Interbank Fx rigged?

[martyn down]

Interbank Fx rigged?
Anyone else noticed how Interbank FX manages to pick up your stops, buy stops, or stop limits and then suddenly reverse. This never happened on the dummy account... I wonder why? I have been watching and suffering the consequences of this for 5 months now and I am very suspicious that there are two markets – one for major professional clients and the other for private individuals. The latter is manipulated to hunt and capture stops within a reasonable reach. After all no two brokers are quoting the same prices at the same time so who knows what the real pairs cost is. How convenient!
I have never had success with setting stops. I widened and widened stops and found I had to lose a minimum of 40-50 pips before I got any form of safety. Under that they miraculously got picked up and then turned to cost me. This happens so frequently that it is way beyond the 50/50 luck element. I was forced to do my stops mentally. Not an easy task given I live in an awkward time zone and most activity takes place when I should be sleeping.
Put simply I believe Interbank Fx is money making machine with a slick interface that gives you the illusion you are in totally in control. So if you use it beware with a capital BEWARE. Better still, close your account and do more homework to find a genuine broker. It will save you a heap of money.

[mytwopips]

Have you checked other brokers data for the same o,c,h,l 's. If they all match up, then it is you. Don't get discouraged. Just go back to the drawing board and figure out how you can fix what is not working.

Your first post and you have not even seen how much of this has been posted within the past few days? I am tired of trying to battle it.

Keep your head up. Learn where to point the finger. Most of all, keep trying.

Happy trading

[Yarcofin]

I've never heard of this before and I've been demoing with IBFX since February and not witnessed anything "mysterious" or "suspicious".

Maybe you are just getting into trades too soon or your indicators are going off early. No pair goes up in a straight pattern.... there are always ups and downs, even in strong trends. If you are putting 10 pip stops on your trades then you are just asking for it. I've found stops hurt more than they help in short-term trading, better to trade over the course of several days or a week, and set a 50+ pip stop-loss.

[ahefner33]

If you put your stops in obvious places that all beginning traders are taught to do then it is easy pickings for larger traders. Even though I did believe that brokers stop hunted, if you think about it all brokers are in the business to get your business and keep your business. They make a killing with spreads, commissions, bla bla bla. Larger traders are smart and know to buy and sell at certain points to move price to take out your stops. Price differences are different because brokers all have their certain bank feeds that give them the price that these bank providers are showing. I just think with size and everything thats going on with the currency market that its impossible for brokers to worry about stop hunting. And its even not in their best interest.

Adam

[Trade It]

I agree with Adam. Putting stops in obvious places such as just below previous lows or above previous highs is a no no. Just a couple of examples.

I've been live with Interbankfx going on 3 years now. I've only had 1 issue with them that was my fault. I didn't know trailing stops wouldn't work if the platform was not up and running. That has been the only issue. They are also far from the best broker out there. Have you seen their spreads during news? I don't trade the news so it doesn't bother me but I might one day. Hard to make money with 10+ pip spreads during some news releases.

Stops getting hit is just part of trading. We try to make the winners at least twice the size of losers and roll on with it. I like 4:1 or greater.

Hope it helps. Trade well.

[JonnyFX]

It's painfully obvious that most newbies to
trading don't really know what "stop hunting"
is and how it could only work against you.
It would only work against you if you set
your stop/loss where majority of "dumb money"
places the stop/loss. Nobody can manipulate
the market price against you. So before you
get into a nasty habit of blaming brokers, ask
why and how there are traders, on IBFX mind you,
routinely earning 200-700% every single month.
Why don't you take a peek at the mini-account
contestants and see what the top 10 are doing
versus what the bottom 10 are doing. And sorry
to disappoint, but FX trading is far from being 50/50
luck of the draw. When someone comes out saying
such and such broker is scam, rigged, etc... I know
I am looking at a trader who refuses to take
accountability for their lack of knowledge.

[hurriedcorgi]

I just happened to be looking into switching from my current broker (Forex.com) to IBFX. The main reason I was thinking about doing this is IBFX seems to have a lot better tools available to free for us with micro/mini accounts! The pip spread comment kind of scares me though. I've never had that problem with mine.

-Matt

[mtandk0614]

I use IBFX live...and I do not see them as any type of "scam" or being "rigged".

Here is an idea for you to try over the next few weeks or so. (depends on how active of a trader you are).

***THIS IS NOT A "SYSTEM", ITS JUST TO HELP LEARN MARKET FLOW***

Open a trade based off your trading rules...DO NOT use a stop loss....rather than a stop loss, set up a pending order in the opposite direction where you would usually place a stop loss. This means that when you would usually have closed a trade for a loss, you will open a trade and start hedging your current loosing position. Then forget that they are even there...just let 'em ride, watch em, learn. Keep making trades, keep doing this. Eventually you will find that you are making small changes to your trading system so it fits the current market...if all goes well, you will start making pips to the point that you can start closing loosing positions and they wont kill your account. Once you are able to use a single system to close all your existing open orders...then try your system live....I started live with $300 and trade $0.01 pips (this will help you work through the change in "play money" to real money). For the record, I was making money with my system, then made personal mistakes that hurt alot, so now I am rebuilding...but I AM winning a good % of my trades with IBFX.

Bottom line....its not IBFX...I can promise you that much.

Good Luck.

[daydreamer65]

I started live with $300 and trade $0.01 pips (this will help you work through the change in "play money" to real money).

Like this comment, trading this way gives you confidence
in your system, then when you are ready you can step up
to the next level.

Somebody wrote that they could never trade this low a pip
value (1cent pips) because it would not be going anywhere.
My answer is that person isn't going anywhere.

Learn to trade not gamble.

I also see the "stop hunt" comment every day, "I have been
stop hunted" Boo Hoo. I have only ever seen one proof of
stop hunting posted on the web, if you feel you have been
stop hunted copy the chart & post it, then get in touch with
your broker & raise a stink, let them know you know that
they are carrying out this practise & find another broker.

[hurriedcorgi]

Originally Posted by daydreamer65

Like this comment, trading this way gives you confidence
in your system, then when you are ready you can step up
to the next level.

Somebody wrote that they could never trade this low a pip
value (1cent pips) because it would not be going anywhere.
My answer is that person isn't going anywhere.

Learn to trade not gamble.

I also see the "stop hunt" comment every day, "I have been
stop hunted" Boo Hoo. I have only ever seen one proof of
stop hunting posted on the web, if you feel you have been
stop hunted copy the chart & post it, then get in touch with
your broker & raise a stink, let them know you know that
they are carrying out this practise & find another broker.

I agree with this comment completely.