after prop trading for a year I have proceeded to lose money in the fx markets. I am very suspect about these guys as a whole and its not cause I lost money. I just hate being suckered and i think im being welshed. My big thing is if everyone was legit, all prices would be the EXACT same, but how come all the prices are diff? on every diff platform charts prices arent the same on any. Does anyone know where you can go to find a straight deal and the EXACT PRICE of a currency pair at any given time? Also does anyone out there actually make a decent wage trading the EUR/USD? if you could let me know before I dump more tuition it would be very helpful.
No centralised marketplace means there is more than one price at any given point in time. This pretty much sums it up.
It absolutely astounds me that you would try to trade FX without even understanding what it is, how it works, the lack of central marketplace, dealing desks, etc. etc. This has got to be the most ignorant post of all time on ET ROFL!
If you adapt your style of trading to these stated anomolies, then you simply watch the spikes as an outsider... Hint: do not trade news...retail...you will get lag... Tell me?... what if you were the dealer...???
the small differences in retail forex quotes as well as issues with fills should not have any effect on you if you are trading mid-long term fundamentals. 1-2 pips stolen wont make the difference on 100 pip moves. i personally trade short term so i am trying to stay away from retail forex.
im technical trader so i just try to get in for small percentages and arbitrage situation....technical analysis could be used to trade dogs if there was a chart for it. I liked the reminescences example there are bucket shops..lol
It can be, , and your trying it, clearly. What you describe ISN'T what retail forex is usefull for, get over yourself already, you already know it sucks, adapt, play them at their own game. And stop whingeing.
There are a lot of bucket shops in the forex industry.. A good indicator for avoidance is.. A. generally - if the broker offers Metaquotes, there is a fair chance that this is a very small broker B. Avoid Saxo Bank like the plaque. Haven´t tried IB as a forexbroker, but this is probably whom I would choose or Oanda..