Iam a full time forex trader for the last one and half years. I first started off with FXCM and when DBFX came in to the scene I moved my account there about 4 months ago..
When ever I read any forex forum on the net I always get a feeling that I'm the only customer FXCM had. Because every one else thinks FXCM is the biggest enemy of retail forex trader. When I first started trading my main concern was security of my funds and thats why I chosed FXCM and never realy bothered about other brokers.
I grew my account over 400% (this is after withdrawing money for my personel expences) in the last year with FXCM. One main reason for my success was, I realy didnt go to any forex forums on the web until a month ago. Therefor I realy didnt know how bad or good FXCM or DBFX was. All I knew was about a year ago when I tried to straddle the news my account manager from FXCM called on my phone and said Iam not allowed to straddle during the news and after he convinced me why I shouldnt straddle , I never did since then. I never executed a new trade 15 mins before or after a news release for the last 12-14 months. apart from I cannot trade the news I never had a problem what so ever with FXCM . One of main reason I went to DBFX was my account manager moved to DBFX from FXCM and he told me that DBFX is using their white label system and also have outsourced the dealing and CS staff to FXCM. Iam currently happy with DBFX and no major issues at all(No news trading) . Just two months ago I bought My self a Nice house and a BMW (partly Mortaged) from the trading profits.
Iam only doing day trading and I follow my own system. I dont call my self a proffessional trader because I dont draw any lines on my charts I used to be a door to door salesman before I started trading and I didnt know jack **** about trading untill one of my work mates just mentioned about it. Just like everyone else I lost more money than I could afford in the begining but I learned from my mistakes. I started with a uSD 50000 loan and my account balnce today over USD 2700000 after paying off for my loans and expences..
When I went to U.S last December DBFX guys invited me to NY and spent over $2000 on me taking me to nice restaurents and my hotel bill. (also visited few strip clubs with my account manger sponsered by DBFX )
When my account hit the 1/2 million mark I will move it to a currenex broker and hoping to trade with big boys.
So if I can do it , anyone can do it. May be we all are worrying about our brokers too much and not worrying about catching the daily trends for the day.
Anyone recall the bad old days of "Investment Bankers" like First Jersey Securities or Greystone Nash? How about Blinder Robinson? (Commonly refered to as Blind'em and Rob'em... ) We are still in the Wild West days in the retail FX markets. Watch your A**.
im fairly certain Ive seen FXCM support and even suggest scalping in one of their little daily messages about webinars and such.
whats the big deal about scalping? everyone hates scalpers?
if its so impossible for anyone to make money scalping then why all the hate?
besides scalping fits my style because i can;t walk away from the comp with a trade open
"80% of scalpers win more trades than they lose, but their losses are always much greater than their wins, hence they still lose in the long term" words from a guy at a dealing desk. not me off course.
Ok your post seems interesting but you fail to provide the most important information to sustain your claims: Please explain what hidden costs brokers have ?
You are freaking some people out, so please elaborate on this
The only ones I can think of:
- Most brokers charge a "swap rate" (interest) if you have an open trade intra-day... although it can also go in your favour depending on the pair.
- Some brokers charge a "convenience fee" of $20 to withdraw your money via paypal, credit card... they may charge you for a wire transfer, etc.