I am starting this thread to once and for all either confirm or deny that the brokers are out to get us.
I have a lot of trouble believing that a broker would intentionally hurt its customers. In this OTC market, how would a broker benefit from all of its clients blowing their accounts and never trading (or making spread) again.
What I would like is for baby pipers to post first hand experience only. No he said she said, or I heard or read in a blog information:
If you feel that you have actually been cheated by your broker where they traded against you or stole your pips please post here. If there are brokers doing this I think we all need to know.
And of course anyone is welcome to argue others claims that brokers are evil mysterious organizations imposing their will on the masses.
I think you need to understand that brokers:
a) Hunt for stopps and
b) oppose the positions traders are opening.
These are 2 good reasons of why they want you to loose. The house normally always wins!!
I believe the thread starter made it very clear that only first hand experience was to be posted. If you have any, please post them.
Why do you keep posting the number of pips that system makes on two different threads with no real educational contribution? You didn’t come here to fish this forum did you? I will give you the benifit of doubt and say no. Please prove me right.
Exactly…I have read tons of bad things about FOREX.com, but I have had nothing but a good experience with them…when a trade has turned against me, 90% of the time there was a valid reason for it, or something in the chart that I missed or ignored.
o i do love it when people get on their high horse. As for personal experience, i may be a new forex trader but 18 and 1/2 years trading stocks for a living has taught me pleanty about brokers. So please refrain from talking about something you have no idea about. As for posting refrence my pip profit i am sorry if you do not like to hear of other’s succeeding, my wife has no idea what a pip is and i am sure you will agree Forex is not pub chat. Just wanted to share a bit of my excitement i am sorry.
Ok then where to start.
In a 2002 case, Meyer represented nearly 300 Marion residents, all retirees, whose lump-sum retirement benefits had been invested with a stockbroker with Prudential Securities who sold their investments without their knowledge. The case resulted in the Nation’s largest class action jury award against the securities industry. The jury awarded $262 million, including $250 million in punitive damages.
I am also glad about your excitement for your system. It’s just if you have had 18.5 years in the market, you should have an understanding by now of what is real and just a fluke.
What made me start to wonder is when the second thread was opened with the same boast that the first thread already gave, yet again with no substance but profits. If this is just because of your excitement and newness to this market, then please accept my apology.
But please understand my side, this is how hyped up system fishers come to bait. We don’t want anybody lured out of this educational enviroment with false promisses of riches. So we make efforts to expose these baiters.
Not saying all brokers are horrible, ever heard of 'Insider Dealing’
Don’t understand why the tone of your posts. Something you want
to get off your chest?
Well there are tons and tons of ill will stories just not with the markets but every aspect of life. The question is “were you involved?” Is this first hand experience?
Apology accepted, i am sorry for the lack of educational purpose. I will refrain from posting any more profit screenshots. I am new to the world of posting in forums i am just normally one of those guests plugging my wy through the informtion.
I am also new to this market. And please understand this is a different world from stock trading. To have a definitive profit within 24 hours is still sinking in with me as i have spent many many years paper trading.
Hope i may have some more educational presence in the near future.
From this quote
"I think you need to understand that brokers:
a) Hunt for stopps and
b) oppose the positions traders are opening.
These are 2 good reasons of why they want you to loose. The house normally always wins!!"
It looks like your tone is all brokers.
No, there is nothing I want to get off my chest. Just debating the “myth”? I would rather be friends if we are both like minded people. I just wanted to confirm you were not baiting. After your reply. I believe you are not. Sorry.
My broker has done something fishy 5 times in 1.5 years. I remember each one.
dodgy tick that stopped me out of a trade. The tick was during a real quiet point in the market and was something like 30 pips away from the current price. They agreed and reinstated my position
didn’t fill an order. Market touched the price and they didn’t fill it. Called them, and they opened my position at order level
filled an order at a price never available in the market. The EURUSD recently gapped by 100+ pips over the weekend. I had a buy order that they filled at a price in between the gap - ie at a level that was never available. They agreed to fill it at the open (which was some 70+ pips in my favour).
… so are they dodgy? Well 4&5 were occasions when the market reach my SL level and they [I][B]didn’t [/B][/I] fill my SL, only for the market to return the trade into profit - therefore benefiting me.
Personally, if you’re using a dealing desk, be prepared for mistakes. Maybe they are trying to shaft you, but my instinct is that people screw up easily enough on their own ;). Either way, it pays to keep an eye on your trades…
Basically yes i do think that we are like minded people because as far as i can see only a small %'age make it into forex and i believe you have to be of a certain mentality. Excuse my outburst i guess i am supressing all feelings while trading in line with the ‘Trading in Mind’ but it rushes out as soon as i have shut down for the week.
I think if anybody is going to put their money in any company the best tool available is GOOGLE. Research will prevent losses.
Brokers are however out to make money aswell and not just the spreads/commision. There is some interesting information out there will try and collate some links. But we want to make money from Brokers and they want to make money from us. Thats the one thing we have in common.
Your outburst was only because you took offense from my statement. That is a good thing. That is why I believe you. If it was just another fisher, they would have never replied, they would have taken off to the next pond. Anytime you accuse someone of doing something they are not doing, they will always take offense and pound it into the ground. If you catch them, they will shy away.
So once again I am sorry and would like to welcome you to the forum and hope to hear much more from you. It is my fault.
Forex Peace Army (formerly “Forex Bastards”) has collected the single largest body of broker reviews by their users to be found online. Something to keep in mind while reading comments there is that, while there are plenty of reviews that describe genuine problems, many reviewers are release-specific traders (meaning they place trades around volatility-inducing news releases) who voice concerns about dynamic spreads, re-quotes, slippage that are, in fact, illegitimate complaints.
I don’t find the site particularly useful, but it is a kind of database where you’ll find “EVIL BROKER” stories collected in large numbers, in case you’re interested.
Just to be clear, I don’t endorse the site; I tried to mention that without trying to criticize it openly by saying I didn’t find it “particularly useful”. But, you’re right: there are certainly questions about Felix; a different topic altogether. It is, as I said though, the largest collection of “user reviews” out there, which is what the first poster was soliciting. Just a point of reference, like everything else.
