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bad broker..The worst of the worst ..reprise

  • #21
  • Jun 8, 2006 9:30pm Jun 8, 2006 9:30pm
Quoting Insider
I read this incredible story and really, 45 days of these phone calls? C'mon. 3 days it would take me to figure out they don't want my business. Let's assume I give them the benefit of the doubt, and I give them a week. It's a million dollar account! By then, they are not responding? Read the writing on the wall. It is so obvious.

You can bring your account to an ECN like Coes, no issue and get better pricing and execution. Why play around with a bucket shop? Doesn't make any sense to me.
You guys surely understand the mangintude of switching platforms, brokers, and systems. I know CotJam well... and when your banking 40K a day, you really don't want to jack the system if you don't have to. The time it takes to switch, and get comfortable could cost you a half a million dolalrs. We live close to IBFX... it is one of the reasons that we started there. We thought "Hey.. if there is a problem, we can just go to the office, sit at the conference table and resolve it". Not true.

To say CotJam is patient is an understatement. He is the first to give everyone the benefit of the doubt. I think that very attribute is one of the things that makes him successful. We trade in a way that requires patience and dilligence, and punishes you for greed and overzealosness.

I can tell you that he thought long and hard before posting this thread. A lot of people follow his lead. Alot of people are on track to have serious money at risk with their broker. His is an obligation that he takes seriously.

Some systems work better on ECS's than others. It's not always so easy to just 'switch'.

Anyway... just posting in support of my buddy!

Peace:
  • #22
  • Jun 8, 2006 9:40pm Jun 8, 2006 9:40pm
Quoting mrmikal

Secondly, I would recommend not using server sided stop losses. It's a risky thing to do, but I find that my stops aren't hunted if they aren't there. Plus it prevents the broker from seeing what your true strategy is.

These are just a few of the even-level trading techniques that I've learned over the years.

Hi Mrmikal,

I like the way u think abt a particular problem.
I would like to know wat do u mean by not using server sided stoplosses and how is it risky to do.

Also u said... ur stops arent haunted as u donīt keep them.
I would ask isnīt it risky to enter a market with such volatility without any stoploss...!

Hav a gr8 day.

Sachin.
  • #23
  • Jun 8, 2006 10:12pm Jun 8, 2006 10:12pm
Quoting Bemac
No, but I do believe they are in the business to make money therefore the perfect hedge would be to buy stock in the Brkr you are trading with.
BRILLIANT!!!

Can I put that in my 401k? LOL

8
  • #24
  • Jun 8, 2006 11:38pm Jun 8, 2006 11:38pm
Cotjam,


Here's a couple of recommendations:
1. EFX - Very complicated platform, but VERY, VERY powerful
- www.directfxtrades.com

2. ACM - Based in Switzerland. Haven't used them long, but a colleague of mine has a boat load of money with them and has told me they have been very good.
- http://www.ac-markets.com/
If you decide to go with EFX, I can get you some in-depth training with it.

Hope this helps.
  • #25
  • Jun 8, 2006 11:42pm Jun 8, 2006 11:42pm
Quoting sachin
Hi Mrmikal,

I like the way u think abt a particular problem.
I would like to know wat do u mean by not using server sided stoplosses and how is it risky to do.

Also u said... ur stops arent haunted as u donīt keep them.
I would ask isnīt it risky to enter a market with such volatility without any stoploss...!

Hav a gr8 day.

Sachin.
I appreciate the words of encouragement.

I keep stop losses connected in my own personal trading application, as I am connected to various feeds through API. If there is a whiff of my trade hitting my stop, I can execute it manually. However, I also use my trading app to actually trigger stop losses via the API when it's available.

In essesence, I am not showing the broker my cards. So they have no reason to try and manipulate the price to the level I choose. Don't get me wrong, I have had my stop losses triggered, but it's rare that I suffer a stop loss during volatility because I usually don't trade when volatility is high, or my stop loss is well outside the volatility range (or hedged). A lot of the trades I do are either short term crosses that require me to watch the computer every second, which means that I'm there to manually close the position or call the broker if there's an issue with the internet connection (of which I use 3 different carriers for redundancy...so an internet or connection blip is extremely rare). Or I trade in really wide ranges (with hedges, etc) and a low number of pips...so my stop losses are very generous.
  • #26
  • Jun 8, 2006 11:45pm Jun 8, 2006 11:45pm
Quoting Navynfo1
Cotjam,


Here's a couple of recommendations:
1. EFX - Very complicated platform, but VERY, VERY powerful
- www.directfxtrades.com

2. ACM - Based in Switzerland. Haven't used them long, but a colleague of mine has a boat load of money with them and has told me they have been very good.
- http://www.ac-markets.com/
If you decide to go with EFX, I can get you some in-depth training with it.

Hope this helps.
directfxtrades.com is an MBT introducing broker, btw...the commissions are actually more expensive than going with MBT directly.

I'm not exactly fond of the MBT trading platform, although the level 2 screen is useful and they have a kick-a$$ API.
  • #27
  • Jun 9, 2006 6:36am Jun 9, 2006 6:36am
Quoting RoBiK
is it that hard to imagine? If he started with 1000, made 50% every month, after 18 months he has 1477000.
yes, if he really did this it would be beyond amazing. i have never met anyone who made this kind of return.
Relax and be happy.
  • #28
  • Jun 9, 2006 7:08am Jun 9, 2006 7:08am
Quoting merlin
yes, if he really did this it would be beyond amazing. i have never met anyone who made this kind of return.
MuddBudha is the guy you have to meet

http://www.forexfactory.com/forexfor...3&postcount=11
I'm not insane; my mother had me tested.
  • #29
  • Jun 9, 2006 7:11am Jun 9, 2006 7:11am
Quoting RoBiK
is it that hard to imagine? If he started with 1000, made 50% every month, after 18 months he has 1477000.
The power of compound interest is fantastic. Not just 50% a month, but do a calculation starting with 1000.00 and add 2 % or 3% a day for 382 trading days. What CotJim didn't tell you, is that he did it much faster than this actually... in the beginning he (all of us) has some painful losses and had to learn the hard way.

He is for real. We trade together. I've seen the accounts. And this guy has a wicked golf swing!

I guess we get what we expect. As the account grows, we get better, the leverage gets lower, and we have to pull more pips to get the 2%+ per day. Limit the losses and make good decisions, be patient. It's really not that hard. Just get a strategy that will pick up 1% in the am, and 1% afternoon, don't over leverage your account (2% max), and TAKE YOUR MONEY when you've earned it. Don't worry about pips... focus on points.

With all due respect to Merlin, that kind of return is available to everyone. Isn't that the reason we're all doing this?

Peace:
  • #30
  • Jun 9, 2006 7:13am Jun 9, 2006 7:13am
Wow, I have never heard of anything like this or of anyone ever doing this well..

post #1 is very bold. Is there anyway you can show your statements with your personal info blacked out, so that we may have a reason to believe this?

It is a lot to come here and expect some one to believe these statements when it is just your side. Also, Your story about your returns are unprecedented.

Please give me a reason to believe you by showing us proof of your success...

Thank Scott
  • #31
  • Edited 7:52am Jun 9, 2006 7:19am | Edited 7:52am
Quote
am an Interbankfx customer too... in fact have been a proponent of them on other boards for quite a while. I am also friends with RTPARTY and his principal... this is what I know.

He does have an account WELL past 7 figures... on his way to 8 figures this year. He is a solid trader from whom I have learned much. I've seen the account, and the trades.

IBFX says they have 2 pips spreads on the EUR/USD... in fact their spreads widen to 5 pips on a regular basis, even during non-news event times. I use market orders, and have found myself 5 pips down, instead of 2 pips down form the start, because the spread widens as it approches my order.

IBFX says their execution is instant, and they have guaranteed liquidity up to 10,000,000... in practice, they will NOT guarantee trades. In fact, Jims trades were MANUALLY approved by the BANK... not IBFX mind you... the friggin BANK. Sometimes his orders wouldn't execute for 30-60 seconds. Worse yet, the ONLY trades that executed instantly, were those that instantly moved AGAINST him. If a price moved in is favor, after he executed the order.. it would NEVER FILL!!!!!!!!

IBFX would not honor his market orders, limits or stops. We WATCHED the trade go right past his order and then move into profit at least two times on the same trade. Granted... this was 100 standard lots... but, that is within IBFX's guaranteed liquidity.

IBFX says they offer "Completely Transparent and Anonymous Trading". This is a total bold faced lie. Todd Crossland admitted today that the BANK was watching our accounts, and MANUALLY approving each trade. He admitted that there was NO WAY he could guarantee trades.

I am very dissapointed in this, as IBFX had tight spreads, and a good platform. They have had their problems, but usually fixed them in the past. Their customer service was somewhat lame, but at least they were there.

All of us are planning on growing our accounts to the biggest level possible. When told they were going to lose a multi-million dollar account today, Todd replied with... "That's fine!". That tells me that they only make money on the small, unprofitable traders.

I am requesting a wire transfer in the morning.... and have to begin the process of hunting a new broker again.

This really sucks...

From this thread http://www.forexfactory.com/forexfor...ight=Interbank

What do we have going on here between Joneborn and cotjam and rparty
  • #32
  • Jun 9, 2006 7:20am Jun 9, 2006 7:20am
Quoting mrmikal
This is a great question.

First, I recommend using multiple brokers and/or ECNs. Brokers that tend to "delay" pricing because of fixed spreads can burned very often. This is especially true during news events. I must have made 3 dozen trades during news events where I noticed the ECN pricing dropping (or rising) faster than the broker pricing...so, expecting that ECN pricing was more accurate, and using a 3rd broker to confirm, I make about 20-50 pips in about 3-4 minutes. You have to be extremely quick, but this is one of those trades where you get to feel like you stick it to the broker. The broker can't prevent the price from moving away too far for too long...eventually, the price has to gravitate at least towards some middle ground.

Secondly, I would recommend not using server sided stop losses. It's a risky thing to do, but I find that my stops aren't hunted if they aren't there. Plus it prevents the broker from seeing what your true strategy is.

These are just a few of the even-level trading techniques that I've learned over the years.
Thanks very much for sharing this info, I appreciate your time and advice.

Ah.
  • #33
  • Jun 9, 2006 7:28am Jun 9, 2006 7:28am
Quoting smjones
What do we have going on here between Joneborn and cojtam and rparty
I'm wondering what you're implying? Are you suggesting some sort of conspiracy?

I think that what we have here is a group of guys who know each other from trading, who all use IBFX because they live in Utah and that's where IBFX is, and they are all quite successful traders. I'd be a little suspicious myself, though, if it weren't for the fact that the IDENTICAL thing has happened to a good friend of mine (I'm in Virginia - no affiliation with these Utah guys.)

I'm grateful these guys are on and hope we can encourage them enough to share some of their successful strategies. I think too many really good traders are chased from these forums because of cynicists. (No, I don't think smjones is one of these. He's genuinely good on these forums.)

stockwet
  • #34
  • Jun 9, 2006 7:34am Jun 9, 2006 7:34am
I can appreciate the difficulty, but surely you must admit these are very serious charges and should be substantiated. I have never been able to believe one side only.. The parts I am having difficulty with is the time frames. If this indeed happened, why did it happen two weeks ago and then it is said to have happended this week?

I feel really bad for them if it is true... I simply want proof. thanks Scott


Quoting stockwet
I'm wondering what you're implying? Are you suggesting some sort of conspiracy?

I think that what we have here is a group of guys who know each other from trading, who all use IBFX because they live in Utah and that's where IBFX is, and they are all quite successful traders. I'd be a little suspicious myself, though, if it weren't for the fact that the IDENTICAL thing has happened to a good friend of mine (I'm in Virginia - no affiliation with these Utah guys.)

I'm grateful these guys are on and hope we can encourage them enough to share some of their successful strategies. I think too many really good traders are chased from these forums because of cynicists. (No, I don't think smjones is one of these. He's genuinely good on these forums.)

stockwet
  • #35
  • Jun 9, 2006 7:49am Jun 9, 2006 7:49am
Quoting smjones
I can appreciate the difficulty, but surely you must admit these are very serious charges and should be substantiated. I have never been able to believe one side only.. The parts I am having difficulty with is the time frames. If this indeed happened, why did it happen two weeks ago and then it is said to have happended this week?

I feel really bad for them if it is true... I simply want proof. thanks Scott
Scott, my man...you may want to put the "QUOTE" mark-up tag around your original post...when I first read the poist, I though YOU wrote it because I swore I knew I read it before...LOL...For a sec, I thought you might be part of the conspiracy

Just a suggestion.
  • #36
  • Edited 8:11am Jun 9, 2006 7:51am | Edited 8:11am
Well, I do not believe there is a conspiracy, I just would like to know the deeper story... and I will edit the quote.. LOL,,, Scott

Please if possible, show us something that offers some sort of proof. This is very serious. On one hand we have the fate of a trader's account and on the other hand we have the fate of a company... Lets be very careful here...

Is there a CFTC complaint number on this or a NFA complaint number?
I would like to read them. please list the complaint numbers..

Thanks Scott



Quoting mrmikal
Scott, my man...you may want to put the "QUOTE" mark-up tag around your original post...when I first read the poist, I though YOU wrote it because I swore I knew I read it before...LOL...For a sec, I thought you might be part of the conspiracy

Just a suggestion.
  • #37
  • Jun 9, 2006 7:56am Jun 9, 2006 7:56am
Quoting smjones
Well, I do not believe there is a conspiracy, I just would like to know the deeper story... and I will edit the quote.. LOL,,, Scott
Sorry, I didn't mean to imply there was a conspiracy either, or that you thought there was one...I just sorta took your words out of context...but at first glance, I thought..."oh no, not scott, too...this post is word for word by RTPARTY"...then I read like that every last sentence :-)
  • #38
  • Edited 8:26am Jun 9, 2006 8:21am | Edited 8:26am
Firstly, Can i say - dude if your going to have the same thing happen to you for 45 days straight - then you probably were dropped on your head as a baby, and need your head washed out with bleach.

Also - can i say - there is no way im gonna believe this garbage about someone that dumb, turning 1000 bucks into 1mill in 18 months. And dont give me this crap about him giving people the 'benefit of the doubt.'

Mate if a guy came into your corner store and stole a bottle of milk each day, would you give him the 'benefit of the doubt' for 45 days straight?? Mate - i would have clubbed over the head with my cricket bat on the 2nd day....

And yes it is a conspiracy - cause the guy who posted the original post in here, has only one post to his name....Then some other dude comes out of no where and alledgedly 'knows him' and praises him as the king of trading.

- Can't stand conspiracy theorists...especially scaring people out of using brokers, just cause they can't stand the heat in the forex world.

Sorry guys for being so hostile, and I'm not usually like this, if you can tell from my previous posts - but your not going to expect me to believe you for a second are you? And also - want a lil bit of proof before you go and slosh some figures like that around the room and lead other newbies on.

Cheers

Rusty

P.S. Great story
  • #39
  • Jun 9, 2006 8:28am Jun 9, 2006 8:28am
About the broker I can't really do much but feel with ya dude. Its just like those many fxbrokers that have gone broke after suckering in the only investment money people have. Both are unethical but its also true they're in business. I'm thinking whether its your discipline and perseverence that got you so successful in your trading is what allowed you to call them back 45 days in a row! lol

Regarding people's concern about making a million dollars in 18 months is reasonable since many of us here are starting out and have yet to even turn a profit, much less a million. Others might already have a good reliable method that makes them a winner in the long haul and suspect you are doing something reckless. I guess we just have to find our own styles and define our own goals.

I just finished school not long ago and is currently using some spare money to learn forex. Different to many adults who wants more stable investment income or pro traders who does only trading for a living, I can actually accept a higher risk given a well tested strategy. Of course, I take to heart that discipline and a good plan is something you can never leave home without.
  • #40
  • Jun 9, 2006 5:30pm Jun 9, 2006 5:30pm
Quoting joneborn
With all due respect to Merlin, that kind of return is available to everyone. Isn't that the reason we're all doing this?
turning 1000 bucks into a million in 18 months by trading retail forex is available to hardly no one. like i said, i have never met anyone who has done it, and i dont think anyone in any of the 3 market wizards books ever acomplished something like that. cotjam's post sounds sincere, and he didnt say anything that made me think he is a fake, but the return is just so unbelievable i have a hard time allowing myself to believe it. i mean we are talking a hundred-thousand %!!! if he really did that he should consider himself blessed, then he should move to NYC and work for Goldman Sachs. with that track record he would be in the door in 10 minutes with a 10million signing bonus.
Relax and be happy.
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