Here is a dilemma, either my broker is scamming me or I don’t get something right. So 3 minutes prior NFP report I placed a BUY order using SL, TP, TS like supposed to. Few seconds before news release the price hits my SL. Hmm ok that’s normal but I checked dimensions of that candle and the end of the tale of that candle is exactly at my SL. I thought what a nice coincidence, but decided to check on charts from other brokers and there is NO such tale like mine got!!! Pretty long tale comparing to others. I am positive they made a run for the stop, causing position to close out.
Now I don’t know what exactly I should do find different broker, report them to Commodities Futures Trading Commission and the National Futures Association
PS my broker is a registered FCM with the CFTC and a member of the NFA
Please any suggestion and opinion would be helpful thank you !
Can’t make anything out from your chart, so it’s impossible to really comment. I don’t really see anything untoward. You were certainly playing a dangerous game looking to trade that close to a major report.
I would first question whether the two charts are plotting different prices (bid vs. mid for example). Second I would question whether you may have gotten caught out by a spread expansion going into the data. Third, I would note that the tail you are concerned with (if I’m understanding the charts correctly) was within the prior range for the market, making that kind of move perfectly reasonable in and around a data release. To my mind your stop was too tight and you got burned by it.
I would agree with what rhodytrader ^ says. What prices the charts are plotting is important, and his other points are valid too. Also, not all brokers have the same liquidity and prices, hence the candlesticks will vary accordignly.
And to be fair, if you think that the broker manipulated that data to make the price move by 4 pip in order to stop out YOUR stop, then sorry mate, I think you are quite mistaken.
So in summary: Relax mate, no need to go screaming scam, as rhody says, your stop was too tight and you got burned…
Good luck mate, better luck next time
Hate to say it, but if you kick up enough of a fuss then they will probably refund you the loss. You were only trading 0.05 lots so they probably don’t care too much about refunding you instead of having to go through the hassle of replying to your complaints.
Thanks AndyRosa for the best answer, “not all brokers have the same liquidity and prices, hence the candlesticks will vary accordignly” and still there are “smart” brokers that manipulate, alot of blogs and forums about it you can find on google, so i am not the only one “screaming” about it. Secondly, its 7 pip SL. 3rd, i dont believe forex and luck associate.
yes, but im not worried about refund. The main concern was if they really ran for my SL. If you can see the picture, the tail (the low) of the candlestick 79.967, and i got stopped out at 79.966 which is 1 point lower from where i got stopped out, thats another weird thang. Maybe 1 point is nothing in forex world
No, you’re not, but the voices are strongly weighted toward those expressing negative views. You don’t hear about the millions (literally) of transactions for which no one has a beef.
Secondly, its 7 pip SL.
Is that meant to suggest you didn’t have too tight a stop? If so, that doesn’t fly with me as the range prior to the big post-data move looks to have been at least 10 pips wide.
3rd, i dont believe forex and luck associate.
Then you’re fooling yourself. Ask any experience trader in any market and they will tell you that luck is a major part of the outcome of any given trade. It’s only when you take performance in aggregate that luck tends to balance out to reveal ability, trading system effectiveness, etc.
Again I would tend to agree with Rhody ^ (looks like a pattern here).
You are right, there are many “traders” going on about being scammed, but in my opinion so many of those actually don’t know what they are necessarily looking at, not because I believe they are all crazy ranting morons (although I would argue that a select few would fit in that category ), but often because they just do not really know how things work and also because they are influenced by all the others going on about it. Having said that, have there been cases of “trickery” and “manipulation” with brokers in the past , yes, does that mean that the broker is sitting there waiting to take your microlot, I don’t think so.
He definetely will not be manipulating the data of every single client ( I would assume of many thousands), particularly with such small trades, in order to trigger your stop! Honestly mate, I’m pretty sure that isn’t happening in your case.
Which leads to another thing. What most people seem to be saying to you is that your broker is not “scamming” you in our opinion, yet you seem very reluctant to accept it. Surely it’s good news no?
But then again (which is one of the reasons why there are many people going on about it as you say on blogs and forums), it is probably easier to feel that it wasn’t your fault that you got stopped out and that there were evil forces at play, rather than look at it objectively and think that possibly a 7 pip S/L within range and just before news (NFP!) might easily be stopped by either a spread increase or a quick movement.
At the end of the day, if you choose to decide that it is the former (part of me thinks that you will), that’s up to you; change broker and write a negative review on ForexPeaceArmy telling them they are scammers and scum. If it’s the latter, I wish you the best in your forex journey (was gonna wish you luck again but then thought against it, didn’t want to upset you )
“He definetely will not be manipulating the data of every single client ( I would assume of many thousands), particularly with such small trades, in order to trigger your stop! Honestly mate, I’m pretty sure that isn’t happening in your case.”
People talking about how brokers use “automated” run for stop losses. Yes, i believe its not happening in my case. In my case, like you said, most likely its a price spread or quick movement.
“At the end of the day, if you choose to decide that it is the former (part of me thinks that you will), that’s up to you; change broker and write a negative review on ForexPeaceArmy telling them they are scammers and scum. If it’s the latter, I wish you the best in your forex journey (was gonna wish you luck again but then thought against it, didn’t want to upset you )”
Haha i like your sense of humor here gotta give thumbs up!! Thanks for your consideration and comments. Very much appreciate it
so many different ways to profit or lose in forex, but anybody just has to find his own way to KO those lil pips. I been doing this for over a year and I’m still searching for this tiny lil way of mine that best suits me, and while sometimes we have to except those ugly loses but never give up if we up to success here! and thou shall not be greedy and thou shall use small lots like .01 while learning on real account, alot less stressful
i agree it might be too tight, but extending SL in playing the game when news release is too risky. it used be a good game back in the day but market changed. so i just decided to use different strategy
