ETX Capital #FUMovesRus!

Broker Discussion Forex Brokers
1

I don’t have a funded cfd account anywhere at the moment and am just playing around with a demo account…doing Mock Trades with that to see how things go…

Because I don’t get an ETX cfd feed into TradingView, and the charting on the ETXTraderPro is fkn terrible, I have been using the FXCM cfd feeds on TradingView to do my analysis on, and just firing away Mock Trades on the TraderPro platform…

Anyhow, I picked a standard range retrace paper trade on EURGBP earlier today:

https://www.tradingview.com/x/xQh2ilfC/

I then changed the target to the 50% level and decided to ‘increase my position’ on the 38.2% retrace from the first swing up which missed my sell target by a ball hair:

https://www.tradingview.com/x/z5eWYRf3/

I am sitting downstairs playing video games and took a break to check how my paper trades were running and I see the 50% target had been hit:

https://www.tradingview.com/x/7e5szM3e/

Splendid! Another result for the books to build the confidence to actually go and fund an account and do this for real…

Except when I go upstairs to check my ETXTraderPro Account (the demo stores info on cookies on your computer), I find that my first trade is still running in profit, but suffering a bit of downside as the market pulled back from an obvious profit taking level, DESPITE my Limit Sell Order being hit and my ‘increase position trade’ had taken a loss, having been stopped out…I fire up the EURGBP chart on trader pro and I see this sh!t:

image
image1264×656 52.7 KB

My follow on trade had been stopped out by that great big FU candle that happened on ETX, but not on FXCM and not on any of the other cfd EURGBP tickers. It seems that only ETX had too many day traders riding a winner, that I guess they had to go and shake them out.

Is a cfd not meant to match the real exchange rate between any given currency pair? If with cfd’s we aren’t actually buying or selling the real asset, but buying a contract for difference from the cfd exchange, how the fk does this sort of price action come about?

Is this not basically just stealing and therefore criminal?

I stress again I am paper trading, but you can be sure, lots of real money got lost there. My guess is that ETX had too many winning traders on this move up, so their trading algorithm just wiped them all out.

Anyhow, I went over to ETX cos I got a recommendation from someone on here. I certainly will not be using them to trade with for real.

It is looking like FXCM for me at the moment, although I have heard lots of unpleasant things about them as well…

…are there any others that aren’t just total fkn crooks and simply rely on the fact that 80% of retail traders do lose money, and are happy to take the hit from the 20% of us who won’t/don’t?

2

That’s one reason to trade on demo for a good long while. To find out that the liquidity provider of your intended broker is shallow and unreliable. I think you are wise to stay away.

Just reading some of the reviews would send me packing.
https://www.forexpeacearmy.com/forex-reviews/8237/www.etxcapital.co.uk

However trading on M5 with a tight stop has never worked for me on any broker.

1 Like
3

Oanda LIVE 5-minute EURGBP MT4:

EURGBP-4M5 oanda
EURGBP-4M5 oanda1627×721 14.2 KB

Deltastock LIVE 5-minute EURGBP Delta Trading:

eurgbp deltastock 5 min
eurgbp deltastock 5 min1122×460 1.97 MB

Any questions???

4

Right. This post actually should form a part of my post above. Unfortunately I had more important things to take care of. Now I have all the time in the world to rip you a new one.

Aside from ANYTHING else i.e. the other charts above aside: I don’t suppose it crossed your mind for a single minute to get a hold of the broker and ask them why or what happened??? Nah. That’s too much trouble. Let’s just start a broker bashing thread. Much easier. Much quicker.

Ever heard of news and news data releases??? Chances are there was some or the other news or news data release when this happened. I’m not going to go and look up the reason. Get off your backside and start doing something for yourself instead of whining about everything.

FXCM. Go for it. Sure would worry me terribly though if a demo account didn’t show exactly what happened in the real market. But hey: your money. And certainly not my problem. But while you’re about it: do go to FPA’s website and read the reviews there about FXCM. Or any other broker for that matter. For every glowing review on the Internet about a broker I’ll find just as many negative reviews. You can find anything if you look hard enough and want to find it.

As far as ETX in particular is concerned: as I said to you before they cater for professional and institutional traders. They don’t need to stop hunt for a few GBP. Given that they are members of the LSE and not to mention FCA regulated: do you REALLY think they’d sully their reputation and open themselves up to an investigation by the FCA (or worse) for the sake of a few pips??? Get real. Their analysts are on Bloomberg and CNBC often enough. Do you think those two networks would stake THEIR reputations on the line by broadcasting analysis from some bucket shop that hunts stops???

You are just like every other new trader that cannot cut it in this business. When you cannot make money: it’s the broker’s fault. Cannot be anything else. Not me. No. Not me. The broker. Must be the broker. I used to work for one of these brokers as most will know. I know what I’m talking about because I had to deal with this same type of thing over and over and over again. People that didn’t understand the market and how it works. Or didn’t understand the platform and quite frankly were too lazy to spend the time getting to know it. Or didn’t understand the ins and outs of the different types or orders. Or didn’t understand slippage. Or didn’t understand leverage or position sizing. Or didn’t understand tick sizes and tick values (or pip values). Any of this ring a bell to you??? MUCH easier to blame the broker. Too much work otherwise.

In closing and to address your last comment: quite frankly I don’t even know by bucket shops pull the stunts they do. Most retail traders will, for a variety of reasons and some of which have been mentioned here, will lose their money WITHOUT “assistance” from the bucket shop. It may just take a day or two longer.

Regards,

Dale.

5

And this coming from one of our resident experts is it??? Just looked at your posts on this site. Read my post above.

6

I agree it’s usually not the broker’s fault but you’ve got to admit those spikes are ugly and I don’t see them on any of my charts. If it’s on Oanda then I guess it must be legit. I’ve never heard of this ETX outfit so maybe they should be given the benefit of the doubt.

Since we’re taking requests let me ask you one - why doesn’t Deltastock accept Canadian residents?

7

I have absolutely no idea. Do not work them anymore. But I am more than happy to find out for you. Frankly I didn’t know that. Would be keen to know myself.

8

I’m sure it’s a regulatory red tape problem, but I’m feeling left out over here after reading your posts. :slight_smile:

1 Like
9

Am trying to find out for you.

1 Like
10

Don’t feel left out. Please. Wasn’t my intention at all. I know my post is hard hitting. But sometimes it’s required. This is not an easy business. Not by a long shot. But it does irk me when the same old stuff is regurgitated. It helps nobody. Or people just don’t understand. Fine example: there is another thread here where the dude is crowing about some bucket shop (and he’s not trying to punt them either which is the REAL scary part i.e. if he had a vested or financial interest I would understand). He’s ever so happy that his broker of choice is “guaranteeing” his funds. Why??? Simply because they’ve got some jargon on their website stating that client funds are kept in a segregated account. That’s it. Regulated by some obscure regulator on an island somewhere. Worse still: operating illegally in two different jurisdictions yet purporting to have an office in both. And he honestly believes that they’re legit. Let me tell you something: if that broker hits the proverbial wall they will dip into those client funds faster than you can get stopped out on a 1 SECOND chart. And by the time those regulators get their act together (IF they do at all) that money is LONG gone. See where I’m coming from???

And let me add this to the mix:

Also bear in mind that no broker or company is perfect. Frankly and with what I trade: I see data errors often and it’s usually sometimes when an instrument opens for trading (particularly on ETFs). But I don’t throw my toys out of the cot. Once, possibly twice, it’s resulted in my being stopped out by mistake. Contacted the broker: data error fixed, chart fixed, trade reinstated. No questions. But THAT will happen ONLY at an honest and properly regulated broker. Ask me how I know!!! I’ve been through the bucket shop ringer I assure you. Not proud of it because it makes a person feel like a fool.

Anyway. Let me see about Canada for you.

11

Thanks for checking re: Canada.

No doubt broker risk is a much bigger risk than most traders realize. However, as you pointed out already, most traders are a greater danger to themselves.

1 Like
12

Short answer: Dodd Frank. Without actually reading the legislation: seems to me that Canada is lumped in with the US.

13

Oanda: https://www.tradingview.com/x/cTC4wADQ/

ICE: https://www.tradingview.com/x/jv5PXGv0/

Forex.com: https://www.tradingview.com/x/OfNrul0r/

All clean it would seem.

Are you suggesting that these FU candles occurred right across all forex platforms, but the candles were ‘tidied up’ for the Trading View API?

14

I don’t have the answer. All I have are three different charts from three different brokers all with different trading platforms and independent data feeds and on live accounts.

And there endeth my involvement.

P.S.

Not sure if this ties in with your conundrum (take it up with TradingView or that list of brokers if not) but demo accounts at a LOT of brokers are not time critical. They will not show all ticks. But one of the reasons why some are oh so successful on demo accounts (especially with EAs as but one example) but blow up on live accounts. So “tidied up” is a relative term. But needless to say good and obvious reason for this. Pretty sure I don’t have to explain further.

15

Yeah…read some of the reviews…strange things happened to my trades as well, winners would just vanish (never the losers though), Limit Orders and Stop Losses would often not be where I thought I set them, and targets would get hit but trades would still be active etc etc…and this was a DEMO account…

P.S. I never trade with tight stops either…always give myself a 1.27 Fib extension behind the logical ‘mental stop’. Even without total bs wipeout candles like those I posted, if I can look at a chart and know where all the stop’s are, so can the bucket shops and the market makers, and it is the easiest thing in the world for those sort of players to push the market into these ‘liquidity zones’.

16

demo accounts are for testing purposes, testing the broker. they actually are not there to enable people to play with trading for years.

demo accounts have a extreme minor importance in the computer power of brokers, as its not real money the demo accounts can even get completely shut down in times when a broker needs all their computing power for the accounts where it is actually real money that is on stake.

so spikes and other crap does happen on demo account.

i know that from personal experience as i have a real account with the same broker with whom i later opened a demo account to try to test out smething. the real account in 5 years never had any slipperage (it happened once that trading was not possible for 15 minutes due to computer problems in 2017) but the demo account had it often that trading wasnt possible and slipperage and that position got closed without ever beeing close to the stop etc etc.

1 Like
17

WTF?

Every other Forex EURGBP chart that I have available to me (on tradingview) tells me that those candles DID NOT happen.

You post two different charts from two different brokers feeds right out of MT4 saying different.

So what is the game here?

One script for public consumption, and quite another script for those who have some skin in the game?

…yeah, I can certainly see how many people may trick themselves into believing they can do this profitably, but when it comes to actually having a live account and being subject to all the tricks and shenanigans that the outcome is very different…

“…aaaaannnnnnd IT’S GONE!..”
“Eh what?”
“Your pension fund, it’s all gone!”
“eh but, I don’t understand!?”
“Sorry for your losses, now fk off!”

18

the game is very simple. who trades on a 5 minute chart is a loser.

1 Like
19

That is interesting…I have had lots of funny things happen to me on these demo accounts…

…the brokers need to rearrange their priorities though, cos when these things happen I dont think

“oh, it will just be cos the demo is a bit janky”

I think;

“thank fk this isn’t real money I have in there”

20

their priority is money. they take care of the people who put money in first, then comes the rest.