Frustrated!!!

[jimbospeed]

New to this site but long time stock trader....

Your consternation matches my own in looking at a Forex company to trade with. May have to go to futures trading unless I can find a company that keeps the field even....

I disagree with posts that we should just look the other way when it comes to the Forex company hosing us out of a few hundred here and a few hundred there. Never would tolerate that with stock trading platforms (which are regulated) Also did some investigative work on Dukascopy,, they are a complete and total scam company, no question about it!!! I am not some FOREX employee I am a businessman who does his homework before he trusts his money to a Forex company. So far I've had no luck but may try Dbfx...At least I've had experience with their retail bank. I also respectfully and I mean that respectfully think this site should designate who trades demo and who trades for REAL as the demo accounts are often very different from real accounts.

I am sadden and frustrated by what I see as blatant scamming by companies that say they have your interest at heart but are obvious thieves and manipulators (AC, Dukas, FXCM) when you take the time do even the most cursory research….

I really want to trade FOREX and hope I can find a reputable company … will inform the forum if this happens…. Hopefully it will

I also hope this post gets posted as it’s just my opinion and I see who this sites (do love this site! Great site!) Sponsors are.

[daydreamer65]

Originally Posted by jimbospeed

New to this site but long time stock trader....

Your consternation matches my own in looking at a Forex company to trade with. May have to go to futures trading unless I can find a company that keeps the field even....

I disagree with posts that we should just look the other way when it comes to the Forex company hosing us out of a few hundred here and a few hundred there. Never would tolerate that with stock trading platforms (which are regulated) Also did some investigative work on Dukascopy,, they are a complete and total scam company, no question about it!!! I am not some FOREX employee I am a businessman who does his homework before he trusts his money to a Forex company. So far I've had no luck but may try Dbfx...At least I've had experience with their retail bank. I also respectfully and I mean that respectfully think this site should designate who trades demo and who trades for REAL as the demo accounts are often very different from real accounts.

I am sadden and frustrated by what I see as blatant scamming by companies that say they have your interest at heart but are obvious thieves and manipulators (AC, Dukas, FXCM) when you take the time do even the most cursory research….

I really want to trade FOREX and hope I can find a reputable company … will inform the forum if this happens…. Hopefully it will

I also hope this post gets posted as it’s just my opinion and I see who this sites (do love this site! Great site!) Sponsors are.

Just found this on another site.

can you believe that one of the biggest banks in the world hooks up with a bucket shop operation like fxcm ... unbelievable but true ...
open your account with dbfx , send your forms to fxcms offices in new york .. same mailing address ..

Forex brokers are regulated in the states, NFA, & UK by FIA.

There is a thread on this forum indicating the companies which are
regulated.

We as Forex traders know the risks & also know the pitfalls which
exist, a little more research will unearth the better brokers.

As for Dukascopy I know nothing other than what I have read
while surfing various forums. If I needed to use them I would do
a lot more research.

I also hope this post gets posted as it’s just my opinion and I see who this sites (do love this site! Great site!) Sponsors are.

Not sure who you mean but we attempt to hold an open opinion
about who, or whatever.

Believe 1% of what you read & 10% of what you see.

[MJMJ]

Originally Posted by dpaterso

Hi,

To which of 'the aforementioned businesses' do you refer?

There really is no point in posting details of problems that you have experienced and then not mentioning the broker i.e. the very purpose of this forum topic is to alert people to the possible existence of unscrupulous brokers and practices.

I originally had the name of the company at the beginning of my email, but deleted it upon second thought, siding with caution, as I didn't want to print something that I perceived as being negative experiences (with any company) when in fact what I was experiencing could, for all I know, be the normal environment for all demo accounts on all trading platforms. My reasoning for deleting their name is because, as I already explained, I have been demo trading for only three weeks and the last thing I wanted to do was attach to this company any type of speculation that they practice unsavory business ethics when such an inference made by me could be (would be?) predicated upon MY IGNORANCE of the workings of trading platforms and demo accounts in general and nothing to do with any kind of unsavory practices on their part. So far, it does seem to be my ignorance of the system rather than their unsavory practices as there is already one response to my post which sets forth that although it is uncommon with demo accounts, what I described it can and does happen. Am I happy this is happening to me in my demo account? No, but perhaps it makes it more lifelike? Am I glad I didn't (through my own ignorance) sully this company's reputation by stating their name in my original post? Most definately yes. I don't know but maybe my original post would have been better placed in another thread instead of this one? If so, I apoligize.

[jimbospeed]

can you believe that one of the biggest banks in the world hooks up with a bucket shop operation like fxcm ... unbelievable but true ...
open your account with dbfx , send your forms to fxcms offices in new york .. same mailing address ..

Can I never cease to be amazed, I thought their (DBFX) platform was very similar when I spoke to directly by phone to them I was told they.. THEY were the bank for FXCM!!! All that cut out the middle-man crap…I don’t doubt I was talking to a FXCM rep the whole time….

Noticed that AMB Amro is listed as a good Forex Co. on another website, has anyone dealt with them at all??? I used to deal with their Mortgage division when I owned my former corporation (NorthWest Mortgage Bankers Inc.) and they were pretty reputable on that end…

I regards to my final quip, I just noticed a spot on your website that said “our sponsors” then listed a couple of the companies I have been told to avoid???

Being the former President of a Mortgage Banking Company I have seen it all from some of my more unsavory competitors so this stuff in the Forex doesn't surpise...Part of the reason I got out of the mortgage business on 2004 after 22 years, just got disguted with what was going on. My long term clients were berating me for not offering some of the ripoff mortgages (can you say Countrywide) that other companies were offering (I absolutely refused) now that the whole thing is blowing up I feel vidicated but ....so what eh? What did it get me taking the moral high ground? Bought a boat now all I do is sail around making trades here and there (literally)

Luck to all!!

J.

[vicebet]

So after all .. in the end it comes to one answer that is.. all these are part of the game... you wanna swim.. you'll be wet... okay i accept this.. but to what extent? there must be checks and balances.. and where do this stand at? is it so free for companies to say.. oh.. i'll rip you whenever i like.. as a matter of fact.. i can rip you everytime yet you cant do anything bout it....

Be aware that if you are trading small lots the order is not going to the real market and the liquidity exist only within the dealing platform... one of many reasons why excellent demo strategies fail in the real world

Wow.. that is my very concerned!!! How frequent and far does that happens? In the event when the price hit my target and I cant close trades? for how long? untill it goes against me and suck all my balance? Does that possible?? thats dangerous.. as we will not know when the digged grave is a step of us...!!!!!!!

[vicebet]

Now I can see the picture... for instance relating to the Parabolic Sars Thats All... in the case that everybody switches on the first dot.. who the heck gona be on other side? In the end no trades are made on the first dot... so whats the point anyway...even if get to enter..but unable to close at target... so i guess a perfect system is a system that satisfied both.. price direction. at the same time will have ppl trading against it.. thats the ultimate system!!!.. hehe...

[VulcanClassic]

I want to thank dpaterso for the referral to Deltastock. They do look like a pretty good broker.

I just have a couple of questions about the platform as I am still demo trading.

Is it possible to place a stop loss with a pending order? It seems only able to add it once the order becomes a position.

Is it possible to view pips in the result window, it's not straightforward if the second currency isn't USD.

Jeff

[dannybly]

vicebet - I can understand how you are frustrated looking around for a broker - in the unregulated environment we have it is difficult to get a feel for who is a worthwhile broker. Personally I think after the Refco bankruptcy fallout (where the fx customers basically lost their money) - the first thing you want to look at is the financial stability of the firm given that your funds are not guaranteed in the event of a bankruptcy. The NFA are stepping up their capital requirements for fx dealers and you can see a list of the best funded firms here:

Well Capitalized Forex Firms

FXCM ($51,000,000)
GFT ($48,000,000)
Oanda ($44,000,000)
FX Solutions ($20,000,000)
Gain Capital ($20,000,000)
CMS ($10,000,000)

bear in mind these figures are a little out of date - you can get the latest numbers from the CFTC website.

My choice is Oanda, and so far I am happy with them.

[dpaterso]

Hi Jeff,

The answer to both of our questions is no (unfortuanately).

I have mobile phone and email alerts set up so as soon as an order is executed I know to go and place a stop loss.

There is no 'pip count' anywhere either and I know it's a 'bit of a pain' because you have to manually calculate it.

I can tell you this though: Delta (unlike any other broker that I have come across) DOES listen to it's clients i.e. there are one or two 'features' in the current version of the platform that I asked for (or rather suggested with good motivation) while still using the previous version and they added them in the current version and I also know that in the upcoming new release there are a few more things that I asked for (again: suggested with good motivation) that have already been included. The point I'm trying to make is that if there is something that you feel should be changed or added to the platform then let me know (or contact them yourself). As far as customer support is concerned they really are 'a cut above the rest' I can assure you.

The platform does take 'a bit of getting used to' I know but I can tell you that there is nothing quite like being able to trade with a broker who is not trying to 'scr*w you' at every opportunity.

Just so that you know I have just become an IB for them (in the last couple of days) but I can honestly say that this does not 'cloud my judgement' (well it certainly has not in the past). They are an honest broker, whether I'm getting commssion or not, and that's just 'a simple fact of life'. (I think they call this sort of statement 'disclosure'???)

[david.forex]

Hello,
During my usual checking of brokers' reviews around the web, i can find those that are true and those that are fake, but who has the permeative eyes to distinguish!! The most manifest yet popular among them i found Forex Peace Army where i found also an offensive review about CMC Markets, which i used to trade with for 2 years till now. And for confirming my suspicion i checked other brokers' reviews, and for shame i was shocked finding many great brokers attacked there. The only justification i found is that this FPA is attacking some brokerage firms and supporting others(which may be for their own private interest, and which is also so far from honesty!). Hope my point can reach all of you. i am clear here and i don't need to show wither i am attacking or defending, i just want to make it clear in front of all.