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  • #206,821
  • Mar 4, 2010 3:33pm Mar 4, 2010 3:33pm
Quoting dean walker
If you look into this deeply you will see Forex and Casinos are set up the same way.
I started a thread on that very topic here. LOL. I agree. Not much comment sadly. Probably for the reasons given in the last post I made there.
Do not focus on making money; focus on protecting what you have.
  • #206,822
  • Mar 4, 2010 3:35pm Mar 4, 2010 3:35pm
Quoting dean walker
I have 2 demos with2 differnt brokers plus my live accounts with 3 brokers
and I will tell you the price is never the same now of course then will say that is because of the data feed etc I simply do not believe it. A EA helps greatly with this..how many times have you tried to mannually close out a trade in profit only to see a requote hit an don the next trade you lost like 10 pips.
Obviously the price isn't the same... and isn't suppose to be.
Each broker has different set of liquidity providers, and different agreements with those, about the spread they pay to them (cost that will be transferred to us, charged by a bigger or smaller spread).
So it will always be different.

Not that I'm defending them... but that isn't a good example to accuse them of anything.
  • #206,823
  • Mar 4, 2010 3:36pm Mar 4, 2010 3:36pm
Please you really believe that..you should understand what a brfoker sees as cheating is not at all what you would see as cheating..
It's common and a accepted practice to bet against your own clients..
You say Oh no way I am telling you yes it is this way..Forex brokers are in a industry that outside the US havs very little reg control. Thats the truth..
They are just like a Casino. why on earth do you think they give you up to a 20% sign up bonus..here's a hint brokers never give money away nor do Casinos.they want your money. This is a science and believe you me unless you have something special that they cannot screw with well you may be better off in a Casino..I use them because what else can you do if you wish to trade but I also know how they operate..

I seen the enemy and it's them...
Dean






Quoting kingfisher
I agree with you. I have talked to a CEO of global forex broker.

He says we want our retail clients to go ahead and win against likes of JP Morgan, GS, UBS, Barclays trading floor etc.

There can be mistakes but no way the broker intentionally cheat retail clients.
  • #206,824
  • Edited 3:50pm Mar 4, 2010 3:40pm | Edited 3:50pm
I have run a forex brokerage before. I am now a partner in another one. Simply put, there is absolutley no reason to hunt stops or screw with a persons account. Accidents do happen, but to risk getting shut down on something that is such a cash cow as forex, is plain silly. It's like a casino. The house usually always wins. Just a small percentage profit.

The same goes for STP brokerages. They make money solely on commissions, so their focus is to keep you trading. At any rate, neither one has any real benefit to purposely taking your money. All of these speculations and accusations are silly. Get inside before you throw rocks from the outside.
Every time you use 'hopium' in a post, God kills a kitten.
  • #206,825
  • Mar 4, 2010 3:41pm Mar 4, 2010 3:41pm
This is true and your correct here however I am not talking about a 2 or 3 pip change that can be understood with no problem..
Look at it like this brokers are no more than a salesman selling his inventory
He moves it from wholemeal to retail that's it. Now the more he moves the more he makes so if he can get you stop out or whatever he has that inventory to sell again.
Dean



Quoting tonirai
Obviously the price isn't the same... and isn't suppose to be.
Each broker has different set of liquidity providers, and different agreements with those, about the spread they pay to them (cost that will be transferred to us, charged by a bigger or smaller spread).
So it will always be different.

Not that I'm defending them... but that isn't a good example to accuse them of anything.
  • #206,826
  • Mar 4, 2010 3:43pm Mar 4, 2010 3:43pm
Quoting dean walker
It's common and a accepted practice to bet against your own clients..

Dean
And this is the silliest of them all. Most brokerages never let the trade leave the building so yes, they are betting against their clients, but someone has to take the other side of the trade. Be it InterbankFX or JPM. Someone is ALWAYS betting against you. For every buyer there is a seller and vice versa. If you trade via an ECN like currenex, someone is betting against you. Every single time... otherwise there is no liquidity.
Every time you use 'hopium' in a post, God kills a kitten.
  • #206,827
  • Mar 4, 2010 3:45pm Mar 4, 2010 3:45pm
Can we get back on the topic of trading? Start a thread in another forum called "Brokerages are evil". This is supposed to be about the EURUSD. I have just started visiting this thread and when your name starts to appear it goes all off topic. In case you've forgotten the topic is EURUSD.
Every time you use 'hopium' in a post, God kills a kitten.
  • #206,828
  • Mar 4, 2010 3:49pm Mar 4, 2010 3:49pm
Quoting paidperpip
This is rather enlightening...


http://www.forexfactory.com/showthread.php?t=5809
VERY NICE THREAD , READ AND LEARN
,

i dont blame the house for the loses , i blame only me , because in every casino or on every scam , somebody wins , maybe 5% maybe less , it is important to understand the rules or the jungle better said and u have your chance , any way 5 % is a lot for me
  • #206,829
  • Mar 4, 2010 3:50pm Mar 4, 2010 3:50pm
Please no offense I am speaking about real brokerages not the ones you can set up for 250k and your in. Those are the little guys and truth is there is little they can do because of there size and visibility,,but you get a big one like FX Solutions and I will tell you that you are only fooling yourself big time if you do not think that there is wide spread corruption..its a fact..the reason why it is not believed by many is simple you cannot put your bet up if you know for sure the broker is going to screwed you out of your money so what happens is this thing called Denial it works wonders ..
nuf said..still waiting to close my gpb/jpy trade it's stuck in the mud at 134.00 probably the broker(just kidding)




quote=profxtrader;3523108]I have run a forex brokerage before. I am now a partner in another one. Simply put, there is absolutley no reason to hunt stops or screw with a persons account. Accidents do happen, but to risk getting shut down on something that is such a cash cow as forex, is plain silly. It's like a casino. The house usually always wins. Just a small percentage profit.

The same goes for STP brokerages. They make money solely on commissions, so their focus is to keep you trading. At any rate, neither one has any real benefit to purposely taking your money. All of these speculations and accusations are silly. Get inside before you throw rocks from the outside.[/quote]
  • #206,830
  • Mar 4, 2010 3:52pm Mar 4, 2010 3:52pm
waiting for euro to drop to 1.347 or go back above 1.364. and waiting for nfp. otherwise no trading. no point in taking any side in this choppy mess.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
  • #206,831
  • Mar 4, 2010 3:53pm Mar 4, 2010 3:53pm
Quoting dean walker
If you look into this deeply you will see Forex and Casinos are set up the same way. It's all the same working with math and numbers to get the odds on your side.
No. The only similarity between brokers and casinos is that they both make money from the trader/punter for the same reason....greed and inexperience. There is no other similarity. Casinos are gambling dens.....it's a game of chance, nothing more, nothing less. FX trading is much different in that if one is prepared to put in the time and effort, and not be greedy, it is easily possible to make money.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #206,832
  • Mar 4, 2010 3:53pm Mar 4, 2010 3:53pm
Quoting profxtrader
And this is the silliest of them all. Most brokerages never let the trade leave the building so yes, they are betting against their clients, but someone has to take the other side of the trade. Be it InterbankFX or JPM. Someone is ALWAYS betting against you. For every buyer there is a seller and vice versa. If you trade via an ECN like currenex, someone is betting against you. Every single time... otherwise there is no liquidity.
you are right ...
but would you like that the one betting against you have your profile...stop losses and take profit levels ?
  • #206,833
  • Mar 4, 2010 3:56pm Mar 4, 2010 3:56pm
Yes I know I said that in my post however but they are not the NFA..
We could talk all day long nuff said we would never agree and that's ok..
you only need one smart person..Just kidding!!!
Happy TGrading



Quoting Why Oh Why
No Dean. They can't. Alpari UK is FSA regulated, FXSol I don't know.

FXDD is opening an office where I live - Malta - and if they share your opinion as with others here then I can assure you the MFSA will close them down eventually. And the same goes in the UK where I'm from originally.
  • #206,834
  • Mar 4, 2010 3:56pm Mar 4, 2010 3:56pm
Quoting profxtrader
Can we get back on the topic of trading? Start a thread in another forum called "Brokerages are evil". This is supposed to be about the EURUSD. I have just started visiting this thread and when your name starts to appear it goes all off topic. In case you've forgotten the topic is EURUSD.
You have a point. However there is not a lot going on at the moment and the topics discussed are all relevent. Seeing as you "have just started visiting this thread", there is more than enough material here to keep you busy for quite some time. The moderators of this thread will certainly pull us up if they feel there is a need.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #206,835
  • Mar 4, 2010 3:58pm Mar 4, 2010 3:58pm
Quoting realjumper
You have a point. However there is not a lot going on at the moment and the topics discussed are all relevent. Seeing as you "have just started visiting this thread", there is more than enough material here to keep you busy for quite some time. The moderators of this thread will certainly pull us up if they feel there is a need.
  • #206,836
  • Mar 4, 2010 4:12pm Mar 4, 2010 4:12pm
Long term,short term, or specially scalping, It doesn't matter. What matters is whether your market portal company has taken the other side of your trade. The best thing a small trader can do, is to learn to manager him/her self, in such a way that they can never be pressured into closing a position, either through fear or margin requirements. One of the best companies to help you with this is Oanda, where the margin rate is at the trader's discretion. I have complained some about Oanda in other reguards, but if you have probelems with self discipline, they are the best. And also, their fills on market orders are awsome, I have never experienced better. (Small plug to make up for all the whining)..

The second best thing a small trader can do is to make certain that you record more wins than losses, even if they are not large. If your broker sees that you have a habit of winning, they will not bet against you (take the other side of the trade).


Quoting realjumper
Sorry, I can't agree with that. I see those spikes that you speak of, but I have one live account and two demo accounts with 3 different brokers in different countries. I see spikes just the same across all 3 brokers charts.

Brokers (for the most part) make money hand over fist from the 95% of people who attempt this business. There simply is no need to watch every trade that every trader makes, even if they could, just to steal money from their customers....they are already making good money.

The BIG players have the capacity to take out stops...
Ah Luv the smell of a good prediction in the mornin!
  • #206,837
  • Mar 4, 2010 4:15pm Mar 4, 2010 4:15pm
Quoting realjumper
Casinos are gambling dens.....it's a game of chance, nothing more, nothing less. FX trading is much different in that if one is prepared to put in the time and effort, and not be greedy, it is easily possible to make money.
Wait.... Texas Hold'em is skillful game.
  • #206,838
  • Mar 4, 2010 4:16pm Mar 4, 2010 4:16pm
I read this discussion about brokers, may I advise all the people who use BET as their terminology in forex to simply close their live accounts till they understand what the difference is between a trade and a BET.

Please DO NOT call it BET. It simply puts one of the most difficult professions in the world on the same level as a Gambler. Any good TRADER will tell you its a TRADE not a BET.

Takes a lot of time to learn the difference between the two and only after learning the difference should you even think of going live.

And please NFA?? Did you see what the FED let happen. The bubble was visible to forex newbies like me wonder what they were doing. In fact I remember a very disturbing article about it almost 2 years before the bubble finally burst.

Anyway almost 4 am here. Time for some sleep.
  • #206,839
  • Mar 4, 2010 4:17pm Mar 4, 2010 4:17pm
Quoting neo1599
Ok. Here is my analysis of what we can expect tomorrow:

Would appreciate your comments and views.

With the forecast showing bad news we will probably see a better than forecast number which should result in a move DOWN or UP. Not really an eventuality that can be forecast.

If the news comes worse than expected Risk Appetite goes down and we all saw the consequences of that. Resulting in a DOWN move on EU and GU.

Gator would like your view on this.

Are people planning to keep their trades open tomorrow at news time or close?
trade the reaction 10/15 m after news. there no answers to the question. we all trade on a different tf. news may be bad and we still may drop. its unknown atm
those who can, do. those who cant, talk about those who can
  • #206,840
  • Mar 4, 2010 4:19pm Mar 4, 2010 4:19pm
Quoting Forexress
And What About 1.1320 !?


0 ?
those who can, do. those who cant, talk about those who can
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