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What's the inspiration left for retail trading?

  • #21
  • Jan 19, 2015 11:25am Jan 19, 2015 11:25am
Quoting Pooks
I personally don't care about your IG and NADEX advertisements. I think you guys are just spamming up the boards.
you seriously think Im spamming ? and you group me with "you guys" ?

ok add me on Facebook Rick Cogsy, add me on skype I have no agenda.

and youll see Im just a trader. IG and NADEX make it easy to make money if you know what your doing. Maybe its because of the success I have had with it. I just feel I wanna share my success with other people. I dunno sorry for saying anything.

I can tell your upset.
Learn, a forex trader must, unlearn and relearn he will.
  • #22
  • Jan 19, 2015 11:28am Jan 19, 2015 11:28am
connect ananth,

Well, if you can't handle a "black swan" once and awhile, then, yes, you shouldn't be trading.
  • #23
  • Jan 19, 2015 11:29am Jan 19, 2015 11:29am
Quoting connect_ananth
{quote} COGS ... Binary trading for sure would have capped the loss but how reliable is Binary trading ,...have heard there is heavy amount of price rigging and have experienced it few times too.....

thats the difference with NADEX and IG, is that they are exchanges, the strike price is determined by different means but essentially bid+ask/2 and the only way you can buy a contract is if someone else is selling a contract

other binary option brokers do manipulate the price, they pay in house and are like a casino.

Im personally in a lawsuit with one right now, my lawyer is currently drawing up the letter of notice. so I dont wanna get into detail PM if interested.
Learn, a forex trader must, unlearn and relearn he will.
  • #24
  • Jan 19, 2015 11:29am Jan 19, 2015 11:29am
Quoting irongoose
{quote} I was considering Nadex also, that's if my broker gets me back the money in my account that I closed Friday. They say they weren't effected substantially by the Swiss Franc mess and that they are operating as normal but time will tell. Funny part is they E-mailed all their US clients today saying that do to regulatory reasons they can no longer accept US clients and they have an arrangement with Tallinex to transfer all US client's accounts to them by 1/30/2015 and if you don't want that to happen please close your account. Needless to say...

very interesting,
Learn, a forex trader must, unlearn and relearn he will.
  • #25
  • Jan 19, 2015 12:05pm Jan 19, 2015 12:05pm
sorry Cogs.. was not really upset lol.. maybe just very cynical.
  • #26
  • Jan 19, 2015 12:16pm Jan 19, 2015 12:16pm
Quoting Pooks
sorry Cogs.. was not really upset lol.. maybe just very cynical.
understandable in this industry, everyone has an agenda some being dishonest and crocks well other being more truthful and honesty with solid motives

my idea is to get some minds together, thinking of different ideas and ways to make it easier to make money, feeding off each other. I think most of Forex Factory have that agenda

Helping each other with, no cost, and no association with a broker or an exchange,
Learn, a forex trader must, unlearn and relearn he will.
  • #27
  • Jan 19, 2015 12:16pm Jan 19, 2015 12:16pm
Quoting gravitist
connect ananth, Well, if you can't handle a "black swan" once and awhile, then, yes, you shouldn't be trading.

Gravitist - not sure if you had sarcasm in it ,,

but think about it objectively , true that percent of occurance is 0.01% , but you dont know when you will be hit by it nor know how to protect from it ... , could be in ECB release too ........think u expect it to rebound on news but it just goes to Parity without any buyers for your sell quote in 30 sec .... and you end up with 500 k USD Slapped as debit to be paid and with a lawsuit ...
  • #28
  • Jan 20, 2015 8:58pm Jan 20, 2015 8:58pm
Connect,

I was pulling your chain a little, just out of fun - please, no hard feelings , I joke a lot.

To be serious, the SNB had never played fair and shouldn't be trusted. I'm not too surprised by their actions. Unlike other government -run central banks,
the SNB is 48% PRIVATELY owned - SNB actually does expect to make a profit! I don't trade CHF crosses, because of their shenanigans.
  • #29
  • Jan 20, 2015 9:06pm Jan 20, 2015 9:06pm
Quoting gravitist
Connect, I was pulling your chain a little, just out of fun - please, no hard feelings , I joke a lot. To be serious, the SNB had never played fair and shouldn't be trusted. I'm not too surprised by their actions. Unlike other government -run central banks, the SNB is 48% PRIVATELY owned - SNB actually does expect to make a profit! I don't trade CHF crosses, because of their shenanigans.
Well not a bad ploy in this situation gravitist ,,, just to laugh it out !! :-)
  • #30
  • Jan 20, 2015 9:33pm Jan 20, 2015 9:33pm
Quoting COGSx86
{quote} thats the difference with NADEX and IG, is that they are exchanges, the strike price is determined by different means but essentially bid+ask/2 and the only way you can buy a contract is if someone else is selling a contract other binary option brokers do manipulate the price, they pay in house and are like a casino. Im personally in a lawsuit with one right now, my lawyer is currently drawing up the letter of notice. so I dont wanna get into detail PM if interested.

hi Cogsx86,

I am with IG Singapore. I have always been wondering what kind of broker IG is exactly.

by the information I gathered from its website, it seems IG is an ECN, STP/MM hybrid broker. is this correct?

anything I am missing?

Thank you if you could share a light.
  • #31
  • Jan 20, 2015 9:48pm Jan 20, 2015 9:48pm
Hi zxdtrader. IG (Australia) offers both MM (over the counter) and Direct Market Access (DMA) models for the pro investor seeking to know market depth. The DMA is very similar to the ECN model however with a slight difference in that IG stands in your place as counterparty with the Interbank market and then automatically generate a CFD to cover their risk and pass this through to you. I hope this helps.
  • #32
  • Jan 20, 2015 10:23pm Jan 20, 2015 10:23pm
thanks copernicus,

so IG is a sophisticated MM. not sure when it will screw me up. LOL, anyway, i am small.

as I am dealing with IG, i am wondering, in the event like this, what is likely to happen if i had a CHF trade. most likely, slippage only?

I am just trying to understand how their back end is running, how they route the trades if possible, though I guess it's their secret.
  • #33
  • Edited 11:21pm Jan 20, 2015 10:39pm | Edited 11:21pm
Quoting zxdtrader
thanks copernicus, so IG is a sophisticated MM. not sure when it will screw me up. LOL, anyway, i am small. as I am dealing with IG, i am wondering, in the event like this, what is likely to happen if i had a CHF trade. most likely, slippage only? I am just trying to understand how their back end is running, how they route the trades if possible, though I guess it's their secret.
Liquidity can be a problem with MM's but on balance, IG is pretty good and needs to be to maintain its market share. The problems with last weeks CHF crisis was faced by the ECN brokers as opposed to the MM's. IG did however cop a $30M loss for the Group (and I suspect this was from their DMA model) but this was relatively small considering the size of their balance sheet.

If you drill down on the chart to the 1-3 min timeframes you can see that unlike some of the other guys, IG held it together quite well with limited gaps and there were a number of points for trade exits. Definately some slippage but not excessive.

Look I am not advertising for them but I have been with them a long time now (10 years plus) and I have been extremely happy with them. There are a few grudges such as you do not receive interest on your collateral held with them. There are also points of low liquidity on some of the instuments during out of hours periods where spreads can blow out but this is faced by all OTC brokers so I suck it in and cop this sweet as their other services make up for this. I tend to trade on longer term TF so these spread blowouts don't materially affect my game but for a shorter trem trader they might.

They back their MM model up with a solid hedging strategy where they offload a vast proportion of their counterparty risk to the Interbank which makes it very difficult for an event like last week to nail them. I am very risk averse and this is one of the main reasons I chose them as my principal broker. I also have Axitrader as a secondary broker but I don't get the same services and platform hence don't use them much. It is preferable to spread the joy to a number of brokers to minimise risks associated with business risks or force majeure. :-)
  • #34
  • Jan 20, 2015 11:50pm Jan 20, 2015 11:50pm
Thanks again copernicus.

yes. I am with IG exclusively as for now, partially because there are rarely any good FX brokers in Singapore (i used MF global, saxo before, LOL, still feel fortunate I closed MF account months before it collapsed, Singapore clients took years to get back a portion of their money). I think IG is quite professional in this business, just the MM nature always made my nervous and suspicious from time to time.

as for slippage, i noticed i got slippage in my favour a few times due to big news, not sure it was a blessing or something i should be worried about in the long term. LOL
  • #35
  • Last Post: Jan 21, 2015 12:03am Jan 21, 2015 12:03am
Quoting zxdtrader
(still feel fortunate I closed MF account months before it collapsed, Singapore clients took years to get back a portion of their money).
Amen to that zxd :-)

Quoting zxdtrader
I think IG is quite professional in this business, just the MM nature always made my nervous and suspicious from time to time
Yep the suspicion is hard to avoid especially in the 'sniffing of stops' but I have a feeling that my overly conspiratorial nature is my biggest problem. My trade sizes are hardly a blip in the scheme of things. I just like to think it is me against the market, but I think therein lies the biggest problem for a lot of us. Nice to hear that you have had some favourable slippage. Every cloud has a silver lining somewhere.
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