Registered: Jun 2009
08-14-09 02:52 AM
So, I made the mistake of opening and funding an account first, then doing my research second. From everything I've read about forex.com, a solid 80% of the reviews say it's a scam. They claim everything from having their transaction rates changed after the fact, to having winning positions liquidated when nowhere near a margin call. For every ten people complaining, there's usually one that says they all just don't know how to trade and are crying about losing money. I figured that sounded reasonable so I carried on with business as usual.
I have yet to experience anything as drastic as the claims in the reviews, but I have noticed a few things I was wondering if anyone else has had an issue with.
Most importantly, the charts are horrific. I can have the same time period chart open, for the same pair, at the same size, four separate times and have four different current candles. I can also draw a line through, say, the high side tails of five different candles, and while the tails are all the exact same height, all touching the line, if I roll the pointer over each candle, the values of the highs can be different by as much as 2-3 pips. It's damn near impossible to trade like that because I have to go through each candle and manually confirm whether these candles really did hit the prices they're touching, then mentally adjust the chart to what it should look like based on the real values.
Something I noticed today, and what made me decide to make this post (and I've heard this complained about multiple times on multiple review sites), is that when my order is executed, my entry position instantly becomes support (for a short) or resistance (for a long), right to the exact pip, where no support or resistance can otherwise be found at that value. This is even more apparent because forex.com places a line on the chart at your entry price. It's fun to watch as, candle after candle, price rebounds off my entry for no explainable reason. It's even more fun, nearly comical, to watch as price moves as planned the second I call it quits on the position. I'd imagine it wouldn't be very fun if I was trading with a significant amount of money.
Is this the market shaking people out, me taking bad trades, or is this chart/quote manipulation?