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FX Trading in Europe under threat - act now

  • #521
  • Edited 9:56am Apr 6, 2018 9:36am | Edited 9:56am
Quoting deltatrade
what happened to alpari?
Thought I was done here but that is a right shocker. So the administrators hoover up all the cash, and really all that counts is the £50k protection from FSCS which still takes time, all the while your cash is sown up in admin.

Delta, this sage proves incredible ineptitude or theft, one or the other. And given how FXCM managed it, I'd be inclined to believe the latter but as usual there's no proof, no real investigation and just a black hole where someone somewhere should be accountable.
  • #522
  • Apr 7, 2018 2:25am Apr 7, 2018 2:25am
Quoting triphop
{quote} Thought I was done here but that is a right shocker. So the administrators hoover up all the cash, and really all that counts is the £50k protection from FSCS which still takes time, all the while your cash is sown up in admin. Delta, this sage proves incredible ineptitude or theft, one or the other. And given how FXCM managed it, I'd be inclined to believe the latter but as usual there's no proof, no real investigation and just a black hole where someone somewhere should be accountable.
as i understand they are obliged by law to keep the money in segregated accounts so no trading with customer's money. the law seems to be pretty good. if i'm gonna make it big i think i'm gonna open up a brokerage that doesn't trade and that makes money through commissions .i think that is enough to make money.
  • #523
  • Apr 7, 2018 3:43am Apr 7, 2018 3:43am
The amount of clients, who had more than the protected balance with Alpari, was close to zero, actually the FSCS protection worked perfectly, it survived a test as it did with Worldspreads, without FSCS punters would have lost their money. The alternative is to trade with an offshore, completely unregulated broker, in such a decentralised market. As for FXCMs collapse it should have served as a death knell for them, given their supposed non dealing desk/STP/ECN credentials were exposed as a complete sham and scam. But still willing sheople continued to trade with them, principally because they only had/have a couple of hundred dollars with in their accounts, it’s akin to having an online betting account with Ladbrokes or William Hill.

Quoting triphop
{quote} Thought I was done here but that is a right shocker. So the administrators hoover up all the cash, and really all that counts is the £50k protection from FSCS which still takes time, all the while your cash is sown up in admin. Delta, this sage proves incredible ineptitude or theft, one or the other. And given how FXCM managed it, I'd be inclined to believe the latter but as usual there's no proof, no real investigation and just a black hole where someone somewhere should be accountable.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #524
  • Apr 7, 2018 3:49am Apr 7, 2018 3:49am
A few points, you don’t need to “make it big” to open up a white label brokerage, 100k would cover the initial capitalisation to get the firm up and running. However, despite your “commissions only ethics” it won’t work, there’s too much competition and you can’t survive on spread commission only.

Quoting deltatrade
{quote} as i understand they are obliged by law to keep the money in segregated accounts so no trading with customer's money. the law seems to be pretty good. if i'm gonna make it big i think i'm gonna open up a brokerage that doesn't trade and that makes money through commissions .i think that is enough to make money.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #525
  • Apr 7, 2018 4:10am Apr 7, 2018 4:10am
Quoting Samson85
I read part of this thread and I think there needs to be a cap on leverage as people get to aggressive going in heavy on trades. The funny thing is I rang my broker to make a complaint and the gentleman on the phone so that I had relatively large balance on the account (£20k which is not so big in the trading world). He then indirectly told me to trade £400 per point!! I was gobsmacked but then again they would make like £1200 on the spread alone. So things like that little story I told is why a cap needs to be put on it. I watched eazitrader on...
I don't know why needing 5000 to trade 1 lot is seen as hilariously conservative.
A general industry standard/guideline (as I understand it), is trading 1lot/10,000.
Now this is only a very general standard similar to the health industrys' BMI as there are many factors (trading styles) to consider, but I fail to see why 5000 is laughable.
Come with me if you want to live....
  • #526
  • Apr 7, 2018 12:49pm Apr 7, 2018 12:49pm
Quoting Spreadbetter
A few points, you don’t need to “make it big” to open up a white label brokerage, 100k would cover the initial capitalisation to get the firm up and running. However, despite your “commissions only ethics” it won’t work, there’s too much competition and you can’t survive on spread commission only. {quote}
This firm thinks it can ?

https://www.portexmarkets.com/why-portex/
every Saint has a past. Every Sinner has a Future
  • #527
  • Apr 7, 2018 12:55pm Apr 7, 2018 12:55pm
Er, a white label, surviving only on spread commissions, despite having zero control over what the mother ship does to: spreads, indicative quotes, slippage, poor fills? Righto...


Quoting turnip15
{quote} This firm thinks it can ? https://www.portexmarkets.com/why-portex/
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #528
  • Apr 7, 2018 5:29pm Apr 7, 2018 5:29pm
Quoting Spreadbetter
Er, a white label, surviving only on spread commissions, despite having zero control over what the mother ship does to: spreads, indicative quotes, slippage, poor fills? Righto... {quote}
My post was done "tongue in cheek" but your point is important for the less aware on these boards.
https://register.fca.org.uk/ShPo_Fir...000000Mfj8AAAR

https://www.onefinancialmarkets.com/
every Saint has a past. Every Sinner has a Future
  • #529
  • Edited 3:27pm Apr 8, 2018 2:37pm | Edited 3:27pm
So there’s a jamboree happening in Limassol next month, the great and the good of the retail FX world all meet for a conference organised by Michael at Finance Magnates. There’ll be approx 3,000 attendees, 150 different exhibitors, and guess who’s paying for it? That’s right, all you losing traders, delicious irony never tasted so sweet...

Brokers and enablers make a profit of approx. $3 billion a year, guess where that comes from? That’s right, your savings, your wages, your debts, all so you can pay for the expenses of many of my contacts. I’m sure they’ll raise a toast to you as they leave the hotel, all their expenses paid, after having enjoyed celebrating how much they’ve taken off all the losing punters and hopeless gamblers this year.

It’d be hysterically funny if it wasn’t so tragic, the guys are all there to flirt, slap each other on the back, discuss how many more ways they can fleece the unsuspecting mugs, whilst putting forward an air of respectable professionalism and customer care. Naturally one of the hot topics this month will be the ESMA ruling, but the industry is feeling comfortable that the desperate will simply raise more funds to feed their addiction.

Cheers, mugs, I don’t drink, not sure I’ll take up my invite this year as I see it for what it is, a joke, at your continual expense.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #530
  • Apr 8, 2018 2:55pm Apr 8, 2018 2:55pm
Quoting Spreadbetter
So there’s a jamboree happening in Limassol later on this month, the great and the good of the retail FX world all meet for a conference organised by Michael at Finance Magnates. There’ll be approx 3,000 attendees, 150 different exhibitors, and guess who’s paying for it? That’s right, all you losing traders, delicious irony never tasted so sweet... Brokers and enablers make a profit of approx. $3 billion a year, guess where that comes from? That’s right, your savings, your wages, your debts, all so you can pay for the expenses of many of my contacts....
The trading legend SB has spoken again, wow what a guy. Taking the time to share all his inside industry info. Lap it up people, this guy is a fountain of knowledge. Boy, I wish I had access to his contacts and associates. FFS this place really attracts wannabe numpties!
  • #531
  • Apr 8, 2018 3:15pm Apr 8, 2018 3:15pm
I don't do forums although been a member here since 2011, for me they can affect my bias and marry me to a trade but I'll bite at a reply to spreadbetter. Why because European Forex trading is about to end, dead, no more, it's over folks. I break lots of rules, I'll put my whole account on one trade because I have a monthly budget I can afford to lose and do several months of the year but guess what this monthly budget of £600 bought me a Jaguar XFR and holidays in 2016, lets not talk about 2017 between Trump and Brexit I it was messy.

This year I'm looking at my most profitable ever because I leverage the crap out of my trades with a guaranteed stoploss at my margin call. Compounding is the holy grail, in a good month I can make all I need from £600 to seed following months and take out a big chunk. I'm going miss it, trading has been a great hobby for me but I accept it's over and time to move onto pastures new.

Spreadbetter dude you are a nutty fantasist with an unpleasant disposition who does not understand there is more than one way to retail trade, pointless willy waving but I make money and that's about to stop. Damn shame but it is what it is.

All the best to the rest of y'all.
  • #532
  • Apr 8, 2018 5:06pm Apr 8, 2018 5:06pm
Wow, you’re that messed up you probably fail to realise the extreme irony in your post, in fact I had to read it twice to check it wasn’t satire and I hadn’t missed the punchline. You should be held up as the quintessential specimen as to why ESMA needed to get a grip of reckless gambling and save you from yourselves.

Quoting Dunc
European Forex trading is about to end, dead, no more, it's over folks. I break lots of rules, I'll put my whole account on one trade because I have a monthly budget I can afford to lose and do several months of the year but guess what this monthly budget of £600 bought me a Jaguar XFR and holidays in 2016, lets not talk about 2017 between Trump and Brexit I it was messy. This year I'm looking at my most profitable ever because I leverage the crap out of my trades with a guaranteed stoploss at my margin call. Compounding is the holy grail, in a...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #533
  • Apr 8, 2018 5:09pm Apr 8, 2018 5:09pm
Quite a confession there, I just had you marked as a petty drunk, an attention seeking troll, who likes to vent off occasionally, in order to temporarily alleviate his deep seated insecurities, derived from a life of continuous failure.

Quoting waxcrayon
{quote} FFS this place really attracts wannabe numpties!
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #534
  • Apr 8, 2018 5:37pm Apr 8, 2018 5:37pm
Quoting Spreadbetter
Wow, you’re that messed up you probably fail to realise the extreme irony in your post, in fact I had to read it twice to check it wasn’t satire and I hadn’t missed the punchline. You should be held up as the quintessential specimen as to why ESMA needed to get a grip of reckless gambling and save you from yourselves. {quote}
You neither understand irony, which is common enough these days, and doubt you'd recognize satire as you are too impressed with yourself. I am the quintessential example of how to retail trade using current leverage levels and margin requirements. I can lose an acceptably small amount while enjoying an engaging hobby, exposing myself to exponential profits for said affordable risks. I can't hurt myself as I accept my deposits are no longer my own so when I turned an annual risk of £6000 into £60000 I could lose for the next 10 years and still be ahead.

I am not a great trader, I'm not particularly disciplined except when it comes to my deposit limits and I am often stubbornly slow to recognize when my trading parameters don't fit the prevailing market structure but when they do I rake it in. Reckless gambling, I do consider trading a gamble for me as opposed to an investment but not reckless.

I don't understand your concern for my bank balance, it's my bank balance after all but the amateur psychologist in me might thinks you've had a rather rough time of it in the retail sector and resent it's existence maybe?

Anyway I wish you the best with your recovery from whatever it is that ails you.
  • #535
  • Apr 8, 2018 6:17pm Apr 8, 2018 6:17pm
Dear god, is there no end to these unhinged fantasists, have you all been on weekend benders? You’re now claiming to turn 6k into 60k each year. Just go away, you complete dickhead.

Quoting Dunc
{quote} You neither understand irony, which is common enough these days, and doubt you'd recognize satire as you are too impressed with yourself. I am the quintessential example of how to retail trade using current leverage levels and margin requirements. I can lose an acceptably small amount while enjoying an engaging hobby, exposing myself to exponential profits for said affordable risks. I can't hurt myself as I accept my deposits are no longer my own so when I turned an annual risk of £6000 into £60000 I could lose for the next 10 years and...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #536
  • Apr 8, 2018 6:31pm Apr 8, 2018 6:31pm
Quoting Spreadbetter
Dear god, is there no end to these unhinged fantasists, have you all been on weekend benders? You’re now claiming to turn 6k into 60k each year. Just go away, you complete dickhead. {quote}
Snappy come back, read it again I did it in 2016 so get 10 free years to do it again and you know what I just might. Retail really hurt you SB you should have stopped earlier, it's not for the weak willed or minded. How long have you been chasing losses you angry chappy. You genuinely have my sympathy. BTW I made £400 in the course of this exchange AUDNZD ta muchly keep smiling.
  • #537
  • Apr 8, 2018 6:51pm Apr 8, 2018 6:51pm
Like all alcoholics and many addicted gamblers, you’re in denial and living in a fantasy world you’ve created, to insulate you from reality. Bless. X

Quoting Dunc
{quote} Snappy come back, read it again I did it in 2016 so get 10 free years to do it again and you know what I just might. Retail really hurt you SB you should have stopped earlier, it's not for the weak willed or minded. How long have you been chasing losses you angry chappy. You genuinely have my sympathy. BTW I made £400 in the course of this exchange AUDNZD ta muchly keep smiling.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #538
  • Apr 8, 2018 7:25pm Apr 8, 2018 7:25pm
This is hilarious, I've been here 5 minutes, have easily identified you as a heavily losing retail trader desperately trying to get the upper hand in a inconsequential exchange. Forums are more fun than I thought if they are populated by your sort SB.
Do you think anyone can't see you for what you are? I shouldn't bully but it feels right when dealing with an inadequate bully. You signed off with bless and x this time and dickhead last time, you are a mixed up little fellow. Don't worry I don't have time to mock you for long but you're good value mate. No hard feelings though, don't go doing anything silly, it's just the internet.
  • #539
  • Apr 8, 2018 10:35pm Apr 8, 2018 10:35pm
I wonder why ESMA doesn’t regulate Deutche And UBS for their staggering losses in the last 5 years, but retail “punters”?

So I’m right after all that shmuck “pro” trading society is in desperate need of liquidity to continue the loosing streak?
  • #540
  • Apr 8, 2018 10:37pm Apr 8, 2018 10:37pm
Quoting Dunc
{quote} Snappy come back, read it again I did it in 2016 so get 10 free years to do it again and you know what I just might. Retail really hurt you SB you should have stopped earlier, it's not for the weak willed or minded. How long have you been chasing losses you angry chappy. You genuinely have my sympathy. BTW I made £400 in the course of this exchange AUDNZD ta muchly keep smiling.
You are the first person I’ve seen to comment that actual rate of Aud/Nzd pair and the huge profits potential there. AUD is immensely suppressed towards NZD.
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