Does any one try to trade with recommendation that paxforex sends every day?
Here they describe how they achieve 515 pips for the last week.
PaxForex reaps 515 pips - PaxForex
No, but I looked at the site and noted that they reached that by trading 7 fx crosses. Only 31 pip on EURUSD (Myself 972 pip on EURUSD for aug/sep/oct).
So you probably have to split your account over 7 fx crosses (if these trades are all at the same time) , what limits the potential profit against trading the same amount on one fx-cross. If I am correct it implies that it is almost equal to (515/7) 73 pip on one cross. Anyway, not scientific, but I think you get the idea.
I also can’t find their longer term track record, so I can’t see if this is a lucky week or even their only week.
I am not impressed and would not pay for this service.
I checked for some articles on the same page, and find some positive numbers from week to week. I do not mind get any profit. I care more for stable profit.
Okay, good luck with it… Am curious if they any good. May the pips be with you.
Going after paxforex is a waste of time and is the best way to wipe out your account. While giving trading recommendations, they used to give entry and TP rates. But they never give the stop loss and also recommends to avoid any type of stop losses. They will be adding to loosing positions and will close trades on a particular pair only after getting some profit on averaging all positions related to that pair. You will never have any trade stopped out as you are not keeping any stop loss. On the way to profit, sometimes you will be seeing trades negative by thousands of pips and to get success, you should have an account funded with a huge amount that will keep you away from margin call and blowing of account, even if your trades are negative by so many thousands of pips.
If you really want to follow signals I recommend http://forums.babypips.com/show-me-money-daytrading/22613-my-daily-forex-prediction-major-currencies-145.html#post419458
he sends signals out for the last 3 years.
Cheers.
Don’t bother trading with Paxforex, they don’t have liquidity and can’t handle orders without requoting.
I have had this issue since i opened an account 3 months, even my demo account gets requoted
this does not matter whether it’s during a slow moving market or a fast moving market both requote.
Paxforex looks pretty shady and some of its questionable (but expected) practices are starting to come to light.
Here’s one from FPA:
The guy here got stalled by Paxforex while trying to withdraw his profits. Besides, it’s an unregulated broker based in the British Virgin Islands, so there’s more reason to avoid both the broker and it’s so-called “recommendations.”
Hm strange. I didn’t had any problem with withdrawal except one day waiting. Probably the guy didn’t read the rules. I used there deposit bonus promotion once and to my unlucky I lost the funds. But for the next deposit I didn’t chose the deposit bonus, and they didn’t apply such rules to me, to be honest I was happy to such situation. As I know, there are many ways to get profit from such bonuses especial if you are using few brokers. Most probably they just safe them self from such “genius”.
One I thought to do such thing:
The brokers should allow you to lost the bonus.
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Open an account in one broker deposit for ex: $1 000 receive $1 000 as deposit bonus on the account you would have $2 000
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Open another account with other broker, deposit $1 000 and receive another $1 000.
Now I deposit only $2 000 and have on the account $4 000. -
In one broker I buy EURUSD and in another, I sell the same lot and wait when one position will be at the stop loss level and other at the same t/p level
As summary you will loss $2 000 on one account and win$2 000 on another. But on the lost account you will lose only $1 000 of you own funds but on the another you will win $2 000
So without any risk and knowledge you will earn $1 000.
I believe brokers protect them self from such transactions.
I must disagree and know I will draw fire for that. I have followed their recommendations both on paper and in a live account I set up just for that purpose. I don’t believe in past results so I tracked their recommendations on paper. Yes, they offer entry levels as well as stop loss levels for traders, but they do not tell them no to use stop loss orders. They state that they do not use them for themselves and prefer to hedge their positions. They also give out the hedges they will implement.
You may not like to hedge which is fine, but to say that PaxForex tells clients not to use a stop loss is simply wrong. What they do is basically give out two variations of a strategy and traders who chose to follow their recommendations can chose which one they prefer. It is up to the traders to decide if they want to place a stop loss or a hedge.
I assume you have never actually traded alongside their recommendations. I do my own trading, but out of curiosity I did open an account just to follow their strategy as it was not too far away from my own.
[I][B][B]I have made decent amount of profits with it so tell me again FX-Men why it is bad to make money with a strategy which you do not agree with?[/B][/B][/I]
Is it the best? I have never said that, but each trader need to have a definition of what acceptable returns are. I still recommend traders to do their own trading, own analysis but I would not argue with traders who use recommendations and make profits which they accept.
Yes, they had a few wrong recommendations, but who gets 100% correct? Exactly, nobody and traders who placed the stop losses which were recommended by the broker lost between 50 pips and 100 pips. A 50 pip loss is something I can accept. Maybe its better when you comment out of experience rather than assumptions and allow traders to make their own decision, despite the fact that they don’t belong to the FX-Men inner circle. Maybe you should be more open minded to things you don’t approve of especially if they are profitable.
That is amusing, I am not sure about their demo account but the live account I have for the last year with them gives me almost no re-quotes so the lack of liquidity you mentioned is ridiculous. The only thing they are not is regulated, other than that I have no negative experience with them and the fact they are not regulated does not bother me. I care about my trading, my execution and my withdrawals and as long as a broker does not mess with them I have no issue trading there. All I can say is that I don’t mind part of my daily trading to be with them and have a piece of mind as nothing negative has happened since the day I opened my account and funded them. Every trader needs to make that decision, but just to shut down a broker due to lack of regulation is narrow minded in my opinion.
All big brokers started small one day and probably had the same criticism when the started as others bashed them for no reason and a decade later they became the FXCM’s and Oanda’s etc. What makes you so sure that this one will not be approaching those levels at the end of the decade?
You can’t and me being an entrepreneur I like to give the small guys a try and get in early to see for myself rather than hear others who have never traded with them. Allow others to decide, you may hate them which is perfectly fine. Stop trading with a broker you do not like for whatever reasons you may have.
Yes but they were the first and in regulated markets.
Paxforex is sadly a bucket shop for inexperienced traders to be sucked into opening accounts with them. Just google it and look on Forex Peace Army re: requotes, deposits being not transferred, Virtual office in London the list goes on.
Word of warning to newbies please do your homework before opening an account with a broker such as this. Bonuses are not everything when it comes to finding a good broker.
Correct. You can find bad reviews about every broker. I’m on the forex market about 13 years, and I know a lot worst thing about many big brokers. But I will agree with you that for scalping it is not good, it is the same like any other brokers. Brokers DO NOT Like scalpers. I tested many scalping strategies and not one became successful on the real market. While you are trading small volumes it is ok. But as soon as you started to trade big volumes brokers put you to direct STP and “the Holy Grail” stop work. As paxforex is a quite new compare to other brokers I assumed they put such clients directly to the STP and offcause they has requotes.
I am always wary about new forum posters whose first and only post is designed to trash any broker for reasons we should not even bother speculating on. Having said that, let’s take this and respond anyway.
Yes, they may have been the first and in regulated markets. No argument here. That does not mean they are the standard, they ma be great brokers (I have given Oanda a look and did not like them regulation or not and FXCM would have been on my list if it would have not been regulated in the U.S. That is my personal preference only). I have met seven traders who had issues with FXCM and they closed their accounts so regulation does not mean that every single trader will be happy with a regulated broker. Again, traders need to decide for themselves, try a broker for themselves and not listen to what others have to say about it.
Paxforex is not a bucket shop for inexperienced traders at all. You mentioned Forex Peace Army and the report there. Great. Let me take this and refresh our memory that FPA labeled Instaforex a scam broker on one particular case. So you are telling me that FPA is the global standard for policing brokers? Preposterous! I have dealt with Instaforex myself and the scam report was idiotic. Given the fact that Instaforex may be one of the biggest retail outlets who is one of the most liquid brokers out there which can be compared some of the huge brokers which sponsor sports teams it shows that FPA really messed it up.
Furhermore, Instaforex was a sponsor of FPA and I would always be careful when an entity markets itself as an independent source but accepts ads from brokers. That is the same as an alcoholic going to an AA meeting which is sponsored by a brewer. Yes, they try hard to remain objective, but not always succeed. It is well known that brokers use FPA to make a claim against competitors. There are also plenty of scam reports from third world countries which try to scam brokers for bonuses or blow their account and scream foul. I understand that FPA tries to gather evidence, but the Instaforex case shows how despite all their evidence they made a huge mistake.
Have you actually dealt with Paxforex?
I assume you have not, but I did. As a matter of fact after the Paxforex case was mentioned at FPA I have contacted their support and asked them about it. Of course they said the were not at fault (as any other broker would claim). Despite that I asked for a withdrawal of all my funds until the dust settles and the next day I had all my funds that I requested send to me without questions asked.
I have since then made two more deposits into my trading account without any problems, but before I did that I took the time to fly in and meet them at their main office in order to talk face to face with my broker.
How many have done that?
Exactly my point. Most traders have never met their broker in person, regulation or not. So before you scream bucket shop for any reason I suggest you should have actual experience.
I do agree with your last sentence:
Newbie or not, please do your own research into any broker you wish and never listen to anyone else including myself. Make up your own mind, educate yourself as much as possible and then decide. FPA, reviews by others, forums discussions etc. should never influence your decision. A good broker is not defined based on regulation.
Why do I even defend Paxforex this much?
No, I do not work with them or for them. I have no benefit about their trading turnover etc. I am an entrepreneur who understands how it is to be the new kid on the block and start a business. I do fund my ventures through forex trading as it allows me to be independent from third parties.
I have tried plenty of new and small brokers as I like to give them a try. The big players are well established and I am happy for them and their traders. The negativity towards Paxforex simply because they are unregulated is misplaced and I have taken the time to do my due diligence about this one which is why I think it is a hidden gem amid the countless range of new brokers. This one is has evolved and became a better and better broker over the past 12 months and they continue to expand.
I will close this rather lengthy response with reminding everyone to do their own homework before they select a broker and never listen to anyone else.
I was foolish to have an account with them. I tried to close it and they did not give my money back! I am very sad as people like you still promote a bad broker to steal money from me.
I am now happy with a regulated broker from the UK.
I agree with Lastbear, since nobody gets a 100% accuracy in their trading recommendation, that’s why its called recommendation it is meant to guide you in your trading, but since there risks involve in this venture you should be vigilant in your trading by creating your own analysis based on fundamentals and technical that you know.
And, with regard to stop loss its up to you whether to use it or not, since I don’t use cause I only trade only 15 minutes to 30 minutes a day. I believe that Paxforex is viable forex company.
This claim is ridiculous. I assume you lost your money trading and did not read the bonus terms & conditions. People like you say this about almost every broker out there. For starters, read the terms & conditions or better just trade your own money. That way there are no conditions to fulfill.
I don’t promote any broker, I simply state that I have actually dealt with them in person and I doubt many traders take the time to do so which is why I can say this broker is a hidden gem in the vast sea of bad brokers which is why I decided to move part of my trading there.
No, I just wanted to get my own money out not a bonus. Why you not believe me? They did not give my money back as they froze my account. I hope they don’t do it to others. What can I do nothing as they are not regulated. I am with a new broker now so am happy and making money with no dodgy tricks.
Thanks and good luck Mr Bear.
I have no reason to believe a ludicrous claim, especially from a new member who only posts in order to bad-mouth a broker. In case they indeed froze your account, there must have been a very valid reason for that and still I do not believe you given my personal experience. I have seen cases like you brought against plenty of valid brokers and they were all fraudulent.
I am glad you found a broker you are happy with, but regulation has nothing to do with the problem you claim you had. You should be lucky that they don’t take action against you.
I don’t know why you wished me good luck as luck has nothing to do with forex trading. I am confident with my broker(s), regulated or not, as they are sound and solid brokers backed by bigger investors and deep liquidity.
OK MrBear.
Good Luck with your bucketshop:19: