MY SITTING, NEVER MY THINKING!
Reality of FOREX: my experience with brokers + share yours
{quote} And what did you do?
I do not like Australia brokers/dealers because they seems to be too hungry for money. FP markets is another example. This week FP markets closed GBPJPY at 137.691, far below the closing price of FF. They do this on the purpose of stop hunting.
What Synergy Financial Markets Pty did is far worse: Causing margin calls and wiping out clients blatantly. They are in the business of making money... OMG.
It is very funny that all those dealers like Synergy Financial Markets call themselves "TRUE ECN".
- #267
- Edited 10:09pm Sep 4, 2016 9:47pm | Edited 10:09pm
Nobody here talked about latency between MT4 client and server. I live in Sweden and get about 45ms latency to UK based MT4 gateways, XM and other brokers have their gateways located there. To JFD broker, which look interesting to me, I get about 110ms, I guess they have their gw in the US. Is this latency something to be concerned about, is this also a factor when choosing a broker?
{quote} Frankly, I personally don't trust those astronomical results on real account. Most of the top performing (like doing XXXXXXXX% per year) "real accounts" at myfxbook, fx blue or any other services are fakes. I've seen so many traders who just agreed with their scamming brokers to open a demo account which is connected to the real servers of the brokers. Then all the verifying services will think that it's a real account, but in fact it's just the demo account. Traders then trade on these accounts without any costs or with just small costs...
Now 75000% profit ration you can see in Scam brokers like INstaforex, Liteforex in their PAMM account performances. I understand all those PAMM managers are no other than broker itself
. They use that just to lure public and share just 10% profits and insist invariably to open direct account with falsified imagination if you operate own account you could too earn upto 75000% or higher in a year! You'll also see large number of clients attached to such PAMM account and most of them belongs to either Russia or former USSR countrymen. You can also check PAMM managers capital which also stand around such big which indirectly convincing mind of new forex investors / traders , if Manager had investment of such huge money , my money with PAMM manager/broker also safe!Regarding your view , I also tried to find how demo account looks like Real account or is there any software to manipulate Demo to real ? Any research?
Never Gamble Forex
- #268
- Sep 4, 2016 10:35pm Sep 4, 2016 10:35pm
The more I read.. the more convinced I am this is not serious business at all..long-term profitable retail trading does not exist, because of scammer-brokers? This trying to find honest broker starts to be really impossible? It seems after all careful consideration, even regulation doesn't matter, brokers business model doesn't matter, nothing matters. We can't avoid being scammed? If we are able to avoid bullets that far and be profitable, last thing they do is just to deny our profits or kick us out saying go somewhere else to be profitable..?...
It is your judgment or intuition. There are long term foreign exchange participants..they are not elusive...some are here writing, giving information on where to trade.
Gregory D. Alexandr
{quote} Ok thx. It would be cool to have a real independent broker review site , following the footsteps of FPA , but unlike FPA , to make it 100% unbiased, based on real traders' experiences only , where no broker can have any influence at all, made only by traders for traders , with no fake posts, no fake reviews, monitored and audited, with real unbiased broker rankings, reviews and evaluations
Acta non verba
Also you are right, that even regulation doesn't matter, brokers business model doesn't matter, nothing matters. Itīs just about the fairness of each broker and his approach to traders. You can have a great and fair CySEC regulated brokers and terrible ASIC / FCA regulated brokers and vice-versa. But I hope in keeping this thread active and create here some place where everyone can share his real experience and help each other. So successful retail traders do exist, but with the fair brokers only.
cTrader - I was happy that their representative posted some interesting answers to the questions of traders here. But in my opinion, one more very important question was not answered yet (here) - and this is probably the way how scammers will keep scamming through any platform.
By the way, the idea of changing the business model of brokers is interesting. But I donīt see any big issues with their current model - itīs just about avoiding the bad ones and choosing the right ones. The problem is that there is not many places where traders can get unbiased and true information only without supporting the scamming brokers and their offers.
Acta non verba
{quote} went long on gold. I do not like Australia brokers/dealers because they seems to be too hungry for money. FP markets is another example. This week FP markets closed GBPJPY at 137.691, far below the closing price of FF. They do this on the purpose of stop hunting. What Synergy Financial Markets Pty did is far worse: Causing margin calls and wiping out clients blatantly. They are in the business of making money... OMG. It is very funny that all those dealers like Synergy Financial Markets call themselves "TRUE ECN".
Acta non verba
