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What I've learned so far

  • #61
  • Feb 2, 2014 6:16pm Feb 2, 2014 6:16pm
Quoting Vitez
So if a scalper is using a 5 pip stop loss on a demo account it would work fine but on a real account market maker would probably "spike" him out?

The smaller the stop loss the easier for the MM to hit it.

Lets say you have a 5 pips SL. Your broker spike you out and you call them.

First most of the traders don't call. But if you are the 1% or less that calls the first barrier is their technical support.

The guy will ask you why you think the spike was illegitimate.

You will probably tell him that you compared your charts with other brokers and they don't have the spike.

Than the guy will say that since they have different "liquidity providers" small discrepancies in price may happen.

So from the minority that calls 90% will stop right there because it is a valid point.

Lets say you push forward and keep arguing.

The tech support will say they can't accept other brokers price.

Lets say you ask for a supervisor and you convince the guy to take a look at it.

So now you have to prepare screenshots, write a letter, send it and wait patiently

Some brokers require these matters to be handled by snail mail.

Than after a while you call them to see whats going on and they tell you they never got your request
so you have to start all over.

My point is that the majority of traders will not go through this process

And even if they correct some trades it will be such a small number that it would not matter.

Now lets say you lost 500 thousand dollars in your 5 pip SL.

Than you may take them to court. It is easy to them to get a quote from one of their banks 5 pips above price.

So now you not only lost 500 K but you have to pay lawyers, go through the whole hassle etc.

Now the bigger the price discrepancy the more difficult for the broker to justify it.

What I just said is from personal experience dealing with MM over the years.

So instead of wasting my time I changed my way of trading. I close my positions manually
anything from 20 to 50 pips. Never had problem with spikes since.
Don't call me. I call you!
  • #62
  • Feb 2, 2014 8:48pm Feb 2, 2014 8:48pm
Thanks MarginCalled... I'm really enjoying your thread.

Are you able to share your experiences with the larger FX Brokers? I'm currently trading with FXCM (I'm based in Australia) and would like to hear your experiences with the likes of FXCM and the others?
Follow me at andrewfx2020 (dot) com
  • #63
  • Feb 2, 2014 10:18pm Feb 2, 2014 10:18pm
Quoting AussieForexM
Thanks MarginCalled... I'm really enjoying your thread. Are you able to share your experiences with the larger FX Brokers? I'm currently trading with FXCM (I'm based in Australia) and would like to hear your experiences with the likes of FXCM and the others?
I never traded with them, but they look really good on paper.

They fully disclose the conflict of interest in their website which is very rare from a broker. Usually MM try to hide it.

I'm not sure if their NDD is really what they claim. I would say they hire a bank to do what MM used to do
in house but I can't substantiate my theory.

If you go to their thread here on Forex factory you will see a lot of complaints but it may be just newbies
mad because they lost money.

Honestly I prefer brokers that charge you a fee but I would try FXCM with no problems.

Why you don't write a quick post about your experience with them?

Tell us what you think. What problems you detected so far and lets discuss it.
Don't call me. I call you!
  • #64
  • Feb 3, 2014 1:20am Feb 3, 2014 1:20am
margini feel your pain forex makes us aliens i have begun to feel closely linked to my computer of late funny how i saw this coming.if there are results to showit isnt a bad thing then dont you think so?
  • #65
  • Feb 3, 2014 3:06am Feb 3, 2014 3:06am
Quoting MarginCalled
{quote}Honestly I prefer brokers that charge you a fee but I would try FXCM with no problems. Why you don't write a quick post about your experience with them? Tell us what you think. What problems you detected so far and lets discuss it.
I'm only a newbie and have been trading since around September 2013, only in Demo so far.

To be honest, I haven't had any issues with them and I haven't noticed any unusual movements in spread. I have seen many negative commences on these forums, as well as Babypips about FXCM, but so far all is good on my end.

I share the same sentiments about Forex Brokers as many here do, however from what I have observed so far, it all depends where the Broken is based and what regulatory conditions are imposed on the Brokers.

Here is Australia, the Australian Securities and Investments Commission (ASIC) http://asic.gov.au/ at least provide some comfort for investors.

Anyway, keep up the good work MarginCalled
Follow me at andrewfx2020 (dot) com
  • #66
  • Feb 3, 2014 5:05am Feb 3, 2014 5:05am
I don't trade with FXCM but I would never trade with just one broker.

Oanda is disconnecting their stupid platform so much today that I'm getting frustrated. I have other brokers I deal with to protect my trades
oanda is a disgrace!! I have to take my money away from this buckeshop.
So, you think you have rights? LOL
  • #67
  • Feb 3, 2014 10:10am Feb 3, 2014 10:10am
If you trade intraday one should have at least 2 brokers.

For stop losses bigger than 50 pips a single broker is ok. Disconnections can kill your account
Don't call me. I call you!
  • #68
  • Feb 3, 2014 10:23am Feb 3, 2014 10:23am
Quoting AussieForexM
Thanks MarginCalled... I'm really enjoying your thread. Are you able to share your experiences with the larger FX Brokers? I'm currently trading with FXCM (I'm based in Australia) and would like to hear your experiences with the likes of FXCM and the others?
I've been trading with FXCM for over a year and I think they are great. I'm in their Active Trader/Private Client Group. Their No DD model is great, I have a premium account team assigned to me and the support is fantastic. I regular make 5 figure withdrawls from my account via wire at no charge. I pay a very low spread per trade and no fees/comissions and it's in their best interest to see me continue as an active successful trader, as the more I trade the more they make
  • #69
  • Feb 3, 2014 8:13pm Feb 3, 2014 8:13pm
Before this thread become a FXCM thread let me try to change the subject a little.

The most curious thing I noticed over the years is the lack of live traders around the internet.

There is a bunch of people to give you advice.

To post charts

To come up with theories

Strategies

EAs

Education

Etc, etc and etc.

But so far I found just a handful of people to trade live with you.

And even those "live" traders turned out to trade live but tell you what they did later one.

During my trading years I found just 2 guys trading live and telling you what they did real time.

Lets say that their performance was less than stellar.

Does anybody have a different perspective in this matter? I would love to hear it.
Don't call me. I call you!
  • #70
  • Feb 4, 2014 3:05am Feb 4, 2014 3:05am
Quoting MarginCalled
Before this thread become a FXCM thread let me try to change the subject a little. The most curious thing I noticed over the years is the lack of live traders around the internet. There is a bunch of people to give you advice. To post charts To come up with theories Strategies EAs Education Etc, etc and etc. But so far I found just a handful of people to trade live with you. And even those "live" traders turned out to trade live but tell you what they did later one. During my trading years I found just 2 guys trading live and telling...

Yes I can relate to that.

Went live a few month ago and just did not feel comfortable sharing trade explorer. Perhaps it's a bit naive to show everyone your position, stop loss and TP? I mean if you take $1000 every month from broker wouldn't they bother to check your journal at FX factory so they can figure you out?

It's not a "nice" business so if I were profitable every month for sure I would not show live trades in public forum.
  • #71
  • Feb 4, 2014 4:38am Feb 4, 2014 4:38am
I see. but I'm talking more in terms of "real time trading" than the explorer.

I only saw 2 guys so far in their room telling you each move they make. and as I said they did not do really well.

Maybe people are more after money they can't make trading.

Or some bust to their ego ( which they can't get from trading either)

And showing their real time trading does not go well with both
Don't call me. I call you!
  • #72
  • Feb 4, 2014 8:22am Feb 4, 2014 8:22am
Quoting MarginCalled
I see. but I'm talking more in terms of "real time trading" than the explorer. I only saw 2 guys so far in their room telling you each move they make. and as I said they did not do really well. Maybe people are more after money they can't make trading. Or some bust to their ego ( which they can't get from trading either) And showing their real time trading does not go well with both
MC not everyone feels the need to share or teach. 'm a very profitable full time trader but have absolutely ZERO NADA NO desire to teach or conduct real time trades.
  • #73
  • Feb 4, 2014 12:46pm Feb 4, 2014 12:46pm
Hey OP,

There are two sites i use on a daily basis which keep you in the loop with other traders.

If you go to www.tradingview.com and open up the chat on the right hand side there is usually a very full chat room 24/7. Usually an update every minute or two from someone chatting or posting a chart. You can sort out whether you just want 'forex talks' or stock talks too so it's a good chat room to chat to like minded traders.


Don't know if you have ever used StockTwits but that's also good. Not really a chat room as such but a good site to get ideas and to mix with other traders, post ideas and chat etc;
  • #74
  • Feb 4, 2014 2:32pm Feb 4, 2014 2:32pm
Quoting ForexOracle
I don't trade with FXCM but I would never trade with just one broker. Oanda is disconnecting their stupid platform so much today that I'm getting frustrated. I have other brokers I deal with to protect my trades oanda is a disgrace!! I have to take my money away from this buckeshop.
why dont u try ironfx?i can link u up to a perfect customer friendly broker there
  • #75
  • Feb 4, 2014 3:55pm Feb 4, 2014 3:55pm
Quoting yazzie
{quote} MC not everyone feels the need to share or teach. 'm a very profitable full time trader but have absolutely ZERO NADA NO desire to teach or conduct real time trades.
Even if you would they probably would not succeed using your style...everyone has to find his/her own...

The main thing is that you are a good person.

May I ask how much % per month do you make?
  • #76
  • Feb 4, 2014 5:34pm Feb 4, 2014 5:34pm
Quoting Vitez
{quote} Even if you would they probably would not succeed using your style...everyone has to find his/her own... The main thing is that you are a good person. May I ask how much % per month do you make?
That's a great point Vitez about learning to trade your own style! I've been trading live for 14 months and I have made more than 10% each month and I'm trading a decent size ($250K+) account
  • #77
  • Feb 4, 2014 8:45pm Feb 4, 2014 8:45pm
Quoting yazzie
{quote} MC not everyone feels the need to share or teach. 'm a very profitable full time trader but have absolutely ZERO NADA NO desire to teach or conduct real time trades.

Good point Yazzie

I was not talking in terms of people wanting to teach, or share or even show off.

My point is the disparity between people that "claim" to know and people willing to show what they know, real time.

Forums, chatrooms, youtube, Twitter, facebook etc. Those places are PACKED with "experts"

but there is so few ( if none) places where you go there and the guy trades live every day,telling you real time what he is doing.

If you try to establish a ratio it would be 1000 to 1 or even less?

It appears to me that means which necessarily situate trades in the past are mainly used. Because anybody can trade the past.

Using FF as an example.

So many people willing to teach you

A whole forum where people share their systems/strategy.

So many videos, charts and so much talk but nobody trading live via skype or other means ( at least to my knowledge)

This ratio disparity is so big that can be called a "phenomena" in itself
Don't call me. I call you!
  • #78
  • Edited 9:39pm Feb 4, 2014 9:16pm | Edited 9:39pm
To exemplify a little better:

Many "moons" ago I signed up for a supposedly live service.

The "trader" there spent the whole session silent.

Gave some tech/fundamental talk once in a while and thats it.

By the end of the session he came with an explanation for all the moves from the last 8 hours.

He always made sure to say " as I told you guys back than" remarks I honestly could not remember.

Than he told us how many pips he made during the session.

People communicated with the guy via a chatroom,.

I posted a question on why he did not gave us the entries signals.

My question was ignored multiple times and when he finally answered me he said I would be contacted via email.

he did sent me an email with 3 pages about how I should use the sessions to learn and develop my own trading stile

He also wrote a lot on the dangers of relying on somebody else for my trades.

If I remember correctly he ended up the email advising me not to follow him blindly
but instead using my time there to " learn how to fish"

What a sweet heart! No?

As a matter of fact I did learn something from the guy.

I learned how naive and stupid I was
Don't call me. I call you!
  • #79
  • Feb 4, 2014 11:31pm Feb 4, 2014 11:31pm
this video suits so well this thread. That I had to post it here.

I know it is an old one that you already saw.

I personally saw this video multiple times. But I still get myself watching it once in a while.

Thats like poetry expressing the agony part of a traders life

I experienced the same situation pictured in this video so many times, that i can taste and feel what he is going through.

For hundreds and hundreds of times over these years I behaved just like this dude.

Only those who experienced , can understand

Inserted Video
Don't call me. I call you!
  • #80
  • Feb 5, 2014 3:39am Feb 5, 2014 3:39am
Very popular video few years ago. Funny the guy mimicking Cramers voice saying the market will go up. He is probably a fool glued on cnbc. I wonder if he is still trading?
So, you think you have rights? LOL
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