Trader's Way feedback

And that's unfortunately what happens in this current OTC model of where spot forex is traded. There is no price or transactional transparencies whatsoever, brokers or anybody can just make up whatever price they want to stick it to the other party.

Because in the OTC model, there is no central exchange like stock exchange where there is ONE price visible for everyone across the world to see for a particular instrument so everybody has no choice but to take that central price, no in OTC model, the price is negotiated between the buyers and sellers and we all know how it works in negotiations, it's whoever that has the bigger muscle and financial power wins. So between the brokers and us retail traders, it's obvious it's the brokers that has more financial power, so we have no choice but to take their price unless we take our business elsewhere but as long as we choose to trade with them, you are right, we are "at their mercy".

This is WHY I have advocated in my previous post in the other thread the following when responding to Itrain:

"The regulators across the world KNOWS that's the problem; they even came up with regulations forbidding forex brokers trading against their clients BUT they don't really put in any REAL solutions to replace those casino brokers which is a REAL central Exchange for trading Spot foreign currencies which actually happened at one time but with no regulatory backings, it just went away. With a real central exchange for spot foreign currency trading, ALL of those brokers aside from the REAL ECN brokers would ALL disappear as traders would trade directly with the LP's with complete price and transactional transparencies knowing EXACTLY who the counterparties to their trades are and prices of ALL the pairs would be EXACTLY the same across ALL brokers all around the world and with the brokers just extending some margins and order routing very much the same like trading in other instruments. Only in that environment, traders would stand a chance in making money IF you REALLY have a winning trading strategy. "

This reminds me of something a very successful FF member told me years back....as a rule, he withdraws all his money after he hits 100K....and starts all over again from 10K each time....doesn't put all his money in one basket or with ONE broker....and he buys properties etc (investments) so he spreads his wealth around....

That's basically what i do, only I don't leave that much on. I'll keep enough in them for the trading week and trim off profits at the end of the week. There's three different brokers I use as well.

Just a short brief comment regarding TW....

I've used many brokers over the years & IMHO TW is by far the best I've traded though bar none!

Great executions, low spreads, fast funding, fast withdraw, excellent customer support!

The only problem I have is that I did not sign up with them earlier.

If you'd like to discuss more with me regarding TW pm me.

And BTW,
To correct the previous spikes on Traders Way charts update your charts via this method:

1. Open MT4 platform, go to File >> Open data folder;

2. Close MT4 platform;

3. Locate "history\TradersWay-Live (or Demo)" folder, depending on which account you use;

4. Delete .hst files

5. Open MT4 platform again and right click on the charts >> Refresh.

After doing the above steps it may be necessary to just close & reopen all charts & even to shut down & reopen your platform a couple of times to get the data reloaded

especially when there is very little recourse to recover your investment should anything happen to the broker. Keeping $100K with a broker is already VERY risky unless the broker is protected under some sort of investment protection scheme. If the broker is not protected under any investment protection scheme but is at least regulated and is audited by the regulators to keep their company funds separate from customer funds, I wouldn't even go above $9K.

OK for those of you who still have questions. TradersWay just sent an email explaining they have opened brand new accounts for customers effected by the price spike. Just another example of how responsible TradersWay is.

Dear Valued Client,

We had previously informed you that one of our liquidity providers had sent incorrect quotes through our system on August 29th. While we resolved the issue and dropped the liquidity provider in question, many trading accounts were affected. Our goal was to ensure that we dealt with the situation both fairly and correctly, which required us to take some time in resolving it. We thank you for your continued patience.

If we have determined your trades to have been affected by the pricing issue, we have opened one or more live accounts in your Private Office on our website and made balance adjustments in the following format:

[Account Number] # [Ticket Number]

What this means is that on your new account we have opened will show some balance operations in it. The description shown for each balance operation will show your trading Account Number (the one on which you were trading on August 29th) followed by the trade ticket order ID numbers (Ticket Number) for which we are making the adjustment. In order to not interfere with accounts that may be currently trading, we have elected to make any balance corrections separately which can be withdrawn or transferred over to your other trading account(s) as needed. If there is a liability in your new account (negative balance) it must be covered before you withdraw funds from any of your trading accounts.

In order to access your new trading account which we have opened for you, please
1) Log into your Private Office on our website - po.tradersway.com
2) Click 'View All' next to 'Live Accounts'
3) Look toward the bottom of the list for all new account numbers we have created that show a balance and click on the account number itself

You will see all adjustments here, including the trading account number on which you were trading on August 29th and the trade ticket we have compensated for you. This will allow us to keep everything separate.

If you have any questions about your own trading account, we invite you to contact us an we will be happy to help. Note that volumes are still high so please refrain from sending multiple emails - we will get back to you as quickly as we can.

Best Regards,
TradersWay Team

No regulation; it would be a great broker if regulated

problem with MT4 account is trying to open a trade is quite hard.

-If you try a market order it dose not fill and journal reason is "Off Quotes".
-If you try to use a pending order it gets filled, then instantly closes itself (at no cost). reason in journal "expiration".

I also have a cTrader account with them which I am happy with, but the MT4 execution is so bad...