Anyone trading news here? | Page 3 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Is anyone here earning a living, just with forex trading? 242 replies

Anyone here trading AUD/USD or USD/AUD tonight regarding AUS Home Loan Report? 1 reply

Just Curious...Has anyone here consistantly made $$$ trading with Forex.com? 4 replies

Poll - When did you start trading forex? Anyone had 10+ years here? 35 replies

Attachments: Anyone trading news here?
Exit Attachments

Anyone trading news here?

  • #41
  • Sep 26, 2008 8:17am Sep 26, 2008 8:17am
Quoting lostinspace
They don't "let people trade the news and take money from their pockets day after day", lavatrader gives that impression but he's wrong.

I think both you guys need to read their Terms and Conditions instead of arguing a point which doesn't exist.

As for forexpeacearmy, lol, are you kidding me! Don't tell me you take anything on that site seriously!

Hi pal!
I do not believe that any broker will be happy by giving out their money. But, forex is a market where brokers set the playing rules, and I'm looking for clear and straight-forward rules of the game.
Trading is a business not only for broker, but also for trader. That's why there always should be a compromise between both sides. Otherwise, it seems that if something happens on the market, traders always pays the price and usually with his own money.

How about this?
Quote
Non-market quotes and spikes policy If an erroneous quote has been fed to the system, Forex Club will compensates all of the losses to their customers and honors up to $500 of profits per account.

That's fair to me! They also have other policies which gives me some rights.


Good luck to everybody!
  • #42
  • Sep 26, 2008 8:55am Sep 26, 2008 8:55am
Quoting lavatrader
That's what I was trying to say. They have fixed spread and price freeze for 4 seconds. But, right after the news, let's say every first friday of the month at 8:30:10 am EST it might be hard to jump in using a simple market order but if you placed opening stop before that time, you'll be filled at exact price in your order! So, you can set a strategy there. For example:
Current market is 1.4140. You placing a set of contingency orders:
Buy 100,000 EUR/USD @ 1.4160 - Active opening
Sell 100,000 EUR/USD @ 1.4190 - Limit pending
Sell 100,000 EUR/USD @ 1.4145 - Stop pending

And you can do the same for down side. So, now you need marker to jump from 1.4140 to 1.4190 or higher - then you make money guaranteed.

Is it clear?
Lavatrader, why don't you just set one buy stop at 1.4160 and one sell stop at 1.4145 and set 30 points for take profit ? will it be more easy and less risk ?
  • #43
  • Sep 26, 2008 9:28am Sep 26, 2008 9:28am
Quoting lavatrader
Hi pal!
I do not believe that any broker will be happy by giving out their money. But, forex is a market where brokers set the playing rules, and I'm looking for clear and straight-forward rules of the game.
Trading is a business not only for broker, but also for trader. That's why there always should be a compromise between both sides. Otherwise, it seems that if something happens on the market, traders always pays the price and usually with his own money.

How about this?


That's fair to me! They also have other policies which gives me some rights.


Good luck to everybody!
You just contradicted yourself. "The brokers set the playing rules" but "they have also have policies which gives me some rights." I am now pretty sure that you are just retarded and dont get what most of us are telling you which is why I will not respond nor read anything you write again. Good luck with losing all your money.
  • #44
  • Sep 26, 2008 9:40am Sep 26, 2008 9:40am
Quoting fxtrader42
Good luck with losing all your money.
Wow.. You really love me. Once I say anything about fxclub - you immediately right there. Did I wish you a bad luck? Why you do this?
Take it easy man! Life is good.
  • #45
  • Sep 26, 2008 11:59am Sep 26, 2008 11:59am
Quoting lavatrader
Hi pal!
I do not believe that any broker will be happy by giving out their money. But, forex is a market where brokers set the playing rules, and I'm looking for clear and straight-forward rules of the game.
Ah ok, it's a bit clearer now I've read the way this works.

Unlike normal marketmakers who stream executable quotes and offer instant fills, on FXClub you have to request a quote, that's how they are able to say 'No Requotes'

On stop and limit orders they can only say 'No Slippage' and guarantee what they call 'exact execution' because they have a very important exclusion clause to protect themselves 'except for extraordinary market conditions', and guess who decides what is and isn't an extraordinary market condition!


This is no better than your average bucketshop, in fact it's worse in some respects:

Commission of 60c per 1k traded is ridiculous, that's the equivalent of a 6 pip spread whereas someone like Oanda are usually less than 1 pip on Eur/Usd, even in this market they're only 1.6

Overnight rollover is also too expensive at 15c per 1k, and they don't pay interest on positive yield trades (ie long Gbp/Jpy), total rip off.

What I would have a problem with is the slightly dishonest way they peddle their wares:
Zero-spreads - but 6 pips in commission
No swaps - but 15c rollover charge per 1k
No requotes - no because you have to request a quote to be able to place a trade!

When you cut through the (not so) slick sales pitch only a total novice would be taken in, this isn't for any (semi-) professional trader.

Shame, it looked quite good at first glance. On a positive note at least their advertising works!

Having said all that lavatrader, if you're happy with them and making money then it's obviously working for you so good luck!
  • #46
  • Sep 26, 2008 2:02pm Sep 26, 2008 2:02pm
Quote
Ah ok, it's a bit clearer now I've read the way this works.

Unlike normal marketmakers who stream executable quotes and offer instant fills, on FXClub you have to request a quote, that's how they are able to say 'No Requotes '
Most large banks and professional systems use a similar approach since it is most transparent and leaves no room for price manipulation for a broker. You see 50/51. You click on 51 only to see the message that trade can only be made at 53. And, it can go higher and higher. Re-quotes…

Quote
On stop and limit orders they can only say 'No Slippage' and guarantee what they call 'exact execution' because they have a very important exclusion clause to protect themselves 'except for extraordinary market conditions', and guess who decides what is and isn't an extraordinary market condition!
As far as I understand the extraordinary means something really irregular. Therefore, NFP and Interest Rates are not included.

Quote
Commission of 60c per 1k traded is ridiculous, that's the equivalent of a 6 pip spread whereas someone like Oanda are usually less than 1 pip on Eur/Usd, even in this market they're only 1.6
A agree that it is expensive, but you forgot to mention that there is a commission refund if you incur losses. Its naïve to think that a broker who claims to have 1 pip spread actually gives it to you. First of all, 1pip is only offered on EURUSD, on mini lots and quite markets only.

Quote
Overnight rollover is also too expensive at 15c per 1k, and they don't pay interest on positive yield trades (ie long Gbp/Jpy), total rip off.
Not a total. For major currencies – probably a bit more but for exotic 1.5 pip it’s nothing.

Quote
What I would have a problem with is the slightly dishonest way they peddle their wares:
Zero-spreads - but 6 pips in commission
No swaps - but 15c rollover charge per 1k
No requotes - no because you have to request a quote to be able to place a trade!
But it's still true! There are no spreads, swaps( position re-opening) and no re-quotes.

Quote
Having said all that lavatrader, if you're happy with them and making money then it's obviously working for you so good luck!
Thanks a lot man for your interesting input.
  • #47
  • Sep 26, 2008 2:56pm Sep 26, 2008 2:56pm
To Lavatrader: You sure spend a lot of time defending this broker. Regardless of what you say, I think its obvious that you either work for them or have some financial interest in the company. Its okay, just come out and admit it.

To any new traders: Please be very careful before you open an account with a broker and please do not make this decision based on some posts on this forum. Especially in today’s markets, your money is at risk even if you are not trading and its just sitting there in your broker's account. Segregated accounts and NFA registration will not protect you.
  • #48
  • Sep 27, 2008 6:39am Sep 27, 2008 6:39am
Quoting lavatrader
1) Most large banks and professional systems use a similar approach since it is most transparent and leaves no room for price manipulation for a broker. You see 50/51. You click on 51 only to see the message that trade can only be made at 53. And, it can go higher and higher. Re-quotes…

2) As far as I understand the extraordinary means something really irregular. Therefore, NFP and Interest Rates are not included.

3) A agree that it is expensive, but you forgot to mention that there is a commission refund if you incur losses. Its naïve to think that a broker who claims to have 1 pip spread actually gives it to you. First of all, 1pip is only offered on EURUSD, on mini lots and quite markets only.

4) Not a total. For major currencies – probably a bit more but for exotic 1.5 pip it’s nothing.

5) But it's still true! There are no spreads, swaps( position re-opening) and no re-quotes.
1) We're not talking about institutional plaforms executing deals for >100m, we're talking about bucketshops filling <100k orders in normal market conditions when most (if not all) marketmakers automatically fill orders at the price requested. RFQ leaves unlimited opportunity for dealer manipulation and individual pricing, different clients can be quoted different prices depending on how they're positioned, that's hardly transparent!

2) What constitutes 'extraordinary' will be at the sole discretion of FXClub, it could mean anything they want it to mean. Bottom line, just like any other marketmaker nothing is guaranteed at FXClub.

3) Not true. On most bucketshop platforms advertised spreads apply 99% of the time for deals up to 7 or 10m, it's only across data and other illiquid and volatile times when spreads widen for a few minutes.

4) It's a total rip-off, period. They don't pay interest, just charge it at some exorbitant rate.

5) It's misleading and dishonest advertising designed to entice the gullible novice. If a company lacks the integrity to advertise honestly then they really can't be trusted in my opinion.

Like I say, if it works for you then great but they're not a company I would recommend to anyone.
  • #49
  • Last Post: Sep 28, 2008 8:39am Sep 28, 2008 8:39am
I agree with lostinspace. This thread should just be closed or renamed to fxclub broker discussion.
0 traders viewing now