Broker took my $2k back | Page 2 | Forex Factory

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Broker took my $2k back

  • #21
  • Jul 10, 2008 12:40pm Jul 10, 2008 12:40pm
So theoretically, they could claim off-quote on any trade, news or non-news.

I wont name the broker, until they get back to me. If unfavourable, i will of course name them across the forex community as the scammers they are.

I have often clicked on an order non-news time, the price moves against me, they fill at my disadvantage. Vice-versa, if to my advantage, they reject.

So a scam on many levels.
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  • #22
  • Jul 10, 2008 2:51pm Jul 10, 2008 2:51pm
Lets look at the flip side of this, if I was your broker, I would say YOU are trying to scam them by taking advantage of a technical glitch. What you are doing is not trading, its exploiting.

As Moe said, this type of trading was fun back in the day but you will eventually get caught and hurt.
  • #23
  • Jul 10, 2008 2:52pm Jul 10, 2008 2:52pm
Quoting Moe
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.

Please explain? I assume if you steal enough money from the LPs, they will bitch and moan to your broker who will kick you out?
  • #24
  • Jul 10, 2008 2:55pm Jul 10, 2008 2:55pm
Quoting FrankTheTank
Lets look at the flip side of this, if I was your broker, I would say YOU are trying to scam them by taking advantage of a technical glitch. What you are doing is not trading, its exploiting.

As Moe said, this type of trading was fun back in the day but you will eventually get caught and hurt.
they don't understand that, i remember when fxsol took back 7k profit i made they told me the price they fill me at was not valid i ask them why they said altho they fill me at that price there LP wound't honor that price, but like i say i made so much money from them i didn't care and i continue to trade with them and still made money news trading with them.
If I Go Broke Trying Then I Will die happy.
  • #25
  • Jul 10, 2008 2:57pm Jul 10, 2008 2:57pm
Quoting FrankTheTank
Please explain? I assume if you steal enough money from the LPs, they will bitch and moan to your broker who will kick you out?
read this whole piece it explain everything

http://www.forexfactory.com/showthread.php?t=9320
If I Go Broke Trying Then I Will die happy.
  • #26
  • Jul 10, 2008 3:18pm Jul 10, 2008 3:18pm
Quoting FrankTheTank
Lets look at the flip side of this, if I was your broker, I would say YOU are trying to scam them by taking advantage of a technical glitch. What you are doing is not trading, its exploiting.

As Moe said, this type of trading was fun back in the day but you will eventually get caught and hurt.
So why dont they correct the technical glitch then?

I wonder if i was already long, and had a tp order near the start of the candle, i wonder where they'd fill me? I bet to the pip of the TP order, not the top of the subsequent post-news spike.

So they cant have it both ways.
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  • #27
  • Jul 10, 2008 3:19pm Jul 10, 2008 3:19pm
Quoting Moe
they don't understand that, i remember when fxsol took back 7k profit i made they told me the price they fill me at was not valid i ask them why they said altho they fill me at that price there LP wound't honor that price, but like i say i made so much money from them i didn't care and i continue to trade with them and still made money news trading with them.
Weird. They take your 7k back, but let you continue. I'd of thought they'd keep taking your winnings back, for the same reason.
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  • #28
  • Jul 10, 2008 3:33pm Jul 10, 2008 3:33pm
Quoting dsb104
So why dont they correct the technical glitch then?

I wonder if i was already long, and had a tp order near the start of the candle, i wonder where they'd fill me? I bet to the pip of the TP order, not the top of the subsequent post-news spike.

So they cant have it both ways.

I think the point is that the CAN have it both ways. Its not fair and it sucks for us traders. I just prepare myself for that before every trade I make, infact, I prepare myself for it before I even deposit funds with my broker after I was screwed with the whole Refco bankruptcy mess.

Please keep us updated. I would kill to know what broker it was. You can send me a PM if you want. I have some tips and tricks to keep brokers happy if you are intent on doing spike trading.
  • #29
  • Jul 10, 2008 3:48pm Jul 10, 2008 3:48pm
This is so stupid to trade the news....

Why not trade the after news ?
  • #30
  • Jul 10, 2008 8:01pm Jul 10, 2008 8:01pm
Can somebody explain to us which broker is regulated.
I thought all of them were the same? They just register with the NFA but I don't think legally there is much we can do.
  • #31
  • Jul 10, 2008 8:30pm Jul 10, 2008 8:30pm
Quoting dsb104
Weird. They take your 7k back, but let you continue. I'd of thought they'd keep taking your winnings back, for the same reason.
why will they do that when they was honest about what happen.
If I Go Broke Trying Then I Will die happy.
  • #32
  • Jul 11, 2008 3:56am Jul 11, 2008 3:56am
Quoting FrankTheTank
Lets look at the flip side of this, if I was your broker, I would say YOU are trying to scam them by taking advantage of a technical glitch. What you are doing is not trading, its exploiting.

As Moe said, this type of trading was fun back in the day but you will eventually get caught and hurt.
it is almost same with maxey-fxopen case
  • #33
  • Jul 11, 2008 4:35am Jul 11, 2008 4:35am
Quoting Moe
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.
Nonsense, you dont know what you are talking about. The poster Metcalfe above is right.
And I wonder whether you were ever a news trader, Moe? If you did, you were always an after the spike trader.
They may kick you out but they still pay your capital plus profits if it's a regulated broker. I've seen it many times.
If a non regulated broker, you dont stand a chance because they operate like a casino.
  • #34
  • Jul 11, 2008 4:40am Jul 11, 2008 4:40am
Quoting PipStar
Nonsense, you dont know what you are talking about. The poster Metcalfe above is right.
And I wonder whether you were ever a news trader, Moe? If you did, you were always an after the spike trader.
They may kick you out but they still pay your capital plus profits if it's a regulated broker. I've seen it many times.
If a non regulated broker, you dont stand a chance because they operate like a casino.
they will never pay you on a stail price or a off quote, if they did more power to you. i guess with fxsol i allowed them to take 7k from me and they allow me to continue to news trade. , it all work out for the best.
If I Go Broke Trying Then I Will die happy.
  • #35
  • Jul 11, 2008 4:44am Jul 11, 2008 4:44am
Quoting PipStar
I've seen it many times.
you sure you seen it with your own eyes or did you just heard about it.
If I Go Broke Trying Then I Will die happy.
  • #36
  • Jul 11, 2008 4:48am Jul 11, 2008 4:48am
This company is regulated by FSA. They have done it before too, to other people.

I have emailed to asked for proof. But i have received nothing yet.

Obviously, i will name and shame them across the net if I am not satisfied. I also, have videos of them playing other tricks such as delaying fills in their favour.

Ok, they can try & hide behind T&C, but the end of the day, if potential clients know they are at risk at having trades voided, are they gonna go with them?

So all the money they spend advertising, will be lost in negative publicity.
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  • #37
  • Jul 11, 2008 4:49am Jul 11, 2008 4:49am
http://www.cvreefers.org/images/smilies/new_newbie.gif
If I Go Broke Trying Then I Will die happy.
  • #38
  • Jul 11, 2008 4:52am Jul 11, 2008 4:52am
Quoting Moe
they will never pay you on a stail price or a off quote, if they did more power to you. i guess with fxsol i allowed them to take 7k from me and they allow me to continue to news trade. , it all work out for the best.

Let's explain a stale price and off quotes for the benefit of all.
- The price you click to enter before a major announcement is NOT a stale price. It is a valid price before the spike. It cannot be stale since the spike has not started and prices have not moved yet.
- It becomes a stale price if you click after the price has moved and your broker's quotes lag. Therefore a stale price is a lagged price. You get off quotes when your broker uses virtual dealer plug in to delay execution by a few seconds.

But brokers like to muddle the waters by calling prices just before and after the spike as stale; thats basically so that they can claim their money back by using this excuse !!! If they did that to me I'd complain to the NFA straight away as long as they are regulated.
  • #39
  • Jul 11, 2008 4:54am Jul 11, 2008 4:54am
Quoting PipStar
Let's explain a stale price and off quotes for the benefit of all.
- The price you click to enter before a major announcement is NOT a stale price. It is a valid price before the spike. It cannot be stale since the spike has not started and prices have not moved yet.
- It becomes a stale price if you click after the price has moved and your broker's quotes lag. Therefore a stale price is a lagged price. You get off quotes when your broker uses virtual dealer plug in to delay execution by a few seconds.

But brokers like to muddle the waters by calling prices just before and after the spike as stale; thats basically so that they can claim their money back by using this excuse !!! If they did that to me I'd complain to the NFA straight away as long as they are regulated.
.. yeah bro. http://www.cvreefers.org/images/smilies/shake.gif
If I Go Broke Trying Then I Will die happy.
  • #40
  • Jul 11, 2008 4:57am Jul 11, 2008 4:57am
Its not ODL.

I agree Pipstar. They could argue stale price, at any time. They shouldnt void trades. I'm sure it wouldnt be a stale price if there was a conflict and i took the loss.

Well, i have emailed them, wanting clarification. I will let you guys know and forexpeacearmy too if a scam. Thats tens of thousands of traders.
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