Broker took my $2k back | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

How my Trading took BIG turn... 75 replies

I Had No Idea I Took So Much For Granted 58 replies

Cash & Carry (Grid) took over 180 pips out of the market yesterday and under 1% DD 1 reply

Broker took my $2k back

  • #41
  • Jul 11, 2008 2:58am Jul 11, 2008 2:58am
Quoting Moe
you sure you seen it with your own eyes or did you just heard about it.
I repeat, I have seen it many times, I can't tell you any more
  • #42
  • Jul 11, 2008 3:03am Jul 11, 2008 3:03am
Quoting dsb104
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.
i can't wait to you try to trade news on a ecn plaform, you think this was a shocker. http://www.cvreefers.org/images/smilies/dazed012.gif your be back here complaining about something else. i hope you don't think your gonna make a living using auto click service, don't bet on it buddy, get a real system and stop trying to take the easy way out
If I Go Broke Trying Then I Will die happy.
  • #43
  • Jul 11, 2008 3:09am Jul 11, 2008 3:09am
Quoting PipStar
I repeat, I have seen it many times, I can't tell you any more
yeah i know you did buddy http://www.cvreefers.org/images/smil...on_chuckle.gif
If I Go Broke Trying Then I Will die happy.
  • #44
  • Jul 11, 2008 3:22am Jul 11, 2008 3:22am
I have done this for years. Its the 1st time its happened. I would agree with the broker, if they could provide any evidence. But nothing yet. So surely, if they did void trade, they'd have concrete evidence to do so. As they could argue price errror if ever you made a big amount.

Really, if i was them, i would pay me, freeze my ac, and say move on. I'm sure other brokers Pipstar is referring to have done this. In the long-run they lose more than $2k from negative publicity, especially if i could contact other people it has happened to. The net, and especially trading community is a small place.
Forex rules
  • #45
  • Jul 11, 2008 4:14am Jul 11, 2008 4:14am
Ok, i have received a screenshot of prices around the time i got filled. They are saying that as the news release was positive, and the price was going up, i couldnt of got the fill i did. But they are guessing what price i could of got.

What should i do now?
Forex rules
  • #46
  • Jul 11, 2008 4:32am Jul 11, 2008 4:32am
You say that you have done this for years in your post above. If you have done this with the same broker and they have always paid up, I would cop it sweet this time if I were you and let this case rest. Win some, lose some. You may well have been flagged and you dont know it yet.
Therefore, what you could do is take no further action, wait for the next news trade and if they play the same trick again you know time's up; you then close your account with this broker and move on.
Keep in mind that you can only trade the spike with a broker for some time. You eventually end up on their radar.
  • #47
  • Jul 11, 2008 4:57am Jul 11, 2008 4:57am
Quoting dsb104
I have done this for years. Its the 1st time its happened. I would agree with the broker, if they could provide any evidence. But nothing yet. So surely, if they did void trade, they'd have concrete evidence to do so. As they could argue price errror if ever you made a big amount.

Really, if i was them, i would pay me, freeze my ac, and say move on. I'm sure other brokers Pipstar is referring to have done this. In the long-run they lose more than $2k from negative publicity, especially if i could contact other people it has happened to. The net, and especially trading community is a small place.
, your time might be up bro. also autoclick time is up.
If I Go Broke Trying Then I Will die happy.
  • #48
  • Jul 11, 2008 5:15am Jul 11, 2008 5:15am
No it wasnt through the same broker before.

But they have presented me with no evidence as to what price i should of got, but have guessed it wasnt the price i clicked.

No harm in complaining to regulator about it.
Forex rules
  • #49
  • Jul 11, 2008 5:20am Jul 11, 2008 5:20am
Quoting Moe
, your time might be up bro. also autoclick time is up.
It will always be around. Presume you've given back some of your $400k winnings since auto click failed?
Forex rules
  • #50
  • Jul 11, 2008 6:02am Jul 11, 2008 6:02am
If you really want to see how price reacts around news time on a "real" market, check dow futures or currency futures through CME right before a major news release.

All the bid/ask orders are pulled 5-10 seconds before the release and you will see the price jump back and forth very fast. Its impossible to get filled and suicide to try.
  • #51
  • Jul 11, 2008 6:48am Jul 11, 2008 6:48am
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.

Pipstar,

Stale pricing happen not just because the brokers feed lags but more so because the bank feed is lagging. Remember you are seeing a bank feed from most brokers, or multiple bank feeds and the brokers mark up those feeds but the actual feed comes from a bank. You can have a stale price in a non liquid market or a liquid market if the banks feed lags and a bank or a broker can reverse a trade pretty much when ever they feel like it. One last thing you can complain to the NFA all you want they will do nothing for you.
  • #52
  • Jul 11, 2008 6:54am Jul 11, 2008 6:54am
Quoting PipStar
You say that you have done this for years in your post above. If you have done this with the same broker and they have always paid up, I would cop it sweet this time if I were you and let this case rest. Win some, lose some. You may well have been flagged and you dont know it yet.
Therefore, what you could do is take no further action, wait for the next news trade and if they play the same trick again you know time's up; you then close your account with this broker and move on.
Keep in mind that you can only trade the spike with a broker for some time. You eventually end up on their radar.

Yea you are right FXCM has just been killed by all the negative publicity they have received on the net and other forums.
  • #53
  • Jul 11, 2008 7:47am Jul 11, 2008 7:47am
The most scammers broker who delete the news trades profits and keep the loss.

fxopen.com
mbcfx.com
fxstarts.ru
gigbrokers.com
prime4x.com

After client making money then request his withdrawal they will open ur account history and select winning news trades that clients made then they DELETE IT, and keep the lossing trades for you.
Charting Markets into the Future...MǎҖ€¥.
  • #54
  • Jul 11, 2008 7:50am Jul 11, 2008 7:50am
same story here....

http://www.forexfactory.com/showthread.php?t=50202

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
Charting Markets into the Future...MǎҖ€¥.
  • #55
  • Jul 11, 2008 8:27am Jul 11, 2008 8:27am
Quoting fxtrader42
Yea you are right FXCM has just been killed by all the negative publicity they have received on the net and other forums.
FXCM are just a basket case; they have slick advertising but everything else they do is against the interest of the trader and in the interests of FXCM. One example is their introduction of 'At best' execution which means they fill you at worst possible price
  • #56
  • Jul 11, 2008 8:39am Jul 11, 2008 8:39am
Jesus Maxey. Did you ever get the money back from them?
Forex rules
  • #57
  • Jul 11, 2008 9:08am Jul 11, 2008 9:08am
My favorite is when FXCM advertises that you can "trade the news" with their firm.

What a bunch of BS
  • #58
  • Jul 11, 2008 9:28am Jul 11, 2008 9:28am
My 1st broker was fxcm. They were rubbish really. But last year they were good for news trading, albeit for a couple of months. Wouldnt touch them now.
Forex rules
  • #59
  • Jul 11, 2008 11:34am Jul 11, 2008 11:34am
Quoting FrankTheTank
My favorite is when FXCM advertises that you can "trade the news" with their firm.

What a bunch of BS

YOU COULD, with a 50 pips slippage or a 30 pips spread, that's only if you could get the platform working, most of the time, it freezes... LOL..
  • #60
  • Jul 11, 2008 2:24pm Jul 11, 2008 2:24pm
is fxcm the broker in question here? the one that took the 2k from this guy
0 traders viewing now