FX SCAM

I am going to share my experience, I opened my account and was very pleased with overall experience, margin, commissions, etc.

The conflict comes in with who Interactive Brokers clears through JP Morgan that there is where the problem is:

FX Trading is a Scam / gives the illusion as if you are trading in the Sea of transactions and nothing could be further from the truth. Not sure why i haven't learned my lesson from FXCM / and CMS all platforms are there TO TAKE YOUR money.

I closed my account for now

Consider your self fair warned. DO NOT Consider Trading FX-

 

yeah, that's what makes Forex even more beautiful.. and fascinating ...you don't know what's real and what's an illusion...

Price will go up and down but no actual transactions are taking place, just quotes being updated.. until price meets a real order, somebody who actually wants to buy or sell something.. then price will reverse without a fill or go thru it... depending..

...but the quotes you see are real... you can hit them and get a fill..


No doubt Forex is a strange animal with a mean streak... i like it...

 

..that is until you start figuring out things a bit more..

 

So you tried your hand at trading FX for a while and you lost some money ?... big deal.. it takes a long time to become profitable.. only the ones who are obsessed with trading will make it.. that shit is like priesthood.. it's a call.. not something you do casually.. for a while...

 

I appreciate and respect what you shared, and i hope this serves as a warning to those who would like to stay away from the fraud it is.

I agree with you, big deal

Thanks again for sharing

 

Here’s an opinion gleamed from an article.

The beauty of foreign exchange markets comes from the decentralization of competitive foreign exchange dealers. This give rise to the term “adverse selection” in some literature.

FX dealers charge the bid-ask spread to neutralize the effects of losing trades of informed counter-parties. As a result, dealers that can differentiate between informed and uninformed customers charge higher spreads on trades with informed customers and lower spreads on trades on uninformed customers.

Super unfair.

OTC dealers do the opposite. Due to ECN competition, they charge lower spreads on big customers, gleam information off their orders, and charge higher spreads to retail customers.

Super unfair again.

Dealer always wins.


http://allthingshft.wordpress.com/2014/06/21/forex-trading-truths/

 

you haven't explained what this "scam" is other then you don't like JPM.

 

Thank you for sharing, appreciate the insight!

I have had conversations with people who have worked at the firm
and were on the desk, trading with them.

FX is not regulated nor under any SEC scrutiny.
No ones goes to jail for the crimes they commit its perfectly
Legal to take peoples money.

 

Please, elaborate on what you consider is a fraud in FX.

 

happens in every market