Are you saying a forex company entered the discussion and tried to dissuade him that what he was seeing with his own eyes wasn’t true … really … that goes on?
It seems the Brokers are getting involved here… I only wanted to let newer traders know what to focus their energies on:
- Focus your efforts on learning the markets and fundamentals
- Pick a regulated broker with a good reputation. There are several review sites that can give you the low down on these guys
- Be consistent- Believe me, if you are profiting, any decent broker will give you perks and better support you with technology… They make money when you do.
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Believe your eyes … believe in yourself … believe in your work. Someone who is counterparty to your order does not have your interest at heart … and if you beat a broker too often he will find a way to cheat
Perfect example of a “Liquidity Play” last night (27-07-2018) on the XAUUSD 15 min TF…
This is my own basic Indicator I have coded similar to the Pit View Software. It uses internet data to display the underlying market seperate to the price feed from my broker…
As you can see in the Chart above…Sharp move down of XAUUSD at 6.00pm (9.00am UK), ~30mins later huge buying from the LP’s in the background goes on for ~2 hours before price (which is being held down) finally starts to move up. Ensuring that the Market is ahead of the price feeds and traders… manipulation 101…you can see the same scenario playing out a few hours later…
This is my issue… we as retail traders are being taken for a ride… the market is always 2 steps ahead…
This is an InterBank play and not the Brokers…so maybe @FOREX.com can comment on why price is not moving as it should… I promise not to bite…
You sound like a jilted lover.
I’m sure that the market is rigged for retail traders to lose, but I don’t believe for a second that the regulated brokers are the problem. For a start, if it was them doing things, then there would be traders out there smart enough to get proof and report them.
Secondly, as the forex.com guy says, 98% of their trades are hedged either through opposite trades on their system or liquidity providers. If that’s the case, then how do they have any incentive to push one persons trade to a tp and anothers to a sl?
I started this post as an informational but as it progressed I got less and less interested in informing. NFA has proof. A case has been filed
As far as Forex.com “the pertinent detail out of this excerp is … “FXCM has announced the sale of the accounts of its own American clients to GAIN Capital Holdings, the owner of the brand Forex.com”( excerpt"FXCM created a new company through a spin-off achieved through algorithmic trading).The staff was the same as for FXCM.” FXCM bet against its own clients.The CFTC, the regulatory body for USA markets, found proof of highly harmful behaviour at FXCM. The regulatory body for markets in the USA, the Commodity Futures Trading Commission (CFTC), demanded FXCM exit from the United States market (25 April 2017)
Account brokers that didn’t go with the account to Forex.com went to Oanda. Accounts were sold at $500 per account. The alleged incidents go back to the period between 2009 and 2014.
The agent on my corporate (Oanda) account (Jason) is a former Senior Account Executive at FXCM Inc. “According to the CFTC order, from at least June 18, 2008 until December 17, 2010, FXCM failed to supervise diligently the handling of customer accounts traded on the FXCM platforms by its officers, employees, and agents with respect to changes in price between order placement and execution on both market orders and margin liquidation orders”
Jason (my account representative at Oanda and former FXCM executive) doesn’t appear to be able to stop making “changes in price between order placement and execution”. I don’t think any of the former FXCM brokers can. Cheating customers was part of the corporate culture.
The relationship beteen market makers and clients though sometimes cordial is by nature antagonistic. I’m ok with that. There are however rules. Do not cheat me … do not change the rules … stay off of my machine.
most counterparty market-maker brokers do that, most of the time
including the ones who mislead potential customers by calling themselves “ECN” or “NDD”
FXCM didn’t get into trouble for betting against their clients: they got into trouble for betting against their clients while stating that they didn’t, in other words for deception and lying
not for the first time
correct, but that was for the fraudulent misrepresentations, not for the betting against their clients itself
this is right
FXCM have been found guilty of cheating clients, worldwide, by countless regulators, for as long as they’ve been in business
they’re no longer in business in the USA, as a result
the surprising thing is that they’re still in business in many other parts of the world
they’re out and out crooks, and many regulators have said so, repeatedly - it’s all public information
If you think your broker will hunt your stop, why not take advantage of that?
Say you are long, with a stop 20 pips below. If you put in a buy order just below your stop, sure, the broker may hunt your 20 pip stop with a spike but you aim that your -21 pip buy will be triggered, so when their price is restored you’ve got the same sized trade but with 21 pips already in the bag. You can then close this for an easy win or let it ride.
If they don’t hunt the stop your buy won’t be triggered, and no harm done. If they see the buy order, this alone may deter them from running the stop.
“According to the CFTC order, from at least June 18, 2008 until December 17, 2010, FXCM failed to supervise diligently the handling of customer accounts traded on the FXCM platforms by its officers, employees, and agents with respect to changes in price between order placement and execution on both market orders and margin liquidation orders”
note “changes in price between order placement and execution on both market orders” this is my concern … moving the price I want to the price they want it to be by
- Adding spread on entry to a sell transaction.
- Rejecting a sell transaction because spread doesn’t fit between stop loss and price
- Moving entry value to the exact needed price in order to stop out a buy transaction
These are exactly the things the same brokers at Oanda now were caught doing at FXCM.
that may work … my strategy is different. I’m not looking for 30 pip movement for half a lot. I am looking 1 to 1.5 pip movement for 10 lots. I am using lot size to set monetary risk instead of pip movement
It is thought that brokers hunt stop loss frequently , and market turned reverse when take profits are near to hit. Traders may experience differently with different brokers. I think people who follow signals suffer from this type of huntings. If one decide differently at his own will he will face another situation. Not set stop loss and take profit at higher pips . Best way is to monitor them where to come out from market.
“set stop loss and take profit at higher pips” …
Setting stop loss and take profits to a higher pip value only encourages brokers to chase you around the market. Keeping you out in front of them is what they want you to do. When they finally stop you out its always slippage or momentary high volitility or some other made up excuse.
Its always going to be “wow … you know what … if only you had placed that stop a little further out”.
Don’t get me wrong the market “may” move abruptly in your direction and take you to your take profit level before they stop you out … but more likely not.
I think I’m going to end the discussion here. Thanks to all who answered
That’s really true; they take care! Because, that’s the way of money making for their company too (by traders trade number).
While a public forum is great for general discussion, it’s not suitable for specific trade inquiries, so we will not comment on that. The main point we want to emphasize is that when dealing with well-regulated brokers, traders can be confident that any trade inquiries they have will be seriously considered.
If you have questions about the execution of a specific trade placed with a well-regulated broker, you can first reach out to the broker, so they can investigate. If you are not satisfied with their resolution, you can then follow up with the regulator. Unfortunately, this is not an option available to people who trade with unregulated or poorly regulated brokers as we have seen from many discussions on this forum.
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Hi @beaupritchard,
There seems to be some confusion here. Perhaps it’s just in how you worded your comments, but we want to make it clear for everyone following this discussion that FOREX.com acquired FXCM’s US accounts in February 2017, not their staff: https://www.bloomberg.com/news/articles/2017-02-24/gain-capital-to-take-top-slot-in-u-s-retail-fx-as-fxcm-exits
Hi @FOREX.com The feed is from a well known reputable and ASIC Regulated Broker…
I have contacted them a few times over the last fortnight with regard to other anomalies…
They aren’t even sure what the Indicator displays… Unfortunately more sales than technical prowess…
Thanks for the reply though. Cheers
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To be clear … you are saying there are no ex employees of FXCM working the same accounts at Forex.com … not true. Brokers do not chase stops … not true.
There are a range of not trues in your post and frankly I am amazed that baby pips is allowing you to cruise it’s forum
Hi @beaupritchard,
We want to give you the benefit of the doubt and assume you are not intentionally misrepresenting what we said. However, the fact remains you have misrepresented what we said, even if it was unintentional. We stand by our former statement which is true. The acquisition FOREX.com completed in February 2017 was of FXCM US accounts, not their staff: https://www.financemagnates.com/forex/brokers/exclusive-gain-capital-transfers-124m-worth-client-assets-fxcm/
Since that time, we may have hired some individual employees who used to work there, but that was not part of the acquisition. When a major employer in a particular industry exits a market as large as the US, it is only natural for at least some of their staff to seek employment with other companies in the same industry.
It’s safe to assume we must not be alone in appreciating this discussion you have started. For us it has been a great opportunity to highlight how trading with a well-regulated broker addresses many of the concerns you raised. That’s why we look forward to continuing the discussion in the cordial manner that has characterized it thus far.
I have not traded with Forex.com. So I will also extend the benefit of the doubt to you in thinking you are not white washing the actions of bad actors in the industry.
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