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Broker reverses $20K winning trades for alleged latency arbitrage

  • #221
  • Oct 30, 2014 3:56am Oct 30, 2014 3:56am
Quoting yunben
{quote} you have to put fund in different brokers in case they go bankruptcy. forex.com provided 3% interest for me. their CFD spread such as brent oil, US oil, is better than lmax.com. lmax allow minimum trading size of 0.2 lot for gold/silver, 0.01 for forex.com I don't have to answer all your questions again and again. the trading is following my strategy. trading size is still within my control. my trading strategy give an allover buy signal. I took the risk to trade it. that's it. I am a profitable trader and I don't rely on latency to trade...
Yunben, Are you saying you never use latency or only sometimes?
  • #222
  • Edited 4:46am Oct 30, 2014 4:07am | Edited 4:46am
Quoting stewrigh
{quote} Yunben, Are you saying you never use latency or only sometimes?
Latency in my thought is like high frequency trading. I dont have the ability to do it. I am a retail trader. I use manual trading with scripts. It is faster but still not EA actually. they may make mistake I was using such kind of automated EA by their monitoring. I am profitable only with my bounce back and also short term trend following strategies and satisfied with consistent yields.
  • #223
  • Oct 30, 2014 4:28am Oct 30, 2014 4:28am
After reading this whole thread and Yunben's arguments, I don't know if anyone else agrees or not but I personally am totally of the opinion that forex.com is a SCAM and shit broker. They should be banned. Plain and simple!
And Yunben .. sorry for your losses and I am with you!
  • #224
  • Edited 4:39am Oct 30, 2014 4:30am | Edited 4:39am
Quoting ravians
After reading this whole thread and Yunben's arguments, I don't know if anyone else agrees or not but I personally am totally of the opinion that forex.com is a SCAM and shit broker. They should be banned. Plain and simple! And Yunben .. sorry for your losses and I am with you!
I think everyone in this thread agrees with you, they are a shit bucketshop. Except of course, Jack_Morris, forex.coms very own mouthpiece, shame it's nothing but dribble coming out of his back end instead of the usual orifice.
  • #225
  • Oct 30, 2014 4:34am Oct 30, 2014 4:34am
Quoting GDR3k
{quote} I think everyone in this thread agrees with you, they are a shit bucketshop. Except of course, Jack_Morris, forex.com's very own mouthpiece, shame it's nothing but dribble coming out of his back end instead of the usual orifice.
I second you on this.
Just to add : most IBs or affiliates or people connected to brokers especially to forex.com would talk on the lines of forex.com.
They have their own personal gains from brokers.
Striving to Develop & Implement Innovative Ideas
  • #226
  • Oct 30, 2014 4:43am Oct 30, 2014 4:43am
Quoting yunben
{quote} Latency in my thought is like high frequency trading. I dont have the ability to do it. I am a retail trader. I use manual trading with scripts. It is faster but still not EA actually. they may make mistake I was using such kind of automated EA by their monitoring. I am profitable only with my bounce back and also short term trend following strategies and satisfied with it.
Could you tell me what is the reasons your account has been disabled a year ago? Now i understand your situation, you coppy trade by some code,scripts... At the time of spike, about 12 min forex.com has price latency and you make 19k at that time, forex.com know you coppy trade and assume that you use EA latency , i do search google and yes there are some EA robot name million dollars... It use price latency at the time of spike to make money. I don't know what you said is true or not. If you did not lied, you have put yourself in a very suspicious situation, coppy trade with sripts at the spike. I think if you did not cheat them, report them to FCA,NFA,CFCT... And forex.com will be finned some million dollars.
  • #227
  • Edited 5:54am Oct 30, 2014 5:23am | Edited 5:54am
Quoting Abcxyz77
{quote} Could you tell me what is the reasons your account has been disabled a year ago? Now i understand your situation, you coppy trade by some code,scripts... At the time of spike, about 12 min forex.com has price latency and you make 19k at that time, forex.com know you coppy trade and assume that you use EA latency , i do search google and yes there are some EA robot name million dollars... It use price latency at the time of spike to make money. I don't know what you said is true or not. If you did not lied, you have put yourself in a very...

can you understand, MT4 script is just like a command, not a fully programmed and automated EA?
script just help trade execute faster. you don't need to choose trading size and by one click you can execute a trade with what you preset size. it is not automated. it is manual executing with stop loss and take profit. It is why I can trade super short term. but basically it is still manual trading. there is no intelligent in it.

my other account was disabled but no reason given as many others. you can search the internet especially forexpeacearmy broker review to get a lot of cases simply because they all have the common pattern in consistent profiting for several months. I received the same email it was closed due to their quality control by their compliance department.

copy trade is a software but it has no intelligent too. I can't trade two accounts at the same time. but can trade one, the other follow it. that is it. no intelligence.
You can check my past records, I trade 1/5min/15min short term, it is sure no problem to make $20000 in 12 minutes. I did this kind of trade for hundreds of times. but due to the losses, I am not rich yet.

I've said that all already If I were smart as you said, my account should be over a million already. can you check my post again before you post?
  • #228
  • Oct 30, 2014 6:08am Oct 30, 2014 6:08am
Hmmm since you trade on there softwear that they provided to you and guarentided for itt then the if sofwear has Latency then its there problem not your's so the have to payaff and apologize.This is their fault and softwear.If they take responsibility for there softwear then they have to pay for the glitch.

Thats itt bottom-line
Too Much Is Never Enough
  • #229
  • Oct 30, 2014 6:59am Oct 30, 2014 6:59am
Quoting yunben
{quote} can you understand, MT4 script is just like a command, not a fully programmed and automated EA? script just help trade execute faster. you don't need to choose trading size and by one click you can execute a trade with what you preset size. it is not automated. it is manual executing with stop loss and take profit. It is why I can trade super short term. but basically it is still manual trading. there is no intelligent in it. my other account was disabled but no reason given as many others. you can search the internet especially forexpeacearmy...
Sorry that I disturbed you, because i'm making consistent profit with Forex right now, i really shocked about your case, i still can't believe that broker can robbed our money like that. I trade with Oanda, i just use their mobile fxtrade and never used mt4 before. As you explain, i think all brokers can rob our money like your case. My last question is are you intend to take this case to the court, or report them? You don't have to answer my question, but i really angry with forex.com because i'm a profitable trader and money is really hard to make in forex(((
  • #230
  • Edited 11:25am Oct 30, 2014 7:10am | Edited 11:25am
an update:

30 Oct ,2014, finally had a talk with their director for the first time after they closed the account. He insisted my trading size increase dramatically, and they have off market condition at that time. so they use raw bank data to adjust my trades and get the result to take my profit. he said it is fair to me. I can't get the fund back as it is not my money and ask me to trade with other brokers.

I ask them to send me a report on the latency,
1. I want to know how long is the latency.
2. how long is the difference of their price and raw bank data.
3. forex.com off-market data and raw bank data.
4. adjusted activity based on so called raw bank data.
5. based on what judgement criteria, list which trades are illegal and adjusted.

I don't accept the way they use raw bank data to adjust my trade with their platform. but at least I have the right to know how they adjusted it. they didn't provide it in their previous email.
  • #231
  • Oct 30, 2014 7:21am Oct 30, 2014 7:21am
Quoting yunben
an update: 30 Oct ,2014, finally had a talk with their director for the first time after they closed the account. He insisted my trading size increase dramatically, and they have off market condition at that time. so they use raw bank data to adjust my trades and get the result to take my profit. he said it is not my money and let me to trade with other brokers. I ask them to send me a report on the latency, 1. I want to know how long is the latency. 2. how long is the different of their price and raw bank data. 3. forex data and raw bank...
I would bet my left bollock on if you had made a loss, nothing would have been said.
  • #232
  • Oct 30, 2014 7:24am Oct 30, 2014 7:24am
Have you taken legal advice yet? If a lawyer says they cant do nothing, i'd move on.
Forex rules
  • #233
  • Oct 30, 2014 7:26am Oct 30, 2014 7:26am
Quoting yunben
4. adjusted activity based on so called raw bank data.
Don't buy the "adjustment" joke.
I have some bad trades from 2008 before the crash... I just realized my wireless mouse was lagging, where do I sign up for "adjusting" and canceling them?!
  • #234
  • Oct 30, 2014 7:27am Oct 30, 2014 7:27am
Quoting dsb104
Have you taken legal advice yet? If a lawyer says they cant do nothing, i'd move on.
my case is now with FOS. maybe I need to consult to a lawyer also. thanks.
  • #235
  • Oct 30, 2014 7:37am Oct 30, 2014 7:37am
Quoting GDR3k
{quote} I would bet my left bollock on if you had made a loss, nothing would have been said.
This is the truth and only truth.
Striving to Develop & Implement Innovative Ideas
  • #236
  • Oct 30, 2014 7:39am Oct 30, 2014 7:39am
Quoting yunben
{quote} my case is now with FOS. maybe I need to consult to a lawyer also. thanks.
I do not know what is FOS. Can you please tell us what this is ?? Is it some regulator???
Also do keep us informed about the developments. We are just as anxious as you.
Striving to Develop & Implement Innovative Ideas
  • #237
  • Oct 30, 2014 7:56am Oct 30, 2014 7:56am
Quoting New-Pragati
{quote} I do not know what is FOS. Can you please tell us what this is ?? Is it some regulator??? Also do keep us informed about the developments. We are just as anxious as you.
http://www.financial-ombudsman.org.u...complaints.htm


they told me that was not money.
nonsense, sure that is my money.
they may make this market condition deliberately, make use of the latency and take money away without any risk. all follow their rule.
  • #238
  • Oct 30, 2014 8:12am Oct 30, 2014 8:12am
Quoting New-Pragati
{quote} I do not know what is FOS. Can you please tell us what this is ?? Is it some regulator??? Also do keep us informed about the developments. We are just as anxious as you.
Yes, this is not the problem about forex.com anymore. It about their brokers rules, there is a guy in forexpeacearmy have similar case with Ironfx, He made 500% profit with a EA name million dollars pips and Ironfx just say it's fraud and set his balance to 0. He reported to FCA and they say Ironfx was right, if the price from these market maker diffrent from bank,big broker like Dukascoppy then they take all of your money following their rules. This is not the problem from forex.com, any broker can do this fxcm,oanda,alpari,citifx,fxpro.... If their price is different from Dukascoppy then you violate their term of service, you take the losses and all profit is cancelled. They disabled your account too.
  • #239
  • Oct 30, 2014 8:15am Oct 30, 2014 8:15am
Quoting yunben
{quote} my case is now with FOS. maybe I need to consult to a lawyer also. thanks.
actually the fact that a lawyer knock on forex.com's door for detailed explanation, and proposed criminal investigation might just be enough for them to shit their knackers, and cough up the money they own you!!

as for latency, the whole thing is BS.
look back, I posted 2 charts from my broker, ECN vs. MM account charts...there is difference between highs and lows, not a bit...now they could come to claim that their MM price wasn't real market, or the other way...BS!
one thing happened at forex.com, that is also the killer for all bucketshop...they hope that you lose, and they didn't want to hedge or were slow to hedge your trade in the market.
you close in profit, they lose.
now they had a bad feel losing, and want to get back the money...stealing it back in fact!

pick a few ECNs and MM brokers, and see the rice if they quoted such...if they did, and I am sure had some, then it was a valid price.
no one like to lose, broker or trader, but if we expected to do without a complaint, so is the broker when it is their turn to lose.
time to pay for their mistakes!
there is always, always another trade!!
  • #240
  • Oct 30, 2014 8:17am Oct 30, 2014 8:17am
I suspect the regulators will be a waste of time, but no harm trying. You will need to instruct a lawyer, he will tell you his fees and the percentage chance of winning, then you can decide. Of course the matter of principle is priceless.
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