Shed Some Light Please!

After Reading Many Blogs Regarding How Different Demo Trading Is As Opposed To Live Trading (exactly What Has Happened To Me), And Also Reading “forex Bastards” And Some Of The Games Market Makers & Brokers Play, Is It Truly Possible For A Small Change, Not Asking For 50 Pips On Every Trade, Komakaze, Wanna Be Trader To Be In The Green Or Pips, Whatever The Case May Be ? Man! Now I Am Really Paranoid !

Please Talk Me Down !!

Calm down and think over what happened. You might have to rethink this tomorrow and through the weekend. You sound quite panicked.
My opinion would be not to open a new trade especially since tomorrow(01/06) will be a loaded with high volatility ruled by fundametals from the States.

talk you down? i don’t think so. you should be paranoid. this industry is fraught w/ scams unfortunately. what did you expect? it is unregulated and FX is decentralized which means that any market maker (MM) can quote any price they want to their clients (w/i a common-sensical deviation from the current avg market price range of course, but far enough for the MM to be able to stop you out and take over your trade at a discounted price, mean while you paid the commission and lost the pips as well–that’s when they run the stops on you).

check this out: you are not gonna like it but that’s what the CFTC says: CFTC/NASAA Investor Alert: Foreign Exchange Currency Fraud

as a matter of fact, look what i just found at the CFTC when doing a search on FXCM: CFTC Press Release, June 27, 2006

FXCM paid $800K in commissions to an introducing agent named Gibraltar to put their customer’s $ w/ FXCM. it all ended up in court as said customers lost everything.

and on this blog Forex Blog | Forex Beginner | Forex Trader - The Forex Project if you scroll down or search for “Forex.com Fined For Cheating, Defrauding” you’ll find a post that explains why GAIN Capital/Forex.com was fined for defrauding customers.

actually here is the direct link: Forex Blog | Forex Beginner | Forex Trader - Forex.com Fined For Cheating, Defrauding

food for thought.

THE WEB SIGHTS YOU PRESENTED REALLY DID “SHED SOME MORE LIGHT”.
JUST MORE OF THE LEARNING PROCESS!
THANK YOU !

NOT REALLY PANICKED, JUST HYPER BY NATURE! TRADING IS REFINING THAT THOUGH!
THANK YOU FOR YOUR ADVICE & HEED IT I WILL !

I must say that here in Australia where i am the situation is a little different.

The forex brokers are very stiffly regulated and your money must be, by law, in a trust account under control of one of our large and safe banks. The broker cannot play with your money.

Nevertheless, I have found that the statement that forex trading is extremely risky is very true. It is for this reason that i have returned to the relative safety of the Australian sharemarket for the time being.

Kind regards, Tymen Wortel, Perth, Western Australia.:slight_smile: