Can you really cancel a losing trade? Anybody tried this? | Forex Factory

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Can you really cancel a losing trade? Anybody tried this?

  • #1
  • First Post: Feb 20, 2017 3:10pm Feb 20, 2017 3:10pm
.....................WTF?

Being a Forex trader means that you will constantly be showered with scam after scam after scam...so when I read about EasyMarkets (a broker I've heard mostly ok things from) coming up with a scheme where you can cancel a losing trade...I had to at least ask the rounds in this forum. Here's the link to their explanation page on how it works:

https://www.easymarkets.com/eu/trade...lcancellation/

Has anyone tried this? Where is the catch???
  • #2
  • Feb 20, 2017 3:31pm Feb 20, 2017 3:31pm
You pay for the privilege of being allowed to cancel the trade.

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Indentify > Plan > Accept > Execute
  • #3
  • Feb 20, 2017 3:47pm Feb 20, 2017 3:47pm
Quoting wizlon32
You pay for the privilege of being allowed to cancel the trade. {image}
Correct wizlon, you do have to pay for this "insurance"....but still...bear with me here....

I'm not really familiar with this Easy Markets interface, but I think this means that you pay 57 insurance for a 350 trade risk....thus roughly 1/7:

Attached Image (click to enlarge)
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Please slap me around if I'm reading this wrong, but if they are willing to insure me at 1/7 for every trade, that is a kick azz deal isn't it??

Am I missing something here guys??
  • #4
  • Feb 20, 2017 4:14pm Feb 20, 2017 4:14pm
Just read on their website - they offering that kind of insurance.
As people say - if it walks as a duck, quacks like a duck and smells like s**t - it is s**t.
As they advertising it - if its a profit is all yours, but if its loss - its just a fraction of original loss. I'm not going even to read their T&S to see where is a catch.
I have feeling that the main victims will be novice news traders.
  • #5
  • Feb 20, 2017 4:30pm Feb 20, 2017 4:30pm
Quoting meyoik
{quote} Correct wizlon, you do have to pay for this "insurance"....but still...bear with me here.... I'm not really familiar with this Easy Markets interface, but I think this means that you pay 57 insurance for a 350 trade risk....thus roughly 1/7: {image} Please slap me around if I'm reading this wrong, but if they are willing to insure me at 1/7 for every trade, that is a kick azz deal isn't it?? Am I missing something here guys??
But you have to pay it up-front. So when you win you have to win that bit more to cover this fee. And if you get in to the habit of taking this "insurance" you will be stacking even more odds against you in the long run.
They are not stupid. If this was an advantage to the retail trader they would not be offering it.
It's a gimmick!
Indentify > Plan > Accept > Execute
  • #6
  • Feb 20, 2017 4:36pm Feb 20, 2017 4:36pm
Quoting johnnycash
Just read on their website - they offering that kind of insurance. As people say - if it walks as a duck, quacks like a duck and smells like s**t - it is s**t. As they advertising it - if its a profit is all yours, but if its loss - its just a fraction of original loss. I'm not going even to read their T&S to see where is a catch. I have feeling that the main victims will be novice news traders.
Hi johnnycash, I share every ounce of skepticism with you....
I'm just trying to find any traders out there that have tried this and maybe they can share their experience with us.
Bottom line, this is a glorified stop loss if you really look at it, but it's a damn good one if it is how they say it is.
  • #7
  • Feb 20, 2017 4:39pm Feb 20, 2017 4:39pm
Quoting wizlon32
{quote} But you have to pay it up-front. So when you win you have to win that bit more to cover this fee. And if you get in to the habit of taking this "insurance" you will be stacking even more odds against you in the long run. They are not stupid. If this was an advantage to the retail trader they would not be offering it. It's a gimmick!
Good point wizlon

This is certainly not a functionality you would use for every trade, as insurance will always be expensive like you say; but it could be very useful for news trading for example.
  • #8
  • Feb 20, 2017 4:46pm Feb 20, 2017 4:46pm
Quoting meyoik
Am I missing something here guys??
You're obviously a noob who can't smell BS.

Of course do you miss 2 things:

1. a scam broker comes out with
2. a new scam
  • #9
  • Feb 20, 2017 6:03pm Feb 20, 2017 6:03pm
Quoting meyoik
.....................WTF? Being a Forex trader means that you will constantly be showered with scam after scam after scam...so when I read about EasyMarkets (a broker I've heard mostly ok things from) coming up with a scheme where you can cancel a losing trade...I had to at least ask the rounds in this forum. Here's the link to their explanation page on how it works: https://www.easymarkets.com/eu/trade...lcancellation/ Has anyone tried this? Where is the catch???
Saw this back in December and it all boils down to the fact that they charge you the equivalent of like, whatever... say 20 pips so you can cancel the deal...so if you lose you still lose 20 pips equivalent but it doesn't feel like a loss because its a fee...

Seems legit ...
  • #10
  • Feb 21, 2017 7:59am Feb 21, 2017 7:59am
Ha ha ha, fair enough

Still, if someone in this forum has actually tried it, would love to hear what they have to say
  • #11
  • Feb 21, 2017 9:37am Feb 21, 2017 9:37am
Quoting wizlon32
You pay for the privilege of being allowed to cancel the trade. {image}
meyoik, as you can see in the picture, if you open 0,35 lot EUR/USD you pay 38.26GBP ( 47,63 USD) which is 13,6 pip, this is cost of your insurance. You have only one hour to cancel your trade. If your trade went wrong and you have 30 pip loss it will "earn" 16,4 pip thanks to cancellation. However, remember that cost of cancellation will be multiplied before important news release. Everything is calculated, nothing is free.
  • #12
  • Feb 21, 2017 9:40am Feb 21, 2017 9:40am
Scammy scam scam ...
They are tapping big time on the "fear of losing" they must be doing a booming business with this feature..
  • #13
  • Feb 21, 2017 10:39am Feb 21, 2017 10:39am
I wouldn't even class this as a scam - all the information you need to make an informed decision is there. Yes, it's eye-catching - traders checked it out, so it did its job. Good advertising doesn't mean scam and come on, any trader should be doing his/her due diligence anyway. If you get sucked in by this, then you paid your money, you made your choice.
  • #14
  • Feb 21, 2017 10:56am Feb 21, 2017 10:56am
Quoting insomniawawa
{quote} meyoik, as you can see in the picture, if you open 0,35 lot EUR/USD you pay 38.26GBP ( 47,63 USD) which is 13,6 pip, this is cost of your insurance. You have only one hour to cancel your trade. If your trade went wrong and you have 30 pip loss it will "earn" 16,4 pip thanks to cancellation. However, remember that cost of cancellation will be multiplied before important news release. Everything is calculated, nothing is free.
Hi insomniawawa, indeed nothing is free, hence I switched to calling it "insurance". I still think that for certain types of events it would be a good option...for example, what happened on the Brexit vote, NFPs, Fed announcements, or certain elections where you can lose 70, 80, 90, 100+ pips in minutes...

Totally see your point, and agree, this is not for every type of trade.
  • #15
  • Feb 21, 2017 11:38am Feb 21, 2017 11:38am
Quoting meyoik
.....................WTF? Being a Forex trader means that you will constantly be showered with scam after scam after scam...so when I read about EasyMarkets (a broker I've heard mostly ok things from) coming up with a scheme where you can cancel a losing trade...I had to at least ask the rounds in this forum. Here's the link to their explanation page on how it works: https://www.easymarkets.com/eu/trade...lcancellation/ Has anyone tried this? Where is the catch???
The chance of price to reverse to a winning side or continue losing in N time before expiry is always 1/2 (as raised in the topic about price normal distribution).
You pay for nothing.

Oh... forgot to add binary options is a casino decorated with quotes and candlesticks
  • #16
  • Feb 21, 2017 12:04pm Feb 21, 2017 12:04pm
It doesn't make any sense.

You pay any way it is like an insurance..

It would be make better to have a guaranteed Stop Loss than this.

Probably it is cheaper to just hedge your positions....


The problem is the time limit. If the time was unlimited than in this case would be a good deal, but as it is, it is kind of a binary option.
Buy at the Low, Sell at the High You make money by waiting not by trading.
  • #17
  • Feb 21, 2017 1:36pm Feb 21, 2017 1:36pm
guess the search button on forexfactory was broken:

https://www.forexfactory.com/showthread.php?t=608252

see artcool's answer
  • #18
  • Feb 21, 2017 1:38pm Feb 21, 2017 1:38pm
Quoting Lacunoide
The problem is the time limit. If the time was unlimited than in this case would be a good deal, but as it is, it is kind of a binary option.
Absolutely, initially I thought it was without a time limit...but once you have that limitation, it's only useful for trades where you know the volatility will be obscenely high.
  • #19
  • Feb 21, 2017 4:23pm Feb 21, 2017 4:23pm
Quoting meyoik
{quote} Hi insomniawawa, indeed nothing is free, hence I switched to calling it "insurance". I still think that for certain types of events it would be a good option...for example, what happened on the Brexit vote, NFPs, Fed announcements, or certain elections where you can lose 70, 80, 90, 100+ pips in minutes... Totally see your point, and agree, this is not for every type of trade.

It will be so expensive before big events, that trader won't earn nothing. I think insurance before NFP will raise to 100 pip Before Brexit election 500 pip and so on This option is marketing gimmick and it's for broker, not trader, this is another way to earn money on newbies easy markets has also guaranteed stop loss which is much better to trade risky events. Remember it's pure market maker which earns only when client loses.
  • #20
  • Feb 21, 2017 4:43pm Feb 21, 2017 4:43pm
Quoting insomniawawa
{quote} It will be so expensive before big events, that trader won't earn nothing. I think insurance before NFP will raise to 100 pip Before Brexit election 500 pip and so on This option is marketing gimmick and it's for broker, not trader, this is another way to earn money on newbies easy markets has also guaranteed stop loss which is much better to trade risky events. Remember it's pure market maker which earns only when client loses.
If the price of the insurance is variable, then I would agree with you; but if it's fixed at ~1/7 like the example they show, it's still an option for news trading.
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