Another RCG FOREX venture MG bites the dust.

Another Rosenthal Collins Group (RCG ) FOREX venture bites the dust.

RCG can’t seem to keep any of their FOREX venture alive, First "RCG TradevView Forex" closed 2008, "RCG/Gain UK" closed 2009, now "RCG MG Financial" CLOSING 2010..at this point I would ether forget about trying to get into Forex or look at why or better yet “who” within the RCG-org are the incompetents screwing these ventures up

 

They've got to stop doing business with these bucketshops and set up their own/join an ECN. They've been around long enough to have figured this out by now.

 

that is a hint RCG is losing money. I will not be surprise if RCG up for sale. IT is following Alaron path

 

The do offer Integral (both FxInside and PowerTrader which is retail-oriented). But atleast on the retail side they are so uncompetitive ($50/m and they additionally pad the spreads 0.2pip each way) that there is just no point in this.

 

From RCG website:
"Milestones"
2008: MG Financial, a pioneer in the online foreign exchange (FX) market, with clients in more than 100 countries, becomes a wholly owned subsidiary of RCG

So they should stop buying such "bucketshops"...

 

RCG wasn’t doing business with bucket shops. Facts is RCG themselves bought or stated their own Forex divisions and FAILED.

A: RCG’s TradeView was one of the 1st MT4 ECN and gaining solid popularity then one day the plug was pulled and sold off to ****-gm, FAILED.
B: Gain/RCG was a UK venture designed to give Gain access to UK/eurland clients, from my knowledge of this venture all RCG needed to do was sit aside while Gain worked their magic and yet once more RCG pulled that plug as well, FAILED.
C: RCG bought up MG the oldest US based retail FX firm re-staffed and year later FAILED again.

The only consistency I see here is RCG FAILING :eek:

 

What's so difficult with running a forex division ?

 

Meanwhile FXPro are going for a $300m plus IPO.

 

Meanwhile RCG got fined for $1.3M by CFTC

http://www.suntimes.com/business/2771410,rosenthal-collins-fugures-fraud-100410.article

 

They must not be doing it right.

Rule 1)

Take the opposite side of all trades by made all of your customers.

(Exception to rule, customer has been profitable for over 1 year and uses mental stops or very wide hard stops)

Rule 2)

You control the data feed and charts, create fake spikes to stop out trades and tell anyone who complains that yes a trade really took place at that price, see its here on your chart, that tiny spike.

Rule 3)

Advertise like the tobacco industry since like them you need to replace the customers who you killed with your product.