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FXDD Red Flag

  • #1
  • First Post: Dec 18, 2008 3:37am Dec 18, 2008 3:37am
FXDD is having a Holiday Bonus: I call this a Red Flag (suicide) Bonus!

* Free $100 trading money for all "new accounts". This is trading money that you can use for live trading - however, you cannot withdraw this amount - only PROFITS made on it!

Why is this a red flag? I was informed that FXDD is currently swamped with hundreds, if not thousands of new applicants each day. As we all know, it is a mathematical probability that among the thousands of trades, there can be one "SUPER LUCKY" (or many of it) such that, a mere $100 could make $1000 instantly.

For example: One could have applied for 2 accounts; one would have went LONG EURUSD on one account, and went SHORT EURUSD on one account several minutes of the FOMC report (or any of those very volatile news). Surely, one account will go bust/margin call, while the other would ride the wave till kingdom come.

Another Example: I was told that one can have as many "New Accounts" by applying that much. So go apply for 256 New Accounts then!
Step1: Go long EURUSD on 128 accounts, go short EURUSD on 128 accounts. Go maximum lots, 10 pips to margin call and 15 Pips to TP. You will get 128 accounts doubled money!
Step 2: Rinse Repeat!
Step 3: after several cycles, you could end up with a fat $25K account.

Guess what will happen if all these free loaders filed for withdrawal?
  • #2
  • Dec 18, 2008 5:02am Dec 18, 2008 5:02am
It is not as easy as what you describe above and someone would have to be very lucky to succeed at it, although not impossible. Dont discount the fact that after one account has been wiped out, the other winning account could also retrace to zero (most likely scenario). Anyway, if someone can make this work, best of luck.
  • #3
  • Dec 18, 2008 5:05am Dec 18, 2008 5:05am
These brokers are pro's, they won't offer this if they wouldn't be able to gain from it.

If indeed 1 or 2 traders succeed in this, there will be loads of other who lose their money.

I use FXDD been having problems with the platform last couple of days. seems enormously slow, lots of re quotes, off quotes and invalid price messages, send them an email because couldn't get rthrough to the live chat. Probably all them 100 USD guys who have heaps of questions.

Anyone else been having issues with the mt4 FXDD platform lately?
Enter Signature
  • #4
  • Dec 18, 2008 4:48pm Dec 18, 2008 4:48pm
Quoting johninthai
If indeed 1 or 2 traders succeed in this, there will be loads of other who lose their money.
What is there to lose in losing the free $100?
  • #5
  • Dec 18, 2008 6:18pm Dec 18, 2008 6:18pm
Quoting BurgerKing
FXDD is having a Holiday Bonus: I call this a Red Flag (suicide) Bonus!

Another Example: I was told that one can have as many "New Accounts" by applying that much. So go apply for 256 New Accounts then!
Step1: Go long EURUSD on 128 accounts, go short EURUSD on 128 accounts. Go maximum lots, 10 pips to margin call and 15 Pips to TP. You will get 128 accounts doubled money!
Step 2: Rinse Repeat!
I would wager that you sir, are a profitable trader.

I suspect this beacuse the elaborate scheme you've detailed is exactly the kind of thinking
that keeps the bucketshops profitable. If you can think like them, then you can beat them.
Screw ' em as often as you can, as many as you can, as much as you can.
That's the train of thought over there.

To open 100 accounts and let the numbers do the work...hmmmm?
Is it unethical or fraudulent or illegal to do all of that, with or without intent to defraud ?
I really don't know. What the hell is the difference ? It's never stopped the MarketMakers before.

Don't misunderstand, I'm not criticizing you, I support your idea.
If you could formulate a plan to take money away from these guys,
I'd be 1000% on board. Wouldn't want to go to jail, so don't blatently steal anything.
But, if that was how it unfortunately turns out, just never steal anything small.
Take enough to live somewhere comfortably for the next 20 years.
Somewhere without extradition treaties is preferred. It beats the can.
  • #6
  • Dec 18, 2008 7:02pm Dec 18, 2008 7:02pm
Quoting BurgerKing
What is there to lose in losing the free $100?
NEver studied marketing I guess
Enter Signature
  • #7
  • Dec 19, 2008 3:44pm Dec 19, 2008 3:44pm
sorry, but can someone enlighten me, how can you lose if you're getting a free $100 to play with ?

Is it because they think you will deposit some money of your own after you go through their $100 and statistically they will end up making money from those people ?? is that it ?
It's NOT GAMBLING when the odds are in your favor
  • #8
  • Dec 20, 2008 10:28am Dec 20, 2008 10:28am
i bet they will not transfer the money for those who won from them
  • #9
  • Dec 20, 2008 10:55am Dec 20, 2008 10:55am
Yeh, when I saw that ad the first thing I thought of was "How are they going to keep people from withdrawing profits on this?"

You could deposit $100, get a $100 free, then take 1 trade w/ it all... lol. I suppose they'd probably count your money as lost first, so if you lost half of it... they'd make that your half you lost. But could be a quaint way to temporarily double your effective margin. Take a $1k, break it up into 10 accounts, have 10 $200 dollar accounts and trade 1 trade per account. Laff.

Assuming you don't have to pay it back if you lose it, laff.
  • #10
  • Dec 21, 2008 2:03am Dec 21, 2008 2:03am
but they said u do not need to deposit anything to get the $100.....change that account into micro account and slowly build that money,....until u make 100k a month, they gonna cheat u
  • #11
  • Dec 21, 2008 3:06am Dec 21, 2008 3:06am
Quoting asian_sg_guy
but they said u do not need to deposit anything to get the $100.....change that account into micro account and slowly build that money,....until u make 100k a month, they gonna cheat u
i guess they won't let u change it to micro. it's mini account with
leverage 1:200 and 10,000 contract.

many (newbies) will not survive with such a great volatile market nowaday.
with min. 0.1 lot, sl must be very tight. 1 - 2 losts will near margin call
  • #12
  • Dec 21, 2008 3:11am Dec 21, 2008 3:11am
Yeh, but if you're trading with such small accounts... who cares if half get hit with a margin call? Your MM would be in the number of accounts.
  • #13
  • Dec 21, 2008 10:04am Dec 21, 2008 10:04am
Quoting Rabid
Yeh, but if you're trading with such small accounts... who cares if half get hit with a margin call? Your MM would be in the number of accounts.
hi bro,
my aim is to get ECN broker soon but
just can't resist this free bonus and there,
i got one account ready.

still can't touch it bcos my setup are based on
4hr tf above.
i wonder this kind of mini a/c just with $100,
the only surviving chance will be scalping lower
tf below 15m. MM w/ very tight sl.

hi.hi.. i'm again back to lower tf and see what
setup is good for this. no hurry. it's free anyway.
  • #14
  • Dec 21, 2008 11:51am Dec 21, 2008 11:51am
Quoting maxkh
hi bro,
my aim is to get ECN broker soon but
just can't resist this free bonus and there,
i got one account ready.

still can't touch it bcos my setup are based on
4hr tf above.
i wonder this kind of mini a/c just with $100,
the only surviving chance will be scalping lower
tf below 15m. MM w/ very tight sl.

hi.hi.. i'm again back to lower tf and see what
setup is good for this. no hurry. it's free anyway.
I tried to sign up to other day, got to step 5 and and stopped because they were asking me for my bank info. Do you know why that is ?? I though it was free $100.
Also, how much does 1 pip equal with their smallest position, is it 1 dollar or 10 cents ?
It's NOT GAMBLING when the odds are in your favor
  • #15
  • Dec 21, 2008 12:35pm Dec 21, 2008 12:35pm
Quote
still can't touch it bcos my setup are based on 4hr tf above.
i wonder this kind of mini a/c just with $100,
the only surviving chance will be scalping lower
tf below 15m. MM w/ very tight sl.

With today's volatility, ya, I get what you mean. Assuming say, a 100 pip SL, that'd be $2 per pip, or 2 mini lots. With a 200 pip SL, that'd be 1 mini lot. So ya, not a big ticket trade but still...

Quote
I tried to sign up to other day, got to step 5 and and stopped because they were asking me for my bank info. Do you know why that is ?? I though it was free $100.

There are always strings. "Free" never is.
  • #16
  • Dec 21, 2008 9:24pm Dec 21, 2008 9:24pm
i asked them already....u can change it into micro account

i will update my trading results after my account is being approved
  • #17
  • Dec 21, 2008 9:52pm Dec 21, 2008 9:52pm
Quoting User Name
I tried to sign up to other day, got to step 5 and and stopped because they were asking me for my bank info. Do you know why that is ?? I though it was free $100.
Also, how much does 1 pip equal with their smallest position, is it 1 dollar or 10 cents ?
ya, hv to digital-signed few doc. even, it's free bonus
but this is live account's procedure, must provide all
details & doc in those every step

min 0.1 lot = USD1.
so,u see,eg, w/ only $100, open eu/usd trade 0.1 lot, margin:$69.89,
ur -27pips sl near margin call. game over! lol.
  • #18
  • Dec 21, 2008 9:59pm Dec 21, 2008 9:59pm
Do I need to deposit/fund $250 first to open a mini account, in order to get $100 bonus credit? Do I need to fax any signature? Their live chat is all down and takes forever to answer anything.
  • #19
  • Dec 21, 2008 10:23pm Dec 21, 2008 10:23pm
Quoting fxfei
Do I need to deposit/fund $250 first to open a mini account, in order to get $100 bonus credit? Do I need to fax any signature? Their live chat is all down and takes forever to answer anything.
no need. once approved. u get that $100 in your account
and u can trade with it.

this promo ended 25Dec?, everyone there r too
busy handling overloaded sign-up. sure got delay & rejections
may increase as well.

keep trying...if u want it 4 free...
  • #20
  • Dec 21, 2008 10:53pm Dec 21, 2008 10:53pm
Quoting asian_sg_guy
i asked them already....u can change it into micro account

i will update my trading results after my account is being approved
wow... that's good!
i still doubt they allow it bcos w/ that promo free bonus,
they want it in mini so that ppl get less chances to
make free money out of that free $100 given.
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