Broker took my $2k back | Forex Factory

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Broker took my $2k back

  • #1
  • First Post: Jul 10, 2008 10:53am Jul 10, 2008 10:53am
Hi,

I traded the Aud Employment release last night, and made $2k in profit. Less than 24hrs later they have deducted it from my account. Can they do this?

They are stating that price was wrong. Which it wasnt. I just got in a second or so before the move. Yes i was using autoclick.

I presume if i ended up taking a loss, they wouldnt refund it.

Help

dsb104
Forex rules
  • #2
  • Jul 10, 2008 11:05am Jul 10, 2008 11:05am
Who is your Broker ?
  • #3
  • Jul 10, 2008 11:16am Jul 10, 2008 11:16am
Quoting dsb104
Hi,

I traded the Aud Employment release last night, and made $2k in profit. Less than 24hrs later they have deducted it from my account. Can they do this?

They are stating that price was wrong. Which it wasnt. I just got in a second or so before the move. Yes i was using autoclick.

I presume if i ended up taking a loss, they wouldnt refund it.

Help

dsb104
If your broker is regulated by NFA,FSA... you can file a claim because since forex isn't a regulated market there is no wrong quote.
If your broker isn't regulated it can do whatever it wants to. If this is the situation withdraw your money and go with a regulated one.
  • #4
  • Jul 10, 2008 11:16am Jul 10, 2008 11:16am
Quoting dsb104
Hi,

I traded the Aud Employment release last night, and made $2k in profit. Less than 24hrs later they have deducted it from my account. Can they do this?

They are stating that price was wrong. Which it wasnt. I just got in a second or so before the move. Yes i was using autoclick.

I presume if i ended up taking a loss, they wouldnt refund it.

Help

dsb104
the price might of been right but it could of been a stale price witch mean it's no longer valid, that happen to me at fxsol a couple of times, but they was fair with me, consider i made over 400k news trading from them back in the day, a stale price from a market maker goes like this your broker qoute the right price then enter you at that price when the market only held that price for less then a second and your broker can't offset your trade with there LP. becuase the price change so quick, the price is not valid with there LP, so they are not going to take that risk
If I Go Broke Trying Then I Will die happy.
  • #5
  • Jul 10, 2008 11:19am Jul 10, 2008 11:19am
Quoting metcalfe
If your broker is regulated by NFA,FSA... you can file a claim because since forex isn't a regulated market there is no wrong quote.
If your broker isn't regulated it can do whatever it wants to. If this is the situation withdraw your money and go with a regulated one.
he has no case beacuse it in the customer agreement he sign, all brokers has this. check yours.
If I Go Broke Trying Then I Will die happy.
  • #6
  • Jul 10, 2008 11:25am Jul 10, 2008 11:25am
it's call off quote, it happens some time when your broker has auto execution.
If I Go Broke Trying Then I Will die happy.
  • #7
  • Jul 10, 2008 11:32am Jul 10, 2008 11:32am
Quoting Moe
he has no case beacuse it in the customer agreement he sign, all brokers has this. check yours.
I don't agree. I traded news with regulated brokers, they kicked me out but they gave me all my money.
  • #8
  • Jul 10, 2008 11:32am Jul 10, 2008 11:32am
You are right. I read the T&C and it basically says they can do anything.

But it goes to show, its not a fair fight. I will complain to them. But i doubt they will change their mind.

I will make sure it gets out that they are a scam broker, if i get an unfavourable appeal.

I think i got in before the spike, which is what autoclickers are meant to do. So the price existed. Its not like i was 200pips away or so.
Forex rules
  • #9
  • Jul 10, 2008 11:44am Jul 10, 2008 11:44am
Quoting Moe
the price might of been right but it could of been a stale price witch mean it's no longer valid, that happen to me at fxsol a couple of times, but they was fair with me, consider i made over 400k news trading from them back in the day, a stale price from a market maker goes like this your broker qoute the right price then enter you at that price when the market only held that price for less then a second and your broker can't offset your trade with there LP. becuase the price change so quick, the price is not valid with there LP, so they are not going to take that risk
Moe,

Doesnt it depend if they have a liquidity provider? What if everything is kept in house?

Do you still trade news or is it dead now?
Forex rules
  • #10
  • Jul 10, 2008 11:45am Jul 10, 2008 11:45am
the good old days

you can't do this these days can you?

Quoting Moe
.... consider i made over 400k news trading from them back in the day, ....
  • #11
  • Jul 10, 2008 11:46am Jul 10, 2008 11:46am
Quoting dsb104
Moe,

Doesnt it depend if they have a liquidity provider? What if everything is kept in house?

Do you still trade news or is it dead now?
who know, i made good money trading news back in the day, i think its dead now, you need a system for non news trading.
If I Go Broke Trying Then I Will die happy.
  • #12
  • Jul 10, 2008 11:48am Jul 10, 2008 11:48am
Quoting tdion
the good old days

you can't do this these days can you?
nope, and there's a lot of traders having major problems using auto click. let me see if i can pull up a old thread for you guys to read.
If I Go Broke Trying Then I Will die happy.
  • #13
  • Jul 10, 2008 11:52am Jul 10, 2008 11:52am
read this

http://www.forexfactory.com/showthread.php?t=9320
If I Go Broke Trying Then I Will die happy.
  • #14
  • Jul 10, 2008 12:09pm Jul 10, 2008 12:09pm
Quoting dsb104
Hi,

I traded the Aud Employment release last night, and made $2k in profit. Less than 24hrs later they have deducted it from my account. Can they do this?

They are stating that price was wrong. Which it wasnt. I just got in a second or so before the move. Yes i was using autoclick.

I presume if i ended up taking a loss, they wouldnt refund it.

Help

dsb104
Bullshit
100% of traders are losers. Just that some win more than they lose!
  • #15
  • Jul 10, 2008 12:12pm Jul 10, 2008 12:12pm
Quoting metcalfe
I don't agree. I traded news with regulated brokers, they kicked me out but they gave me all my money.
trust me they kick you out and gave you what you had in your account, no broker is gonna take a lost on a off quote.
If I Go Broke Trying Then I Will die happy.
  • #16
  • Jul 10, 2008 12:13pm Jul 10, 2008 12:13pm
Quoting Mr demark
If you have their reply in email, then you can sue them and get a hefty profit. Simply find a lawyer who is willing to split it even. which broker was it? In theory a broker should not fill you unless they found the liquidity. I doubt his T&C regarded that part
, check your customer agreement, it was an off quote.
If I Go Broke Trying Then I Will die happy.
  • #17
  • Jul 10, 2008 12:16pm Jul 10, 2008 12:16pm
did you guys know this happens on ecn's too. gees get a grip of the market guys, this is what happen when you trade the news, price moves to quick.
If I Go Broke Trying Then I Will die happy.
  • #18
  • Jul 10, 2008 12:32pm Jul 10, 2008 12:32pm
I know another trader who had have the same issue last week. Who is your Broker ?
  • #19
  • Jul 10, 2008 12:32pm Jul 10, 2008 12:32pm
http://www.cvreefers.org/images/smilies/hammerhead.gif
If I Go Broke Trying Then I Will die happy.
  • #20
  • Jul 10, 2008 12:35pm Jul 10, 2008 12:35pm
Quoting Mr demark
Bullshit
Why do you say this?
Forex rules
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