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Phillips Capital | First Retail Forex Exchange in US?

  • #21
  • Sep 8, 2016 2:49pm Sep 8, 2016 2:49pm
I will call next week. This is badly needed.
  • #22
  • Sep 8, 2016 2:56pm Sep 8, 2016 2:56pm
Quoting ForexOracle
The fact is that if indeed there is a witch-hunt against retail as soon as a " exchange" is formed they will design laws against it.
Which would do what to CME, CBOE, Nasdaq, etc., etc., etc.?

Quoting ForexOracle
I'm sticking with my guns that the bucketshops are behind it.
Behind what?


Quoting ForexOracle
ECNs favor the trader and Oanda and others can't stand losing customers anymore.
I don't understand the relevance or logical connection to what's been posted. This thread is about the potential for the first true STP/ECN Forex Retail Exchange on US soil. Bucketshops behind their own demise makes little to no sense at all. FDM only bucketshops getting behind 7 USC 1a would make sense, however.

The only parties I see railing against such a thing would be Retail Forex Brokers and their paid-to-be-on-trading-forums trolls and/or their employees who troll Retail Forex Forums. Don't forget that some forums are financially supported by bucketshops as well. Any Retail Forex Trader currently with a bucketshop who rails against the idea or notion of a Retail Forex Exchange, is either incompetent to be a trader at all, or works for a bucketshop, or receives some kind of compensation from a bucketshop to spew nonsense that pulls bucketshop behavior out into the open, or someone who knows nothing relevant at all about the subject matter and just like to see their words on a computer screen.

There is simply no rational argument that any sane Retail Trader in Forex would make against a genuine STP/ECN Retail Forex Exchange being a possibility. That much is crystal clear.

Beware of those "Retail Traders" offering you "advice" in Forex who do not trade for a living, do not have an LLC, LLP, Corp., or do not have a legal entity filing where they are the CEO/President of a proprietary trading firm that they built with their bare hands, or who just love to troll trading forums and pretend to be saying something relevant when they keep repeating the same error time and time again. I've both done and do all of the above relative to building that which most Retail Traders never aspire to.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #23
  • Sep 8, 2016 3:16pm Sep 8, 2016 3:16pm
Quoting nonlinear
I will call next week. This is badly needed.

We are beyond bad at this point, Nonlinear.

I can't obtain the link that was on my cell phone several months ago, but while waiting for an oil change on my car a while back ago, I came upon a Bloomberg video of a former SEC high ranking employee outright saying the words: "There is no need for individuals to be involved in the affairs of Interbank, or so-called Forex."

There are two key problems with that statement, but what got my attention is that he came outright and just said it openly. I think he was being interviewed by Pimm Fox, when he said it - don't remember exactly. First, "individuals" are not involved with the real "Interbank" if they trade through a traditional bucketshop. Second, he should know that "Forex" is inclusive of a lot of currency transactions that are of a "retail" nature where "Individuals" do engage. It just blows my mind that here was a former SEC high ranking official who really did not understand the difference between "Interbank" and "Forex" from a practical standpoint.

His stated concerns were that "Individual Traders" were causing too much volatility in global currencies. Again, another mind blowing statement and a clear demonstration of former SEC official who just does not get it. "Individual Traders" that he was referring to are typically At-Home-Traders through private Retail Brokerage Accounts and that segment of "Forex" does not have the ability to move either bid or ask.

It is scary to think about who is out there regulating this stuff.

Retail Traders in Forex need an Exchange. At least that way they would not have to deal with the layer of Retail Broker nonsense that impedes their ability to consistently perform. I was able to grow no bigger than just shy of $300k, before all hell broke lose with my former Retail Broker and before I finally cut them loose and took away all of my production level trading. Maybe others have been able to do better at the Retail Broker level, but not me. I was hit with all kinds of weird and bizarre bull, from spontaneous letters and emails claiming my account was "now under internal audit and my trading would be suspended until the audit was completed," to mysterious partial closings of positions that I had never executed from my platform, to not being able to log into my account for a full day where known economic reports were pending that day, to all manner of hellish activity going on with fills upwards of 30 pips away from my limit order. It got ridiculous.

That's Retail Hell and if you have no other alternative, you will have to learn how to trade your way out of that condition.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #24
  • Sep 8, 2016 4:19pm Sep 8, 2016 4:19pm
Quoting Forexia
Having forex traded on an exchange is one thing but actively pushing everybody to phone in this one broker is another.
You are not calling a "Broker" at this level. You are calling a Financial Services Company who might be willing to consider becoming a Retail Forex Exchange. If you don't know the difference between a Retail Forex Broker and a Retail Forex Exchange then you have major homework yet to do in order to educate yourself.

If you can name another Financial Services Company that you have talked to that is also willing to consider the notion of facilitating Retail Forex transactions outside of the conventional ripp-off Retail Forex "Brokerage" model, then please post a name and contact information as I have done in this thread. That way, there will be more than one Financial Services Company potentially involved in dragging your sorry rear end out of Retail Hell.

Now, what sane human being who happens to trade on a Retail Hell Buckeshop Trading Platform would rail against the notion of calling and expressing interest with a Financial Services Company that has not said "no" to the idea of possibly becoming a Retail Forex Exchange, if there is sufficient interest. I can't think of a solitary, clueless human being who calls themselves a Retail Forex Trader who would consciously do such a thing and still consider themselves sane and rational.

What part of this are you having such difficulty with exactly? This is not rocket science. You don't need an IQ of 180 to put this one to bed. Just MAKE the phone call and say YES to a North American based Retail Forex Exchange. This should not be that hard. This one has a huge EASY button sitting directly under your nose.

My goodness. How did you become a Trader anyway. You've got to be smarter than this. You've got to be. There is just no possible way for you to be this thick.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #25
  • Sep 8, 2016 4:43pm Sep 8, 2016 4:43pm
Because a bunch of forexfactory pikers calling there will do anything. What is a "fundmanager and interbank trader" doing here anyways..
  • #26
  • Sep 8, 2016 4:55pm Sep 8, 2016 4:55pm
Quoting shrike
Because a bunch of forexfactory pikers calling there will do anything. What is a "fundmanager and interbank trader" doing here anyways..

The same thing he was doing here when he was teaching forexfactory pikers the importance of:

Timing
Direction
Magnitude
Probability

Undoubtedly, something they never learned.

Personally, I'd like to be part of the final movement that triggered a wave of Industry change in the United States that made Forex Exchanges the rule rather than the non-existent exception which I've already stated before inside this thread as my goal. Of course, ForexFactory pikes don't read and thus, ForexFactory pikes never comprehend.

Now, I know why I stopped doing this years ago. Trying to help clueless traders who don't know their pike from a hole in the ground is often times, well, pointless and tiresome.

There were also posts that said "tell everyone you know every chance you get" - but of course, pikers just don't bother to read before they post. Traders telling everyone they know means spreading the word across social media with other traders you know that there might be a way to finally get a North American Forex Exchange built.

F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #27
  • Sep 8, 2016 5:08pm Sep 8, 2016 5:08pm
The alternative is to remain in bucket shop hell. So, if I were you (and I am so glad that I am not), I would be out there telling every Forex Retail Trader I knew that someone was finally wiling to at least talk about a new way forward for all involved.

Geepers. Put people in literal hell long enough and they think its actually heaven. Unbelievable. Some of you have "adapted" to being tormented. It is like you have fallen in love with your slave owners.

It is time to break the chains of Retail Hell. If you enjoy hell that much, you can always go back to locked out platforms that won't allow you to login, slippage 30 pips away from your limit order, requotes, ghost quotes, phantom quotes, spread jacking and all other forms of retail bucketshop terrorism used to kill off its customer accounts.

How many blown accounts is that now? You have to be good to get out of retail hell on your own. That does not happen to the average Retail Forex Trader. So, at least try to make life a little bit easier for your fellow hellions by doing what you can to make a North American Exchange possible, if at all possible.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #28
  • Sep 8, 2016 5:11pm Sep 8, 2016 5:11pm
This is for YOUR benefit. Hopefully, the wise can see that.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #29
  • Sep 8, 2016 5:14pm Sep 8, 2016 5:14pm
The other explanation is, you are full of shit, carefully fostering your internet-persona of forum-guru, fundmanger and interbank-trader and what not, while really sitting in mom's basement with a 5k Oanda account, lacking in timing, direction and probability, and blaming it on your broker, and bullshitting about it in online-forums. This thread is ridiculous.
  • #30
  • Sep 8, 2016 5:34pm Sep 8, 2016 5:34pm
This was posted back in 2008 on this forum: http://www.forexfactory.com/showthread.php?t=108473.

That was 8 years ago, folks. 8 years and what has changed? Nothing. Why? You never had a company willing to even talk about it. What's different now? Phillips Capital was the first new entrant in years to the Retail Forex Brokerage space and they just got clobbered by the SEC - shutting the whole thing down. Why is that important? Because, they had to ramp-up certain infrastructure in order to run a Retail Forex Brokerage model and some of that infrastructure is STILL sitting there. So, why not take it and convert what can be used into a Retail Forex Exchange model. Not all of it will be useful but much of it will be.

Reprint of a quoted statement about a letter sent to PhillipCapital's Retail Forex Brokerage customers from its Co-CEO Lynette Lim:

Quote
The SECs decision is a big disappointment for us, as we had recently begun the soft launch of our forex offering, said Lynette Lim, Co-CEO & Director of Phillip Capital. With the financial stability and resources of the PhillipCapital Group, we had all the criteria to be a strong player in the forex market, where there has only been a handful of incumbents in the last six years. We have spent almost two years integrating MT4, the most popular retail trading platform, to our back office...



Hello! Anybody home? They spent two years getting up to speed. That should tell you they were serious and they already knew they absolutely had to get MT4/5 integrated into their back office. Why? Because they know that is where the largest Retail Forex install base is located. Both Spot and Futures were going to be made available. Then, the SEC weighed in and now none of that can continue as a Retail Forex Broker.

This is WHY you strike now. This is WHY you pick up the phone and let them know that you want them to deliver a new North American Retail Forex Exchange model, not another broken "Broker" model. They already have both TIME and MONEY invested in this. So, get in there and push them into the future of Retail Forex Exchange based and housed the United States.

Do you understand now? "...where there has only been a handful of incumbents in the last six years."

There was nobody else pushing forward with a new offering like Phillips Capital in the United States and nobody else put that much time, energy and effort into such a project in recent years within the United States. So, let them know that you are interested but ONLY in a Retail Forex Exchange.

Use your interest as LEVERAGE to get an Exchange built now. That is the point here. They want to be in the business of Retail Forex. Fine, ok. Just make sure it is a Retail Forex Exchange.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #31
  • Sep 8, 2016 5:44pm Sep 8, 2016 5:44pm
Quoting nonlinear
I will call next week. This is badly needed.
Don't be fooled by what this idouble creature is preaching. The MOST Philip Capital will and can establish is just another ECN with the least amount of intervention when you send an order to them and the brokers just earn a commission by matching your order with what's available in terms of price, size and time, that's it, similiar to what IB had in the US before SEC shut it down (and still has in the rest of the world) and what LMAX is running in UK. But it's still just at broker level and it is NOT an exchange. People need to know the difference. And considering Philip Capital is a Futures broker, most likely you will be pitched to open an Futures account with them to trade Forex futures and how it's similiar with spot forex and blah blah blah.

Trading forex on an centralized exchange is the ultimate for all traders but it's highly unlikely to be achieved by just one broker for the reasons that I have outlined in my previous post. So all this idouble is urging is just for everybody to call up this Philip Capital broker and express an interest to open an ECN account with them (free marketing survey for Philip Capital IF this broker is indeed interesting in going into retail forex), most likely is just getting pitched for a Futures account with them.
Make your losses in demo. Earn your profits live.
  • #32
  • Sep 8, 2016 5:48pm Sep 8, 2016 5:48pm
Quoting shrike
The other explanation is, you are full of shit, carefully fostering your internet-persona of forum-guru, fundmanger and interbank-trader and what not, while really sitting in mom's basement with a 5k Oanda account, lacking in timing, direction and probability, and blaming it on your broker, and bullshitting about it in online-forums. This thread is ridiculous.
It is too bad that pikes like you, instead of actually reading the thread to figure out whats' going on, would rather jump into the middle of a thread with nonsense that has zero relative juxtaposition to the point of the thread.

I can make you the same offer that I have made on forums over the past decade, where I will trade you under a table for $15 million dollars that you and I put up in an escrow account with BOTH our attorneys working to protect our interest, but I am 99.9% sure that a pike like you won't take me up on that offer. I will fly BOTH you AND your attorney to a neutral site anywhere in the United States of America to open an escrow account with a reputable third-party escrow company that BOTH our attorneys agree to. That's $30 million total deposited in an escrow account and a 30 day Trade Challenge.

I have made that standing offer on this forum and other forums where clueless wannabes like yourself have refused accept the offer many times before, after proclaiming that I was bullshitting.

Now, if you think you have bullshitter on the line here, go ahead and accept the Trade Challenge. WHEN you lose, not if you lose, you will lose ALL of your entire deposit and you will have to come back here and post for one full year with an Avatar that reads: IDIOT. I'm not worried about ever losing that challenge because I know something about trading Forex that you will never understand and that is how to grow capital geometrically.

Now, here's my email address: [email protected]. I dare you to accept the challenge. You will not be trading against me. You will be trading against the technology that I built for the purpose of growing capital geometrically. At the end of 30 days, I guarantee (right here and right now) that it will be you wearing the IDIOT avator here and $15 million poorer for being unable to recognize the difference between trading with a bucket shop and trading on a real STP/ECN Retail Forex Exchange.

Now, take the challenge. That is who you are chatting with here, whether you knew it or not. There is nobody on this entire board who can out trade me. Nobody. And, I know that is fact.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #33
  • Sep 8, 2016 5:54pm Sep 8, 2016 5:54pm
And, this is what you will be trading against. Not me. The System:

Attached Image (click to enlarge)
Click to Enlarge Name: ScreenHunter_61 Sep. 08 17.52.jpg Size: 128 KB


It will be the biggest education in Trading you have ever received in your life. The most expensive education is the one you typically pay through the nose for. Failure in this business is not in my vocabulary.

I'm here trying to get something done that is historical and unprecedented in the United States of America and you are sitting on line pretending to be saying something important. You'd be better off making that call and doing your part in helping to get an Exchange built.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #34
  • Sep 8, 2016 5:54pm Sep 8, 2016 5:54pm
Quoting iDoubleStoch
{quote} It is too bad that pikes like you, instead of actually reading the thread to figure out whats' going on, would rather jump into the middle of a thread with nonsense that has zero relative juxtaposition to the point of the thread. I can make you the same offer that I have made on forums over the past decade, where I will trade you under a table for $15 million dollars that you and I put up in an escrow account with BOTH our attorneys working to protect our interest, but I am 99.9% sure that a pike like you won't take me up on that offer....
I thought you are rallying everybody to have Philip Capital to build a glorious Retail Forex Exchange for everybody. What's this trading contest? LOL If you are so keen on having a Retail Forex Exchange, why don't YOU build one? Since you obviously have the knowledge, the know-how, the experience, the cash and you are a "private fund manager" and is incorporated...

WHY make us call up this Philip Capital? Why don't YOU team up with Philip Capital and build this exchange and then come back to us? We are all little retail traders who have no clue what we are talking about so how would us calling Philip Capital make a difference? LOL
Make your losses in demo. Earn your profits live.
  • #35
  • Sep 8, 2016 5:58pm Sep 8, 2016 5:58pm
Quoting iDoubleStoch
And, this is what you will be trading against. Not me. The System: {image} It will be the biggest education in Trading you have ever received in your life. The most expensive education is the one you typically pay through the nose for. Failure in this business is not in my vocabulary. I'm here trying to get something done that is historical and unprecedented in the United States of America and you are sitting on line pretending to be saying something important. You'd be better off making that call and doing your part in helping to get an Exchange...
I thought you are taking a year off to work on your trading system. You finished so soon???!!!

Quoting iDoubleStoch
{quote} I'm a Trading who trades on an Institutional Platform. I'm also well enough to have not made a single trade in more than 1.5 years while working on a new Trading System superior to the one that allows me to not trade for over 1.5 years.
Make your losses in demo. Earn your profits live.
  • #36
  • Edited 6:41pm Sep 8, 2016 6:14pm | Edited 6:41pm
- Who on this board wants to continue playing Bucket Shop Games?
- Who on this board would not move over to a real STP/ECN Forex Exchange?
- When was the last time you had a company in a position to potentially make that happen here in the United States?

I have a trading related project that I am currently in development on right now and much work still left to get done in that project. Therefore, I won't be here after today. I designated two days to get the ball rolling here and to get you to spread the word. I have given you a contact name and a phone number of someone within a Financial Services Company that could help to change your Retail Trading in Forex forever and for the positive. You can take that and run with it, or you can leave it and remain in retail hell for the rest of your trading life, crossing your fingers and hoping that things will get better some day and that Retail Forex Brokers will suddenly become "ethical," "fair" and more "transparent."

The choice in all this is yours. However, correct me if I am wrong, I can't remember the last time any group of Traders in Retail Forex en mass had a potential/possible (they have not said no and they have not said yes to anything at this time) opportunity to alter the course of history and get an Exchange built within which they could benefit as Traders. The differences between true STP/ECN Exchange trading vs true Bucket Shop Retail Forex Brokerage trading are beyond profound.

If you think that it is time for something different in the United States of America for the Retail Forex Trader, then maybe the time is now to make your voices heard in way that just might tip the scale in your favor. If the other Retail Bucket Shops decide to give up their gig after many years of abusing their customers and finally given in to the Exchange Model, then congratulations, more power to all of you for making that happen. But, if they don't decide to follow suit and all of you flock to a more fair Exchange, then they risk going out of business - again, you win.

I don't believe in losing and I don't see how any Retail Forex Trade can lose by expressing your interest to a Financial Services Company that just spend their time, money and much effort in bringing something to market that the SEC just shot down mere months ago. You all have LEVERAGE now. Use it wisely. LEARN the art of making good deals for yourselves and tell Pillips Capital or ANY would be Financial Services Company with the appropriate attributes that you will support a United States based Forex Exchange, but no more Retail Brokerage Bucketshop Abuse.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #37
  • Sep 8, 2016 6:22pm Sep 8, 2016 6:22pm
The guy doesnt know what he is talking about. This would be a multi-million, multi-year project and he thinks a few calls from retail traders and posting in forums could kickstart this. It took Lmax several years and north of $20 million to build their technology stack, get regulatory approval, build liquidity relationships. But maybe they had those magical phone calls too?
  • #38
  • Sep 8, 2016 6:32pm Sep 8, 2016 6:32pm
Quoting Forexia
Don't be fooled by what this idouble creature is preaching. The MOST Philip Capital will and can establish is just another ECN with the least amount of intervention when you send an order to them and the brokers just earn a commission by matching your order with what's available in terms of price, size and time, that's it, similiar to what IB had in the US before SEC shut it down (and still has in the rest of the world) and what LMAX is running in UK. But it's still just at broker level and it is NOT an exchange. People need to know the difference....
A fool and his opinions are never parted. IB got shut down when you said they would remain in business offering Retail Forex Brokerage services to their customers. IB, had dual registration, IB was not a pure STP/ECN Retail Forex Exchange and IB charged a commission and IB manipulated the spreads. That is not how a true STP/ECN operates and I am tired of responding to someone who has never traded on a true STP/ECN model or on an Institutional Trading Platform in their dreams, let alone in their actual life as a Trader.

You know less than anybody in this thread about this subject, and you have demonstrated as much with your complete failure to actually READ 7 USC 1a, which would have told you precisely what I told you would happen to IB before it they got shut down. Had you spent more time doing your homework, you would not be sitting on this forum right now ignoring the fact that you got it completely wrong.

You are a Retail Trader. There is nothing wrong with that. I was once a Retail Trader. You do not run a Fund containing your own capital and no outside capital. There is nothing wrong with that either, I did not start out running a private fund with my own capital. However, your comments are so completely in error that you can cut them with a knife they are so thick and wrong. You do not know what you are saying. You are the classic Trading Forum Troll who comments on things he does not truly understand. And, you refuse to do the necessary homework, so that you can understand the topic at hand.

The topic at hand is a recent Financial Services Company that was blocked from acting as a Retail Forex Broker, after expending two full years, its own capital and its own talents into bringing to the Retail Forex market that which has not been done in the United States of America for the six (6) years prior to their launch. They want to be in the business, they have the skill, knowledge, expertise and technical ability to be successful in the business (which means a reliable platform) and they have every incentive right now to think about doing something different.

If you cannot understand the concept of Timing in business, then you will not understand the meaning behind what was just written for you in plain English. This is a Timing issue. There is a market ripe for change. There are market participants ripe for change. There are customers within that market who are ripe for change. There is no competition and there is an opportunity for a Financial Services Company who wants into the business to re-enter as an Exchange. If you cannot fathom how that all fits together, that is YOUR problem not mine and not those who want to see real change take place in this Industry.

The rest of your post is a bunch of blithering off-topic nonsense.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #39
  • Sep 8, 2016 6:39pm Sep 8, 2016 6:39pm
Quoting shrike
The guy doesnt know what he is talking about. This would be a multi-million, multi-year project and he thinks a few calls from retail traders and posting in forums could kickstart this. It took Lmax several years and north of $20 million to build their technology stack, get regulatory approval, build liquidity relationships. But maybe they had those magical phone calls too?

Then put your money with your mouth is and take the challenge. You have the contact information. Use it and see if I'm bullshitting as you say.

I'm not telling you that you are wrong. I'm telling you that I will trade you under a rock and take your money from you because you were an IDIOT. That is what I am telling you. Now, take the challenge. Go ahead. Try it. You will prove that I don't know what I am talking about by beating me at the Business of Trading.

In case you did not fully understand, Trading is a serious Business for those who have found a way to take it to the next level. Because YOU decided to remain in Retail Hell, does not mean that everybody needs to follow you off the end of the hell bound cliff. You decided that trading was too hard for you to Master. You decided that you could not develop your own technology. You put those limiting beliefs inside your own head. You did that to yourself, nobody did that to you. You have only YOU to blame for that.

I am not bound by our limiting belief system. I am bound by my Trading System and it is phenomenal because I paid the dues and worked my butt off to make it that way over years of dedication and commitment. I've paid the price. What have you done to make yourself an exceptional Trader?
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
  • #40
  • Sep 8, 2016 6:42pm Sep 8, 2016 6:42pm
Quoting Forexia
{quote} I thought you are taking a year off to work on your trading system. You finished so soon???!!! {quote}

I thought you were a Trader?

Troll, or Trader? Take your pic, but you behave just like a Professional Troll.
F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
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