Yeah, but that site is nothing but a bunch of washed up news spike and signal taker cry babies. If you don’t get a good spread or fill during a news spike, that is not the wrong doing of your broker. That is because “The price of tea just went up in China”. It’s cost adjustment, all businesses practice it.
Getting a good fill or spread trading that way with high demand and low supply is just something that needs to be incorporated into your strategy. If you can’t do it, it’s not your brokers fault, it’s your strategy. If you can’t do it, either find a way to do it or cut it out. Stop crying over at Forex Hippie Army Bastards because there are no free money handouts in this market anymore.
edit: Oh by the way Andrew, the tone of this post is not directed towards you, but FPA. Thank you for sharing.
Let’s stick to facts.
What type of people do we see complaining about “evil brokers”?
Successful winning traders OR people who have failed, failing, and are continuing to fail? Not that many people want to examine the core truth but that’s the core truth of the matter. Now, the only question remaining is; just how delusional of traders are you people on here and on other forums doing nothing but bashing FX firms while quoting utter nonsense from the affiliate fee grubbing, lying, scamming moron ForexBastards?
Hey GBLilleyUSMC, so you started the thread. It should be interesting indeed. Very important is to keep it focused. Only FIRST HAND EXPERIENCE. Details would be great. Another thing is: forexbastards, forexpeacearmy etc…is NOT first hand experience, and, by the way, they seem tremendously biased to say the least.
My personal opinion is that most reviews on the FPA site are written by individuals who are frustrated news traders are attempting and failing to take profit out of the market by means made obsolete by their brokers and in the process have become unwitting shills ranting against just about every firm but one particular ECN, for which as I recall Felix is an IB. Are there factual reviews there? I’m sure; but distinguishing what is real and what is not is all but impossible there. Again, not “particularly useful”. If nothing else, that site is a testimony to the prevalence of fallible opinions among traders who are in many cases undiscerning and/or uneducated, and to the cult of personality and unquestioning agreement self-styled authorities can command among them.
@Jonny: this thread isn’t an extension of FPA; as I understand it, GBLilleyUSMC is looking for some genuine user feedback. No one has been “quoting utter nonsense from the affiliate fee grubbing, lying, scamming moron ForexBastards”.
My apologies for - albeit unintentionally - sending the thread off on a tangent…
These kind of threads always go off on a tangent:D
This time it may be my fault (no it was Andy’s, he threw the first wrench in the system:D ). Even though my first post was first hand where I stated I have never had a problem with a broker.
I would like to know of some real first hand stuff.
EDIT: Tymen is going to flip when he gets a hold of this. He hates this constant regurgitation of the same old broker ghost stories crap.
No I have never noticed. I don’t trade news spikes but I have exited trades right before a big announcement without ever a problem.
Also, many brokers that give you the option of a fixed spread account are very transparent about doing this. So you will know before hand.
Lastly, all systems get overloaded. I know I have a hard time making cell phone calls on Sunday right after church hours. It makes sense why it may take a few trys to get the call to go through. I don’t think AT&T is dishonest because of something so obvious.
I’m going to be starting with Oanda, I checked out forexbastards, and felix actually said that oanda was a bucket shop operation, also some people on the site gave very negative opinions of oanda, while others said it was amazing. Now I’m wondering which broker to use, since I’ve been practising with Oanda’s demo and I’m used to it as well
Mytwopips: “So far, nothing of real value has been posted here yet?”
… just how much first hand experience do you want? Like I say, brokers make mistakes or are trying to screw you, depending on how suspicious you are. Either way, it happens less often than the majority think.
At least [B][U]one[/U][/B] with some details will work just fine. You are the only one to post anything negative that even comes close. Yet, it is all circumstantial.
So far, not one other person posted. Look how long this thread is and nothing but the same “he said, she said”.
Thank your for contributing the only thing real. I didn’t mean to overlook your inputs. I was just keeping this thread alive for more to share their stories. I doubt if anyone will come on and share like you did. Most will just blindly come on and be quick to hit the reply button to post “Brokers do this, brokers do that”.
I advise all new potential market contestants letting the fear of broker ghost stories keeping you from entering this market to get that out of your head. Yes there will be some bumps, yes some may be broker related.
"I advise all new potential market contestants letting the fear of broker ghost stories keeping you from entering this market to get that out of your head. Yes there will be some bumps, yes some may be broker related. "
Thank you everyone who replied to the thread, sorry that I haven’t been more active in it. I am impressed with the number of respondents; however, after reviewing the post have concluded that none of the major brokers out there are routinely and purposefully scamming their clients.
Of course the thread will be open for as long as babypips.com keeps it on file, so please continue posting and of course the thread will be open to anyone who has real life experience getting screwed by their brokers.
I noticed one reply where someone stated that their main problem with their broker was order execution. I think that this is normal with some brokers; however not the broker trying to screw anyone. If you are not happy with your brokers execution, maybe you should just switch brokers because execution between brokers varies. You should know that the broker is not trying to destroy you or your account by not filling an order.
Some brokers will allow your stop to even be jumped if the market gaps and this is not necessarily wrong seeing as how price never hit your stop, so you should definitely research what your brokers policies are on this type of event before settling down on one for the long haul.
Thank you again everyone for your replies thus far.
We have to put a disclaimer on brokers/firms by stating that proven, established, regulated, well capitalized firms aren’t cheating clients blind left and right. However, there are a ton of questionable brokers operating out of questionable jurisdictions that are still continuing to suck in newbies and failed traders thinking they will fare better over there instead rather than sticking with established and trusted firms. So, again, I advise newbies to stop reading broker/firm reviews on questionable sites. It’s a waste of your time. Just pick one firm out of top 5 and go with it.
There are failed and bad apple traders out there blaming established brokers/firms rather than realizing what a worthless failures they are as traders and as human beings. Complaining about order executions and news spreads is a sure sign that you are an amateur. Stop complaining about what we all experience from normal market compensations that brokers/firms must also compensate for. It’s all part of trading; stop blaming brokers/firms for it. Also stop blaming them for your incompetence as traders and running around forums posting nonsense a la ForexBastards.
And one last comment regarding the biggest myth most people have; especially those not technically inclined. By far the biggest myth is that our electronic trading internet technological infrastructure is 100% perfect. IT IS NOT! Perhaps one day it will be perfect and will handle massive traffic spikes that is experienced when traders see some news on CNBC. That day hasn’t come yet. Maybe one day all of us will be connected to direct fiber optic lines all connected to fiber optics all directly connected to massive server farms all fed with direct fiber optics but that day is not here. Our technology is not perfect; web servers still go down, we will have power failures, and we still have slow connections. Not just us but brokers/firms as well. When I see people complaining about that; again, I only see an amateur.
Yes, very well said. Newbies should definately seek out firms regulated by the NFA (National futures association) as a NFM (National Futures Merchant). Expecially if you are trading in the U.S., if you are trading outside of the U.S. it may be benifitial for you to find a broker regulated by your country.
New traders interested in choosing a broker should read the following class from the babypips school of pipsology:
I can say that first had exp, after using saxobank for several years they appeared to have started to stop hunt, their charts can be totally different to other feeds.
When queried and argued with they will put things right - now why would you do that as a broker if you wern`t cheating people.
I get the impression from saxobank that they are desperate for new newbies cash. They employ some snazzy marketing wizards in london.
anyway to cut a long story short i moved over to Oanda just over a year ago, simple web based application, they do increase spreads over news periods, as a longer term trader that doesnt bother me, but they dont invent prices like some.
Oanda as far as i know is one the only brokers that dont advertise. And they offer a demo account for real.
