Forex = legal scam

Yea I read the links he provided. He is quoting a guy who is writing his doctoral thesis. There is supposedly research but no concrete sources for his data have been cited. He simply says he has third party information from multiple brokers.

My question still stands, if you are a good trader and buy and sell at the right prices how can any broker steal your money unless they simply refuse to allow you to withdraw. Now if you want to be in that position go open a savings account in Europe with more than 100,000 euros. Don't need a broker for that.

Nice results mate. Seems like you stick with EJ.

Ah well, it takes all sorts but what I don't get is that even now, he can post his proof rather than dubious links to an antiquated theory that belongs in the pile with the rest of conspiracy wannabes.

ForexNuts: Ah well, it takes all sorts but what I don't get is that even now, he can post his proof rather than dubious links to an antiquated theory that belongs in the pile with the rest of conspiracy wannabes.

You thought you had the last word Here's a standard compliance agreement for live account 2009-2010 and a current February 2013 report below:

WHEN YOU SELL, THE DEALER IS THE BUYER. WHEN YOU BUY, THE DEALER IS THE SELLER. As a result, when you lose money trading, your dealer is making money on such trades, in addition to any fees, commissions, or spreads the dealer may charge.

QUARTERLY RETAIL FOREX CUSTOMER ACCOUNT DISCLOSURE
Quarter Total Non-Discretionary Accounts % of Profitable Accounts % of Non-Profitable Accounts
4th Quarter-2009 35828 34.69% 65.31%
1st Quarter-2010 34947 28.62% 71.38%
2nd Quarter-2010 9053 31.24% 68.76%
3rd Quarter-2010 8544 30.96% 69.04%

http://forexmagnates.com/q4-2012-for...-and-accounts/
http://bostinno.streetwise.co/all-se...-technologies/

Here's my suggestion: Trade a penny (.01), that way you will have the chance at exponential growth, lots of cheap mistakes, and very small losses.

Here's a perfect example of what we're talking about, bid-ask came to the line twice without crossing, and then it started selling off. I know you people can understand this.

Just look at this, IBFX, I hate their guts, but I only want to trade a penny, so I'm stuck with these cheaters. Further development, I was stopped out when it reversed on that first red bar, weird, that is just an H-Line, the computer still thinks I'm in or something, it is cropping short.

Look at this further development, it pinned a white bar right off the line. I had an account with FXDD and they were just as bad. I can show over three thousand snapshots that would just blow your mind, on more than one occasion, it fired a pin 100 pips up and took out a stop, another fired down, and some closer shots, including exact hits on stoploss and target, all kinds of stuff, including robot trials. The stuff I was seeing when I began trading this market back in 2009 were so bizarre, that I began taking snapshots and camera shots.

Han, do beam me up the Millennium Falcon, LOL
I did review the deep purple but AC/DC's Highway to Hell would have been a better choice, given the thread topic..
On IBFX, I, along with others, would have told you that was not a good call given some of the comments doing the rounds online..will review the charts later, heading out.

It is no secret that dealers take the other side of loser's trades. I don't blame them I would want the other side of your trades too. now this trade they passed on to the interbank market I can assure you. This is a good entry. Furthermore the pictures you are posting show absolutely no unusual market movement. And I know I don't need to say it again but the purple line was put in place last Friday afternoon.

99.6% lol

http://www.businesswire.com/news/hom...table-Customer

Yeah threei, 99.6% LOL retail cattle just as long as we keep buying and stocking everything on the store shelves right? Dumb Eloi LOL


I think I understand in an uptrend HH, L onboard, it's still cattleball sht like ct sto and lag Ao, how about backroom access? BTW I made some shekels, +32, +6, +1, Miller, -22.

chrish9070: Anyone who thinks this market isnt manipulated all day everyday needs to really think again! This whole market is manipulated on a daily basis by banks and central banks and governments. What you more need to do is learn to trade via price action and read the entire market is a 'whole' it clearly gives one big story day by day. Each and every month I pull 30 - 60k out of this market averaging anything from 35 - 80% a month on a regular basis. Its not something your going to learn in a week, a month but it takes years to master. You dont see a doctor performing an operation without years of training and practice and forex is exactly the same it is a skilled job! Stop blaming the markets as if you read them you will do a whole lot better.

What if a doctor was going to perform an operation on you? Wouldn't you want Accountability. That is the new Forex Factory way. You must produce a verifiable live performance record when you make such a statement and it should not be curve-fit optimized to a good week. See the thread Profitable Live Accounts Only under Trading Discussion for rules.

So wait, it's impossible to buy the very bottom tick of a move for a 50 pip reversal, like the banks do?

Wait, so if it's not possible, how come it is being done? Even by retail traders?


Lol... Forex Forums... mostly just lost souls looking for the next thing to try. Most truly brilliant traders don't post on Forums while they are trading, because they have far too much to pay attention to. If you are posting while trading you likely lack focus...

I say this one more time..

Forex has $5 TRILLION IN USD equivalent orders per day... of that $5 trillion in orders, $200 billion in wealth is transferred from 1 hand to another.

EVERY SINGLE DAY. Granted, most of that is between banks and hedge funds but hey, we can certainly get our slice of that $200 billion a day.

How is it "manipulation" to buy or sell a currency, even if it is done by a central bank? All that means is they are actively inflating or deflating..... Just go with the flow. FX is not a scam like the majority of games in a casino (apart from single deck blackjack)

Cool link, thanks

However this is only showing U.S. retail accounts.. and only showing a dozen brokers to boot. There are 1000s of brokers world wide, and some of them have more clients than this list

U.S. retail is absolutely tiny. Most Americans dont even know Forex exists. The rest of the world is very very aware of FX and takes advantage of it as much as they possibly can... There's probably 10-20 million traders outside the U.S... maybe even more. Inside the U.S.? Most likely far less than 1 million... LMAO

Those who do make a living off retail forex quickly make the transition to an institutional broker.

By the way 99.6% is incorrect. You are saying that out of 10 million traders, 9.96 million of them are successfully (40000 people).

It's definitely over 95% though.

fx will be a scam until u find your edge.That's the only secret.

most people can't put the effort necessary to find an exploitable edge.which to my amazement is trade with the trend!!! the market has a lot fakeouts but if u know the overall trend u can take advantage of this and create your edge.

my 2 cents.

Rag2Riches: ... Most truly brilliant traders...
Pemully; ...That's the only secret...

if you were making 6 figure salary per month would you still call it a legal scam

funny enough this thread is still alive ive created it almost 2 years ago before quitting forex.
Now whats changed ?
Well i went back to normal life,hard working but at least making money.As for forex itself now i dont even remember half the stuff i learned or did,dont have a single care in the world what country or banks reduce increase rates,if theres a meltdown somewhere,war or whatever that affects if i pay 2 cents or 10cents more for my petrol,it was funny at the time all the talks (oh you can use $ as a wallpaper or wise versa) Basically once i quit i didnt seek any reasons to come back,nor interest why do prices change or currency rates since i live in a country where it has stable euro currency and if something goes up or down i dont look reasons why it happens as its pointless.

That said i gave a though maybe to come back to forex but quick enough changed my mind once feelings of starring blankly at screen and waiting for weeks to make profit,and then see it all go away on some stupid trades/events came back to mind.
Add to this seeing that the amount of brokers has grown double over couple years offering unreal leverages up to almost 1000% :/ minimum deposits its sorta gamblers market,same as poker which i tried btw almost same forex if you have skills and a bit of luck you can make money and if youre lucky you can make a lot with almost nothing :] ,so is it a gamble in most cases yes leveraged trading with access for anyone with as little as 1$ is no different as gambling on black and white or slots.

So while its possible to make money but each time someone makes,someone has to lose in (practical terms) which these days don't really apply.Happy trading to those who are still into it,as for others theres a lot of places on the net where one can easily make or lose money in similar fashion.