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Brokers Scams Who delete you profits

  • #61
  • Aug 29, 2009 3:11am Aug 29, 2009 3:11am
Quoting pipmutt
Ok, lots of misunderstanding there, I really don't know where to start and to be frank I'm not really sure I'm inclined to try!
I know quite a few higher ups in brokers, and ex-employees of different types of brokers. I mix in financial circles What I know comes direct from the proverbial horse's mouth.

What is it you think I don't understand?

Quoting pipmutt
Anyway, good trading to you
And may your pips be plentiful
  • #62
  • Aug 29, 2009 4:19am Aug 29, 2009 4:19am
Quoting oakmonster
What is it you think I don't understand?
Here are a couple of links which came up on a simple search, there are literally hundreds of others around the net which go into more detail....

http://www.forexfactory.com/showthread.php?t=7484
http://www.elitetrader.com/vb/showth...threadid=75861


It can be confusing because there are so many variations nowadays, some of the names can be pretty misleading unless you read the contract smallprint
  • #63
  • Aug 30, 2009 3:00am Aug 30, 2009 3:00am
Having worked for a market maker, I tell you now that there is only 1/4 of the facts given to the public. Lets just say that brokers aren't as criminal as first believed. You will find that they are actually more honest than not. BUT things need to be balanced from broker to broker. Everyone needs to be doing the same practices rather than broker X charging 100 pips off market to execute and broker Y charging 12 pips. Then on a diff client broker X cahrges 2 pips and broker y charges 150.

Too much control is given to the dealers (the man behind the computer) and spreads should be fixed. If the spread can't be fixed the execution shouldn't happen. BUT comission is paid per position on most ECN's, so spread shouldnt exist as the trade is paid for. But because the said ECN's are acting only as a counter party to a small bank for liquidity, the charges are higher than that of a market maker. However 99% of the market makers are bucketing, which is illegal, but hard to prove given the methods of brokers.
  • #64
  • Dec 11, 2009 8:49am Dec 11, 2009 8:49am
I had profit from one of my trades zeroed by GoMarkets on 17 August 2009. It may have been a genuine spike, so I let it go.

I've been looking deeply into news trading lately and I would not want my profits to be deleted after all the hard work that I had exerted to earn them, so I need to choose the broker carefully.

Can anyone please share more experiences of brokers who delete profits, especially ECN/STP brokers like FXCM, MB Trading, Gallant?
  • #65
  • Dec 11, 2009 9:44am Dec 11, 2009 9:44am
Quoting Hyper
I had profit from one of my trades zeroed by GoMarkets on 17 August 2009. It may have been a genuine spike, so I let it go.
I don't understand why they would cancel your profits if you profited from a genuine spike. Can you explain?
  • #66
  • Dec 11, 2009 12:03pm Dec 11, 2009 12:03pm
In the comment it said "[tp]zeroed due to incorr". I think the rest of the comment would say "ect quote". My 10 pip take profit level had been hit., but the profit was rewritten to be 0.

It happened while I was asleep, and that was all I found when I woke. I just assumed that there was a sharp spike which they then later removed before I woke.
  • #67
  • Dec 13, 2009 2:31am Dec 13, 2009 2:31am
This is part of the reason why many positions are programmed to go through stops before they actually close. (They are given the signal to close, but take time to fill. Unfortunately, you often get the stop-price if that is a take-profit stop.)

If you are depending on single rare-spikes to gain... you should expect that they are not actually going to be available to you. Though they were obviously available to someone. (That tick was just one persons actual sale, and it is not a reflection of availability of any volume of units that you have access to.)

Many places reject single-spikes, but that adds delays which can cause other real values which are available, to no longer be available at that moment. (That is one reason why they use expanding spreads.)

If the market passed through that point, some time after the order was canceled and before you were given notice... they should have had the ability to refill that order. (They should have detected that spike nearly immediately, and hesitated before indicating the final close.)

How many other "profitable" trades did you have? Three out of ??? were canceled... hundreds, thousands, millions...
  • #68
  • Dec 15, 2009 4:58am Dec 15, 2009 4:58am
Quoting Hyper
I had profit from one of my trades zeroed by GoMarkets on 17 August 2009. It may have been a genuine spike, so I let it go.
I have had Gomarkets reverse a losing trade that was a spike....... so if Go detect a spike and remove it I am not fussed.

fairs fair IMO......
  • #69
  • Jan 11, 2010 2:43pm Jan 11, 2010 2:43pm
Quoting Hyper
I had profit from one of my trades zeroed by GoMarkets on 17 August 2009. It may have been a genuine spike, so I let it go.

I've been looking deeply into news trading lately and I would not want my profits to be deleted after all the hard work that I had exerted to earn them, so I need to choose the broker carefully.

Can anyone please share more experiences of brokers who delete profits, especially ECN/STP brokers like FXCM, MB Trading, Gallant?
I haven't traded with FXCM or MB Trading, but according to the trading agreement docs you have to sign, they are counterparty to ALL trades you enter. What's worse is MB Trading states they have proprietary trading operations ongoing. So... I wouldn't really go with MB Trading even though they are an ECN.
  • #70
  • Jan 15, 2010 4:08pm Jan 15, 2010 4:08pm
Quoting ric3bowl
I haven't traded with FXCM or MB Trading, but according to the trading agreement docs you have to sign, they are counterparty to ALL trades you enter. What's worse is MB Trading states they have proprietary trading operations ongoing. So... I wouldn't really go with MB Trading even though they are an ECN.
The broker is always the counterparty in the transaction because you don't have credit lines to trade directly with the banks. The banks will only recognize the trade on their books as a trade with FXCM rather than "ric3bowl". If they need payment on the trade due to a loss, they come to FXCM rather than knocking on your door.

While the broker is the counterparty, how the broker offsets that trade is what determines if the broker is acting as a market maker/dealing desk or STP/NDD. A dealing desk can keep the trade whereas the STP/NDD broker offsets it immediately with another counterparty such as a bank or financial institution thereby eliminating the conflict of interest.
  • #71
  • Feb 19, 2010 4:48am Feb 19, 2010 4:48am
updated...
Charting Markets into the Future...MǎҖ€¥.
  • #72
  • Feb 19, 2010 5:25am Feb 19, 2010 5:25am
As far as MB-Trading is concerned, I can say that after 650 live Trades with them in the last 5 months, I've never been scamed (I think )
There were no zeroed transactions.

During the time MT4 was officially unstable softwar, they had a problem resulting in a 100 pips loss for me. After phoning them and them doing a little research on this issues, they refunded the money.
Me being a software developer, too I can go with that. I mean, I decided not to wait for the official stable version but participated in this small group of beta testers and therefore I accepted this risk.
  • #73
  • Feb 19, 2010 8:36am Feb 19, 2010 8:36am
Quoting MaXeY
updated...
Can you provide details of your latest experiences?

I agree that Eglobal is a scam broker. After 2 days of profitable trades my account was disabled. Some weeks later I tried logging in again and could trade, but each trade took around 30s to execute. I got my money back, but after the withdrawal fee I lost money overall.
  • #74
  • Feb 20, 2010 11:18pm Feb 20, 2010 11:18pm
Quoting MaXeY
updated...
You can also add this broker to the list: InvestechFX
  • #75
  • Feb 23, 2010 5:01am Feb 23, 2010 5:01am
Quoting PipStar
You can also add this broker to the list: InvestechFX
eToro the biggest SPAMMER AND SCAMMER!!!!
This site should be closed ! Don't instal this "platform", after that they will send you an infinity pup up and publicity.

PS That it's not a platform, it's a toy for childs.
  • #76
  • Feb 23, 2010 6:10am Feb 23, 2010 6:10am
Quoting vasi
eToro the biggest SPAMMER AND SCAMMER!!!!
This site should be closed ! Don't instal this "platform", after that they will send you an infinity pup up and publicity.

PS That it's not a platform, it's a toy for childs.
how are they a scam?
  • #77
  • Feb 23, 2010 6:33am Feb 23, 2010 6:33am
Quoting marcus1rex
how are they a scam?

They send me pup up on 5 minutes! Is it correct? I don't need them, i don't need such a ....., "broker". That's it !
I've talked with them, but they want only to become their client with any cost. An honest broker don't need this type of "advertising".
I advise none to contact them! A serios trader don't work with such "things".
  • #78
  • Feb 23, 2010 6:51am Feb 23, 2010 6:51am
Quoting vasi
They send me pup up on 5 minutes! Is it correct? I don't need them, i don't need such a ....., "broker". That's it !
I've talked with them, but they want only to become their client with any cost. An honest broker don't need this type of "advertising".
I advise none to contact them! A serios trader don't work with such "things".
Why don't you try fxopen, I'm with them and happy with them.
  • #79
  • Feb 23, 2010 5:19pm Feb 23, 2010 5:19pm
Quoting Jason Rogers
The broker is always the counterparty in the transaction because you don't have credit lines to trade directly with the banks. The banks will only recognize the trade on their books as a trade with FXCM rather than "ric3bowl". If they need payment on the trade due to a loss, they come to FXCM rather than knocking on your door.

While the broker is the counterparty, how the broker offsets that trade is what determines if the broker is acting as a market maker/dealing desk or STP/NDD. A dealing desk can keep the trade whereas the STP/NDD broker...
And I am 100% agree with you Jason. All these "ECN shops" are just another marketing perk. That's all. You can call it ECN/MCN/PCN but you can not change Market Nature.
  • #80
  • Feb 23, 2010 7:36pm Feb 23, 2010 7:36pm
Quoting vasi
They send me pup up on 5 minutes! Is it correct? I don't need them, i don't need such a ....., "broker". That's it !
I've talked with them, but they want only to become their client with any cost. An honest broker don't need this type of "advertising".
I advise none to contact them! A serios trader don't work with such "things".
I would second that. Ive been pestered by them also and told many stupid things by their sales team, such as it didnt matter that i was loosing on demo and that they would give me a pdf on trading worth $700 and 'lead me to the treasure on the desert island' if i opened an account.
The greatest force on earth is compound interest.
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