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If you could be a forex market maker?

  • #21
  • Aug 12, 2010 5:15pm Aug 12, 2010 5:15pm
If my brokers are taking opposite orders - they are not thinking in write way, hoping that i will start to loose in some day haha


Best,
Tom
  • #22
  • Aug 13, 2010 12:45am Aug 13, 2010 12:45am
It's disgusting. However, I saved a couple of charts from last year with Oanda spikes. There was a 2 or 3 weeks period when they had strange spikes too. The funniest one happened on the night of the japanese elections when U/J went down to something like 40 or 45 (that is approximately 4-5000 pips). They corrected the chart later but it was there for 3 days or so.

Quoting Trad3r
And where are the SL-hunting plugin and the creation-of-huge-spikes-to-margin-call-before-the-trader-places-a-SL plugin? It would be interesting having them to the case one day I have the money enough to open a broker and begin to SL hunting you all.

I know these plugins exist because many brokers who post here are using them, you can go to the broker forum and look at these markets how aus customers talk about spikes of more than 300 pips with proves, images and even with the recognition of the broker representant that...
forget about tomorrow, just steal away into the night
  • #23
  • Aug 13, 2010 12:58am Aug 13, 2010 12:58am
Quoting Trad3r
And where are the SL-hunting plugin and the creation-of-huge-spikes-to-margin-call-before-the-trader-places-a-SL plugin? It would be interesting having them to the case one day I have the money enough to open a broker and begin to SL hunting you all.

I know these plugins exist because many brokers who post here are using them, you can go to the broker forum and look at these markets how aus customers talk about spikes of more than 300 pips with proves, images and even with the recognition of the broker representant...
how about doing a list of who of the traders here wants to change sides and be a Broker/Market Maker. wouldn't it be nice to run a Brokerage/Market Maker, even if it is with many partners? I am in to win.
  • #24
  • Aug 13, 2010 7:18am Aug 13, 2010 7:18am
NFA says they currently don't have jurisdiction over firms that design software applications/plugins that NFA members (brokers) use. Hence, can't audit or investigate these software co's. Complaints have to be about the brokers who use these apps/plugins.

Guess you must have clear evidence amounting to proof of predatory broker conduct via these plugins. See NFA case against GAIN Capital's use of virtual dealer plugin:

http://www.nfa.futures.org/basicnet/...px?seqnum=2461

"The slippage settings that Gain established for the Virtual Dealer Plug-ln on the
MetaTrader platform allowed Gain to manipulate the prices that customers
received on their forex transactions and allowed Gain to benefit from order
slippage to the detriment of its customers."


Quoting spekitox
I think EVERY single MT4 broker has the possibility to cheat, use dirty tricks like the "Trader wins too much" plugin. I'm not saying any of them uses these but ... honestly ... if you had the chance, would you do it or not? Good old greed.
  • #25
  • Aug 13, 2010 7:43am Aug 13, 2010 7:43am
In a demo account at IGMARKETS.CO.UK (which is a global number 1 CFD provider), the software hit my SL in trading FTSE 100 while the actual quote in the market was way above my SL.

The market makers are trained to hit SLs, bankrupt clients and move on to find new clients. This is like a ponzi scheme where the business is sustainable as new clients come in.

Forex market makers or CFDs is one of the biggest global mega scam on earth. This is the reason i have moved on to trade S&P futures- Real people, Real exchange.
  • #26
  • Aug 13, 2010 7:55am Aug 13, 2010 7:55am
Quoting eli
to tell you the truth, I have lost a lot of money with all those dirty tricks, thats another reason to change sides.

am I the only one??
So now you want to rip other people off and become like these guys? Not me. Of course I would never be foolish enough to trade with these type of brokers..Anyone who uses a dealing desk broker, at this point, should know better. Why play a game that sets you up to lose ?
  • #27
  • Aug 13, 2010 8:29am Aug 13, 2010 8:29am
Interesting finding bit9ret. Sure this forex is a crazy meat mincer. Chip chop there goes your account. Good to see that Virtual Stealer plugin is in sight of NFA.

eli, I understand what u say. I'm sorry for your losses, but remember running a bookies is a business. You have to attract clients, maintain a website, helpline, etc etc. You could open a restaurant, start a car rental business, whatever. If you don't know a flying shortcake about the biz, you could lose your money on the other side too.

Quoting bit9ret
NFA says they currently don't have jurisdiction over firms that design software applications/plugins that NFA members (brokers) use. Hence, can't audit or investigate these software co's. Complaints have to be about the brokers who use these apps/plugins.

Guess you must have clear evidence amounting to proof of predatory broker conduct via these plugins. See NFA case against GAIN Capital's use of virtual dealer plugin:

http://www.nfa.futures.org/basicnet/...px?seqnum=2461

"The slippage settings that Gain established for...
forget about tomorrow, just steal away into the night
  • #28
  • Aug 13, 2010 9:08am Aug 13, 2010 9:08am
Quoting spekitox
Interesting finding bit9ret. Sure this forex is a crazy meat mincer. Chip chop there goes your account. Good to see that Virtual Stealer plugin is in sight of NFA.

eli, I understand what u say. I'm sorry for your losses, but remember running a bookies is a business. You have to attract clients, maintain a website, helpline, etc etc. You could open a restaurant, start a car rental business, whatever. If you don't know a flying shortcake about the biz, you could lose your money on the other side too.
thanks for contributing.

You are absolutely right. please understand that it is not the losses that changed my mind. it is the experience and understanding that I have no chance as a trader. so I stopped trading and thought about changing sides if it is possible. I know that it is possible, and it is a good business. I also know that I can't do it alone, I will need some experienced people.

You are right that a very important issue is how to attract clients, but I don't see any problem with this. and regarding losing on the other side, again I have to say that You are right, but I am sure that there are some good people out there that could handle it , but they don't have the money to start it. therefore I thought whats wrong with it if some traders will will pool the money and jump into the business? and believe me, many partners/families could live very nice with the earned money.
  • #29
  • Aug 13, 2010 9:38am Aug 13, 2010 9:38am
Quoting eli
thanks for contributing.

You are absolutely right. please understand that it is not the losses that changed my mind. it is the experience and understanding that I have no chance as a trader. so I stopped trading and thought about changing sides if it is possible. I know that it is possible, and it is a good business. I also know that I can't do it alone, I will need some experienced people.

You are right that a very important issue is how to attract clients, but I don't see any problem with this. and regarding losing on the other side, again...
Its all intersting and would like to try......but i think you make it seem more easier than it is...........the hard part, like it is for most businesses whether its a shop, restaurant, private school, is to attract and keep customers and hoping they would keep trading whilst they are "losing money".
Most would stop trading like you have done.
  • #30
  • Aug 13, 2010 9:44am Aug 13, 2010 9:44am
Oh.. and? You just don't pay their money back... Technique licensed by Jacko... it seems he disappeared with the money... you can do the same if your office is registered in the Crocodile Islands or Kindgom of Menumatu or something.



Quoting cspip
Most would stop trading like you have done.
forget about tomorrow, just steal away into the night
  • #31
  • Aug 13, 2010 9:44am Aug 13, 2010 9:44am
forex is one of the few businesses that is recession proof...
  • #32
  • Aug 13, 2010 9:48am Aug 13, 2010 9:48am
Quoting spekitox
Oh.. and? You just don't pay their money back... Technique licensed by Jacko... it seems he disappeared with the money... you can do the same if your office is registered in the Crocodile Islands or Kindgom of Menumatu or something.


Still its hard to attract customers to forex or any type of trading.
'Normal' gambling like casinos etc, any Joe of the street can walk in and throw dice and spin wheels etc.......but forex trading takes time for customer is going to take time to learn.

But i would like to try...
  • #33
  • Aug 13, 2010 9:59am Aug 13, 2010 9:59am
Well, gentlemen, please team up if you like. Wish you good luck. Make sure you don't forget to install the Virtual Dealer on your server.
forget about tomorrow, just steal away into the night
  • #34
  • Aug 13, 2010 10:04am Aug 13, 2010 10:04am
Quoting cspip
Its all intersting and would like to try......but i think you make it seem more easier than it is...........the hard part, like it is for most businesses whether its a shop, restaurant, private school, is to attract and keep customers and hoping they would keep trading whilst they are "losing money".
Most would stop trading like you have done.
most would stop trading the moment they have no money, that is the truth.

as I said before it is easy to attract customers, and most of the traders will trade until the money is gone.

instead of a bonus in advance what all brokers are offering right now, I would offer to give them 50% back after losing their account.

where are those people who could do the job? (know how to start a Brokerage/Market/maker)?
  • #35
  • Aug 13, 2010 10:07am Aug 13, 2010 10:07am
Quoting cspip
Still its hard to attract customers to forex or any type of trading.
'Normal' gambling like casinos etc, any Joe of the street can walk in and throw dice and spin wheels etc.......but forex trading takes time for customer is going to take time to learn.

But i would like to try...
finally one!! now we are two.

I will add You to the list. and hopefully there will be more.
  • #36
  • Aug 13, 2010 10:31am Aug 13, 2010 10:31am
Quoting eli
most would stop trading the moment they have no money, that is the truth.

as I said before it is easy to attract customers, and most of the traders will trade until the money is gone.

instead of a bonus in advance what all brokers are offering right now, I would offer to give them 50% back after losing their account.

where are those people who could do the job? (know how to start a Brokerage/Market/maker)?
Why / How do you think it is easy to attract customers?
  • #37
  • Aug 13, 2010 10:37am Aug 13, 2010 10:37am
Quoting cspip
Why / How do you think it is easy to attract customers?
will not explain it at this stage, please bear with me. but it really is.
  • #38
  • Aug 16, 2010 9:24am Aug 16, 2010 9:24am
we need more than 2, so please think about it.
  • #39
  • Aug 16, 2010 11:19am Aug 16, 2010 11:19am
I am very interested. I sent you a PM but it looks like it may not have gone out. Please PM me. Thank you
  • #40
  • Aug 16, 2010 1:59pm Aug 16, 2010 1:59pm
Quoting tinear10
I am very interested. I sent you a PM but it looks like it may not have gone out. Please PM me. Thank you
I received both, but saw it now, and answered already.
thanks for the PM and interest.
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