotes through our system. This caused many clients to suffer losing trades on their accounts. We have disconnected and dropped this liquidity provider so that the issue will not reoccur. Our charts have been fixed using correct market data. However, as there were many trades involved we are carefully and meticulously working to resolve this issue by correcting all trades that were affected during this time.

Therefore if you opened or closed any trades on August 29th, you may find that these trades might be deleted from your account or otherwise modified as needed to reflect the correct market prices that would have been present on our platform. All the trades regardless of profit or loss must be treated in the same manner. We very much understand that this might disappoint some, but all deals after this matter has been resolved must reflect accurate and true market prices.

After we have completed all trade corrections, we will send another email out updating you. You may contact us with any questions you may have regarding your account. We will be happy to have a correspondence with you.

Thank you for your kind understanding and sorry for any inconvenience caused. As there are many inquiries, we will do our best to respond in a timely manner.

Best Regards,
TradersWay Team


I made a total 6 trades (opened and closed) of which 5 are profitable on the 29th.
This is the broker's fault not mine.
How dare they punish me by deleting or modifying my trades.
My concern is that they could turn my profits to losses.
This is disturbing!
What can I do legally if they try to take away my profits?
They are registered in Dominica and probably ran by someone in Europe.
  • #26
  • Sep 1, 2017 12:24pm Sep 1, 2017 12:24pm
Quoting johnnybegood
{quote} I made a total 6 trades (opened and closed) of which 5 are profitable on the 29th. What can I do legally if they try to take away my profits?
you can legally vote with your money! and take your business to another broker!

when you sign up and unregulated bucketshop with an exotic jurisdiction ( if even that is real!), you have very limited options what you can do!

note: it is only 1000$.
finding a lawyer or confront them in their office would cost you both a lot more than the possible lost profits!
there is always, always another trade!!
  • #27
  • Sep 1, 2017 8:46pm Sep 1, 2017 8:46pm
Quoting profitfarmer
{quote} you can legally vote with your money! and take your business to another broker! when you sign up and unregulated bucketshop with an exotic jurisdiction ( if even that is real!), you have very limited options what you can do! note: it is only 1000$. finding a lawyer or confront them in their office would cost you both a lot more than the possible lost profits!
What everyone (who is not a US resident) who remarks about offshore "bucketshops" does not understand is that bucketshops are the only option in the US due to our wonderful regulations set forth by the CFTC and NFA. We have two "regulated" options in the US.... Oanda and Forex.com, we used to have three.... FXCM. What a wonderful job our regulators are doing. I have 3 offshore brokers which i trust 1000% more than any of the shitholes the US regulators try to force me to trade with. If you are in Europe or most Asian countries you have the tremendous advantage of actually using a broker who is regulated, doesn't cheat their clients and most importantly protects your funds. US residents have ZERO such option.
  • #28
  • Sep 2, 2017 10:57am Sep 2, 2017 10:57am
Quoting ltrain
Yes, they have emailed me saying that they are going through these trade by trade. keep emailing them and keep us posted. Very curious on this.
Here is their response to my e-mail:

"Dear Client,
The orders were closed at incorrect/non-market prices due to a technical error on one of our liquidity provider’s side, therefore they were reopened and your account was corrected accordingly."

Seems like they wont take the profits we made with incorrect prices.
  • #29
  • Edited 3:24pm Sep 2, 2017 11:14am | Edited 3:24pm
Quote
Therefore if you opened or closed any trades on August 29th, you may find that these trades might be deleted from your account or otherwise modified as needed to reflect the correct market prices that would have been present on our platform. All the trades regardless of profit or loss must be treated in the same manner. We very much understand that this might disappoint some, but all deals after this matter has been resolved must reflect accurate and true market prices.

I fear that if they modify the the price at the time when the entry/exit is made and since I would not know what the price they think it should be, it would cause my opened and closed trade from profit to loss.
  • #30
  • Sep 2, 2017 2:46pm Sep 2, 2017 2:46pm
Quoting johnnybegood
{quote} I fear that if they modify the the price at the time the entry is made and since I would not know what the price they think it should be would cause my opened and closed trade from profit to loss.
Well if the price feed was incorrect and never hit a TP or SL, then the trades should be reopened as they would've never closed in the first place. Correct?
  • #31
  • Edited 3:12pm Sep 2, 2017 2:50pm | Edited 3:12pm
Incorrect, orders might not even have been opened in the first place since the incorrect feed could have sent false signals for entry.
Therefore by just modifiying the price at opening and/or closing would definitely affects the profit/loss.
No matter how they spin it, traders are on the losing end and are at a their mercy.
  • #32
  • Sep 2, 2017 5:29pm Sep 2, 2017 5:29pm
Quoting johnnybegood
Incorrect, orders might not even have been opened in the first place since the incorrect feed could have sent false signals for entry. Therefore by just modifiying the price at opening and/or closing would definitely affects the profit/loss. No matter how they spin it, traders are on the losing end and are at a their mercy.
Well then what they are saying is if the incorrect feed affected traders in ANYWAY it will be corrected. I'm not taking sides here, but I've used them for 3 years with no issues whatsoever. I also do not use or believe EAs work, so cannot comment on that aspect.
  • #33
  • Sep 3, 2017 10:19pm Sep 3, 2017 10:19pm
(This comment is a repeat of 1 posted on "whats going on with ECN broker" forum on ForexFactory)


Although Forexia brings up some good points. Its the price spike which caused the recent increase in commentary on TradersWay.
So What we have here is .
1. - A history of good customer service.
2. - An unwillingness to Identify an Address for the company, Or any other names of company representatives.
3. - And a recent price spike on TradersWay only. Not on other brokers price feeds.
1. A. - The reviews I have read all complaints were adequately resolved. I have yet to have a problem with TradersWay. TradersWay has been Perfect.
2. A. - The unwillingness to Identify an address to most people reeks of a scam waiting to happen, although I don't think it automatically means scam.
And This problem could be pretty much handled in an instant by Tradersway. Some moderate investigation time by anyone else could solve the this
problem
3. A. - The recent price spike on TradersWay was handled responsibly by TradersWay by making appropriate adjustments to accounts and prices. I have not
found anyone yet who ended up losing on this price spike Show me someone who lost money on the Recent TradersWay spike that did not have their
complaint resolved.

And thanks for the address well see if it turns out to be correct.
Tradersway
8 Copthall,
Roseau Valley, 00152
Dominica.
L-Train
  • #34
  • Sep 4, 2017 4:50am Sep 4, 2017 4:50am
(This is a repeat of a post on the "whats going on with this ECN broker" for on Forexfactory)

Quoting Ratmach
{quote} I had considered that, but had never tried to articulate it. Great job, I think you're on exactly the right track. Because look, I have trouble understanding WHY most people who like to trade would go with ANYTHING other than Forex. I mean stocks, options, futures, etc, etc... I can't think of ANY that come close to the potential (also negative potential, of course) of Forex, and the relative freedom to buy/sell at will, and in very small increments, etc. I've played around a bit with other types of trading, but I would never go back......

Yes, I think it is interesting how when you ask people about forex or tell them you trade forex in the US, the automatic response is "I heard that's just a scam"
This has been pretty much my experience as well. I have asked professors at my alma mater, as well average joes, as well as sophisticated stock Traders and investment services dealers, THEY ALL ARE IGNORANT OR GIVE THE SCAM RESPONSE. Its amazing. The sophisticated give the same response as the Joes on the street.

Now lets think about these rules that are placed on FOREX and analyze what their purpose is.

50/1 leverage limit - Leverage can help or hurt a trader so no reason to do this except to hamstring a good trader
FIFO - Ridiculous Idea - can anyone think of a reason to force traders to FIFO other than to hamstring traders?
No hedging - Ridiculous Idea - can anyone think of a reason to not allow hedging other than to hamstring traders?
Advertising - Can you not also lose all your money in stocks bonds or any other investment? Why the advertising rules?


TradersWay is still a good broker until proven otherwise. I am always watchful of brokers. But we have to take the entire big picture into consideration when we are dealing with the US Government. This is the only thing that gives TraderWay the ability to have any appeal to US customers in the first place. But it is still a potential target of the US Government as well. This is the only thing that justifies their lack of transparency in the address and in membership aspects of the company. I think the US Government and others associated with Financial industries want to keep Forex low profile by socially denigrating it, and regulating it in such a way that hamstrings the traders, making it comparable to Stocks for most people.

The moment any scam behavior occurs, I am prepared to deal with any broker accordingly. Show me someone who lost money on the TradersWay spike that did not have their complaint resolved. The U.S. government will do everything in its power to destroy non U.S. brokers who take U.S clients you say? Can we say price spike on TradersWay only? I can.

I am not saying the government is involved for certain but I also cant jump to conclusions about TradersWay when I see TradersWay doing everything they can to remedy the situation for their traders. Seems like an honest broker behavior to me.

Like I said if TradersWay turns out to be scam you will hear it directly from me. But TradersWay has handled everything responsibly so far. I am sorry if that sounds like a shill but I am simply a customer of TradersWay with a LOT OF CONNECTIONS and experience in finance.
L-Train
  • #35
  • Sep 4, 2017 7:04am Sep 4, 2017 7:04am
"I am prepared to deal with any broker accordingly"

The only thing you can do is send emails. Thats literally all you can do to "deal with it accordingly" - since you have no clue who this people are. You are either a shill or an naive idiot.
  • #36
  • Sep 4, 2017 8:53am Sep 4, 2017 8:53am
When it comes to offshore-regulated companies I recommend caution.

There are a number of risks associated with trading with such companies – next to no regulation, very low capital requirements compared to the capital requirements for brokers regulated by, say, the FCA or ASIC or any big regulator, the fact that they usually have no compensation schemes in place set in place should something go wrong, and so on and so forth.

That is not to say that this broker in particular is shady, but I still think it’s a good thing to be careful when working with offshore-registered brokers.
  • #37
  • Sep 4, 2017 9:11am Sep 4, 2017 9:11am
Quoting mlawson71
When it comes to offshore-regulated companies I recommend caution. There are a number of risks associated with trading with such companies – next to no regulation, very low capital requirements compared to the capital requirements for brokers regulated by, say, the FCA or ASIC or any big regulator, the fact that they usually have no compensation schemes in place set in place should something go wrong, and so on and so forth. That is not to say that this broker in...
Coming from the US, I use three different offshore brokers (including TW for the past 2.5 years). The few official "regulated" brokers we have to choose from are no more trust worthy. Just look at what happen with FXCM. They perpetuated shady business practice for years as a "regulated" broker.

As far as protection of funds, proper MM takes care of that. Only keep enough capital on the exchange to trade with during the week and trim off profits weekly.

When my trading improves enough to trade larger positions, then I will most likely switch to a US futures brokerage where such current FX limitations don't apply.
Trade with confidence, trade without fear.
  • #38
  • Edited 11:58am Sep 4, 2017 11:10am | Edited 11:58am
[quote=shrike;10256492]"I am prepared to deal with any broker accordingly" The only thing you can do is send emails. Thats literally all you can do to "deal with it accordingly" - since you have no clue who this people are. You are either a shill or an naive idiot.[/quote

I swear its as if on the internet some people don't have common courtesy that they would afford you in real life. For some strange reason Shrike has decided to start slinging insults. Shrike, first lets Just consider the fact that I am not a shill. You just said yourself that I have no clue who these people are right? So if I have no clue who these people are, then how could I be a shill? You see how what you are saying is illogical? In order for me to be a shill I would have to know who these people are.

Can you prove that I am a shill? And on a "naive idiot", because you don't who I am, you can't reasonably make that claim and be taken seriously. It takes only a tiny bit of imagination to come with another possibility about who I am. For now I will leave it at that. No reason to start a fight when TradersWay has not even done anything wrong.

Why do some people like Shrike feel the need to sling insults after a quite reasonable post? Provocateur? What are some other possibilities?
L-Train
  • #39
  • Sep 4, 2017 11:20am Sep 4, 2017 11:20am
Quoting ltrain
Quoting shrike
"I am prepared to deal with any broker accordingly" The only thing you can do is send emails. Thats literally all you can do to "deal with it accordingly" - since you have no clue who this people are. You are either a shill or an naive idiot.[/quote I swear its as if on the internet some people don't have common courtesy that they would afford you in real life. For some strange reason Shrike has decided to start slinging insults. Shrike first lets Just consider the fact that I am not a shill. You just said yourself that I
...
Its just another day in FF land. Concern troll's doing what they do.
Trade with confidence, trade without fear.
  • #40
  • Edited 2:14pm Sep 4, 2017 1:04pm | Edited 2:14pm
Quoting johnnybegood
{quote} I made a total 6 trades (opened and closed) of which 5 are profitable on the 29th. This is the broker's fault not mine. How dare they punish me by deleting or modifying my trades. My concern is that they could turn my profits to losses. This is disturbing! What can I do legally if they try to take away my profits? They are registered in Dominica and probably ran by someone in Europe.
Quoting Forexia
{quote} The only thing that I could see TradersWay do is just deny any traders their profit that they made from those spikes. If they REALLY are writing off losses that traders are sustaining from those spikes, then they would definitely not be willing to let any traders keep their profits otherwise they would be losing on both ends, potential profit that they could've made from those spikes and actual losses from traders profiting from those spikes.
Above was what I wrote in the other thread titled "Whats going on with this ECN broker" which is really a duplicate of this one which actually showed what Tradersway had done to "adjust accounts" to remedy the situation which I was not aware of but this is EXACTLY what I predicted what Tradersway woud do without reading their emails that they sent out to their customers. Although it's not fair that the profitable traders would have to see their profits getting erased but on the other hand, the losing traders would not have to suffer the losses due to the spike either. What Tradersway did in this case is actually not completely wrong but they could've done it the other way as well which is letting the profitable traders keep their profit and let the losing traders deal with the losses. BUT the reason why they didn't want to do it that way is I suspect there were probably more traders who actually profited from the spikes than the ones who lost money to it and if they let the traders keep the profit and took the money from the losing traders, they would've actually suffered a net loss and they would've lost money. If it was the other way around that there were more losing traders than profitable traders, I guarantee you they would NOT have corrected those price spikes. This is NOT the first time we see huge unreasonable price spikes in marketmaking brokers, how many times have they bothered to correct those spikes?? If it's just a technical error, technical errors happen all the time. They never corrected them before, WHY now? It's obvious it's because the price spikes is NOT favourable to them especially now they are even trying to re-invent prices to keep trades open. You think they would create those prices to have your trades be in profit? LOL

Since we are copying posts from other similar threads to here, this is what I wrote in the other thread:

"One thing that those casino brokers, A-B booking, B-booking brokers, whatever you want to call them absolutely don't do is let you walk away with any profit, small profit of couple of thousand dollars maybe, but once you start making large profit, 5-digit profits CONSISTENTLY, that's when they start the denying of profits, and even closing your accounts forbidding you to trade with them again very much the same like casinos don't allow card-counters in because you actually have a winning edge against them and they know they will be losing money. It's not uncommon for non-ECN brokers to close a trader's accounts and never allowing that trader to trade with them ever again when they can't find ways for you to lose through excessive slippages, extremely slow price feeds, stop-hunting spikes... WHY? Because they trade against you; they are on the opposite side of every single of your transaction, at least the losing traders' transactions in the case of A-B booking brokers."

And they see EVERY SINGLE trade you make regardless of which platform you trade on, MT4, cTrader, TradeStation...
Make your losses in demo. Earn your profits live.
0 traders viewing now