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what will happen if my account has $1M?

  • #21
  • Jan 22, 2010 11:34am Jan 22, 2010 11:34am
What is the most anyone has ever withdrawn from a dealing desk broker?

It's not impossible to turn 10K to over 1M in a year. e.g. a 10% return per week can turn 10K into 1.42M if profits are fully reinvested.

So I'd like to know if anyone has done such a thing and attempted to withdraw profits. Would the broker try as much as they can to keep the money?
  • #22
  • Jan 22, 2010 1:39pm Jan 22, 2010 1:39pm
Quoting hareanone
Hello ,
I am using 2 brokers, FXCM and Alpari UK.

lets say, my account started from $10k and it grows at a rate of 30% per month, which means in th 19th month, my account will have $1,124,554
Please share your trading strategy
  • #23
  • Jan 22, 2010 11:17pm Jan 22, 2010 11:17pm
Quoting Jason Rogers
Accounts through FXCM UK are segregated in accordance with FSA client money rules.
Thank you for your reply.
  • #24
  • Jan 23, 2010 12:18am Jan 23, 2010 12:18am
"What will happen if my account has $ 1M?"

You are going to be a relatively rich person.

The most important thing is that Knowledge matters more than money.
If you have the knowledge to turn an account into a million and that will work at any time in the future. This matters.
I think it's a good possibility the broker will widen the spread before TP or SL.
It becomes very tempting for any broker not to take a big part of the stake from a big amount when the broker knows that most of the traders donate the money to the market anyways so might as well they will try to increase their profit. If you have a good winning strategy you might consider this into your strategy.
  • #25
  • Jan 23, 2010 1:17am Jan 23, 2010 1:17am
Quoting mandelmus
Please share your trading strategy

hello, I am based in Singapore. using an automated platform which the Forex School which i went to provided. i believe the platform is tradency.

from there, you can select from over 2000 EA, the ones which are profitable. ( of course , about 90% of the EA are losing money, but the one which i am using is of course profitable )

the thing is fully transparent, so i know what i going on in every trade.
  • #26
  • Jan 23, 2010 1:36pm Jan 23, 2010 1:36pm
Quoting hareanone
hello, I am based in Singapore. using an automated platform which the Forex School which i went to provided. i believe the platform is tradency.

from there, you can select from over 2000 EA, the ones which are profitable. ( of course , about 90% of the EA are losing money, but the one which i am using is of course profitable )

the thing is fully transparent, so i know what i going on in every trade.
There is no EA profitable in long term.
  • #27
  • Jan 23, 2010 2:30pm Jan 23, 2010 2:30pm
Quoting Trad3r
There is no EA profitable in long term.
Ridiculous Statement! Thats like saying there are no long-term manual strategies. - Of course there are profitable long-term EA's! (just ask the banks that use black box systems to trade with) - Are these robots on the market? NO!! - Can you get a profitable system from Clickbank? (Maybe. Megadroid and few other select systems appear to be valid strategies) - Good robots are like finding a needle in a haystack but the needles do exist.
  • #28
  • Jan 23, 2010 5:10pm Jan 23, 2010 5:10pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting Trad3r
There is no EA profitable in long term.


Nonsense. Loser statement.

---------------------------------------------
http://www.myfxbook.com/members/pc8multifx
  • #29
  • Jan 23, 2010 6:23pm Jan 23, 2010 6:23pm
There really isn't a EA which works long term, as sad as that might sound, the 1's that win the competitions barely make any profit and require constantly paramater changes to suite the market even then most of them lose money.

The Nano trading 1 that works isn't a EA, it's just set up so close to the Stock Exchange that they get there price feed slightly ahead of everyone else and orders filled which gives them enough of a advantage to scalp and make huge profits.

EA's work great in a strong trending market or choppy market ( less so ), but anything inbetween and a constant stream of losses sadly.

Knowing whether to trade for Trend or Chop has kept me stumped for 5years already and creates nasty losses for most retail traders, it's something you have to learn, EA's can't learn.

Sorry!!


BUT PLEASE SHARE IT AND PROVE ME WRONG I WANT A COPY IF SO!!

Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #30
  • Jan 23, 2010 6:25pm Jan 23, 2010 6:25pm
Banks don't trade with EA's, they use software to enter huge positions sneakily and slowly or aggressively depending on what there told to do pretty much nothing else.
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #31
  • Jan 23, 2010 10:22pm Jan 23, 2010 10:22pm
Quoting Turveyd
Banks don't trade with EA's, they use software to enter huge positions sneakily and slowly or aggressively depending on what there told to do pretty much nothing else.
There were bank trading programs before hi-speed trading existed. (a fairly new invention by the way) - Google "Wall Street Quants" and you'll find plenty of stories of successfully programmed long-term strategies (as well of some spectacular failures). Banks have been doing this a loooong time - retail traders are new to the party. They have a nice headstart but I've been a part of some nice closed groups with some guys that wrote MT4 EA's that have worked quite well for the past year plus. (well as long as I've known them) - You can take a defeatist attitude about the issue but if you really want to find managed programs ran by private EA's they're out there. Here's just one of many that been running for a couple years. (and I'm not even showing you the really good stuff!) - http://www.managed-forex-accounts.info/sterling
  • #32
  • Jan 24, 2010 1:58am Jan 24, 2010 1:58am
Has anyone actually successfully withdrawn 1M (or even 100K) of profits from a dealing desk broker?

I just want to know if there has been any trouble when attempting to withdraw a large amount from such brokers. I'm suspecting claims like "illegal trades" by the broker, especially if all or most trades were made during news or were quick and frequent scalps.
  • #33
  • Jan 24, 2010 7:55am Jan 24, 2010 7:55am
I have a EA Planned, but until I can find a EA where I can run it on a S10 Chart ( might beable to code around this ) I'm a bit stuck.

It'll run on the basis of, I'll take the trade then it'll follow my rules which are constant regards Exiting, at a loss or profit depending on what happens.

I could also set it to enter upon 1 of my entry rules being met, which there are 3 or 4 and I'd could say on no.2 Go Long.


But I'm telling it when to trade and filtering out the chop.

I think it'll follow my rules without emotion ( ofcourse ) and do better on Exits than me.


Banks, use similar systems to above, I do not think they use full EA's totally automated sorry!!
Nothing to it, but to do it!!! Stick to the plan FOOL!!!!
  • #34
  • Jan 24, 2010 3:12pm Jan 24, 2010 3:12pm
Quoting Turveyd
I think it'll follow my rules without emotion ( ofcourse ) and do better on Exits than me.
Banks, use similar systems to above, I do not think they use full EA's totally automated sorry!!
Stop Thinking!! (Its hurting your head) - The programmers I knew let their EA's trade while they slept, were at the beach, skiing, a the strip club, etc.. - If your EA can't you need better entry and exit rules (Also stop trading 10S charts if you dont know that the higher timeframes are far more predictable and tradeable by 100% automation)
  • #35
  • Jan 24, 2010 3:42pm Jan 24, 2010 3:42pm
If you are worried about dealer failure and large accounts. Consider using an FX broker in Canada. If the Canadian firm is a memeber of IIROC the Canadian regulator, their is deposit insurance for up to $1 million.
  • #36
  • Jan 24, 2010 8:56pm Jan 24, 2010 8:56pm
FXCM is legit. They won't do any games with your money.

http://www.currenex.com/about_us_white_label.html

They trade ECN. They don't call it that, but they're on an ECN. They are listed there as PropFX. PropFX is the name of FXCM a few years ago.
  • #37
  • Jan 24, 2010 9:49pm Jan 24, 2010 9:49pm
http://i285.photobucket.com/albums/l...ance_1000k.jpg
  • #38
  • Jan 24, 2010 9:51pm Jan 24, 2010 9:51pm
Quote
Has anyone actually successfully withdrawn 1M (or even 100K) of profits from a dealing desk broker?

I just want to know if there has been any trouble when attempting to withdraw a large amount from such brokers. I'm suspecting claims like "illegal trades" by the broker, especially if all or most trades were made during news or were quick and frequent scalps.

my account already reached at 1000k at FXPRO, and they dont do any thing dirty to my account !
i can withdraw without any question !


http://i285.photobucket.com/albums/l...hdraw_490k.jpg
  • #39
  • Jan 25, 2010 3:53am Jan 25, 2010 3:53am
Thanks banana9009. So it appears that FxPro can be trusted with big money.
  • #40
  • Jan 25, 2010 4:01am Jan 25, 2010 4:01am
Quoting hareanone
Hello ,

I am using 2 brokers, FXCM and Alpari UK.

lets say, my account started from $10k and it grows at a rate of 30% per month, which means in th 19th month, my account will have $1,124,554

logically, if i am a very good trader, this is possible, however, will even reputable brokers such as FXCM and Alpari UK use dirty tricks such as

 

  1. stop hunting
  2. requoting
  3. widening the spread to some ridiculous number
  4. software disconnects
  5. lagging/fraudulent price quotes
  6. unfilled orders
  7. account banning

to make sure i can...

My suggestion would be go ECN. Forget Market Makers like FXCM and Alpari. I know someone who got kicked out of Alpari for making too much in a short amount of time anyway.
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