Why do brokers like cheating us? What happened to my account | Forex Factory

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Why do brokers like cheating us? What happened to my account

  • #1
  • First Post: Feb 23, 2017 5:21am Feb 23, 2017 5:21am
I was on a geppy trade like 2 hours before FOMC Meeting Minutes yesterday, i was monitoring the trade and thought that it wont make sense closing for loss before the news since i was not in profit. During the news , right in front of my eyes, the geppy spread went more than 20pips on my pepperstone platform only for my trade to be closed out despite the fact that price is far from my SL and the candle never increase in size to get to my SL. This is pure stop loss hunting.
Why is it difficult to find trust worthy brokers now a day especially on mt4? Why are the so called (big) brokers stop hunting us? If you ask them, they will say it is market reaction and they have nothing to do with it.

What this broker did to me might be small but when you add it to many other traders of similar situation, they will rip millions from us. Without us they are nothing, but when they keep ripping us like this , it might want someone like me loose much interest in currency trading .
I might be wrong on my observation if this happen to other brokers at the same time, but for now it is pure stop loss hunting that they were caught read handed.
I am beginning to loose interest in fx trading because of something like this despite that i have good strategy to make money.. You will fight market to make money and still, you will fight to get protected from the brokers? Then why disturbing us to trade with you?This is the third times within a day, the other 2 was just stop loss on exact stop loss price and it gets reverse and keep on going in your preferred direction. Why must we be cheated all the time?
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We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #2
  • Feb 23, 2017 5:27am Feb 23, 2017 5:27am
pepperstone is pure bucketshop

Pepperstone created artificial price on ctrader. so shout loudly this broker is thief house

Manipulation not only happen on MT4 that also possible on ctrader. we retail r helpless
  • #3
  • Feb 23, 2017 5:43am Feb 23, 2017 5:43am
Man that sucks.
MT4 doesn't allow to view historical ask prices, so they can hide it well...

On dukascopy and Oanda there was no such spike, maybe they can change it afterwards but on dukascopy highly unlikely as the historical ask/bid price is always the same for all clients and can be verified tick by tick.

Dukascopy (link)
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Oanda
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maybe time to change broker?
the 3rd wave is the crowd's wave
  • #4
  • Feb 23, 2017 6:02am Feb 23, 2017 6:02am
Quoting adeforex
I was on a geppy trade like 2 hours before FOMC Meeting Minutes yesterday, i was monitoring the trade and thought that it wont make sense closing for loss before the news since i was not in profit. During the news , right in front of my eyes, the geppy spread went more than 20pips on my pepperstone platform only for my trade to be closed out despite the fact that price is far from my SL and the candle never increase in size to get to my SL. This is pure stop loss hunting. Why is it difficult to find trust worthy brokers now a day especially on mt4?...

STOP LOSS ORDER WHEN YOU HAVE SHORT POSITION IS BUY ORDER WHICH IS EXECUTED AT ASK PRICE!!!!!!!! Everything is ok, nobody cheated you, you just don't know how market works. Look at screenshot from myfxbook with GBPJPY spreads during FOMC. It's normal that spreads before such important event go wild. Leaving position for FOMC with tight stop loss is irresponsible.
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  • #5
  • Feb 23, 2017 6:13am Feb 23, 2017 6:13am
Correct me if I am wrong .....but as well as increasing the buy price they would also have to decrease the sell price or the mid price would be affected on the chart and the spike would be visible?
  • #6
  • Feb 23, 2017 6:14am Feb 23, 2017 6:14am
Well, checked on my FXCM account.

Don't think it also went into that price zone ( ASK price ) , or i am confusing timezones
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  • #7
  • Feb 23, 2017 6:17am Feb 23, 2017 6:17am
Quoting Phil2015
Correct me if I am wrong .....but as well as increasing the buy price they would also have to decrease the sell price or the mid price would be affected on the chart and the spike would be visible?
Yep, should be
  • #8
  • Feb 23, 2017 6:20am Feb 23, 2017 6:20am
Quoting insomniawawa
{quote} STOP LOSS ORDER WHEN YOU HAVE SHORT POSITION IS BUY ORDER WHICH IS EXECUTED AT ASK PRICE!!!!!!!! Everything is ok, nobody cheated you, you just don't know how market works. Look at screenshot from myfxbook with GBPJPY spreads during FOMC. It's normal that spreads before such important event go wild. Leaving position for FOMC with tight stop loss is irresponsible. {image}
Disregarding if pepperstone is bucket shop or not, or if other brokers have more or less spread spike, this post/answer is pure truth. Everyone should take this to mind, using pepperstone or not.

But retail doesn't want to learn how to trade, and its way easier to blame the broker. Then one wonders why 90% retail trades fail.
  • #9
  • Feb 23, 2017 6:23am Feb 23, 2017 6:23am
Quoting pereiraalex
{quote} Yep, should be
So as well hitting some SL orders they could well be hitting some TP orders at the same time.

It really makes me question how a chart from any broker is made up, does it actually comprise of bid and ask from which the mid price is calculated and displayed or does it comprise of the brokers mid price and then they use bid as ask as they wish.
  • #10
  • Feb 23, 2017 6:28am Feb 23, 2017 6:28am
Quoting pereiraalex
But retail doesn't want to learn how to trade, and its way easier to blame the broker. Then one wonders why 90% retail trades fail.
Whilst I don't disagree. Transparency helps to reassure inexperienced traders, my broker for example (IG) whilst they do provide bid ask figures at the point of trade execution they don't provide anything historical, only mid price on a chart. So it's impossible to go back, see what kind of spread spikes I might encounter whilst trading, compare with other sources, see what happened.
  • #11
  • Feb 23, 2017 6:41am Feb 23, 2017 6:41am
Quoting Phil2015
{quote} Whilst I don't disagree. Transparency helps to reassure inexperienced traders, my broker for example (IG) whilst they do provide bid ask figures at the point of trade execution they don't provide anything historical, only mid price on a chart. So it's impossible to go back, see what kind of spread spikes I might encounter whilst trading, compare with other sources, see what happened.
I understand. Because I am not affected by this ( all my 3 brokers i have accounts, allow you to check historical bid/ask prices ), I was not thinking of those that actually cannot check historical bid/ask prices.

You are right of course, that you should be able to see this. But, there is some much "retail paranoia" these days. ( but then again, one time testing a demo account, a very big "ECN ctrader" broker had DAX index at price 0 in one candle, heheh ... so go figure)
  • #12
  • Feb 23, 2017 7:46am Feb 23, 2017 7:46am
I'm experiencing this myself recently with 2 different brokers and I think I'm going back to stocks for good... I've been trading for 3 months on live accounts at Oanda and Forex.com. Only with a few thousand in each account to get my feet wet. Oanda closed my account a few days ago after I've been averaging a 5-7% gain every day for the last 3 weeks. Mostly small trades for small pips with about 90% accuracy. Now I'm not allowed to trade with them again saying I violated rules which they wont let me know what rules.

And just 10 minutes ago on my Forex.com account I've had a trade close for no reason at all. It didn't have a TP or SL or anything setup on it. Looking at the "Action" column in the "Activity Log" it shows DEALT in all caps for that sale. All the other trades that I manually close (which is everyone of them) just say "Deal" with only the D capitalized. Maybe this is the giveaway when they manually go in and do it? I've been averaging a little over 7% a day on this account over the last week.

This is garbage. God I wish I could forex in my Fidelity account.
  • #13
  • Feb 23, 2017 8:08am Feb 23, 2017 8:08am
Quoting Ltci
I'm experiencing this myself recently with 2 different brokers and I think I'm going back to stocks for good... I've been trading for 3 months on live accounts at Oanda and Forex.com. Only with a few thousand in each account to get my feet wet. Oanda closed my account a few days ago after I've been averaging a 5-7% gain every day for the last 3 weeks. Mostly small trades for small pips with about 90% accuracy. Now I'm not allowed to trade with them again saying I violated rules which they wont let me know what rules. And just 10 minutes ago on my...

Really ? forex.com has a shady reputation... but with Oanda also ? damn, surprised !
  • #14
  • Feb 23, 2017 10:01am Feb 23, 2017 10:01am
a way to tell how much the broker will spike the price at news time is to download a screen recorder, put a spread indicator on the chart and record an fomc/nfp/rate news event and go back and watch it frame by frame->

1.5,1.3,2.4,1.9,2.3,40.6,10.3,3.2 etc

with pepperstone a split second increase to 20 or 40 pips at volatile news releases is normal. trading into fomc with a 20 stop though is not normal lol
  • #15
  • Feb 23, 2017 10:49am Feb 23, 2017 10:49am
Quoting insomniawawa
{quote} STOP LOSS ORDER WHEN YOU HAVE SHORT POSITION IS BUY ORDER WHICH IS EXECUTED AT ASK PRICE!!!!!!!! Everything is ok, nobody cheated you, you just don't know how market works. Look at screenshot from myfxbook with GBPJPY spreads during FOMC. It's normal that spreads before such important event go wild. Leaving position for FOMC with tight stop loss is irresponsible. {image}
man, that is not tight stoploss i used. It is pure cheating. Why only them is a culprit ? Then if am in buy position, am very sure it will still be same, i will be wiped off. Why didnt it reflect on their candle? Because they know that it is only widening of spreads that they can wipe many accounts off. Or are they the only one that FOMC pass through their platforms?
I dont know how market works? Yes. please can you teach me how? But when i see likely scam, i know.
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #16
  • Feb 23, 2017 10:51am Feb 23, 2017 10:51am
Hello topic's owner,
I am trading with Pepperstone and had experienced few moments when spread widen few tens pips in a split of second then return to normal. At those moments the chart didn't show but my trades closed out. I asked support team then they replied me with detailed screenshot of spread widen and full explanation. So I recommend you not to place tight stop loss or better close all trades right before or after biggest news moments.
  • #17
  • Feb 23, 2017 11:13am Feb 23, 2017 11:13am
Quoting quangvision
Hello topic's owner, I am trading with Pepperstone and had experienced few moments when spread widen few tens pips in a split of second then return to normal. At those moments the chart didn't show but my trades closed out. I asked support team then they replied me with detailed screenshot of spread widen and full explanation. So I recommend you not to place tight stop loss or better close all trades right before or after biggest news moments.
Thanks, i didnt use tight stop anyway.
This goes to another question: why do spread widen on particular brokers than others during news? liquidity,right? or stoploss hunting? which ever way, they win, we loose..
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #18
  • Feb 23, 2017 12:38pm Feb 23, 2017 12:38pm
These kind of spreads are normal during these kind of events.
Some brokers might cause this by them self, with others it is because there are little to none limit buy or sell orders in the market seconds before the release.

On Myfxbook you can see the spread history from different brokers, Oanda also had a spike of 20 pips.
Probably almost all brokers have a large spike during such news events.
The reason this is doesn't show up on the chart? A chart is drawn in bid or ask, not both.
  • #19
  • Feb 23, 2017 12:54pm Feb 23, 2017 12:54pm
Quoting Dkam
These kind of spreads are normal during these kind of events. Some brokers might cause this by them self, with others it is because there are little to none limit buy or sell orders in the market seconds before the release. On Myfxbook you can see the spread history from different brokers, Oanda also had a spike of 20 pips. Probably almost all brokers have a large spike during such news events. The reason this is doesn't show up on the chart? A chart is drawn in bid or ask, not both.

Take care when analysing myfxbook spreads. For example, FXCM spreads must be broken in myfxbook. They are always the same value
  • #20
  • Feb 23, 2017 12:59pm Feb 23, 2017 12:59pm
Quoting pereiraalex
{quote} Take care when analysing myfxbook spreads. For example, FXCM spreads must be broken in myfxbook. They are always the same value
This is the FXCM dealing desk execution, these have fixed spreads.
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