Broker Complaints …Get over it! | Page 5 | Forex Factory

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Broker Complaints …Get over it!

  • #81
  • Aug 26, 2006 6:45pm Aug 26, 2006 6:45pm
Quoting coon_70
I have to say that my main gripe with my broker is...
i click buy euros at 1.2 and the order goes through as 1.250.

There should be a button to click that if they cannot fill you at the price you had your order in at, or tried to click the buy button at... Then do NOT fill my order.
When you use a market order you give the broker some latitude to fill your order. If you want your exact price use a limit order. This is essentially a "fill or kill" type of order.

Phil
  • #82
  • Aug 26, 2006 6:49pm Aug 26, 2006 6:49pm
My bad StockKJay, good thing your buddy has you to keep things straight out here. I went back and reread your post and you did in fact say FXI, of course that was page 3 so by my nearly end of page 5 reply, things were slightly fuzzy. You could actually have access to the same exact trading platforms as he does with a little investigation though. Depending on broker of choice, you can get in a Currenex setup with as little as $10k with up to 200:1 margin trading a minimum size of 50k lots. That would give you instant access to 1 to 2 pip spreads, one click execution and dealing inside the spread. Its the same setup as HotSpot FXI offers actually with all the same features. And if I am not mistaken they all offer spreads from the same major banks.
  • #83
  • Aug 26, 2006 7:00pm Aug 26, 2006 7:00pm
quick question, will currenex aggregate all your positions in the same currency? or can you have multiple separate positions in the same pair?

Quoting toolong
Depending on broker of choice, you can get in a Currenex setup with as little as $10k with up to 200:1 margin trading a minimum size of 50k lots. That would give you instant access to 1 to 2 pip spreads, one click execution and dealing inside the spread. Its the same setup as HotSpot FXI offers actually with all the same features. And if I am not mistaken they all offer spreads from the same major banks.
  • #84
  • Aug 27, 2006 1:49am Aug 27, 2006 1:49am
I actually don't know of a single broker who promotes the idea that you can effectively trade the news.

Take a look at www.fxengines.com - they positively encourage news trading.

Regards

Bugsley
  • #85
  • Aug 27, 2006 9:32am Aug 27, 2006 9:32am
Quoting bugsley
I actually don't know of a single broker who promotes the idea that you can effectively trade the news.

Take a look at www.fxengines.com - they positively encourage news trading.

Regards

Bugsley
They are also not a broker.
Secret Identity: Bill Sullivan
  • #86
  • Aug 27, 2006 9:49am Aug 27, 2006 9:49am
Quoting Captain Piptastic
They are also not a broker.
They mention on their website that they work through FXCM which isn't very promissing...
  • #87
  • Aug 27, 2006 9:53am Aug 27, 2006 9:53am
Quoting ZedHashPip
They mention on their website that they work through FXCM which isn't very promissing...
Truthfully I know nothing about them. Somehow I'm on a mailing list so I have heard of them. I was simply responding to poster who supplied their name as evidence that there was a broker who encouraged news trading. There may indeed be brokers who do.

Curiousity more than anything lead me to their site and 30 seconds later I learned that they were not a broker at all.
Secret Identity: Bill Sullivan
  • #88
  • Aug 27, 2006 5:42pm Aug 27, 2006 5:42pm
I go one day to beach and when i come back... you have posted so much and i don't have time to read it
Try hard, think fast, die young
  • #89
  • Edited Mar 24, 2007 2:19pm Sep 12, 2006 11:46pm | Edited Mar 24, 2007 2:19pm
I can’t help myself…..I need to put my 5 cent’s worth into this forum, there are just too many nonsensical statements here. No doubt, I will get a lot of responses to this one.

 Before I start to rant and rave, let me say that this forum is very valid, as well as all the gripes that I read here, more about that later. And yes, I do think that I can add to the value of this forum, after 15 years of trading the interbank market. I don’t know anything about the electricity markets, but I sure know the workings of the forex market.

I don’t know where all the rubbish about the interbank market comes from, as I have yet to read a single threat about the true nature of that market.

Phil, far from being a fragmented market, in fact the forex market is the most centralized market anywhere….it’s called REUTERS, BLOOMBERG AND TELERATE. I am sure you are a good trader, but what works in the electricity markets may not work in Forex. If you would try the same trading practices you used in the electricity markets, widening your bid/ask on the interbank market, even in fast markets, you would be out of business faster than you can say “I do”. No-one would trade with you. If you don’t want to trade, you hide your position. If you would have a spread of 10 pips EUR/USD, at any time, that would be the end of your trading career in the interbank market, no-one would give you a second look. Even in a fast market, once you “lock” the quote, you have 3 seconds to decide if you want the trade, no re-quotes. I would really love to know where all the “experts” on this site get their knowledge from. In the interbank market, your word is your bond, integrity is all. Bank Negara (<?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:country-region w:st="on"><st1lace w:st="on">Malaysia</st1lace></st1:country-region>’s central bank) tried to screw with the market years ago, and when finally no-one traded with them, they had to use intermediaries.

Brokers are Market Makers? Don’t make me laugh. The relationship between a Forex Broker and the individual trader can hardly be called a market. The reason so many brokers are opening up is because they know they can cheat and get away with it.Your broker tells you that liquidity is low at certain times? Liars! The FX market is the most liquid in the world, at any time! Your broker tells you that the system can’t keep up? That’s probably true. I have seen one broker last week who has 3 small Pc’s in a room. When I ask him about it, he said they were “gateways” to the settling broker, in this case GAIN Capital. That’s after the scum assured me that he does not have a trading desk! Sure he doesn’t, but GAIN does. Talk about deceit! If traders would have the same access to Reuters etc. as the banks, all these sleazebags would be out of business today, and not a second too soon. There is help on the way. The CME and Reuters are teaming up and will offer it to decent brokers, who in turn will offer it to retail clients. I say decent, as most of these scumbags in the markets today will disappear when CME/Reuters go on-line. It will be ready in 2007. It’s funny that you mentioned Enron at the start of your forum…the audio tapes of the Enron traders boasting how they screwed <st1:State w:st="on"><st1lace w:st="on">California</st1lace></st1:State> is now common knowledge.<o></o>

<o></o>

 It is precisely because these “Brokers” know that the trader does not have access to the info the banks have, they get away with all these scams. Traders would be horrified if they could see how far some of these brokers are from the market, I see it every day. I should get used to the way the brokers work? I should get used to getting screwed? ARE YOU JOKING? The widening of spreads, freezing of platforms, disconnections at will so you cannot trade, inability to change orders at certain times, stop loss hunting, etc. is something I should get used to? You must be kidding. This is nothing but white collar crime, plain and simple. If you are happy to trade with a bunch of scammers, and you seem to be, go ahead. I need integrity and honesty. Here is a real kicker….these crooks put their money into demo’s to attract traders. Once you trade real money, the landscape changes drastically. CMS Forex is a great example of that. So should I change brokers if I don’t like them? Or should I change after they take my money? How many brokers, pray tell, would you like me to get screwed by, in order to find a good, honest broker? How much time should I spend finding the right broker? It’s high time these low life crooks get regulated. That’s one reason I trade with Banks….they don’t mess you around. I, as an individual trader, should not have to worry about deceit and dishonesty. If TD Waterhouse or Scott Trade would behave like that, the CEO’s would rot in jail as we speak, no but’s or if’s. And don’t tell me that if I don’t like it, I don’t have to trade with them. Yeah, right. The only problem is that you find out after you start to trade with them, after those scums cost you money, that you don’t really like them. Talk about an arrogant statement. There seems to be a huge difference between what is promised and what is delivered. I see what’s happening to my trading friends every day and I can tell you that they are frustrated with most of their online brokers. There are some good ones though, all ECN’s, and my trading buddies are changing to them. They seem to have the least amount of complaints and problems.

<o></o>

 Banks don’t take your small 10K order? I can trade 5 Dollars if I wanted to….no problem, albeit at a high price. I will admit that they do it for me, as I traded with them for a long time. The normal minimum is 1 million. Do Banks manipulate the markets? Of course they do. They will manipulate the trend of the market, but NOT the individual trade. Japanese banks talk to each other every morning to see who is long or short, but they do not ask the position size. Citi bank in <st1:City w:st="on">Wellington</st1:City> will sell/buy to Citi in <st1:City w:st="on">Tokyo</st1:City>, who sells to Citi in <st1:City w:st="on"><st1lace w:st="on">London</st1lace></st1:City>, who sells to Citi in N.Y. Deutsche Bank does the same. That’s one way of driving the trend. Anyone that thinks Hedge Funds all get into the market at the same time, at the same second, in the same direction, by accident needs his head examined.

The retail forex market is now where equity brokers where in the 1920’s. It’s the Wild West. And all these guys that complain about their brokers have a valid reason. I hope they will continue to complain. The NFA? There is not a bigger joke around. Don’t bother with them. Call the CFTC instead, they are showing a much greater interest in cleaning up the industry. If you have a problem with a N.Y. broker, call Michael McLaughlin, CFTC N.Y. Direct Line: (646)746-9736. He is already investigating a certain broker in N.Y.C. As a matter of fact, as of last week, the thing has gone all the way to <st1:State w:st="on"><st1lace w:st="on">Washington</st1lace></st1:State>.

 May the trading gods smile at you!
  • #90
  • Sep 13, 2006 12:34am Sep 13, 2006 12:34am
"Education is when you read the fine print;

experience is what you get when you don"t."

Pete Seeger


I have to say I've got quite an education reading this forum. I'm glad I found the FF. I've been trading live for 9 months now and have developed my own style. I have no system, I can't imagine letting indicators tell me when to enter a trade. It has to "look" good to me. Some people will know what that means others will not.
There seems to be a lot of anger directed at brokers and some of it may be justified, but after reading the fine print here at FF I avoid the things that cause traders the most greif. Trading during news releases and straddles. Somehow I still manage to make money.
I consider myself a noob but I am an educated noob. There is no reason for anyone to be getting "burned" by your broker with stop hunting or other questionable tactics. You must learn to trade the market, there are enough warnings in this forum to give you a heads up on what not to do.
I for one am grateful for all the information shared here and I am putting it to good use.
Thanks for all the advice,warnings and encouragement.
  • #91
  • Sep 13, 2006 8:48am Sep 13, 2006 8:48am
Quoting Invictus
I can’t help myself…..I need to put my 5 cent’s worth into this forum, there are just too many nonsensical statements here. No doubt, I will get a lot of responses to this one.
Invictus,

Welcome to the Forex Factory. Your post, while fascinating, applies to virtually no one who frequents this forum. People here do not have million dollar accounts, access to Reuters or Currenex, and do not have long standing personal relationships with a particular bank. Apparently you do and I'm happy for you. I'm sure you are a good trader to, it's just that we live in different trading worlds.

Comparing my days of electricity market making to Enron is no more fair than comparing you to Forex. The good people of Toronto didn't seem to mind when I helped keep their electricity rates down for a couple of years by buying cheap power in the mid-Atlantic and sending it north to provide replacement power while your nuclear generating stations were offline for an extended outage.

Yes, brokers are screwing us every day. But if you approach your daily trading routine believing that your broker is the enemy and he is responsible for your trading losses then you don't have a chance.

My only point is that you need to find a broker who you trust and can transact with or move on to a different market or career. The fact that you are more priviledged than the rest of us doesn't really advance our cause.

Phil
  • #92
  • Sep 13, 2006 1:22pm Sep 13, 2006 1:22pm
Phil,
I appreciate your comments. However, none of the good people here give their hard earned money to the enemy. On the contrary, they believe in integrity and honesty. You would not give your money knowingly to a crook, would you? They want to trade, honestly, without malice. I have seen some of my trading buddies hammering the keyboard trying to minimize losses to no avail, because their brokers froze the platform. That is criminal, nothing less. Sad, isn't it.

The good people of Toronto thank you for your efforts...much appreciated. But you know as well as I do that the mid-Atlantic electricity sold to Ontario was actually generated in Labrador, sold to Quebec for next to nothing because Hydro Quebec has this very famous contract the Nefies have been trying to get out off for 30 years, exported to the States, and imported by Ontario.....those boys in Quebec had a field day. Talk about getting screwd.... Had the juice been exported directly, it would have been a lot less expensive, as there would have been a lot less fingers in the pie. And I am sure that your services where not free.

May the trading gods smile at you!
  • #93
  • Sep 13, 2006 1:38pm Sep 13, 2006 1:38pm
Phil,
I do not want this to get personal, both of us have more important things to do. But I have this incredible aversion towards people/companies that prey on the unsuspecting. I don't care if you can trade $100.00 or 1 Million. You are entitled to honesty and integrity. Period. I spend half the year in Asia where saving face is important, your word is your bond. You ever wonder why the majority of these scammers are in the States?....Because they get away with it, that's why.
I have never, ever screwed with someone's money. I expect the same courtesy from the people I deal with. Period. But when they screw with me, I get upset. Period.

May the trading gods smile at you.
  • #94
  • Sep 13, 2006 1:58pm Sep 13, 2006 1:58pm
Quoting Invictus
Phil,
I do not want this to get personal, both of us have more important things to do. But I have this incredible aversion towards people/companies that prey on the unsuspecting. I don't care if you can trade $100.00 or 1 Million. You are entitled to honesty and integrity. Period. I spend half the year in Asia where saving face is important, your word is your bond. You ever wonder why the majority of these scammers are in the States?....Because they get away with it, that's why.
I have never, ever screwed with someone's money. I expect the same courtesy from the people I deal with. Period. But when they screw with me, I get upset. Period.

May the trading gods smile at you.
I couldn't agree with you more. It's just that I don't know how you define an honest broker. It's a love-hate relationship. Some people love to trade forex and love their broker for offering them a gateway into the big game but at the same time, they hate that they are not getting true market prices and they pay ridiculous spreads. I certainly hope that I have not come across as one who defends brokers. The simple fact is that we all have to deal with a broker. The best you can do is find a broker who you believe offers you a fair shake and focus on improving your trading. I will soon have interbank access so this isn't a big deal for me but I certainly went through the my "broker sucks" phase of trading. I have high hopes that the CME project can right the ship and bring some legitimacy to the marketplace.

The other point of this thread (at least my rant part of it) was this massive pendulum-like swing to smaller brokers who tease people with the promise of tight spreads and true interbank trading. That simply isn't how things work. They increase the spread during volitile times (when most people think they have to trade) and they pass your trade onto a liquidity provider who does take the other side of the position.

As a side note, I've always been puzzled why Hydro Quebec would not deal with Ontario directly. If if makes you feel any better they were difficult to deal with from the American side as well. We rarely did business with them.
  • #95
  • Sep 13, 2006 2:11pm Sep 13, 2006 2:11pm
Quoting philmcgrew
I couldn't agree with you more. It's just that I don't know how you define an honest broker. It's a love-hate relationship. Some people love to trade forex and love their broker for offering them a gateway into the big game but at the same time, they hate that they are not getting true market prices and they pay ridiculous spreads. I certainly hope that I have not come across as one who defends brokers. The simple fact is that we all have to deal with a broker. The best you can do is find a broker who you believe offers you a fair shake and focus on improving your trading. I will soon have interbank access so this isn't a big deal for me but I certainly went through the my "broker sucks" phase of trading. I have high hopes that the CME project can right the ship and bring some legitimacy to the marketplace.

The other point of this thread (at least my rant part of it) was this massive pendulum-like swing to smaller brokers who tease people with the promise of tight spreads and true interbank trading. That simply isn't how things work. They increase the spread during volitile times (when most people think they have to trade) and they pass your trade onto a liquidity provider who does take the other side of the position.

As a side note, I've always been puzzled why Hydro Quebec would not deal with Ontario directly. If if makes you feel any better they were difficult to deal with from the American side as well. We rarely did business with them.

halleluya! We agree! (Hope I spelled this right)...LOL
  • #96
  • Sep 13, 2006 2:34pm Sep 13, 2006 2:34pm
Quoting StockKJay
No problem. I am too numb from all this forex stuff to show the slightest bit of emotion.
Numbness is the 7th step. Congrats, only 5 more steps to go!
  • #97
  • Sep 13, 2006 2:42pm Sep 13, 2006 2:42pm
Quoting squat1962
Numbness is the 7th step. Congrats, only 5 more steps to go!
LOL. Doesn't that child have cancer by now! I enjoy your humor squat.
  • #98
  • Sep 13, 2006 10:54pm Sep 13, 2006 10:54pm
Quoting Invictus
Phil,
I don't care if you can trade $100.00 or 1 Million. You are entitled to honesty and integrity. Period.
Cannot agree more. I think that's the only question and the only answer that traders all over the world are concerned. And as long as brokers do not serve their customers with honesty and integrity, traders will complain. How else can we fight some practices that sometimes sound like a bad practical joke. I got frozen during the news not once. When I called my broker, the answer was - "... yes we know, the server has technical problems, but we can give you a quote and tell us what you want to do?". I am not investor, I am a trader. Until I made the call, until I got transferred from here to there... do you imagine where the price went during that time? I felt as if I were in a bad dream... and who's problem was that the server had technical problems, mine or their's?
In other words, thank you. I was never a market maker or a broker or even near to it. So when somebody claims having a big experience there and justifies unjust things, that is the same frustrating like me having to pay for server problems.
Thank you so much for stepping in.
  • #99
  • Sep 14, 2006 5:19am Sep 14, 2006 5:19am
Quoting lietuve
I felt as if I were in a bad dream... and who's problem was that the server had technical problems, mine or their's?

In other words, thank you. I was never a market maker or a broker or even near to it. So when somebody claims having a big experience there and justifies unjust things, that is the same frustrating like me having to pay for server problems.

Thank you so much for stepping in.
If you want to blame me for your broker problems then go ahead but as much as I wanted to ignore you I feel compelled to comment. I am not defending brokers. I have to use one too. The point of the thread is that if you don't like your broker then do something about it. Did you do anything besides complain here? Do you still use that broker or do you continue to reward them for their behavior? Did you even research your broker before you sent them your money (besides a phone call to them?) Did you actually read and comprehend the fine print that you signed?

I don't claim to have "big experience". My point was that I have some insight into how a market is made. I also trade options where volatility is a key component of the pricing formula. In the real world, it's not uncommon for someon making a market to price uncertainty into their bid/ask spread.

My remaining point is that you need to find a good broker and move on with your trading career. Bashing me and your broker aren't making you a better trader.

Phil
  • #100
  • Sep 14, 2006 2:39pm Sep 14, 2006 2:39pm
Quoting twinchell
LOL. Doesn't that child have cancer by now! I enjoy your humor squat.
Your reference to the child having cancer is an unbelivable stroke of pure, unadulterated Genius! Let me be the first to congratulate you! I certainly hope they will preserve this marvelous brain of yours for all eternity! I must really make an efford to see which Nobel Price you are entitled to.

Yap, when you get cancer, it just hurts a little bit, but you don't worry because it only hurts occasionally. ( You have just started with your broker)

Then it hurts a bit more, you take some aspirin. ( Those pips you lost here and there are starting to add up)

Then the pain becomes unbearable. (Your broker just froze the platform and you are on the wrong side. You say to yourself that you must have been doing something wrong, it couldn't be that nice broker you send you money too) You say to yourself that you are really going to do something about the pain next time.

The next painful attack comes. (You lost most of your money) You go see the doctor (Research the Broker on sites like this one)

The Doctor tell you that it's terminal. You should have come to him when the little aches where there in the first place. (You should have researched the SOB beforehand)

ARRRRRGGGHHH.....Please Sir, I want more.......
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