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Attachments: Reality of FOREX: my experience with brokers + share yours
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Reality of FOREX: my experience with brokers + share yours

  • #81
  • Aug 23, 2016 5:06am Aug 23, 2016 5:06am
Quoting john257
good morning, Although this thread mainly concerns Brokers, their offerings of platforms is also a key component. I have read my way through quite a few posts over the weekend and I have noticed that MT4 receives quite a lot of criticism but I remain unclear as to the underlying reasons. In some cases, the criticism resulted from a lack of knowledge from the 'Trader' In other posts, the criticism resembled a broad spectrum shot in the dark which went unchallenged in the thread. My intial view of MT4 is that it contains too many bells and whistles...
Hello, I agree that the MT4 has some disadvantages (of course, it is not possible to do any HFT or extremely fast scalping there, but I doubt that any other FX retail platform / broker is able to perform HFT), but it always highly depends on the specific broker - you can have a fair broker with MT4 where you will achieve better results than with some alternative, maybe more professional platform, but poor-quality cheating broker.
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  • #82
  • Aug 23, 2016 5:09am Aug 23, 2016 5:09am
Quoting demark1
{quote} Actually I believe MT4 is ok. The problem is some broker operate a dealing desk that could lock up trades, create fake spike, widen spread and etc. I could not believe my eyes when one of my trades get lock up a few weeks ago. That position had 300 dollars profit when I decided to close it manually. I pressed the close button numerous times and it did not work. Eventually it closed at predefined break even. the pitfall of MT4 is so called virtual delay plug in which can delay the orders up to 5 seconds. But 5 seconds is nothing because a...
Definitely agree with this. For usual retail trading like I do and I think most of us do is the MT4 absolutely OK. I would only add that other platforms can be a subject of the dealer plug ins too.
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  • #83
  • Aug 23, 2016 5:19am Aug 23, 2016 5:19am
Quoting JensG
{quote} It's a one fits all solution, very typical for retail markets. There is no financial leeway to target specific use-cases and it might be hard to market considering that a lot of retailers are jumping from one systems to another. {quote} If a new broker does not offer MT4 people start asking for MT4. If you're offering to retail you have to give your customers a platform they know, whether it's good or bad is a very different topic. Most of the criticism towards Metatrader is bullshit. People tend to mention the virtual dealer plugin, platform...
Thanks - very interesting experience! MT4 is not so much customizable platform, like you wrote - I use some indicators / EAs that were built based on my needs, but everything has to work on the similar principles - through the same windows / settings etc. In the last versions of MT4, it is possible to control EAs from charts, but I can imagine that other platforms could be better in the customization. But still I use the MT4 only. The fact also is that if some institutions are doing their HFT, then they have some special and customized solutions, but manual institutional traders donīt even know what all the indicators and other retail things are
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  • #84
  • Aug 23, 2016 5:27am Aug 23, 2016 5:27am
Quoting demark1
{quote} FP markets is a partner of LMAX. http://www.financemagnates.com/forex...lmax-exchange/ I will give it a try. Have no problem with xm so far... execution is excellent and slippage is minimum. FP markets does not offer Islamic account and it is a good sign.
Ok, so LMAX is providing liquidity to FP markets - I think that they should be definitely better than your current broker. But you will see for yourself pretty soon if they provide fair services or do some dirty practices. Let us know here your experience then!
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  • #85
  • Aug 23, 2016 5:33am Aug 23, 2016 5:33am
Quoting yesyoucan
{quote} Yep. But they MUST allow to withdraw 30$ or Max profit 100$ ( as per terms) on completion of required lots. You have to know the technique "How to" and once you done possibility of business in forex boost in mind and in NEXT good trading performance will come.
What does the USD100 max profit mean? Does it mean that they do not allow you to earn more?
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  • #86
  • Aug 23, 2016 5:36am Aug 23, 2016 5:36am
Quoting TradingLife
{quote} What does the USD100 max profit mean? Does it mean that they do not allow you to earn more?
Apart from desired lots, I seen somewhere in their website what One can maximum withdraw from profits. Incase you made 300$ profits by that you're eligible for max 100$ withdrawal.
Never Gamble Forex
  • #87
  • Aug 23, 2016 5:39am Aug 23, 2016 5:39am
Quoting Fedricks
{quote} I found this funny, I mean, if I say I am happy with Octafx broker, I need to provide you solid reason for that right? But if you say that you are not happy with Octafx broker then I should accept it because you said so? And that too just BECAUSE you think no good broker can offer bonus? If thats really the logic then really no reply is needed here. I dont use their IBs program, but still I can read that the 15 USD per lot you are referring to is for HIGHEST LEVEL, its not for everyone! Its truly shameful that people reach such levels where...
Hi Fedricks - no offense here, I am happy to hear that you are satisfied with them. Maybe they treat you well and categorized you among the traders with fair pricing / liquidity / without any interventions. Just wanted to mention what the biggest threats in their offering are. There are definitely better brokers, but maybe your strategy performs well with them - or at least I hope
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  • #88
  • Aug 23, 2016 5:48am Aug 23, 2016 5:48am
Quoting Drolph
{quote} OctaFX closes highly profitable trading accounts - THAT is the reality and UGLY PICTURE. Do not make me inlcuding the corresponding posts. If someone is having an issue with a broker it has to be investigated and verified. OctaFx never gave a valid reason for closing accounts. If somebody is happy with the same broker someone else got trouble with, he either is lucky until now or a promoter like you. Both is just useless and does not improve the suspicious picture. I simply bet you are just not profitable enough for them to close your account....
Well and this is the truth that usually no-one wants to hear Just take a look what each broker is talking about, if itīs serious spreads / good execution / technologies, then it could be a fair broker. But if you go to their website and feel like in casino / supermarket, then something is wrong. The sad thing is that most traders want to gamble in same way..
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  • #89
  • Aug 23, 2016 5:51am Aug 23, 2016 5:51am
Quoting Rtm
{quote} OH GOD questrade is garbage. I am from Canada and have been with Oanda and Questrade, both definitely bucketshops with bad spreads.. You can do better.
Yep, Oanda already mentioned in the first post. Maybe you can share more about your real experience with Questrade and I can add them to the first post.
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  • #90
  • Aug 23, 2016 5:54am Aug 23, 2016 5:54am
Quoting yesyoucan
{quote} Apart from desired lots, I seen somewhere in their website what One can maximum withdraw from profits. Incase you made 300$ profits by that you're eligible for max 100$ withdrawal.
Thatīs pretty suspicious - maybe we could add them to the first post with the notes that traders should be aware of, what do you think?
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  • #91
  • Aug 23, 2016 8:21am Aug 23, 2016 8:21am
Quoting TradingLife
{quote} Thats pretty suspicious - maybe we could add them to the first post with the notes that traders should be aware of, what do you think?
I don't think so. What's the most popular word is advertising you know? Yes, FREE. If you're trying to sell anything tagging Free it always works. People like Free download , Free Internet, Free bandwidth, Free Tuition, Free Trading ideas, Free Mobile talktime, Free Food..sometimes buy 1 get 1 free, Free goodies, Free Movie tickets, Free Entry to any country( Syria war bizarre, africans into europe), Free Wife ( I remember Yahoo Chat group "Married but Looking" and now some websites offer Free F**k ( some language modulation of free Sex selling like What's F**k instead of Whats App application).

If consider all these above, what's wrong with Forex brokers? Then why you put this broker to suspicious list? They have some weird conditions which you feel , unable to comply but that doesn't mean that broker is absurd and suspicious. Sometimes we ask suspicious demand from them . Aren't we? Even poison isn't free. If we have to die consuming poison , poison seller ask us to pay while next burial work weren't free!

So don't worry. Will you accept Free money or not? Your decision is FREE.
Never Gamble Forex
  • #92
  • Aug 23, 2016 9:01am Aug 23, 2016 9:01am
good morning and moving on with my quest to become an Fx Trader (profitable)

I have noticed that Posters complain of hideous spreads on entry and exit and many have come to accept this situation.
Here are a couple of thoughts that you may like to ponder upon and offer comments.

Let's assume that we are here to make money and not to be Heroes, so our entry will always be a retest of a previous SwH (Swing High) or SwL
It is quite reasonable to trade a new high/low but it is unsual I would imagine in Fx because somewhere in history that price has been touched before and Price never forgets it's history.

Convention tells us that we should sell the breakout of a SwH failure and buy the breakout of a SwL failure. The SL should be hidden in an obvious place, a pip or two outside the previous SwH/L which can result in a serious SL at 10 bucks a pip.
This secret is known only to those of us who can read and write.

An alternative to this method is to fade the retest and watch carefully the Delta of the Volume at Ask and the Volume at Bid.
By this I mean, if you are entering at or near the Breakout Points, then it is reasonable to assume that Others are doing the same thing.
So, if you are all Buying then where are the Sellers ... they are probably many pips away, hence your Slippage.

Now ...If you fade into the retest and watch the accumulation of the Delta, there is a good chance that you can enter at a point where there are still good numbers of Traders on the opposite side and (most importantly) you will be very very close to your SL.
If the Big Boys don't fill in behind you and you are uneasy with the entry, you can still wash-out for a few pips profit with little slippage or even positive slippage.
When the Big Boys do fill in behind you are like Super Surfer tucked into the wave with thousands of tons of water BEHIND you.

Maybe, this is a phenomena of Futures rather than Fx trading and I would welcome your comments on this.

I don't know how many Brokers offer volume at bid-ask but they must have it as an input to their order matching system ... I know FXCM offers it because I have it and am in the process of matching it against CME bid-ask volume and there is a very interesting variable difference.
The statement that 'Fx doesn't show volume because there is no central exchange' is purely someones perspective ... it is not reality.
Why do I say this .... because Fx Traders operate in a pool(s) ... you match orders within your own pool ... we live and die within the same pool.

FWIW .... reality vs perspective makes for an interesting study ...reality always wins over time

cheers for now
John
  • #93
  • Aug 23, 2016 9:18am Aug 23, 2016 9:18am
Quoting john257
Here are a couple of thoughts that you may like to ponder upon and offer comments. Let's assume that we are here to make money and not to be Heroes, so our entry will always be a retest of a previous SwH (Swing High) or SwL It is quite reasonable to trade a new high/low but it is unsual I would imagine in Fx because somewhere in history that price has been touched before and Price never forgets it's history. the Delta of the Volume at Ask and the Volume at Bid. By this I mean, if you are entering at or near the Breakout Points, then it is reasonable...
from your line
Quote
I would imagine in Fx because somewhere in history that price has been touched before and Price never forgets it's history. the Delta of the Volume at Ask and the Volume at Bid.


History , very vital. I used delta , gamma, beta in trading shares . Could you teach little bit how much relevant to forex. Is there any Indicator to access Delta of the volume?
Never Gamble Forex
  • #94
  • Aug 23, 2016 12:00pm Aug 23, 2016 12:00pm
Quoting pipmaster77
{quote} I use "land of the free" as sarcasm as I do not understand why we are not free to trade restriction free as the rest of the world. When you read the fine print at the brokers who won't accept US clients, it is generally "we do not accept clients from the United States, North Korea or Iraq". Do we really belong in that group? I am talking about being free to trade with UK , Australia, brokers where regulations are actually superior to the US. I'm not even speaking of the low leverage, no hedging, FIFO, I simply want a broker who doesn't cheat,...


First, I agree with you....I am also tired of all the regulatory bodies and the people who work within those sanctioning bodies who are aware of insider information and they are able to trade markets. Why? But it does happen.

It is not their responsibility to protect traders...we are within a war and your strategy has to reflect that....and within that war, sometimes reflects heavy casualties (retail traders)...The first account I opened was in 1988 at Friedberg Mercantile in Toronto. A futures account used to hedge. My broker called me and admitted he made a mistake which cost me a lot of money. I did not inherit my money, I worked from the bottom up. Did I take this person to the feds, yes, their decision was simple....due to previous conversation and discretion within the traders contract and this fact, they considered me a sophisticated investor and I should have known the risks within a futures account. End of case.... Similarly, a Brain surgeon in Pennsylvania had a very similar fate.

This is similar to game and chaos theory, what we may think should protect the trader actually is no protection at all. Our perception of right and wrong is hindered by our past and current environment and we do not own that at all. The environment is made and played by rule makers who are able to condition the general population through a number of effective methods, movies, television, radio and they require a certain degree of social order within chaos (crowd psychology).

A statement my mother always made to me as a younger person, "Life is not fair and you have to get use to that" even when you know what happened is wrong, there are injustices everywhere in the world and we are lucky enough to be within a countries where those injustices are not as frequent as others.

I stated in a previous post in this forum .... we are treated differently due to the amount we are able to deposit in our accounts.

First, I agree with you....I am also tired of all the regulatory bodies and the people who work within those sanctioning bodies who are aware of insider information and they are able to trade markets. Why? But it does happen.

I know this is far from the subject matter in your reply but honestly, retail traders have a difficult time, now and into the future.

Have a good day PipMaster77.
Gregory D. Alexandr
  • #95
  • Aug 23, 2016 6:00pm Aug 23, 2016 6:00pm
Quoting yesyoucan
{quote} I don't think so. What's the most popular word is advertising you know? Yes, FREE. If you're trying to sell anything tagging Free it always works. People like Free download , Free Internet, Free bandwidth, Free Tuition, Free Trading ideas, Free Mobile talktime, Free Food..sometimes buy 1 get 1 free, Free goodies, Free Movie tickets, Free Entry to any country( Syria war bizarre, africans into europe), Free Wife ( I remember Yahoo Chat group "Married but Looking" and now some websites offer Free F**k ( some language modulation of free Sex...
Sir, TradingLife already explained you your question, which doesn't include any Forex statements for sure...
  • #96
  • Aug 23, 2016 6:20pm Aug 23, 2016 6:20pm
Quoting TradingLife
{quote} Yep, Oanda already mentioned in the first post. Maybe you can share more about your real experience with Questrade and I can add them to the first post.
Just look at it this way, you dealing with a company that is a market maker vs an ECN. ECN is competitive and wants more business to get money from spreads. Market maker just want clients who will lose. Oanda wasn't as bad for normal market hour spreads but weekends, asia, news events Oanda spreads are the worst I have seen. I stopped using them since like 2012 so maybe they have gotten better but I know they are a market maker and im here to make money so there is a conflict of interest right there for me. And questrade has STUPID spreads all around and on pairs like GBPNZD NZDCAD minor pairs I cant even trade because the spreads are SO damn high! I don't know man but I make good money and I get rebates even on spreads that are HALF of what those brokers offer because I trade a large monthly volume.
All posts are my personal opinion
  • #97
  • Aug 23, 2016 8:17pm Aug 23, 2016 8:17pm
Quoting Rtm
{quote} Just look at it this way, you dealing with a company that is a market maker vs an ECN. ECN is competitive and wants more business to get money from spreads. Market maker just want clients who will lose. Oanda wasn't as bad for normal market hour spreads but weekends, asia, news events Oanda spreads are the worst I have seen. I stopped using them since like 2012 so maybe they have gotten better but I know they are a market maker and im here to make money so there is a conflict of interest right there for me. And questrade has STUPID spreads...
Which broker are you using?
Random_Impatient_Trades
  • #98
  • Aug 23, 2016 10:26pm Aug 23, 2016 10:26pm
Quoting jb2519
{quote} Which broker are you using?
Pepperstone and ic markets
All posts are my personal opinion
  • #99
  • Aug 24, 2016 5:47am Aug 24, 2016 5:47am
Hi yesyoucan,
In answer to your question.
I have come across a thread here called 'cumulative delta volume' ...I have no idea what is in it but it might be a place for you to start.
Most Futures Traders don't seem to use it or they don't seem to understand it ( which brings us back to the perspective/reality struggle again)

I can't teach you anything because some people are born to teach and I am not one of those people. But if you ask me a question I will tell you what I would do ...the rest is up to you.

for example ....I will first select my Broker and then probably go with his platform.If the platform does not have a bid/ask component I will work around this somehow... there are ways of doing this.
My charts will be bars not candles and they will be all black on a grey green background because this is what suits me. I do not load very much onto the charts and I try to stay with monotone colours to avoid visual bias.
I dislike candles because they create a bias towards the candle body and under play the role of the wick and tail.
Think of a Portuguese Man of War... the tentacles carry the sting, not the body and so it is with candles.
All the bar/candle does is absorb some of the noise from the price which moves diagonally from SwH to SwL as it encounters horizontal S&R lines.
The background will deepen in colour slightly when the prime time trading for each pair/cross is in session.
This is based on the large difference in behaviour between Futures rth (day) session and the glbx (overnight) session and I imagine that it is the same with Fx.

good luck
John
  • #100
  • Aug 24, 2016 6:12am Aug 24, 2016 6:12am
Quoting yesyoucan
{quote} I don't think so. What's the most popular word is advertising you know? Yes, FREE. If you're trying to sell anything tagging Free it always works. People like Free download , Free Internet, Free bandwidth, Free Tuition, Free Trading ideas, Free Mobile talktime, Free Food..sometimes buy 1 get 1 free, Free goodies, Free Movie tickets, Free Entry to any country( Syria war bizarre, africans into europe), Free Wife ( I remember Yahoo Chat group "Married but Looking" and now some websites offer Free F**k ( some language modulation of free Sex...
Hehe, nice examples On one side I agree with you, but on the other side, this thread was founded to show other traders information that they most probably donīt know and brokers practices that they probably didnīt imagine that they are possible. If someone will continue trading or open an account with one of the scamming brokers, itīs definitely his free decision then. But I hope that at least some traders will appreciate this thread and it will help them against bringing money to the cheating companies.
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