news trading broker warning | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Received warning email from broker - Greek/EU 11 replies

Warning broker cheats and plays games during big news! 19 replies

Warning Big Time Broker Cheats!!!! 3 replies

What are the Broker Warning Signs? 3 replies

Attachments: news trading broker warning
Exit Attachments

news trading broker warning

  • #21
  • Sep 8, 2006 9:18am Sep 8, 2006 9:18am
Quoting BurgerKing

"YA BOSS! 1.1140 was the price to give them so they dont make money"

.
LOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOL

GFT GANG !
Charting Markets into the Future...MǎҖ€¥.
  • #22
  • Sep 8, 2006 9:37am Sep 8, 2006 9:37am
Quoting trucco
Merlin, Saxo did today on demo, and probably also in real, because I did it on demo today as in last period I dont trust them anymore.

Happened in Real other times in last period...

So, is a case there is no liquid market anymore, or something else is behind this ?


No conspiracy theory Merlin , just reality.....
trucco, do you think saxo is trying to rip you off on a demo account? LOL

you are just not understanding how the market works. you get filled at the next best price on market orders, period.

when you make statements like this you are telling everyone "hey, im a newbie!". youll never hear advanced traders complaining about such issues, broker complaints come from inexperienced traders because they lack the market understanding. did you read the thread i suggested?
Relax and be happy.
  • #23
  • Sep 8, 2006 9:40am Sep 8, 2006 9:40am
What is this I hear? Brokers adjusting to software exploitations? I find it hard to believe they don't want traders to make money from them, when they cannot find someone else to take your trade set as a limit order 10 seconds before a news release with a straddle. Some brokers won't even let you place straddle or breakout type limit orders, limit orders are sometimes required to be at a price cheaper for the trader than the current price.

I overslept the USDCAD release. The broker did not call me and wake me up. I am really pissed.

Not meaning to flame on anyone too hard..... but if you think slippage sucks (which it is frustrating) .... wait until you get whipsawed for a double loser. It's a game, the players have to adjust or get left behind. (I never caught up in the 1st place, but that's a different story.)
I hypothesize that for one to be a consistent, profitable long-term trader, one has to learn basic market information so that they can use their knowledge as their edge. Sure you need a fair broker or way to enter the market. But, you get with a broker that is stupid and loses to it's customers by allowing multiple orders where they not only lose their spread money, but have to pay the trader out of their pocket...... well, good luck getting any money out of them when you have built up your million dollar account.
  • #24
  • Sep 8, 2006 9:43am Sep 8, 2006 9:43am
btw, try placing a market order after a company releases earnings (stock market) or when the oil inventory comes out (commodities). THEN you will see some real slippage.

if you use market orders, IN ANY MARKET, not just forex, you will get slippage. market order means you get the next best price.

is the NYSE trying to scam you when you get slippage on a earnings release? do they not want you to make money? that would be pretty silly.
Relax and be happy.
  • #25
  • Sep 8, 2006 9:46am Sep 8, 2006 9:46am
My frustration is not SLIPPAGE but the way they waited 2 full miutes to enter my trade when they have full grasp that price wont go up any further.

How I know it was 2 full minutes passed? I have a straddle set with NorthFinance. I closed it 7:02 after for 8 pips profit. And my GFT order is still not filled.

I will not complain this much if they slipped me, filled me up and showed me the position immediately so I can make better judgement on what to do. Thier delaying the execution so they know that 1.1140 was the worst price for us traders is exactly what I am fuzzing at. NOT the slippage but the combination of the two which makes it very very deadly against traders.

Twice in a row simply puts GFT is far worst that I have experienced with FXCM. Heck, FXCM looks like a saint now compared to GFT.
  • #26
  • Sep 8, 2006 9:47am Sep 8, 2006 9:47am
PS- i really am kind of unhappy i overslept the USDCAD labor report this morning. it really was lucrative. my wife hit the snooze and i missed it.

in the words of Jimmy Buffet "some people say there's a woman (or a broker) to blame..... but, hell, it's my own damn fault."

(A successful trader would have had 2 alarm clocks and not overslept)
  • #27
  • Sep 8, 2006 10:12am Sep 8, 2006 10:12am
Quoting BurgerKing
My frustration is not SLIPPAGE but the way they waited 2 full miutes to enter my trade when they have full grasp that price wont go up any further.
yeah my comments werent aimed at you burger, held orders is another issue altogether. GFT is not the best news broker, i would agree. but they are a very good broker overall, and very honest people in my experience.
Relax and be happy.
  • #28
  • Sep 8, 2006 10:15am Sep 8, 2006 10:15am
HOW DO YOU INPUT THESE SETTINGS I HAVE IB DEMO
Quoting summitfx
Yes IBFX--I have no problems- Use the Straddle EA

I got filled using these settings with no problem and manually closed my order
MIR
  • #29
  • Sep 8, 2006 10:30am Sep 8, 2006 10:30am
It never ceases to amaze me how surprised everyone gets around news releases. Slippage, sellers not being available, conspiracies...no matter how often people try to explain it, a raw deal always brings out these types of posts...

BK...so, you got broiled on a news trade. 2 minutes of not being filled...how many times has this happened to you? 1 time? More than once would be cause for alarm, but just perhaps your order WAS slowly being slipped by the actual market...perhaps it was just an odd set of circumstances. Look, if you feel like leaving your broker, that's fine...but guess what...someone suggested InterbankFX...do a friggin search, dude...you think YOU'VE got complaints now? The point is, all brokers have strengths and weaknesses...perhaps you should focus more on fixing issues with your trading system than trying to find a broker that will match it...the hard and difficult truth of the matter here is that no matter what broker you go to, your system will have its flaws exposed...IBFX could very well be a decent broker, but honestly, do you think they're going to be any better than GFT or FXCM or any one of the other retail brokers out there? Sure there will be nice things with one that you can't do on another, but you'll spend more time and money moving your cash from broker to broker instead of focusing on a much more "controllable" aspect of your trading...namely you and your system.

So you trade the news, bit whoop...lots of people do...maybe you were good at it for a while (or lucky), *shrugs* money from news comes in droves for a lot of people....but check this out...what if your strategy doesn't really work? or doesn't work over time? are you going to keep putting your trust in that system? No no...in order to win at this game, you have to stay a step ahead of your own system. You should be constantly wondering why it doesn't work in all situations (namely when you get 20 pips of slippage...which honestly...isn't a big deal...)

Of course, this is just my suggestion...take it with a grain of salt...I definitely understand that if you're not comfortable with you broker, then please leave...but here's the biggest problem that I have...some people like GFT and some people don't...that's all good...but these "mixed" reviews make me believe that everyone has to form their own opinion of the platform. Letting people know about your bad experience is one thing, but flaming a broker makes you seem just outright angry and biased. Of course, your angry and biased, but your comments could be construed as more divisive than a thoughtful critique. In that particular case, people who will naturally WANT to believe you will have already be predisposed to listening to you and those who DON'T WANT to believe you will go on their merry way.

I think if you had presented your case in a more "calm" demeanor rather than the "IF YOU HAVE AN ACCOUNT, TAKE ALL YOUR MONEY OUT NOW!!!" approach, it would have been more respectable AND it might have actually caught the attention of more readers in the way you wanted...for example:

"I know I probably shouldn't have done a news trade on the USD/CAD today, but I thought it was a safe pick because of (list reasons here). I know this system works because (aren't you reading my journal here at the factory?). Well, my broker didn't exactly cooperate with me today, and it took almost 2 minutes to fill my (list the type of order, market, limit, etc). I ended up 20 pips in the black because of this. If I could take back the trade I would, but I ended up a loser here primarily because of the slippage and not being able to get out quickly enough. Has anyone had this experience with? Please confirm that it's either my system or this broker has a history...does anyone else have a suggestion?"

At that point, readers will be more inclined to listen to you and even help you. Perhaps calm you in the process...perhaps it was a poor decision on the trade. I don't know...

Like I said, I tend to read threads like these and roll my eyes. I think there is a much more constructive way to critique and suggest brokers...but for some reason in the forums, there is a tendency to just bash without any respect. The brokers on this forum will just dismiss posts like these...but helpful critiques might actually solicit more action from a broker who respects the poster for the helpful critique...

Anyone agree?
  • #30
  • Sep 8, 2006 10:49am Sep 8, 2006 10:49am
The USDCAD moved ..... hell , it skyrocketed for a Long time after that news release. What was the full move? i think it was near 100 pips. with a blowout report like that, i was expecting a bunch of posts bragging about their massive "pippage gain" and the like. The conspiracy, complaining posts actually surprised me.

There is always tomorrow and I still like Oanda. They fill my orders and if I withdraw money, it actually gets wired to me. I don't know what people expect really.
  • #31
  • Sep 8, 2006 10:53am Sep 8, 2006 10:53am
mson
Quoting merlin
trucco, do you think saxo is trying to rip you off on a demo account? LOL

you are just not understanding how the market works. you get filled at the next best price on market orders, period.

when you make statements like this you are telling everyone "hey, im a newbie!". youll never hear advanced traders complaining about such issues, broker complaints come from inexperienced traders because they lack the market understanding. did you read the thread i suggested?
Merlin,
im a newbie. Is something wrong in this ?

I think I didnt explain well. The problem I got today in demo, happended to me, with the same bank, in real other times...

Now, Im not coming here to complain or say anything wrong about anybody...I wouldnt tell and wonder why I didnt get filled in if this was the first time that happens, but, i repeat, its not the first time...
Probably today there was a real reason for brokers to make slippage, but not everytime there is a real reason...lets be realistic.
brokers will always explain it as a logical reason, not depending on them..

Then, maybe for them is the best price...but for me, the price that comes at the end of the spike, just before retracement , is for sure not the best, but the worst price...

Why should I be forced to buy something at a price I didnt ask for ?

And last, but not least, I dont believe that you have to need first to understand the market, to know that a broker, good one or bad one, would prefer you to loose money, instead of hoping that everybody makes money.

This is just being objectives, not newbies



Cheers
  • #32
  • Edited 11:18am Sep 8, 2006 10:59am | Edited 11:18am
Quoting BurgerKing
My frustration is not SLIPPAGE but the way they waited 2 full miutes to enter my trade when they have full grasp that price wont go up any further.
Exactly! Like I mentioned earlier same thing happened to me at FXCM. Only difference is that it took them about 3 minutes. They leave you little choice as to how to react in those cases. If I get to see the order immediately as it is filled I wouldn't be "whining". It's all about being consistent and fair.

I complained to them about it and I got a call from someone from the audit committee. They tried to blame the market conditions, but in the end they admitted that because I'm on manual execution someone approves my trades and that the delay and requote may be caused because of this. Afterwards they offered me a refund. Was I happy? No not really because I knew they wouldn't just give me money if I were at fault. They did something which I was not supposed to know. I know we are both in this for the money, but at least keep it fair!

And guess what happenens afterwards. Currently my entry orders get filled within 10 seconds as by magic. Why the sudden change? Right, because I let them know I am no fool. Currently they are e-mailing and calling me every week to consider a switch to Propfx which should be more suited to my trading style...

I know that this sounds crazy... Why would they prey on little guys like me? All I ask is transparency and a fair execution of my orders no more and no less. I, and anyone else for that matter, do not deserve the treament described above. There is no reason for them to make me wait 3 minutes for an order to get filled. It's suspicious even if the market conditions are exceptional and all they did was by the book.

I may be inexperienced (only a few month in this business so yes I am inexperienced), but I'm no fool.

EDIT:

Nice post mrmikal! Yes, he should have chosen a better way to release his frustrations. But let's be honest here. It's just a human reaction. He just thought and I also still think we deserve a better treatment. The way some brokers act is just too suspicious. They think they can get away with almost anything. It happened to him twice in short succesion. Maybe he should have asked them about it the first time and think it over. All I know is that this isn't just limited to GFT.

Anyway good luck trading everyone and enjoy your well deserved weekend!
  • #33
  • Sep 8, 2006 11:05am Sep 8, 2006 11:05am
Quoting ZedHashPip
Exactly! Like I mentioned earlier same thing happened to me at FXCM. Only difference is that it took them about 3 minutes. They leave you little choice as to how to react in those cases. If I get to see the order immediately as it is filled I wouldn't be "whining". It's all about being consistent and fair.

I complained to them about it and I got a call from someone from the audit committee. They tried to blame the market conditions, but in the end they admitted that because I'm on manual execution someone approves my trades and that the delay and requote may be caused because of this. Afterwards they offered me a refund. Was I happy? No not really because I knew they wouldn't just give me money if I were at fault. They did something which I was not supposed to know. I know we are both in this for the money, but at least keep it fair!

And guess what happenens afterwards. Currently my entry orders get filled within 10 seconds as by magic. Why the sudden change? Right, because I let them know I am no fool. Currently they are e-mailing and calling me every week to consider a switch to Propfx which should be more suited to my trading style...

I know that this sounds crazy... Why would they prey on little guys like me? All I ask is transparency and a fair execution of my orders no more and no less. I, and anyone else for that matter, do not deserve the treament described above. There is no reason for them to make me wait 3 minutes for an order to get filled. It's suspicious even if the market conditions are exceptional and all they did was by the book.

I may be inexperienced (only a few month in this business so yes I am inexperienced), but I'm no fool.
Agree with you.
  • #34
  • Edited 11:39am Sep 8, 2006 11:11am | Edited 11:39am
They filled me up 2 minutes after when they fully know that the worst price to give me is 1.1140. I can live with Slippage, but the combo of Slippage + Delayed execution = total loose for the trader. Not even any seasoned/veteran trader can win there!

This happend TWICE. Same way, same tactic. First time I take it as a glitch and calmly said to myself my bad luck it happend. Second tme its totally "Dealing Desk trading against the traders". I am not sticking around to experience 3rd, 4th, 5th time to make a conclusion. "Fooled me once shame on you. Fooled me twice shame on me." They fooled me twice already. Thats enough to move on.

Im not going to be sarcastic but I do take the 2 trades losses as is and move on. Hell ya, other brokers may do this as well. But honestly, thats part of traders' search for the better broker. What I post here is my bad expeirnce with GFT and hope you can avoid it OR try it for yourself.

Surely I am not being one of those "IF YOU HAVE AN ACCOUNT, TAKE ALL YOUR MONEY OUT NOW!!" without explaining my situation. I have fully detailed my situation for all eyes to see clearly. Surely I am whining being a NOOB like that - its totally normal for everyone to CRY OUT LOUD and BEING A CRY BABY. Its totally "human".

I have talked to the broker and they dont give hoot nor make any "neutral" answer. "Price jumped passed my price" explanation was easily debunked by their own official TICK Chart. And they gave an all encompasing silver bullet answer "No market to fill". When broker starts answering with that - it simply means they dont have enough bank (aka liguidity) partners making it totally dangerous to trade with.

I know many veteran traders dont tell out what broker they use. I already know that as I have posted weeks ago. Its part of their trade secrets. And I am not a veteran trader so I'd go try out on my own... pitty me the guiniue pig! And lucky you all that I am honestly unselfishly sharing my unbiased experience!
  • #35
  • Sep 8, 2006 11:15am Sep 8, 2006 11:15am
"They tried to blame the market conditions, but in the end they admitted that because I'm on manual execution someone approves my trades and that the delay and requote may be caused because of this. Afterwards they offered me a refund. "

You're on manual execution and you are trying to scalp news with this broker and you're surprised you did not make money? I am shocked they offered you a refund though, will they really pay it. Who is this broker.?... I want to give them a serious look as a backup broker.

Being with a broker who has you on manual execution is similar to dating a girl who "just wants to be friends"............... you are never gonna "get any" (in your case, money)...... I recommend you get a new girlfriend, i mean, broker. If you scalp at warp speeds you will need a very special girlfriend, er broker, to maintain a relationship that lasts any significant length of time.
happy trading.
  • #36
  • Edited 11:33am Sep 8, 2006 11:22am | Edited 11:33am
Quoting ZedHashPip
Afterwards they offered me a refund.
WOW! FXCM even offered a refund. I asked GFT to negate the trade and they said "NO WAY!" literrally!

To be fair, here is the complete text:
No way! Do you think the banks will reverse the trade?
Now they are passing the buck to the banks. And in all honesty, yes I agree my GFT account was perhaps placed into Manual Execution so they can SCREW ME! What do you think is the logical explanation that my GFT orders were not filled for 2 minutes?

Lucky you are now placed back on automated trade.

FXCM: 2 Stars
GFT: 2 Farts
  • #37
  • Sep 8, 2006 11:32am Sep 8, 2006 11:32am
Quoting squat1962
You're on manual execution and you are trying to scalp news with this broker and you're surprised you did not make money? I am shocked they offered you a refund though, will they really pay it. Who is this broker.?... I want to give them a serious look as a backup broker.

Being with a broker who has you on manual execution is similar to dating a girl who "just wants to be friends"............... you are never gonna "get any" (in your case, money)...... I recommend you get a new girlfriend, i mean, broker. If you scalp at warp speeds you will need a very special girlfriend, er broker, to maintain a relationship that lasts any significant length of time.
happy trading.
Like I already mentioned numerous times I'm with FXCM and yes they did refund me €750 and called it a good faith adjustment. They didn't just give it to me on a silver plate though. I had to fight for it. It took me 15 minutes on the phone and several live chat sessions. And who says I'm not succesful. I'm with them for 4 months now and I'm very profitable. If you're interested in numbers I'll consider giving them.

EDIT:

Quoting BurgerKing
WOW! FXCM even offered a refund. I asked GFT to negate the trade and they said "NO WAY!" literrally!

Lucky you are now placed back on automated trade.

FXCM: 2 Stars
GFT: 2 Farts
No, I'm still on manual execution! It just happens that my entry orders get filled much faster. I remember having to wait at least one minute for entry orders to get filled and appear on screen. Just like your experiences with FXCM, but not anymore. I guess a little complaining can help sometimes.
  • #38
  • Sep 8, 2006 11:35am Sep 8, 2006 11:35am
Quoting ZedHashPip
Like I already mentioned numerous times I'm with FXCM and yes they did refund me €750 and called it a good faith adjustment. They didn't just give it to me on a silver plate though. I had to fight for it. It took me 15 minutes on the phone and several live chat sessions. And who says I'm not succesful. I'm with them for 4 months now and I'm very profitable. If you're interested in numbers I'll consider giving them.
hey ZED!

If you so managed to get the refund, and got back to automated trade, you no longer need to find other brokers! FXCM is now playing their cards fairly with you now!
  • #39
  • Sep 8, 2006 11:43am Sep 8, 2006 11:43am
Quoting BurgerKing
hey ZED!

If you so managed to get the refund, and got back to automated trade, you no longer need to find other brokers! FXCM is now playing their cards fairly with you now!
As mentioned in my previous post I'm still on manual execution. I can not open trades without them being approved first. The only thing that changed is the speed at which entry orders get filled. Instead of waiting at least a minute my orders get filled almost instantly at the moment.

So I'm still looking for a new broker just like you. I want to have different brokers to spread my risks.
  • #40
  • Sep 8, 2006 11:58am Sep 8, 2006 11:58am
I know this is a stupid question... but I have to ask.

Do brokers usually allow you to cancel you order live? I mean in this 2 minutes held thing, can you click the cancel button? I assume the answer is no... but I would like to know for sure.

Also, if you can't cancel.. is that standard practice? or are there some brokers who let you cancel and some who don't?
0 traders viewing now