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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

  • #381
  • Sep 17, 2016 9:45am Sep 17, 2016 9:45am
Quoting yesyoucan
Finally ( Quote from Cobra of FF) ............ All brokers are the same. They will give you slippage, reject orders , widening their spreads and cheat you to death with decimal quoting. Most have plug ins ....designed to milk your account dry. They will tell you that they do not trade against you as they are an ECN/non dealing desk broker. If that is indeed the truth then they will openly advertise all the "winning" EA's which are running on their platforms to attract more business. If...
So if proper regulation is key, which I absolutely agree with, US residents should not trade forex. The regulation here is far from proper. In addition to the way they regulate here, they prevent us from using any regulated broker not in the US. So it's US bucket shop broker or trustworthy offshore broker.
  • #382
  • Sep 17, 2016 1:00pm Sep 17, 2016 1:00pm
Quoting pipmaster77
{quote} So if proper regulation is key, which I absolutely agree with, US residents should not trade forex. The regulation here is far from proper. In addition to the way they regulate here, they prevent us from using any regulated broker not in the US. So it's US bucket shop broker or trustworthy offshore broker.
I think US guys should use their advantage and trade without leverage and real stocks instead not CFDs. Its much easier in US to trade stocks than it is in other places.
Doubt kills more dreams than failure ever will.
  • #383
  • Sep 17, 2016 2:58pm Sep 17, 2016 2:58pm
Quoting pcmaster
{quote} I think US guys should use their advantage and trade without leverage and real stocks instead not CFDs. Its much easier in US to trade stocks than it is in other places.
Way more money in forex. That's the whole point of what US regulators are doing, need to bring everyone back to what they want them to trade, equities and futures. Not to mention, minimum leverage, big deposit requirements for day trading, etc. This is exactly what they want, only big players to make money, keep the little guy down. Stocks may be great for long term investing, but forex blows it away for daily and weekly trading.
  • #384
  • Sep 18, 2016 4:29am Sep 18, 2016 4:29am
Quoting pipmaster77
{quote} Way more money in forex. That's the whole point of what US regulators are doing, need to bring everyone back to what they want them to trade, equities and futures. Not to mention, minimum leverage, big deposit requirements for day trading, etc. This is exactly what they want, only big players to make money, keep the little guy down. Stocks may be great for long term investing, but forex blows it away for daily and weekly trading.
couldn't agree more
  • #385
  • Sep 18, 2016 8:53am Sep 18, 2016 8:53am
Quoting MXT
{quote} couldn't agree more
Forex trading having leverage advantage and volatility , equally not present in case of equity and futures, so easy and single line story be it in any markets(stock exchanges) of the world.
Never Gamble Forex
  • #386
  • Sep 18, 2016 1:58pm Sep 18, 2016 1:58pm
Quoting yesyoucan
{quote} Forex trading having leverage advantage and volatility , equally not present in case of equity and futures, so easy and single line story be it in any markets(stock exchanges) of the world.
  • #387
  • Sep 18, 2016 10:10pm Sep 18, 2016 10:10pm
Quoting merrygold
{quote} I fully agree! - The time i have been with pepperstone, i havent seen any spikes worth mention. - and then from out of nowhere there is a 1000% spike on coffee, i really think its a honest mistake. If i where a broker and wanting to cheat, i would make small but consistent spikes and go that way, most traders wouldnt even notice it.. It doesnt make any sense to make such a huge spike, the price was over 1000pips away from real price, thats quite obvious.
Hi, MG
How is the trading cost in Pepperstone when you trade non-forex items? As good as Interactive Brokers?
I don't know much about non-forex trading....
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #388
  • Sep 19, 2016 4:40am Sep 19, 2016 4:40am
Quoting merrygold
{quote} I fully agree! - The time i have been with pepperstone, i havent seen any spikes worth mention. - and then from out of nowhere there is a 1000% spike on coffee, i really think its a honest mistake. If i where a broker and wanting to cheat, i would make small but consistent spikes and go that way, most traders wouldnt even notice it.. It doesnt make any sense to make such a huge spike, the price was over 1000pips away from real price, thats quite obvious.
Yep, I agree with this - maybe it's just a mistake and they will refund / re-quote all orders. But one thing worth mention is that they are somehow working / processing with the data feed from liquidity providers as the issue happened on their side. If the issue would be on one of their liquidity providers side (if they don't have only one LP), then others would still providing good pricing. Anyway, please let us know here how this all ended + if possible, ask them to explain the reason why it happened.
Acta non verba
  • #389
  • Sep 19, 2016 4:45am Sep 19, 2016 4:45am
Quoting insomniawawa
{quote} The fact is that if broker gives big equity bonus it can't be treated serious, bonus is always given by MM to give you opportunity to lose faster. Another fact is that you don't read rules of bonus and then cry. Nobody cheated you!
Well you are pretty right that they write everything in their terms & conditions. Still those brokers usually scam traders by slippages / execution delays etc. to make traders lose even faster. By their terms&conditions I bet that they have some rules that they don't have to send you all your deposits. At least it's not ethic, but it's probably still legal. That's just the way how they are doing their business and making huge profits.
Acta non verba
  • #390
  • Sep 19, 2016 5:00am Sep 19, 2016 5:00am
Quoting Noorx
{quote} Hi. I'm sorry, but you still didn't answer my question clearly. I have a partner working with Oanda with a deposit of $50,000 and he has no trouble executing whatsoever. It doesn't take him less than a second, although I have to admit about the Spread widening during News. For us, its not a big deal because we can earn more than their commission, but I'm still wondering what you meant about ''something that went wrong with them''. Please explain clearly. Cheers!
I was trading with Oanda for a while and I experienced the spread widening / slow orders execution with slippage - even during non-news time. I've also seen a lot about Oanda - how they are widening the spreads to execute TPs later and execute SLs sooner. If you can still earn with them, I bet that you would earn twice more with the professional brokers.
Acta non verba
  • #391
  • Sep 19, 2016 5:02am Sep 19, 2016 5:02am
Quoting yesyoucan
{quote} http://www.investing.com/commodities/us-coffee-c You could get real price above. That's why CFD trading is dangerous, it is always better to trade at local exchanges .
If you have some experience with futures trading at local exchanges, it would be interesting to make some comparison of futures vs. CFDs - especially in a matter of liquidity / orders execution / slippage etc.
Acta non verba
  • #392
  • Sep 19, 2016 5:11am Sep 19, 2016 5:11am
Quoting yesyoucan
Finally ( Quote from Cobra of FF) ............ All brokers are the same. They will give you slippage, reject orders , widening their spreads and cheat you to death with decimal quoting. Most have plug ins ....designed to milk your account dry. They will tell you that they do not trade against you as they are an ECN/non dealing desk broker. If that is indeed the truth then they will openly advertise all the "winning" EA's which are running on their platforms to attract more business. If...
Cobra is pretty right. I would say that 80% - 90% of brokers are just bucket shops and they are both properly regulated or unregulated. With those brokers you can have a great edge in the market and a successful trading strategy, but you will be still loosing. From that small % of professional / fair brokers, then it depends on the real edge of the trader in the market. The edge can be both in market entries / exits as well as in money management only. Usually it's all about money management only as it's questionable if there is any real long-term edge in the market for retail traders. Regarding the regulation, I wouldn't say that the UK regulation is the only one safe and all brokers under the UK regulation are fair and professional. Under every regulation you will find both great / fair companies as well as scammers. I trade with CySEC / FINMA regulated brokers and so far everything is like it should be. Plus UK regulation is ok too of course, but it doesn't guarantee anything.
Acta non verba
  • #393
  • Sep 19, 2016 5:27am Sep 19, 2016 5:27am
Quoting Trader382
Guys...seriously, if you think logically about the retail forex/cfd industry, and have some common knowledge about business and brokerages- do you really think what the retail brokers claim and advertise is the fact on how they operate their business? Do you really think the broker is sending an order to their liquidity provider when yo place a 0.2lot contract on their eur/usd cash instrument?? STP/ECN/NDD - dosent matter, when the order is never sent anywhere else than straight into their dark pool where all their client's orders are stacked up...
Thanks for your pretty interesting post. You are more than right. The banks you are trading with are claiming that they are pure STPs and sending all the orders to some interbank platform or are you trading through some of the interbank platforms directly? I've heard that minimum volume with interbank platforms like EBS is 10 standard lots. I think that those banks can still execute orders like market makers and they probably hedge the orders on the interbank market depending on their current cash flow and risk management. But this might not be correct in case you trade through the interbank platform directly and see the BID / ASK counter parties / liquidity providers. Regarding the retail brokers, the fact is that most of retail brokers are just bucket shops and scammers - I definitely agree with this. All those scammers are doing their business with proper regulation and everything. There are also huge difference between brokers and the same strategy can be a winner with the fair broker and absolute looser with the bucket shop broker. So you are right that it's important to choose the broker who will pay all your profit (even if you will risk a lot and will try to withdraw 100% profit after one week of trading) and where you will get the best results from your strategy.
Acta non verba
  • #394
  • Sep 19, 2016 5:31am Sep 19, 2016 5:31am
Quoting pipmaster77
{quote} Way more money in forex. That's the whole point of what US regulators are doing, need to bring everyone back to what they want them to trade, equities and futures. Not to mention, minimum leverage, big deposit requirements for day trading, etc. This is exactly what they want, only big players to make money, keep the little guy down. Stocks may be great for long term investing, but forex blows it away for daily and weekly trading.
What about classical options contracts? (of course, not the binary type) - I don't have much experience here, but it can be another way to consider.
Acta non verba
  • #395
  • Sep 19, 2016 5:35am Sep 19, 2016 5:35am
Quoting heispark
{quote} Hi, MG How is the trading cost in Pepperstone when you trade non-forex items? As good as Interactive Brokers? I don't know much about non-forex trading....
Some traders mentioned here that Interactive Brokers is restricting the spot fx trading somehow, aren't they? But I am not sure if they were talking about US restrictions only or for all traders.
Acta non verba
  • #396
  • Sep 19, 2016 5:58am Sep 19, 2016 5:58am
Quoting heispark
{quote} Hi, MG How is the trading cost in Pepperstone when you trade non-forex items? As good as Interactive Brokers? I don't know much about non-forex trading....
Hey,

Sure. There is no commision on them. And there is full leverage also.
I dont have any experince with non forex items @ IB
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MY SITTING, NEVER MY THINKING!
  • #397
  • Sep 19, 2016 6:03am Sep 19, 2016 6:03am
Quoting TradingLife
{quote} I was trading with Oanda for a while and I experienced the spread widening / slow orders execution with slippage - even during non-news time. I've also seen a lot about Oanda - how they are widening the spreads to execute TPs later and execute SLs sooner. If you can still earn with them, I bet that you would earn twice more with the professional brokers.
Still the same answer, no reason to criticize Oanda company. If you're going to open up a thread blaming brokers for your mis-calculations then you better not.

Cheers.
  • #398
  • Sep 19, 2016 6:54am Sep 19, 2016 6:54am
Quoting merrygold
{quote} Hey, Sure. There is no commision on them. And there is full leverage also. I dont have any experince with non forex items @ IB {image} {image} {image} {image} {image}
Thanks MG. Gold also doesn't have commission but non-commssion, spead only CFD items look just typical bucket shop style.... I would rather go to futures markets if i seriously consider commodity trade.
Simplicity is the ultimate sophistication - Leonardo da Vinci
  • #399
  • Sep 19, 2016 7:17am Sep 19, 2016 7:17am
Quoting Noorx
{quote} Still the same answer, no reason to criticize Oanda company. If you're going to open up a thread blaming brokers for your mis-calculations then you better not. Cheers.

No reason, i am not agre with you, i close my accompte in july 2016.

http://img4.hostingpics.net/thumbs/m...9oandacrap.jpg

http://img4.hostingpics.net/pics/294559oandacrap.jpg
  • #400
  • Sep 19, 2016 7:36am Sep 19, 2016 7:36am
Quoting heispark
{quote} Thanks MG. Gold also doesn't have commission but non-commssion, spead only CFD items look just typical bucket shop style.... I would rather go to futures markets if i seriously consider commodity trade.
My pleasure, Heis
MY SITTING, NEVER MY THINKING!
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