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

  • #21
  • Feb 24, 2017 1:06am Feb 24, 2017 1:06am
This topic has been discussed like forever, right? It doesn’t matter if it’s the market or the broker you know that this happens during news releases, market closing and opening and during the rollover. Get used to it as this is the market. Learn it and adapt to it, it’s the rough rules of the game so play by them. Don’t get me wrong but this will keep happening whoever your broker is and the only thing you can do is to learn how to avoid it.
  • #22
  • Feb 24, 2017 1:57am Feb 24, 2017 1:57am
Quoting adeforex
{quote} 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.
Ok, lesson 1: Candles reflect bid price NOT ASK.
Lesson 2: Never leave open position before important news.
Lesson 3: Trade price action, not " I can't close my trade, because it's in loss", this is bullshit, you should have closed this trade before FOMC.
Lesson 4: Never leave position opened during night (gap NY close- Japan open) and weekend.
Lesson 5: Avoid all important events, trade after it. Spread during Brexit night on GBPUSD - 100 pip or more. If you want trade such events use options not spot forex.
Lesson 6: Stop loss doesn't work if there is planned event like important data release. Banks don't offer many bids and asks, market is shallow. There is first tick made by EA's, your stop loss is always executed after it.
Good luck
  • #23
  • Feb 24, 2017 8:19am Feb 24, 2017 8:19am
Quoting insomniawawa
{quote} Ok, lesson 1: Candles reflect bid price NOT ASK. Lesson 2: Never leave open position before important news. Lesson 3: Trade price action, not " I can't close my trade, because it's in loss", this is bullshit, you should have closed this trade before FOMC. Lesson 4: Never leave position opened during night (gap NY close- Japan open) and weekend. Lesson 5: Avoid all important events, trade after it. Spread during Brexit night on GBPUSD - 100 pip or more. If you want trade such events use options not spot forex. Lesson 6: Stop loss doesn't...
Thanks for your time. It is making sense now though Iknow most of those things. I think I need to be careful more next time on this. I believe if I trade on some other brokers too, I might have similar experiences.
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #24
  • Feb 24, 2017 8:25am Feb 24, 2017 8:25am
Quoting DwainUK
This topic has been discussed like forever, right? It doesnt matter if its the market or the broker you know that this happens during news releases, market closing and opening and during the rollover. Get used to it as this is the market. Learn it and adapt to it, its the rough rules of the game so play by them. Dont get me wrong but this will keep happening whoever your broker is and the only thing you can do is to learn how to avoid it.
Thanks for the time , I just experienced it first hands spite I have been hearing how other traders complain about it. I just witnessed it. I will watch and be careful next time.
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #25
  • Feb 24, 2017 8:43am Feb 24, 2017 8:43am
Quoting adeforex
{quote} Thanks for the time , I just experienced it first hands spite I have been hearing how other traders complain about it. I just witnessed it. I will watch and be careful next time.

Im sure you have seen the " Stay away / Dont trade during news events" statement at least 1 million times.

This is the reason why most traders have it as a rule to stay away from red news.
Dragon Rider
  • #26
  • Feb 24, 2017 9:05am Feb 24, 2017 9:05am
Quoting DwainUK
This topic has been discussed like forever, right? It doesnt matter if its the market or the broker you know that this happens during news releases, market closing and opening and during the rollover. Get used to it as this is the market. Learn it and adapt to it, its the rough rules of the game so play by them. Dont get me wrong but this will keep happening whoever your broker is and the only thing you can do is to learn how to avoid it.
Thanks for the time , I just experienced it first hands spite I have been hearing how other traders complain about it. I just witnessed it. I will watch and be careful next time.
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #27
  • Edited 10:11am Feb 24, 2017 9:54am | Edited 10:11am
Thanks
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #28
  • Feb 24, 2017 10:22am Feb 24, 2017 10:22am
But in this ,some brokers will still be using it to cheat traders because you can't win them in this argument. Better to stay away totally.


Quoting barloc
Im sure you have seen the " Stay away / Dont trade during news events" statement at least 1 million times. This is the reason why most traders have it as a rule to stay away from red news.
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #29
  • Feb 24, 2017 11:51am Feb 24, 2017 11:51am
Quoting adeforex
But in this ,some brokers will still be using it to cheat traders because you can't win them in this argument. Better to stay away totally. {quote}

Im curious, how long have you been trading for, it says you have been registered since 2008,
Learn, a forex trader must, unlearn and relearn he will.
  • #30
  • Feb 24, 2017 1:48pm Feb 24, 2017 1:48pm
Been here for so long, I always heard good tales about Pepperstone and now watching people thrash it, I find it hard to understand which broker do people think is really reliable? I believe it is sensible to use cTrader, I am not saying there cant be any tricks played there, but at least it will be minimized.
  • #31
  • Edited 3:31pm Feb 24, 2017 1:50pm | Edited 3:31pm
Quoting Fedricks
Been here for so long, I always heard good tales about Pepperstone and now watching people thrash it, I find it hard to understand which broker do people think is really reliable? I believe it is sensible to use cTrader, I am not saying there cant be any tricks played there, but at least it will be minimized.
Nothing wrong with Pepperstone, probably the best Australian retail broker.
I used to trade a 30k account with Pepperstone, never had any trouble at all.
  • #32
  • Feb 24, 2017 3:20pm Feb 24, 2017 3:20pm
This indicator can record the spread during the News or without news..

sometimes it is normal for market to get higher spread because the lack on liquidity market...

can pm me if u want a try ..
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  • #33
  • Feb 25, 2017 2:22am Feb 25, 2017 2:22am
Quoting adeforex
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?
Answer to your question: Because they can and because they want to make money off you and they know they can. And they know there is nothing you can do about it.
Make your losses in demo. Earn your profits live.
  • #34
  • Feb 25, 2017 5:56am Feb 25, 2017 5:56am
Quoting Dkam
{quote} Nothing wrong with Pepperstone, probably the best Australian retail broker. I used to trade a 30k account with Pepperstone, never had any trouble at all.
Not just you, but there are many traders who first recommend them, so pretty surprising that now finally someone have issues even with them. Are you still trading with them?
  • #35
  • Feb 25, 2017 6:24am Feb 25, 2017 6:24am
Quoting Fedricks
{quote} Not just you, but there are many traders who first recommend them, so pretty surprising that now finally someone have issues even with them. Are you still trading with them?
Every broker will have clients who are not satisfied, most likely because they cant trade or are stupid enough to leave trades open during news events and get caught by the spread.

I am not trading with Pepperstone anymore, but if i would need a new broker for a small retail account <50K they would be on my shortlist.
  • #36
  • Feb 25, 2017 7:52am Feb 25, 2017 7:52am
Quoting COGSx86
{quote} Im curious, how long have you been trading for, it says you have been registered since 2008,
Yes, I have been trading live since I registered. Iam a core scalper and interday trader. I have limited screen time and i developed a very good system that is very profitable in the long .I dont trade news but this one caught me unawares and I left it open because taught I could manage it. I have never been caught in spead hike like this before that's why I felt I was cheated.. I believe you thought that I ought to know before now ,though I raised the alarm,but am ready to know why I get certain results from other fellows. I don't know everything about how market works in some days like this.
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #37
  • Feb 25, 2017 8:09am Feb 25, 2017 8:09am
Quoting adeforex
{quote} Yes, I have been trading live since I registered. Iam a core scalper and interday trader. I have limited screen time and i developed a very good system that is very profitable in the long .I dont trade news but this one caught me unawares and I left it open because taught I could manage it. I have never been caught in spead hike like this before that's why I felt I was cheated.. I believe you thought that I ought to know before now ,though I raised the alarm,but am ready to know why I get certain results from other fellows. I don't know...
I am bit lazy to really check, so i will ask you whether they have fixed spread or not? If so why not try that? And even with other brokers too why don't you try other companies with fixed spread since you like scalping or even for day trading.
  • #38
  • Feb 25, 2017 11:18am Feb 25, 2017 11:18am
Quoting adeforex
{quote} Yes, I have been trading live since I registered. Iam a core scalper and interday trader. I have limited screen time and i developed a very good system that is very profitable in the long .I dont trade news but this one caught me unawares and I left it open because taught I could manage it. I have never been caught in spead hike like this before that's why I felt I was cheated.. I believe you thought that I ought to know before now ,though I raised the alarm,but am ready to know why I get certain results from other fellows. I don't know...

Fair enough, ya it's pretty amazing how as traders we are always learning new things!
Personally I'm also a intraday kinda guy but last week for example I longed the UsD on Friday because I knew price was gonna come down! I don't ever hold over the weekends but last week I did! I removed my SL for exactly this reason!

Spread jump to something like 300 ticks! And I suppose with News the same concept could be used.
Brokers definitely protect themselves, especially with the level of sophistication that the market has developed to counter broker tools! I'm sure we will see more of this activity from brokers as traders figure out ways to outsmart brokers at their own game!
Learn, a forex trader must, unlearn and relearn he will.
  • #39
  • Feb 26, 2017 4:14am Feb 26, 2017 4:14am
Quoting Fedricks
{quote} I am bit lazy to really check, so i will ask you whether they have fixed spread or not? If so why not try that? And even with other brokers too why don't you try other companies with fixed spread since you like scalping or even for day trading.
I trade on ecn accounts because of their low commission and spread on some cross pairs and majors. It gives me opportunity to be in early profits and exits according to my trading strategy. I have other accounts, though some are inactive, but i have used some fixed spread in the pasts. They are not good for my liking in relation to my strategy. If i am a swing trader, i would not mind using fixed spread with good roll over price, since am not, i cant help.
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #40
  • Feb 26, 2017 5:29am Feb 26, 2017 5:29am
Quoting adeforex
{quote} Thanks for your time. It is making sense now though Iknow most of those things. I think I need to be careful more next time on this. I believe if I trade on some other brokers too, I might have similar experiences.

I'm glad that I could help
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