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NASTY Spike on ... thecollectivefx.com

  • #1
  • First Post: Edited 6:23pm Aug 18, 2010 4:53pm | Edited 6:23pm
Stop hunting?

I just wanted to make u all aware of the Spike TCFX had today on AUDCAD. Here is the proof. Anyone else having this spiking problem today on AUD/CAD? Just after 5:00 pm EST. I really think I have had just enough of this spiking.

The Spike dropped to 0.90600 and the sl was set at 0.90603. Need I say more?


ut2
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Click to Enlarge Name: Spike larger.png Size: 73 KB
  • #2
  • Aug 18, 2010 5:30pm Aug 18, 2010 5:30pm
ROFLMAO!!!

Another bucketshop to my blacklist.

Thank you for posting that here.

No, in my current broker I don't see any spike.

I'm seeing your trading history, this is clearly SL hunting, they have literally stolen your money, write a complain to their regulator.

From their webpage:

Quote
We've all heard the stories. Brokers stop hunting, causing you to be stopped out, and all the other stuff. Unfortunately it's all true. We've seen the software that does it. And those "Straight Pass Through" brokers are the worst culprits.
Yes, it seems they have learned well the lesson.

Edit: they are not regulated, sorry my friend, you've lost your money. You better withdraw all your remain money and change of broker.

Are you regulated, and if so by whom and where?
We've actually gone to great legal lengths to make sure everything is forthright. The US regulations mandate that any firm that is counterparty to client trades be registered.

This was done to protect clients, since when the broker is counterparty to the clients trades, if the client wins, the broker has to pay. They want to make sure the broker can pay the client.

We ourselves are traders, and had no intention of being involved with our clients trades. We just want to trade ourselves. So our Brokerage has been designed with multiple SEC aware law firms in the US, to make sure it is completely legal.

We are never, ever, ever, not even for an instant or a moment, never ever a counterparty to anyone's trades. Don't want to be, don't need to be, and make sure we never are. All trades are executed AT the counterparty, in the absolute purest sense of the word. We don't profit from getting in the middle of trader's trades.

The bottom line is that we are truly more a COLLECTIVE than a BROKERAGE. After a great deal of study of the laws involved, we weren't actually going to say it out loud, but the truth is that registering as a FCM is the legal license to profit from a trader's losses.

WE DON'T WANT THAT LICENSE. So we abstain. No counterparty for us. And in fact, now we are legally barred from taking the other side of our members' trades.

We feel we are truly unique, and there isn't anyone else like us. The reason is that THEY have to be commercial. They have to make their money by widening the spread, trading against you and hoping you lose, running stops, etc, etc, etc.

We can't do any of those things, we aren't allowed to. If we did, then the SEC would shut us down.

So you aren't regulated, so are my funds safe?
We don't hold your trading funds. Your funds are held by a FULLY regulated Liquidity Provider. They are are all top tier providers, so rest assured they are as good as it gets.
  • #3
  • Aug 18, 2010 6:14pm Aug 18, 2010 6:14pm
Trad3r ........ Thanks,


NOTE:

Now get this the Spike dropped to 0.90600 and the sl was set at 0.90603. - Amazing how they got just enough to hit my stops that Aussie had set! This spiked from about 0,92400 and dropped all the way down!


Now this sure looks like stop hunting to me. This is a first for me and it really did a lot of Damage to me so I am pretty upset about it. Will let u know if anyone at TCFX gets me any credit for this from the liquidity provider.


ut2
  • #4
  • Aug 18, 2010 7:45pm Aug 18, 2010 7:45pm
That is crazy bro...if M1 chart is maybe okay for me ..but H1..just crazy
  • #5
  • Aug 18, 2010 7:48pm Aug 18, 2010 7:48pm
Got screwed today too.....
Happened same time as you

Attached Image


Will see what happens. Not like us traders are already at enough of a disadvantage, what a joke.

(to clarify, was a different broker)
  • #6
  • Aug 18, 2010 11:05pm Aug 18, 2010 11:05pm
Quoting Jlr
Got screwed today too.....
Happened same time as you

Attachment

Will see what happens. Not like us traders are already at enough of a disadvantage, what a joke.

(to clarify, was a different broker)
Ok it was fxcm... and I guess this is normal according to them

Could someone help me please? Is this 52 pip spread (around rollover time), normal?
  • #7
  • Aug 19, 2010 12:42am Aug 19, 2010 12:42am
Actually, spikes like this at rollover seem to be more common than you would like to believe. Also seems specific to Citi Bank who is their liquidity provider. Just had a look at the chart on Jade and it seems they had the same spike of around 160 pips(they also with Citi Bank).

You can be unhappy about the broker, but they are often at the mercy of the Liquidity Providers.

Jade(or Citi rather) went through a period of similar spikes on the EURCHF about a month ago where I saw 29 pips once and a freind of mine said he saw 60 pips.

Unfortunately these are some of the realities we deal with. The best is to pull out of the market before rollover, or remove your stops until the market settles down after.
  • #8
  • Aug 19, 2010 4:44am Aug 19, 2010 4:44am
Quoting ut2DaMax
Stop hunting?

I just wanted to make u all aware of the Spike TCFX had today on AUDCAD. Here is the proof. Anyone else having this spiking problem today on AUD/CAD? Just after 5:00 pm EST. I really think I have had just enough of this spiking.

The Spike dropped to 0.90600 and the sl was set at 0.90603. Need I say more?


ut2

This actually happened on the interbank market. It isn't stop hunting from TCFX's end. But, a market wide forced liquidation.
Attached Image (click to enlarge)
Click to Enlarge Name: AUDCAD.jpg Size: 178 KB
  • #9
  • Aug 19, 2010 7:38am Aug 19, 2010 7:38am
I dont think people saying 'bucketshop' are right here. If a broker is stophunting you then they would surely be more discreet and move it by a few pips, not like that.

It will be interesting to know how they deal with this. Surely it is a wrong price and therefore will be reversed? I dont see that price action on my chart so must be just a fat finger error?
  • #10
  • Aug 19, 2010 10:08am Aug 19, 2010 10:08am
Quoting akhtergroup
This actually happened on the interbank market. It isn't stop hunting from TCFX's end. But, a market wide forced liquidation.
So, why I don't see that spike in any broker but yours? This have nothing to do with interbank market, first, interbank market may be different from one broker to another, second, lack of liquidity may wide spread 2, 5, or 10 times, but not 100 times, this is clearly SL hunt. The reason why it happens at rollover time is the excuse of brokers, I've seen it millions of times, 95% of brokers make tricks like this to steal their customers' money, specially if the customer is profitable.

And if your broker is not regulated they can lie what they want because nobody is going to prove that they are lying.
  • #11
  • Aug 19, 2010 12:07pm Aug 19, 2010 12:07pm
collectivefx is a good broker. I seriously doubt they were stop hunting.
BarrySDCA Commercial Network Services
  • #12
  • Aug 19, 2010 12:26pm Aug 19, 2010 12:26pm
Quoting akhtergroup
This actually happened on the interbank market. It isn't stop hunting from TCFX's end. But, a market wide forced liquidation.


Did you even bother looking at ONE other data source before you made that claim?
  • #13
  • Aug 19, 2010 12:51pm Aug 19, 2010 12:51pm
lol, funny shit!
  • #14
  • Aug 19, 2010 12:52pm Aug 19, 2010 12:52pm
imagine if you had a sell limit order, hehehe...
  • #15
  • Aug 19, 2010 1:49pm Aug 19, 2010 1:49pm
Quoting Jlr
Ok it was fxcm... and I guess this is normal according to them

Could someone help me please? Is this 52 pip spread (around rollover time), normal?
MY biggest concern was, how do they know this is normal market activity? I've seen fxcm, many times, change past chart history, to reflect true market data, after obvious errors. How do they know this isn't an error? Just because it is a 52 pip spread, and it isn't a 500 pip spread? Isn't good enough for me.... and in my particular case, NO OTHER FEED anywhere has my spike. I asked through chat like 10 times, how they knew this was normal activity, and I couldn't get a straight answer. I asked if they could contact the LP's, and to find out if there was an error. According to chat, the LP's are private... and if I want to figure out who screwed me, to google the world's top largest banks. What a joke. No wonder they are the world's largest....
  • #16
  • Aug 19, 2010 2:58pm Aug 19, 2010 2:58pm
Quoting Jlr
MY biggest concern was, how do they know this is normal market activity? I've seen fxcm, many times, change past chart history, to reflect true market data, after obvious errors. How do they know this isn't an error? Just because it is a 52 pip spread, and it isn't a 500 pip spread? Isn't good enough for me.......
CFX is a true and serious ECN broker; the 18th of july there was a serious problem of his liquidity provider CITYBANK (POWER OUTAGE)
  • #17
  • Aug 19, 2010 3:08pm Aug 19, 2010 3:08pm
Quoting Pierre
CFX is a true and serious ECN broker
They are not an ECN, they're STP.
  • #18
  • Aug 19, 2010 7:05pm Aug 19, 2010 7:05pm
I have always believed in honesty, so I need to be here.

I emailed Gary at TCFX and conversed by phone, and then sent him the required documented materials he needed to investigate the "rogue quotes" as he calls them. Gary contacted liquidity and resolved things for me. I did get the value of the three trade closures (because of the spike) put into my account. So ...TCFX ...acted promptly to make this happen. In short I was happy with the outcome and would again consider them as a broker, if what they offered for options, was what I needed.

Thanks,

ut2
  • #19
  • Aug 20, 2010 6:31am Aug 20, 2010 6:31am
Quoting Trad3r
So, why I don't see that spike in any broker but yours? This have nothing to do with interbank market, first, interbank market may be different from one broker to another, second, lack of liquidity may wide spread 2, 5, or 10 times, but not 100 times, this is clearly SL hunt. The reason why it happens at rollover time is the excuse of brokers, I've seen it millions of times, 95% of brokers make tricks like this to steal their customers' money, specially if the customer is profitable.

And if your broker is not regulated they can lie what they want...
Because you're price stream was padded. Dealing desks usually do this. It was a MARKET wide FORCED liquidation.
  • #20
  • Aug 20, 2010 6:33am Aug 20, 2010 6:33am
Quoting Trad3r
So, why I don't see that spike in any broker but yours? This have nothing to do with interbank market, first, interbank market may be different from one broker to another, second, lack of liquidity may wide spread 2, 5, or 10 times, but not 100 times, this is clearly SL hunt. The reason why it happens at rollover time is the excuse of brokers, I've seen it millions of times, 95% of brokers make tricks like this to steal their customers' money, specially if the customer is profitable.

And if your broker is not regulated they can lie what they want...
Also the broker in my chart is citibank, not collectiveFX.
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