Hey Guys, I am relatively new to forex trading and this is also my first post in this forum ( or any forum for that matter).
I am wondering if I may be getting scammed by my broker and I’d love to know if someone could possibly give some insight.
I have been trading live for about 2 months and I am confused on how I could be losing so many trades. I have tried trading reversals, during trends, trend retests etc but every time I make a trade, it goes against me almost immediately. I am not trying to blame anyone else for my mistakes but the fact that they reverse immediately almost every time and that virtually 90% of my trades go against me, I am struggling to realise how I am so wrong, so often.
I have previously read about brokers executing opposite trades to new traders but I’m not sure if that could cause the market to reverse immediately or not. I have also been thinking that I could also just be getting screwed in liquidity pools but I can’t be sure
Has anyone also experienced this problem or have any suggestions?
Thanks in advance!
I used to think the same thing, and the same thing happened to me when I first started out. But, it’s not your broker. Try backtesting more and eventually things will become more clear, like when you want to enter your trades, just keep at it!
Do you check other price feeds also? Maybe try using TradingView to confirm price movements with other brokers. Just so you can see that it’s not just your broker. Although who is your broker?
Most of the 28 important forex pairs right now are flat. Any strong move is going to be traded against and eliminated within an hour.
Some EUR and all GBP-based pairs are pushing upwards as a Brexit deal as opposed to no-deal and either way an end to the Brexit deadlock looks more probable for 31/10 or soon after. But these pairs are high risk right now due to the over-weight influence every political tweet or interview or newspaper analysis piece is having.
But look at the weekly charts for most of AUD, NZD, CAD and USD pairs and they’re all dull dull dull. Trust me, it isn’t usually like this. Be cautious.
I find that intra-day action is still influenced by the weekly chart. If it helps, each weekend I look at the completed week’s range bar and see how many immediately preceding weekly bars its range overlaps. e.g. last week’s EUR/USD range overlapped the preceding 12 weekly bars. This range overlap count is such a simple way to gauge objectively what’s happening. Right now, nothing.
Do you know if you opened an account with your broke that has you on a dealing desk account or a no dealing desk account??
If you have an account with high leverage IE 400:1 or more than you might be on a dealing desk account which can put you at risk of broker manipulation of you orders.
Who is your broker?? I am with FXCM and usually those with small accounts are put on a dealing desk account. I am on a no dealing desk account and so I am confident that my trades go through the open market.
I have been caught out with a dealing desk account and I experienced a similar problem to that which you are experiencing.
Hey Blackduck,
My broker at the moment is BDSwiss. I must check with them to see if im on a dealing desk. Some people are saying it’s it just a bad period in the markets so I am hoping that’s the reason rather than my broker trying to pull the wool over my eyes.
Thanks Blackduck
I dont think that brokers are always to be blamed. Sometimes markets are so difficult to predict, especially when there are some uncommon mostly political developments. Sometimes it might be just our mistake
Starting to realise more after posting this, that its very easy to blame others when you are making mistakes. Currently trying to stay out of bad trades and limit losses an seeing big differences since then
I would say everything is totally and completely fine with you, that’s the real stats with everyone else don’t be so desparate with your stats, all is fine with you whatever it means anyway. I do hope it will fix itself, try different brokers with that suits out there.
