Interbank Fx rigged?
Anyone else noticed how Interbank FX manages to pick up your stops, buy stops, or stop limits and then suddenly reverse. This never happened on the dummy account… I wonder why? I have been watching and suffering the consequences of this for 5 months now and I am very suspicious that there are two markets � one for major professional clients and the other for private individuals. The latter is manipulated to hunt and capture stops within a reasonable reach. After all no two brokers are quoting the same prices at the same time so who knows what the real pairs cost is. How convenient!
I have never had success with setting stops. I widened and widened stops and found I had to lose a minimum of 40-50 pips before I got any form of safety. Under that they miraculously got picked up and then turned to cost me. This happens so frequently that it is way beyond the 50/50 luck element. I was forced to do my stops mentally. Not an easy task given I live in an awkward time zone and most activity takes place when I should be sleeping.
Put simply I believe Interbank Fx is money making machine with a slick interface that gives you the illusion you are in totally in control. So if you use it beware with a capital BEWARE. Better still, close your account and do more homework to find a genuine broker. It will save you a heap of money.
Have you checked other brokers data for the same o,c,h,l 's. If they all match up, then it is you. Don’t get discouraged. Just go back to the drawing board and figure out how you can fix what is not working.
Your first post and you have not even seen how much of this has been posted within the past few days? I am tired of trying to battle it.
Keep your head up. Learn where to point the finger. Most of all, keep trying.
Happy trading:)
I’ve never heard of this before and I’ve been demoing with IBFX since February and not witnessed anything “mysterious” or “suspicious”.
Maybe you are just getting into trades too soon or your indicators are going off early. No pair goes up in a straight pattern… there are always ups and downs, even in strong trends. If you are putting 10 pip stops on your trades then you are just asking for it. I’ve found stops hurt more than they help in short-term trading, better to trade over the course of several days or a week, and set a 50+ pip stop-loss.
If you put your stops in obvious places that all beginning traders are taught to do then it is easy pickings for larger traders. Even though I did believe that brokers stop hunted, if you think about it all brokers are in the business to get your business and keep your business. They make a killing with spreads, commissions, bla bla bla. Larger traders are smart and know to buy and sell at certain points to move price to take out your stops. Price differences are different because brokers all have their certain bank feeds that give them the price that these bank providers are showing. I just think with size and everything thats going on with the currency market that its impossible for brokers to worry about stop hunting. And its even not in their best interest.
Adam
I agree with Adam. Putting stops in obvious places such as just below previous lows or above previous highs is a no no. Just a couple of examples.
I’ve been live with Interbankfx going on 3 years now. I’ve only had 1 issue with them that was my fault. I didn’t know trailing stops wouldn’t work if the platform was not up and running. That has been the only issue. They are also far from the best broker out there. Have you seen their spreads during news? I don’t trade the news so it doesn’t bother me but I might one day. Hard to make money with 10+ pip spreads during some news releases.
Stops getting hit is just part of trading. We try to make the winners at least twice the size of losers and roll on with it. I like 4:1 or greater.
Hope it helps. Trade well.
It’s painfully obvious that most newbies to
trading don’t really know what "stop hunting"
is and how it could only work against you.
It would only work against you if you set
your stop/loss where majority of "dumb money"
places the stop/loss. Nobody can manipulate
the market price against you. So before you
get into a nasty habit of blaming brokers, ask
why and how there are traders, on IBFX mind you,
routinely earning 200-700% every single month.
Why don’t you take a peek at the mini-account
contestants and see what the top 10 are doing
versus what the bottom 10 are doing. And sorry
to disappoint, but FX trading is far from being 50/50
luck of the draw. When someone comes out saying
such and such broker is scam, rigged, etc… I know
I am looking at a trader who refuses to take
accountability for their lack of knowledge.
I just happened to be looking into switching from my current broker (Forex.com) to IBFX. The main reason I was thinking about doing this is IBFX seems to have a lot better tools available to free for us with micro/mini accounts! The pip spread comment kind of scares me though. I’ve never had that problem with mine.
-Matt
I use IBFX live…and I do not see them as any type of “scam” or being “rigged”.
Here is an idea for you to try over the next few weeks or so. (depends on how active of a trader you are).
THIS IS NOT A “SYSTEM”, ITS JUST TO HELP LEARN MARKET FLOW
Open a trade based off your trading rules…DO NOT use a stop loss…rather than a stop loss, set up a pending order in the opposite direction where you would usually place a stop loss. This means that when you would usually have closed a trade for a loss, you will open a trade and start hedging your current loosing position. Then forget that they are even there…just let 'em ride, watch em, learn. Keep making trades, keep doing this. Eventually you will find that you are making small changes to your trading system so it fits the current market…if all goes well, you will start making pips to the point that you can start closing loosing positions and they wont kill your account. Once you are able to use a single system to close all your existing open orders…then try your system live…I started live with $300 and trade $0.01 pips (this will help you work through the change in “play money” to real money). For the record, I was making money with my system, then made personal mistakes that hurt alot, so now I am rebuilding…but I AM winning a good % of my trades with IBFX.
Bottom line…its not IBFX…I can promise you that much.
Good Luck.
I started live with $300 and trade $0.01 pips (this will help you work through the change in “play money” to real money).
Like this comment, trading this way gives you confidence
in your system, then when you are ready you can step up
to the next level.
Somebody wrote that they could never trade this low a pip
value (1cent pips) because it would not be going anywhere.
My answer is that person isn’t going anywhere.
Learn to trade not gamble.
I also see the “stop hunt” comment every day, “I have been
stop hunted” Boo Hoo. I have only ever seen one proof of
stop hunting posted on the web, if you feel you have been
stop hunted copy the chart & post it, then get in touch with
your broker & raise a stink, let them know you know that
they are carrying out this practise & find another broker.
I agree with this comment completely.
It appears that many traders either had the experience with stop hunting or other issues with brokers.
Those problems can be eliminated by having a trading account with a broker who is registered with Chicago Mercantile Exchange.
There you would have a recourse and your money is in a much safer place.
When I’m ready to live trade none of the fx brokers will see my funds.
Don’t rely on NFA as they are of no use to us small fish. They can regulate, but not enforce.
can you post an example + chart, also what was your stop loss.
One of the comments was to check with an independent broker, google metatrader, its free, download it and compare.
N
CME… youre talking about currency futures then and not the forex spot market.
CME does not regulate the forex spot market, only the CFTC/NFA.
this why i never use stops, that and i plain and simply just don’t have to with my system.
Best to trade without a stop/loss
and without trailing stops. And
it is rather obvious that people
don’t even know what stop hunting
is. So study and learn some more
before blaming the brokers or other
smart money who are just taking
advantage of the vast number
of easy dumb money in the market.
I’ve signed up for my first live account with Interbank FX last week and I’m going to start trading live this week… I will make the exact same trades in my live account and my demo account and see if there is any difference at the end of the week.
Wish you the best of luck. Nothing annoys me more
than pitiful traders offering advice only to end up
telling them to be realistic or lower your expectations.
You really won’t get anywhere meaningful by lowering
your expectations only to justify it by saying you were
being realistic. Only unwinning traders say crap like
that to themselves and pass it along as some sage
advice. It’s all pure crap! Useless crap at that.
So, best of luck to you but the difference won’t
come from demo to live conversion, or your trading
method; it will be dealt to you by the ever changing
always unpredictable market. Accept that and you’ll
do fine. It still always throws me a curve but
fortunately, I only aim for 2-5 PIPS profit on 50 Lot
trades. It gets a lot easier as your balance increases
because it actually gets safer as funny as that sounds.
On an unrelated note, is anybody else having a problem logging into IBFX at the moment? I tried last night periodically from about 9 pm to 11 pm and couldn’t get in at all. It’s now 10 am the next morning and I still get a “no connection” message at the bottom of the screen. I’ve tried clearing my history, restarting my computer… still nothing.
Pain in the butt because I do all my technical analysis and make my weekly predictions on the weekends. Hope it’s working by tonight or I’ll be sending an inquiry .
Since you are trading ECN, your comments are not really relevant to bucket shop broker traders.
Your trading approach obviously works well for you but others do not trade this way.
As a trader who has been on this forum for longer than most and having built a reputation, I would ask of you to take note of your comments that I have quoted.
I would submit that being smug on this forum does little to help anybody.
It is easy to promote self.
When answering other people’s problems, it helps to come down to their level, see thro their eyes and genuinely give a sympathetic answer.
I know it can be difficult to do, and it requires some real work on our part.
But the thanks you get is worth it.
For example, look at Abner’s post above yours. Now what good is that?
Have you ever seen any of Rhodytrader’s posts. He is an expert trader and teacher and his answers are always very genuine and extremely accurate.
If you can copy his style, then your contributions will be very valuable. 
Yes we know Abner.
You are the only trader here who never uses stop losses and has the only win/win system in exitence.
Even so, you are not a millionare.
As a trader here who has been on this forum longer than most and built a reputation, may I suggest some change of attitude on your part. :mad:
If you see people in genuine difficulty, then give them some meaningful help.
Be sympathetic and try to offer a real solution.
But as long as you are going to be aloof and stuck up then you are not contributing anything useful to this forum.
I have said this to you before.
If you intend to continue being arrogant, then you best next trade is to get off this forum and leave altogether.
Go and make your millions somewhere else. :mad: :mad: :mad: