beware newbie..Forex is crazy | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Newbie Experiences in Forex 21 replies

Complete Newbie to Forex 90 replies

Newbie asking a newbie interest rate question: 1 reply

Hi from a forex newbie 3 replies

Newbie question about Forex trading risk... 2 replies

beware newbie..Forex is crazy

  • #1
  • First Post: Sep 14, 2006 8:30am Sep 14, 2006 8:30am
started making profits for several monthsbut once the liquidity provider / interbank players fround out i was profitable. My stops became clear targets.

rather go gambling at casino where i can get a free drinks
  • #2
  • Sep 14, 2006 8:36am Sep 14, 2006 8:36am
Sorry to hear about your misfortune.

How big was your account and can you show us any charts to prove that your stops was hunted.
  • #3
  • Sep 14, 2006 8:38am Sep 14, 2006 8:38am
we have another market mover ladies and gentlemen
Relax and be happy.
  • #4
  • Sep 14, 2006 8:43am Sep 14, 2006 8:43am
<TABLE class=tborder cellSpacing=1 cellPadding=6 width="100%" align=center border=0><TBODY><TR title="Post 99638" vAlign=top><TD class=alt1 align=middle width=125>merlin</TD><TD class=alt2>we have another market mover ladies and gentlemen</TD></TR></TBODY></TABLE>



Well said man of magic.lol

I feel like I have read this thread somewhere before.Strange

Cheers
  • #5
  • Sep 14, 2006 9:15am Sep 14, 2006 9:15am
I know you're not gonna believe me but the same thing used to happen to me. I ended up just buying the Interbank and everything is great now.
  • #6
  • Sep 14, 2006 9:18am Sep 14, 2006 9:18am
Nah, stick with FOREX, the casinos always water down the drinks anyway...
  • #7
  • Sep 14, 2006 9:22am Sep 14, 2006 9:22am
Quoting smjones
Nah, stick with FOREX, the casinos always water down the drinks anyway...
HAaaaH, you worked in a casino didnt you
Trading is a long and a short story.
  • #8
  • Sep 14, 2006 10:07am Sep 14, 2006 10:07am
Quoting merlin
we have another market mover ladies and gentlemen
I thought I was the only market mover on the forum.
  • #9
  • Sep 14, 2006 10:37am Sep 14, 2006 10:37am
Quoting bluemonkey
I thought I was the only market mover on the forum.
No, no, no. That's me. Quick! Everyone buy EURUSD!! He he he.
  • #10
  • Sep 14, 2006 10:50am Sep 14, 2006 10:50am
Quoting stockwet
No, no, no. That's me. Quick! Everyone buy EURUSD!! He he he.
You'll be sorry stockwet I'm going to move the Euro down.
  • #11
  • Sep 14, 2006 11:30am Sep 14, 2006 11:30am
does that happen much ?? ie getting screwed by the Broker ??
  • #12
  • Sep 14, 2006 11:43am Sep 14, 2006 11:43am
I don't buy it, sorry. It takes billions of dollars to move a pair in your favor....maybe Trump could do it every now and then, but he's not that stupid.

The reality is that Forex is risky not because of the conspiracy theory you are suggesting, but because your six months of success can very easily turn into a loss as a result of Forex being a crazy beast.

Ever heard of methods that work great for 1 year and then all of a sudden only give you losses ? That's part of the game. If the market is erratic and stops trending for whathever reason, any method will suck bananas.

The great trader is the one who can understand before loosing too much when to trade and when NOT to trade.

Most people are convinced that, no matter what, they gotta trade. They believe that they should place a trade every single day.

That's a recipe for disaster. You trade ONLY when the market tells you to trade according to any method you are using.

Most good traders take long breaks from trading when they know the time is not good enough and the risk is too high. Then they get back to it and make money when the right time comes back.

Patience is a virtue.

That's my two cents.....

Future
"Lunch ? Lunch Is For Wimps !"
  • #13
  • Sep 14, 2006 12:13pm Sep 14, 2006 12:13pm
As far as I know, this is the most documented example of actual stop hunting.

http://www.forexfactory.com/forexfor...ead.php?t=5289

There have been a lot of accusations, but, I went through great pains to fully document the situation. So, we know this happens. I don't think it's a situation of a broker moving the market. It's a situation of the broker fiddling with the prices showed to traders and them taking advantage of where the market is versus where the trader thinks the market is based on the false data.

stockwet
  • #14
  • Sep 14, 2006 1:00pm Sep 14, 2006 1:00pm
Stockwet, have there been any new developments in that case that I may have missed? Did any legal action arise?
  • #15
  • Sep 14, 2006 2:45pm Sep 14, 2006 2:45pm
Quoting twinchell
Stockwet, have there been any new developments in that case that I may have missed? Did any legal action arise?
No. We wrote up a complaint for NFA, but, as we navigated NFA's process and after talking to some folks in the industry, we decided that the NFA is not interested in looking at these issues on a case by case bases. I'm still working with the trader to look at any other options. We thought that the State's AG office might be the best route. They might perceive it as one of those interesting "sexy" cases. The broker in question is also in our same state, so, we thought that would be a plus.

I welcome any recommendations from you attorney types out there.
  • #16
  • Sep 14, 2006 3:35pm Sep 14, 2006 3:35pm
Quoting MrFuture
I don't buy it, sorry. It takes billions of dollars to move a pair in your favor....maybe Trump could do it every now and then, but he's not that stupid.

The reality is that Forex is risky not because of the conspiracy theory you are suggesting, but because your six months of success can very easily turn into a loss as a result of Forex being a crazy beast.

Ever heard of methods that work great for 1 year and then all of a sudden only give you losses ? That's part of the game. If the market is erratic and stops trending for whathever reason, any method will suck bananas.

The great trader is the one who can understand before loosing too much when to trade and when NOT to trade.

Most people are convinced that, no matter what, they gotta trade. They believe that they should place a trade every single day.

That's a recipe for disaster. You trade ONLY when the market tells you to trade according to any method you are using.

Most good traders take long breaks from trading when they know the time is not good enough and the risk is too high. Then they get back to it and make money when the right time comes back.

Patience is a virtue.

That's my two cents.....

Future
Thanks for the timely words of advice. I have been going crazy over the lack of decent opportunities lately and was contemplating throwing something on. It's hard as all hell to watch the market every day and make no trades, but your absolutly right. Better to not trade then do so and lose money.
  • #17
  • Last Post: Sep 14, 2006 3:47pm Sep 14, 2006 3:47pm
Quoting Darkstar
Thanks for the timely words of advice. I have been going crazy over the lack of decent opportunities lately and was contemplating throwing something on. It's hard as all hell to watch the market every day and make no trades, but your absolutly right. Better to not trade then do so and lose money.
I am glad that was helpful

It's boring I know... I am in the same boat, especially when trading Vegas' 1hr Tunnel.....you have to be patient and wait for the opportunity to come, otherwise you'll pick a wrong trade.

Many times I wasn't patient enough and when the tunnel was getting close, yet no crosses, I would trade. Just to find out that right before crossing it, it went the opposite direction. Ouch.....

I honestly think that there are a bunch of good methods out there, yet people tend to change the rules and end up destroying the original idea. This is all because of greed IMO....people have a working system, yet all they see now is how to change it to make even MORE, and they completely forget how the system was profitable in the first place.....

This is all about psychology...big time

Future
"Lunch ? Lunch Is For Wimps !"
0 traders viewing now