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

  • #41
  • Feb 26, 2017 5:33am Feb 26, 2017 5:33am
Quoting barloc
{quote} 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.

I'm sure that you also heard million times "don't cross the street on red light especially during rush hour", but it's really make sense if don't want to be killed. It's the same as not trading during important news if you are short time trader.
  • #42
  • Feb 26, 2017 7:29am Feb 26, 2017 7:29am
The thing with retail brokers is they will always increase spread during new time and blame it on the news.

It's their way of clearing out the stops of traders who place it too close to the market.

Most of the time its newbies who trade with stops so close to the market during news time. Add to the fact that they are also using high leverage. It's too good a situation to pass on for the brokers.

This is common across most brokers. I have faced this problem across several brokers.

What we can do is recognize this and make a plan to fight this.

This happens when the market is close to major S/R level that time the spread increases slightly by 2-3 pips but during news time retail brokers make a killing.

What you can do is have more breathing room just before the news release. Keep in mind the spread can be as high as 100 pips. But the trick is it only lasts for around 4-10 second maximum after that things get back to normal.

Either wait for a minute before triggering trade or do the risky thing of not having a stop before news release or have it at least 60-70 pips away. So you need to adjust your position size accordingly.

Any ways all is fair in war so know your enemy and adjust your trading plan so you can win the WAR!!!
  • #43
  • Feb 26, 2017 3:31pm Feb 26, 2017 3:31pm
Quoting fxcobra
The thing with retail brokers is they will always increase spread during new time and blame it on the news. It's their way of clearing out the stops of traders who place it too close to the market. Most of the time its newbies who trade with stops so close to the market during news time. Add to the fact that they are also using high leverage. It's too good a situation to pass on for the brokers. This is common across most brokers. I have faced this problem across several brokers. What we can do is recognize this and make a plan to fight this. This...
I think the best thing to do is stay away totally during AA news. opportunity will always come again with less stress.
100pips can be taken and cut off just like what happened to me as my sl is wide enough but I was cut off.
We Win Some, We Loose Some, But Let your Win Rates be More to be Successful
  • #44
  • Feb 26, 2017 9:43pm Feb 26, 2017 9:43pm
Quoting insomniawawa
{quote} I'm sure that you also heard million times "don't cross the street on red light especially during rush hour", but it's really make sense if don't want to be killed. It's the same as not trading during important news if you are short time trader.
Its a general rule but there's more than one way to skin a cat.
https://www.forexfactory.com/showthr...43#post9601243
Dragon Rider
  • #45
  • Feb 27, 2017 12:58am Feb 27, 2017 12:58am
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...
I am afraid. Because i am also trading in 2 brokers. 1) Mtrading 2) Pepperstone and daily i am gaining average 1% profit.......... so, really will they close my account? Although there is no scalping trade like 1 or 2 pips. All trades profit is above 10 pips.
  • #46
  • Feb 27, 2017 2:13am Feb 27, 2017 2:13am
Well, I think you got good advice as to what to do with news, be it pepperstone or others.

Just a sidenote that may help you or not: there are some brokers that allow you to put your stop, not on ask price ( case of long ) but based on the bid price ( and vice versa ).

Maybe that will help
  • #47
  • Feb 28, 2017 3:17pm Feb 28, 2017 3:17pm
Quoting juisen25
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
Usually before I comment on such matters, I ask if the person has taken time to speak with the broker and the reply they got. So has he done that and what was the reply, because there must be an explanation to this whole thing. Just saying!
  • #48
  • Mar 3, 2017 11:01pm Mar 3, 2017 11:01pm
how is withdrawels at pepperstone?are they reliable? I didn't receive amount since 3 weeks after withdrawing.They are claiming that already they have send but I haven't received.
  • #49
  • Mar 4, 2017 10:01am Mar 4, 2017 10:01am
Quoting simhaforex
how is withdrawels at pepperstone?are they reliable? I didn't receive amount since 3 weeks after withdrawing.They are claiming that already they have send but I haven't received.
Never had any problems, did you use wire transfer?
  • #50
  • Mar 4, 2017 12:32pm Mar 4, 2017 12:32pm
Dkam i used Debit card and how many days it will take?
  • #51
  • Mar 7, 2017 8:34pm Mar 7, 2017 8:34pm
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?...
Don't lose interest in trading, there are still good brokers out there Regarding Pepperstone, recently I read more and more negative posts by traders. Never used their services myself, so I can't give an opinion anyway, but it's kinda weird
  • #52
  • Mar 10, 2017 8:11am Mar 10, 2017 8:11am
adeforex says - 'just like what happened to me as my sl is wide enough but I was cut off'

no, in fact your stop loss was not wide enough. you would have needed at least twice that to avoid the spike
  • #53
  • Mar 10, 2017 12:47pm Mar 10, 2017 12:47pm
Quoting FX-trade
{quote} I am afraid. Because i am also trading in 2 brokers. 1) Mtrading 2) Pepperstone and daily i am gaining average 1% profit.......... so, really will they close my account? Although there is no scalping trade like 1 or 2 pips. All trades profit is above 10 pips.
It's too easy to have targets, but achieving them is another thing. The biggest problem is that targets are often set but hardly they are sticking to that way. Once we start making profits suddenly that over-confidence creeps in which causes all the trouble for everyone. So extreme level of discipline required not to waste out months and months of effort with couple of bad trades.
  • #54
  • Mar 12, 2017 11:32am Mar 12, 2017 11:32am
It’s so hard to make out whether this is exactly cheating or what. I think it would have been so good if there was some guy from this company to explain about this. But i think this company is good so maybe it could be some issue that might have occurred. But really don’t know.
  • #55
  • Last Post: Mar 12, 2017 3:35pm Mar 12, 2017 3:35pm
Quoting VirginaFaict
Its so hard to make out whether this is exactly cheating or what. I think it would have been so good if there was some guy from this company to explain about this. But i think this company is good so maybe it could be some issue that might have occurred. But really dont know.
No cheating, no issue. News spreads ...
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