I have yet to start a forex account, but was wondering if it is possible for any forex trader like fxcm, forex.com, etc to be able to ban your account and take your money. The reason I am asking this is because I have experience in the online poker world, where it is very real for the poker sites to take your account and your funds for a number of reasons, including cheating. Now, Im not sure if its possible to cheat in forex, but if I followed someone elses account (who has a record of being consistently successfully) and made the trades right after they made their trades, i suppose it could be like cheating right?
Well I am going to use one of the major 4 sites, but the question is if I have someone who works in the company feed me information about some successful traders, and I just do a trade whenever he does, is that going to get him fired, and my account banned with all the money in it seized? Or is it just going to get my friend banned and my account banned and my money returned to me?
The only reason for banning you in the market would be for something like insider trading. I just can’t picture the circumstances where that would be possible in Forex. The market is just too big. Emulating the winners is a goal we all have.
Sure, Ill let you guys know how I do, but I haven’t even signed up yet, was just wondering how real the possibility of losing all my money would be for trying to do this, it kinda seems like cheating if you compared it to online poker.
Unless your friend works for one of the central banks, or is involved with the economic surveys, I don’t see this as anything more than 2nd-hand analysis, so I wouldn’t worry. Perhaps it is part of his contract at work not to share his analyses, but that really isn’t a concern on your end. Hope this arrangement gets you some profits, happy trading!