Reality of FOREX: my experience with brokers + share yours | Page 15 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

trading using 123 pattern, any experience to share? 6 replies

Share your experience with GoMarkets.Aud 3 replies

Legal to change an EA that is not yours? 3 replies

Right now My metatrader3 is not working is yours working? 0 replies

:: The Dream EA What's yours? :: 8 replies

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

Reality of FOREX: my experience with brokers + share yours

  • #281
  • Sep 5, 2016 3:39pm Sep 5, 2016 3:39pm
Quoting TradingLife
{quote} Yes, thats how a lot of todays brokers work. Do you have any real experience with FP markets or are you just comparing data between various sources?
It is real experience for 2 weeks. The Price feed is different but I have seen xm and fxopen did the same thing so it is fine.

Execution is excellent so far. Hope it will not change.

Slippage is much less than IC markets etc.

Never get disconnection in first 2 weeks.
xm is also reliable but slippage is higher. Execution speed is around the same.

Some brokers I talked to accept Canadian clients IF they live outside of Canada. It is very funny....
  • #282
  • Sep 5, 2016 5:09pm Sep 5, 2016 5:09pm
Quoting JJSerrault
Nice thread you've made here. Thanks for all the info you've provided. I'm using FXCM as my broker and so far I have no problem with executions and SL for 2 years. Can you tell me why FXCM is put under brokers to avoid list other than slippages?

I traded with FXCM from 2005 until 2009. I experienced mountains of slippage, problems with freezing platform, especially when I was exiting a spike in my favor....this is just a few items...It is of no point to go on with a past list.

What speaks mountains of an institution is the amount they are fined over their life.

http://www.bing.com/search?q="FXCM"%2C+"Fines"&go=Search&qs=n&form=QBRE&pq="fxcm"%2C+"fines"&sc=4-15&sp=-1&sk=&cvid=9B2CFD98941F4665892F02B84C92109D

I would like to know the total amount of fines over their business life, this would be an large amount of money. This is it, based upon the statistical probabilities, one is better off choosing another place to trade, rather than FXCM. With some new management, and the current CEO gone, and the influence of Leucadia may change FXCMs face...This is a lucrative market if you allow the players to play....Traders will experience loses and gains. We need different company management, philosophy which caters to both the experienced and inexperienced by setting limits to their trading....this would allow traders to learn and eventually understand how to apply strategies to FOREX.

Honestly, we need new blood and company brings an LMAX type business model to the US.

We do not need more US regulation, we just need to get rid of the people who twist grey rules around to their own benefit...I am speaking to the FXCM CEO, money does not hide the face you wear, or the rules you break because stealing from anyone who has less then you makes you the thief during the day and robber-baron at night.

Really, how could someone sleep when they look at themselves in the mirror.

By the way, over the period of time I traded with FXCM, I did not lose or make gains....I walk out of there with the same amount of money. There is no blame when due diligence is of no matter to the trader.
Gregory D. Alexandr
  • #283
  • Edited 10:17pm Sep 5, 2016 8:18pm | Edited 10:17pm
Quoting galexandr
{quote} I traded with FXCM from 2005 until 2009. I experienced mountains of slippage, problems with freezing platform, especially when I was exiting a spike in my favor....this is just a few items...It is of no point to go on with a past list. What speaks mountains of an institution is the amount they are fined over their life. http://www.bing.com/search?q="FXCM"%2C+"Fines"&go=Search&qs=n&form=QBRE&pq="fxcm"%2C+"fines"&sc=4-15&sp=-1&sk=&cvid=9B2CFD98941F4665892F02B84C92109D I would like to know the total amount of fines over their business life,...
Seems like FXCM has been fined quite a lot. I'll scout for new broker then. There are some brokers mentioned as good brokers in the list at the first post and I've visited their homepages. I'll try them 1 by 1 before deciding to put my main account in the broker's care. Thanks for your thorough answer, galexandr.
  • #284
  • Sep 6, 2016 3:34am Sep 6, 2016 3:34am
Quoting mkuefne
{quote} Luckily the blow-up happened only to my SFM Demo Account. But I also have a small live account at Synergy and it showed the same crazy spike as my demo account. So my concrete action was to refrain from further capitalize my SFM live account and wait for the right moment to post what happened on FF :-D
Yep, the spike is just ridiculous - this can't happen to professional broker, it is definitely better to avoid them and find some true ECN/STP who doesn't do the cheap tricks.
Acta non verba
  • #285
  • Sep 6, 2016 3:43am Sep 6, 2016 3:43am
Quoting Soroushno
Hi everyone , thanks for great experience . Im from Iran and as you all know my country have some problems and unfortunately i can't trade with dose good brokers yet . Let me explain a little bit about myself I like business , i like trading, export/import and of course FOREX is currency trading it could be my favorite . 2 years ago i find something called FOREX. After 3 golden months of demo trading with out any knowledge of any thing about it i opened an real account and in less the 1 month i lost 1100 $ then i didn't trade it just time by time...
Hi Soroushno, interesting story.. the money management and especially the risk management is extremely important - wise leverage using and volume per trades determination is a part of that - it seems like you've explored this on your real account. The fact is also that there is a huge difference between demo and real account, not only in your psychology and emotions, but the demo accounts are only a simulation with the price feed. But in fact, there is no real execution of trades, no delays, no spread widening, usually no freezing etc. - so there is the difference between demo and real with every broker, but huge difference between demo and real account in case of the low quality brokers. By the way Fibogroup as a brokerage is pretty questionable - they offer instant execution which means market maker execution. Other "NDD" accounts can most probably be connected to the only one liquidity provider - this is usual with brokers who offer the market maker accounts. Is here anyone who has the real experience with them?
Acta non verba
  • #286
  • Sep 6, 2016 4:03am Sep 6, 2016 4:03am
Quoting yesyoucan
{quote} Actually OP emphasis broker reliability in terms of execution and payment withdrawal. Yes, latency is the matter of concern. If you have low latency broker you can execute trade faster. Have you ever played Counter Strike Game On line On server with Global opponents? CS is multiplayer shooting game and if latency at your side becomes high, you can't play well. Try to get better low latency broker if possible. Some people try Latency arbitrage or HFT like haniam did. But if you caught , broker will suspend your account. {quote} Possible....
Yes, I definitely agree with the fake PAMM accounts that come from the brokers itself - regulators are doing a lot of nonsense things, instead of regulating and stopping these fake offers that harm investors. As far as I've seen traders can't manipulate demo to real by any software - a broker just have to connect the demo account to some of his real server and then the MT4 and other verifying services think that it's real account.
Acta non verba
  • #287
  • Sep 6, 2016 5:50am Sep 6, 2016 5:50am
Quoting galexandr
{quote} 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.
Correct, profitable retail FX traders exist - it's just about putting all the important puzzles together.
Acta non verba
  • #288
  • Sep 6, 2016 5:56am Sep 6, 2016 5:56am
Quoting insomniawawa
{quote} All entries are made manually by market order with stop loss set from beginning. About 40% of trades are closed by stop loss order, 50% manually and 10% by take profit.
Well that's the problem little bit - with the market orders you can't measure slippage if you don't have any special software for that purpose. For brokers who want to increase the slippage artificially, you simply click BUY button and they execute the order 0,1 - 0,5 pips above of the price at which they should execute the order. Then the trade is closed manually and it happens again. Or the trade can end at TP and you should get 0,1 - 0,5 pips positive slippage (better price for you), but in fact the broker executes the order accurately. That way brokers are usually making a killing.
Acta non verba
  • #289
  • Sep 6, 2016 6:00am Sep 6, 2016 6:00am
Quoting demark1
{quote} It is real experience for 2 weeks. The Price feed is different but I have seen xm and fxopen did the same thing so it is fine. Execution is excellent so far. Hope it will not change. Slippage is much less than IC markets etc. Never get disconnection in first 2 weeks. xm is also reliable but slippage is higher. Execution speed is around the same. Some brokers I talked to accept Canadian clients IF they live outside of Canada. It is very funny....
Well I personally don't consider xm to be a trustworthy broker - take a look at the first post. So it seems like FP markets has some different data feed, but so far you are satisfied with their orders execution / slippage / servers stability etc. - correct?
Acta non verba
  • #290
  • Sep 6, 2016 6:08am Sep 6, 2016 6:08am
Quoting galexandr
{quote} I traded with FXCM from 2005 until 2009. I experienced mountains of slippage, problems with freezing platform, especially when I was exiting a spike in my favor....this is just a few items...It is of no point to go on with a past list. What speaks mountains of an institution is the amount they are fined over their life. http://www.bing.com/search?q="FXCM"%2C+"Fines"&go=Search&qs=n&form=QBRE&pq="fxcm"%2C+"fines"&sc=4-15&sp=-1&sk=&cvid=9B2CFD98941F4665892F02B84C92109D I would like to know the total amount of fines over their business life,...
I definitely agree with this - I think that the US has a great potential for new fair brokers and I hope that someone will come there to make the business work for retail traders too - there will always be profitable and loosing traders, educated and uneducated traders, experienced and inexperienced traders, but it's about providing fair / correct / ethic services. Like you wrote, even if traders will loose, the fair brokers can look at themselves in the mirror and tell that they do everything they can. Also of course, a lot of traders will achieve much better results and have a higher probability to execute profitable trades by providing fair services (with lower real costs and fast execution).
Acta non verba
  • #291
  • Sep 6, 2016 6:09am Sep 6, 2016 6:09am
Quoting JJSerrault
{quote} Seems like FXCM has been fined quite a lot. I'll scout for new broker then. There are some brokers mentioned as good brokers in the list at the first post and I've visited their homepages. I'll try them 1 by 1 before deciding to put my main account in the broker's care. Thanks for your thorough answer, galexandr.
That's a very good idea! You will see for yourself how different results you will achieve and what broker will suit your trading strategy / style the best.
Acta non verba
  • #292
  • Sep 6, 2016 6:22am Sep 6, 2016 6:22am
Anyone has some experience with Dukascopy ? I hesitated many times in order to open an account with them since they have their own platform , good APIs and have a long established reputation.
Don't give up on your dreams. Keep sleeping.
  • #293
  • Sep 6, 2016 6:55am Sep 6, 2016 6:55am
Quoting Artcool
Anyone has some experience with Dukascopy ? I hesitated many times in order to open an account with them since they have their own platform , good APIs and have a long established reputation.
Dukascopy Swiss is solid. - But i would not be a client with Dukascopy Europe
MY SITTING, NEVER MY THINKING!
  • #294
  • Sep 6, 2016 7:11am Sep 6, 2016 7:11am
Quoting merrygold
{quote} Dukascopy Swiss is solid. - But i would not be a client with Dukascopy Europe
Why ? It's the same company.
Don't give up on your dreams. Keep sleeping.
  • #295
  • Sep 6, 2016 7:16am Sep 6, 2016 7:16am
Quoting Artcool
{quote} Why ? It's the same company.
Check the location & regulation.
I am not sure know, but back in the days there where also huge difference from opening a account with swiss and with the europe version of duka
MY SITTING, NEVER MY THINKING!
  • #296
  • Sep 6, 2016 10:29am Sep 6, 2016 10:29am
Quoting merrygold
{quote} Check the location & regulation. I am not sure know, but back in the days there where also huge difference from opening a account with swiss and with the europe version of duka
What is the regulator of Dukascopy Europe?? Probably CySec, thats why there is so much difference from their Swiss branch
  • #297
  • Sep 6, 2016 12:11pm Sep 6, 2016 12:11pm
Quoting TradingLife
I welcome all Forex Factory visitors, my name is Alex. Even if I usually don't contribute to forums, Forex Factory changed my mind. I consider FF as a great and valuable community that is not influenced by brokers interests and that is free from fake brokers posts (one of a few). So I would like to share there my experience too I believe that this will be eye-opening and useful for other traders. Lets start with a little about me. I trade forex for more than 9 years and approx the 4th year I am able to trade it profitably. You are probably thinking...
Hello Alex
With respect to all information that you shared with us, I am grateful.
Just my real experience on the:
HotForex (my experience is different from yours, I'm there since they started, always paid me, have types of accounts for all tastes)
Lmax (the Asian period is startled to see the high spreads practicing "abnormal before all competing offers"
Excellent trades for all of us,
  • #298
  • Sep 7, 2016 2:18am Sep 7, 2016 2:18am
Quoting TradingLife
{quote} Well that's the problem little bit - with the market orders you can't measure slippage if you don't have any special software for that purpose. For brokers who want to increase the slippage artificially, you simply click BUY button and they execute the order 0,1 - 0,5 pips above of the price at which they should execute the order. Then the trade is closed manually and it happens again. Or the trade can end at TP and you should get 0,1 - 0,5 pips positive slippage (better price for you), but in fact the broker executes the order accurately....
Not really, because all my trades are copied from account where I trade only 0,01 lot, so I see the difference between this 0,01 lot execution and 10 lots for example The only problem is that copying EA has 0,5 sec delay:/ However, all stop loss orders and take profit can be compared perfectly
  • #299
  • Sep 7, 2016 3:34am Sep 7, 2016 3:34am
Quoting Artcool
Anyone has some experience with Dukascopy ? I hesitated many times in order to open an account with them since they have their own platform , good APIs and have a long established reputation.
As already mentioned here, it's definitely better to go with Dukascopy Switzerland, but I would be pretty cautious with Dukas as they offer binary options and deposit bonuses. If you will take a look over this thread at brokers with bad experience, these brokers usually offer deposit bonuses and similar offers . From what I've heard when I was talking with traders they usually choose Swissquote rather than Dukas. I personally chose Swissquote too due to the binary options / deposit bonuses of Dukas. Here and here I've found some threads at FF which can help you to get more information about Dukas (but the first one is from 2008 and Dukas changed a lot from that time).
Acta non verba
  • #300
  • Sep 7, 2016 4:09am Sep 7, 2016 4:09am
So I started to register with SwissQuote but didnt finished. This guy Alessandro DE SANDO called me asking to finish registration. We talked and I said that I cahnged my mind because I read that loses can exceed deposits and he said I can prevent it but I said Im a beginer so I want to be safe. He got angry and said I wont find anything safe with a leverage and we said goodbyes.

However Georgi Denichin from ONDA called and asked to finish registration too and was much nicer and explained things, we talked for 7 minutes so I rather trade with them, only problem is that they dont have facebook stocks.

Is there any safe reputable non shady broker who have facebook stocks? It seems like only brokers with free candy have facebook stocks.
Doubt kills more dreams than failure ever will.
0 traders viewing now