Am I Paranoid Or is My Broker a Crook? | Forex Factory

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Am I Paranoid Or is My Broker a Crook?

  • #1
  • First Post: May 14, 2009 8:50am May 14, 2009 8:50am
Everytime, And I mean everytime (99% of my trades!) my limit orders on EUR/USD is almost executing by 1 or 2pips, usually 1pip!!

Then the market is going againts my position around 10pips.

After that, If the price is coming back to take my limit, The market is breaking and going around 10pips with my position, But of course my limit already executed.

What's going on here?
  • #2
  • May 14, 2009 9:11am May 14, 2009 9:11am
Quoting daveportnoy
Everytime, And I mean everytime (99% of my trades!) my limit orders on EUR/USD is almost executing by 1 or 2pips, usually 1pip!!

Then the market is going againts my position around 10pips.

After that, If the price is coming back to take my limit, The market is breaking and going around 10pips with my position, But of course my limit already executed.

What's going on here?
Your broker is probably an a**hole

Where do you trade?
  • #3
  • May 14, 2009 10:19am May 14, 2009 10:19am
Quoting daveportnoy
Everytime, And I mean everytime (99% of my trades!) my limit orders on EUR/USD is almost executing by 1 or 2pips, usually 1pip!!

Then the market is going againts my position around 10pips.

After that, If the price is coming back to take my limit, The market is breaking and going around 10pips with my position, But of course my limit already executed.

What's going on here?
LOL! This is great. Yeah, your broker is probably an ***hole This thread already has the makings of becoming a classic. I bet I can take some good guesses as to who you're with...but don't keep us in suspense any longer; who are you talking about??
  • #4
  • May 14, 2009 11:20am May 14, 2009 11:20am
What I'm trying to understand is how the broker is making profit from it?
How they make profit by not executing my limits?
  • #5
  • Edited 9:32pm May 14, 2009 6:38pm | Edited 9:32pm
Hello,

I do not know how big you trade, but I don't think that a large broker would single you out, and manipulate their quotes, just to take the spread on your micro or mini account.
Think about this for a minute. Look at where you are placing your stops and limit orders, is it at round numbers, areas of recent high low swings. All of these areas have interest around them ( order flow) . If the areas look like logical places to put a stop or limit order to you, then they proudly look like good areas to many other novice traders, thus giving liquidity to larger players.
If they are not executing your orders, Call them up and ask them why........ they might clear up the questions.....


Take Care,

Rsq955
  • #6
  • May 14, 2009 6:42pm May 14, 2009 6:42pm
Easy way to find out - download a couple of MT4 demo's and cross check the price with your broker. If things don't match up then take your business elsewhere. Probably paranoid though I'd say.
  • #7
  • May 15, 2009 8:10am May 15, 2009 8:10am
i still dont get How they make profit by not executing my limits?
  • #8
  • May 15, 2009 9:29am May 15, 2009 9:29am
Quoting daveportnoy
i still dont get How they make profit by not executing my limits?

They executing your losses :-)
  • #9
  • May 15, 2009 11:55am May 15, 2009 11:55am
Quoting daveportnoy

What's going on here?

i still dont get How they make profit by not executing my limits?

I think you should ask them on live chat and post a transcript of the conversation here.
  • #10
  • May 15, 2009 12:09pm May 15, 2009 12:09pm
Quoting daveportnoy
i still dont get How they make profit by not executing my limits?
If they are a dealing desk anything that they do that causes you to make less or lose more allows them to lose less and make more.
  • #11
  • Last Post: May 17, 2009 12:11pm May 17, 2009 12:11pm

It's actually a very insidious plot by the broker to get u thinking of them and blaming them for your trading. As long as u think this way they win. Very simple and I might say very effective judging by the number of traders who go down this route.
Make that guy in the mirror take responsibility for 'EVERYTHING' that happens - then you can start to focus on your trading - not the brokers perceived shenanigans.
http://www.catroll-art.co.uk/images/shit_happens.jpg

Quoting daveportnoy
Everytime, And I mean everytime (99% of my trades!) my limit orders on EUR/USD is almost executing by 1 or 2pips, usually 1pip!!

Then the market is going againts my position around 10pips.

After that, If the price is coming back to take my limit, The market is breaking and going around 10pips with my position, But of course my limit already executed.

What's going on here?
In trading, there is no bullshit. You either make money or you don't.
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