Frustrated!!!

[vicebet]

My intention is to find a reputable establish forex broker. After reading and viewing websites, comments, reviews on this site and others, in the end it sums up to a conclusion, that all brokers outthere are skimming, ploting, scamming to gain out money.

Why is that? Isnt there a single establish regulated reliable broker who doesnt rip customers money? And the reason I say that is mainly because of how brokers themselves make money..that is trading against traders. This fact alone have completely distrust every single brokers outthere even if some claimed to be ECN brokers, but how will that proved and to what extent does the tranparency visible to traders?

In truth is I have not even traded a single cent in forex but after researching I found trading forex is much worse than casino gambling as brokers used tactics like intentional programed slippage, delays and so on so on etc to prevent traders from gaining to its maximum..

How could i possibly put my money into some computer programed platform that will limit and possibly suck my money bit by bit to it's gone..Is there future in forex? I could see vast opportunity in forex market but with all surrounding circumstances.. only winners will be BROKERS not traders.

But I'm still looking, currently have few choices
- Qanda, all great except the platform and leverage
- FXCM, I would have open with them if not for the recent news
- Interbanks, also have contacted them if not for its platform problems
- AND basicly, i have no confidence after researching..ANYone can give me some confident in this forex world that traders will stand a chance before a trade?

[n_aftab]

i use oanda and am happy with them.

[Summerpip]

@ vicebet

What are the news on FXCM? Did I miss something?

[tonymand]

Originally Posted by vicebet

My intention is to find a reputable establish forex broker. After reading and viewing websites, comments, reviews on this site and others, in the end it sums up to a conclusion, that all brokers outthere are skimming, ploting, scamming to gain out money.

Why is that? Isnt there a single establish regulated reliable broker who doesnt rip customers money? And the reason I say that is mainly because of how brokers themselves make money..that is trading against traders. This fact alone have completely distrust every single brokers outthere even if some claimed to be ECN brokers, but how will that proved and to what extent does the tranparency visible to traders?

In truth is I have not even traded a single cent in forex but after researching I found trading forex is much worse than casino gambling as brokers used tactics like intentional programed slippage, delays and so on so on etc to prevent traders from gaining to its maximum..

How could i possibly put my money into some computer programed platform that will limit and possibly suck my money bit by bit to it's gone..Is there future in forex? I could see vast opportunity in forex market but with all surrounding circumstances.. only winners will be BROKERS not traders.

But I'm still looking, currently have few choices
- Qanda, all great except the platform and leverage
- FXCM, I would have open with them if not for the recent news
- Interbanks, also have contacted them if not for its platform problems
- AND basicly, i have no confidence after researching..ANYone can give me some confident in this forex world that traders will stand a chance before a trade?

In addition to Oanda look at Interactive brokers, MB Trading and Dukascopy

[rhodytrader]

Originally Posted by vicebet

My intention is to find a reputable establish forex broker. After reading and viewing websites, comments, reviews on this site and others, in the end it sums up to a conclusion, that all brokers outthere are skimming, ploting, scamming to gain out money.

You have to take all the ranting and grumbling about brokers with a huge grain of salt. Firstly, folks are more likely to complain than praise. Secondly, folks don't want to take responsibility for their own poor trading, so they blame brokers, claiming unethical activity. Don't get me wrong. I'm sure there are unscrupulous sorts out there in brokerland, but it's not nearly as bad as you might be lead to believe.

[dpaterso]

Hello,

My 'trillion dollars worth' of comment:

I agree with John on this - no question. I WAS one of those traders that lost a lot of money and (at first) I ALSO blamed my broker at the time (GCI Trading) i.e. I blamed 'slippage' and slow order execution and ... and ... and ... BUT the truth of the matter is that the losses that I incurred were purely my own fault and certainly not the broker. I have since come to realise that if you're going to lose sleep over 'slippage' of a few points (pips) then you should not be trading in the first place OR you're trading the wrong way i.e. trying to 'get rich quick'. In other words: what is a couple of points (pips) 'slippage' on a daily, weekly, or monthly chart when the potential profit could be hundreds of points (pips) in the bigger picture of things? So what if an order takes a minute or two to be executed? This means nothing if you're trading daily, weekly, or monthly charts. Trading the news? Well (in my opinion) this is a recipe for disaster anyway (and of course you are then definitely leaving yourself wide open to 'stop hunting' by the broker and of course then 'slippage' and 'instant' order execution becomes an issue).

Having said the above I can recommend, without a doubt, GCI Trading (who has just released a new version of their platform which is totally awesome) and, of course Delta Stock. If you go with either of them I'd be more than happy to program the pivot points into the software for you.

Edit:

By the way (again in my opinion) the best way to judge a broker is to ascertain how long they take to transfer your profits and how much they 'take off' the requested withdrawl amount. Believe it or not (any of the 'old hands' that may be reading this message) there have actually been times when I have made a profit at both of these brokers and I can assure that that with both of them the money is transferred IMMEDIATELY (GCI takes about an hour to effect the transfer, sometimes less, and Delta takes a day or less and neither of them 'subtracts' anything from the transfer). This is more important to me than the occasional 3 point (pip) 'slip' or an order that has taken 30 seconds to execute!!!

[Carlinho]

I am a newbie too. Right now I do not have to much experience but I think that we are responsible for every action and every decission we take. Like in every market there are good guys and bad guys. Do a concious and deep research, read every contract and ask other operators what they think. I think that could help you in some way. Most of our mistakes are due to our lack of discipline. Remember that the riches are hidden behind the KNOWLEDGE.

I am using this forum and I all ready have learned a lot of things.

I am using ITrade FX at this moment. Because I do not have that much experience I can not tell you if they are the best or the worst. In my own opinion I think their platform is very easy to use. I do not use their graffics because I am using another software for my technical analysis (MTI 4.0).

So good luck and may the Lord bless your life and your trading.

[MJMJ]

My recent string of experiences with my demo account at one of the aforementioned businesses - -
The first week, everything was great - just loved it. However, last week and this week, they have failed to fully execute almost every single order I've placed - 10 lot shorts become 6 lot shorts with the remaining unexecuted 4 lots just waiting around to be triggered if, and when, the bid number gets hit again. Or my exit number is hit in a 10 lot long but only 4 lots get closed out - again with the remaining unexecuted lots still going strong, gaining or losing ground. I've been demo trading for only three weeks so imagine my confusion when this started happening...... It really hurts when your order is not fully executed as the forex landscape can (and often does) change drastically and all the while you're fumbling around trying to figure out what happened (or didn't happen), what the possible solution is, and then scramble to "fix" the balance of trade. I find that money management is impossible in these situations!! I know it is only a demo account, but really. How could one even think of live trading under these conditions? They said they didn't have the volume necessary at those times to fully execute those trades. Really? So frequently? My brother-in-law uses them too (a live account for quite some time now) and he has never had one single incident where his orders were not fully executed when they were supposed to be. When I mentioned that fact to the man at the help desk tonight (who, by the way, was helpful and friendly), he expressed surprise that he (my brother-in-law) has never experienced what I've been going through. I don't know, maybe it is just that I'm so new and what is happening with my orders happens with the same frequency to everyone (although somehow I doubt it, as I've never read about this problem in any of the Babypip forums), but the recent events have made me quite leery about placing trades.

[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.

[tonymand]

Originally Posted by MJMJ

My recent string of experiences with my demo account at one of the aforementioned businesses - -
The first week, everything was great - just loved it. However, last week and this week, they have failed to fully execute almost every single order I've placed - 10 lot shorts become 6 lot shorts with the remaining unexecuted 4 lots just waiting around to be triggered if, and when, the bid number gets hit again. Or my exit number is hit in a 10 lot long but only 4 lots get closed out - again with the remaining unexecuted lots still going strong, gaining or losing ground. I've been demo trading for only three weeks so imagine my confusion when this started happening...... It really hurts when your order is not fully executed as the forex landscape can (and often does) change drastically and all the while you're fumbling around trying to figure out what happened (or didn't happen), what the possible solution is, and then scramble to "fix" the balance of trade. I find that money management is impossible in these situations!! I know it is only a demo account, but really. How could one even think of live trading under these conditions? They said they didn't have the volume necessary at those times to fully execute those trades. Really? So frequently? My brother-in-law uses them too (a live account for quite some time now) and he has never had one single incident where his orders were not fully executed when they were supposed to be. When I mentioned that fact to the man at the help desk tonight (who, by the way, was helpful and friendly), he expressed surprise that he (my brother-in-law) has never experienced what I've been going through. I don't know, maybe it is just that I'm so new and what is happening with my orders happens with the same frequency to everyone (although somehow I doubt it, as I've never read about this problem in any of the Babypip forums), but the recent events have made me quite leery about placing trades.

This is unusual on a demo since orders are not being filled in anything but a virtual sense. However it is common on all live platforms. The fact of the matter is if you want to buy something at a specified price then someone must be willing to sell it to you otherwise there is no trade. 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. If you are trading at least a full lot on an ECN then your fill and slippage will depend on the volume not in the whole market but with the liquidity providers that your broker has. This is no different to trading any other instrument and is one of many reasons why excellent demo strategies fail in the real world. Get used to it and recognise this is nothing to do with the broker except in as much as they choose where they obtain their liquidity from