I spent a few months studying the babypips school. Got the forex.com demo software. Demo traded for some time. And saw many of the immoral problems people talk about. Am getting better all the time. I finally decided I should look at brokers…
This is where I decided why would I give my hard earned money to a bunch of crooks?
This industry looks like it’s run by a bunch of criminals. If someone can prove otherwise then I’d be glad to listen. You’re going to have to give me hard core proof.
Tight stops hit a lot on retrace were they? Sure there are bucket shops and scam brokers out their.
I don’t know if you’d call this hardcore proof, but I trade a micro account with IBFX. I’ve traded many different systems from babypips and am currently in a trading room. Of these system often trades are posted in the threads, both winning and losing. Some, like nickB’s often have a good win rate. I found I was winning the same trades he was placing with a completely different broker.
Recently the trading room has squashed any fears I had that IBFX stop hunts, or is after my trades somehow. Live in the trading room I entered trades as per the instructors directions, as did a few other traders. Between all of us we were at, at least three different brokers. All trades worked all trades had stops, all the prices and candlestick chart patterns looked very similar. Everybody come out with postive pips.
I know where you are coming from though. When you get a string of losses that maybe get stopped out and then retrace where you thought, you tend to start thinking the broker is out to get out. Is this what you are thinking?
Keep in mind that the market can retrace a lot even in a strong trend before it continues. The broker isn’t out to get you and the market is tradeable, you just weren’t in the right direction in agreement with the market or had too tight a stop loss.
Also the instructor was pulling down crazy amounts of pips and K’s of real money, all shown on his screen. I pretty certain it was true because his amount of pips went side by side with mine as both our trades went up. So, there are people out there trading Forex and making real money.
As far as trading. IME, as a new trader (or someone at it a while and having problems) the best thing you can learn is some method of trend trading on 1H or larger time frames. It’s far easier to see the direction and try to just follow the market. Fight against the market and you will lose every time.
Reading between the lines of your post, you sound angry to me. Don’t trade again before you get over it and can trade from a objective mind set.
I am angry. I really like doing this. Why would I give a company my money and have them tell me they don’t like how I function and keep my money. It seems every one of the forex companies have a story where someone got shafted. I’m old enough to know the truth is in the middle. Some are gamblers…some are in placing orders with the mob.
Stop hunting doesn’t bother me as much as winning and then hearing some dip tell me I didn’t send in the correct paper work to get cashed out…then making 10 phone calls over 6 months…finally hearing them say screw off! I can place an order without a stop and do it manually…If they don’t lock me out of the software. I don’t use tight stops…I try to do my homework and get the trend so I don’t have to worry about it. I’ve been doing this 6 hours a day for the last few months. More on the weekend…preparing for sunday. I have seen Forex.com go nuts…blinking back and forth a large amount of pips. I have a brand new pc. I bought it just for this. That probably gives some sense to how I feel.
I’ve seen weird extra order stuff that I know I didn’t place.
The normal risk is not my problem…it’s trusting the shop keeper. I’m a big boy…I can handle lossing money on my own. I don’t like thieves. I carry, I hope I don’t miss if I meet one someday. Needless to say, I don’t walk the bad side of town if I don’t have to. I feel like I headed to the bad side of town.
there’s plenty of good brokers out there. I’d go with Oanda personally. I’ve used them and never had a problem other than crappy charts and their java applet sometimes crashing.
Every broker will have bad reviews because the people who post negatively sometimes can’t tell the difference between their fault and their brokers.
If the entire industry was run by crooks, the industry wouldn’t exist as vastly as it does. So either quick acting all pissed off and pick a broker (I recommend Oanda) or just move on and do something else.
Actually, after 8 hours of banging my head against the wall…I downloaded their demo software. I’ve come to the same conclusion Oanda. I want to hear from a mess of people who cash out regularly without problems. 10 days or less for a cash out. Can I scalp without implications? Their software looks like something I wrote for 1st year C++ class.
If a broker was giving you problems about cashing out, and even told you to, “screw off,” you definatly found a bad one.
Which one was it, so other members can avoid it like the plauge.
IME, IBFX is a good and honest broker, so maybe have a look at them. The customer support has always helped me and I even wired money out of my account a couple of times with no hassle.
You mean kind of like, the stock market is so vast and the USA is such a wide expansive country, that the Goldman, J.P. morgan, how about the derivative folks and politicains, are just angels in dark suites.
That kind of reply sounds like it came from the review links. Maybe a manager from a forex site.
I haven’t risked a cent of my own money yet. This is called due dillegence! And it’s frustrating the hell out of me.
I’ve worked hard to get where I’m at…I read the part on brokers in the babypips school. I never even thought about checking reviews of brokers before I learned enough to be dangerous. If I get screwed it will be my problem. They’re calling me already about opening a cash account. It ain’t gonna happen for a good while.
I thank you for the suggestion…I’ll check those brokers.
I know FX can be extremely frustrating, thats why most will just give up and become apart of the 90% who don’t make it. I personally use forex.com and haven’t had any real problems, and I have heard many good things about oanda. I would also like to know what broker told you to screw off as they sound like a horrible broker, and it would be good for others to know who not to open an account with.
Read the posts…it has nothing to do with my account in respect to someone saying screw off to me. I’ve been using a demo. My money is still in my pocket and will remain until I’m resonably sure I’m trading on a fair site. It has to do with the 1000 reviews I read today. Some that I’m sure were from managers of forex sites pretending they were happy customers and… real people who either couldn’t cut it or really got screwed. I’d say it was probably 50-50.
The reviews are so skewed, it’s hard coming onto a forum and trusting what I read. A lot of money people are viscous little devils. The recent economy problems pretty much verifies that. I’m not setting myself on a different plane as them. The difference is I play fair.
Honestly, I’d ignore about 95% of those reviews. I’ve read bad reviews about my broker. People thinking they were being stop hunted or not let out of trade because they couldn’t close when they hit close and go the reqoute message… They did not understand that in a fast moving market, when you just hit close it become a market order, which then has to go the server. Between the time it takes to go to the server, price may have moved. All it takes is one tick to get a reqoute message…
Most of those reviews are people who don’t understand various details about basic execution and or blame their losses on the broker.
I thought you had gone live and got this frustrated. If you are only demo I don’t understand why you started talking about a broker telling you to screw off when you asked to cash out?
I’ve been around a while as a new trader and went through the same phase as you are in now about worrying about a good broker. From what I’ve gathered from this site, first hand knowledge and talking to other live traders the best three you can choose from are, in no particular order:
IBFX (Market maker)
MB (ECN)
Oanda.
You should choose which one suits you. I originally wanted to go with MB because of being an ECN, but at the time it had no MT4 compatibility.
I liked Oanda, but their charts were stinky and again didn’t have MT4, so I couldn’t import the stuff I use and I didn’t want to trade off someone eleses chart to place with my broker.
If you are only demo I don’t understand why you started talking about a broker telling you to screw off when you asked to cash out?
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I’ve read it many times today…People couldn’t get their money out without grief and sometimes not at all.
I understand what you’re saying about how the ticker works. I also understand it can be a problem. I’ve read reviews of the total forex system today. It’s listed as a way for an unethical broker to take advantage of the customer. I’ll say again…the truth is probably in the middle. It’s just a bummer when it’s not your side of the middle and you’ve got an order for 10 million.
Why are you so angry, dude? You say you’ve never even opened a live account but, you’re complaining about how unfair brokers are??
I’ve had a live account with Oanda for a long time and I’ve never had a single problem with them. 95% of those bad reviews are from people that lost their money due to their own stupidly, not because the broker stole it.
Have you looked at MB Trading ? I been using them for years and the only complaint I have is their charting. The strength is their Navigator platform, you can use use ANY other charting demo and trade in the Navigator. Plus I have been withdrawing money from my account monthly and it never takes more than 2 days.
