While trying to choose a broker, one would have to run into the excellent reviews at forexbastads.com, and in all honesty, they got me quite depressed. There every broker seems to be a scammer, they all widen their spreads to 50 pips for no reason, never execute your winning trades, take your money and run, and some just state that a certian broker is "A SCAMMER PLS DNT GET ANYWHRE NEAR THEY WILL TAKE YOUR MONIES" or a smiliar kind of rant
so what's the deal really, are those guys telling the truth or are they just bitter noobs that lost their money due to lack of trading skills and now they just wanna take it out on their brokers?
forex.com, fxcm, oanda, marketiva, and many well established brokers are certified as scammers for different reasons. even dbfx (which relates to deutsch bank) is called a scam because apparently they are related somehow to fxcm.
I'm quite confused here. Can someone enlighten me?
cant be 100% sure, but they dont rate my broker either, i trade with saxobank and have never had a problem with them... ever
If i had to guess i'd say a lot of them are news traders, thats the main reason the spread is increased, no broker increases it for no reason!
I think the style you choose has a direct connection to being screwed.
for example.. i have never heard of a long term trader whining about being screwed by their broker.
News trading and scalping are risky ways to trade, granted there are the small minority that can make money from it, perhaps a few % but i don't think theres many that will change that stat. I dont have sympathy for gamblers they choose to do what they do.
Everybody crys about their broker but let me tell you something about forexbastards it is not a great review site it is corrupt. If yous end a bad review for any company he advertises or any of his p[aid services he will never post it up. Try send a 'SCAM' review for his signal room service and it will never be posted.
The other thing is forexbastrds.com is founded as a economic release trading website. Most people there try stupidly to trade economic releases as soon as they see the number. When their broker does not let them in they complain and call it a scam. So as long as you are not news trading most of those ratings and reviews do not apply to you.
First of all, after reading the school at babypips.com and some other trading books, I will certainly *never* attempt to trade the news. they just don't subscribe to the technical analysis models we all are trying to build. I guess that makes me safe from spread manipulation.
Second, I've read that some brokers have not more than a couple of 100,000 dollars in capital and that they do not execute your trade right away, but instead, they take your orders and send them all later with another price. Basically then if you win, it's their money that you take and if you lose, they win. therefore they will do everything they can to go against you. That being true or not, one is a lot safer using someone that is known to be able to have a lot of liquidity. Which is the best example for that?
I dont think anybody was trying to say that fxbastards owner was silly.. he does seem to do rather well. But he has a piece of software called the secret news weapon that does the ordering for him seconds before the rest of the market get the info, and so he gets good fills.
It would be good if you could get him to post on here, or perhaps you could give the full low down on news trading.
From my point of view newstrading without some advantage is not a good idea, brokers dont like it, they freeze platforms and increase spreads etc, anything to try and stop you doing it. and no doubt they will eventually find a way of stopping you doing what your doing. (From what ive read on forex factory).
But i'm not here for an argument, I'm just here to help newbies get going in the business.