This is the thread I retrieved from old elitetrader: http://www.elitetrader.com/vb/printthread.php?threadid=52276 and one in another forum http://www.forexfactory.com/forexforum/showthread.php?p=7920 talking about the dirty trick from the brokers In short, it is very likely to be blacklisted if 1. open and close your trades within 2 minutes frequently 2. always trade in the data release times like non-farm payroll OldTrader: From Wikipedai, http://en.wikipedia.org/wiki/Foreign_exchange_market#Retail_Forex_Brokers "Forex futures volume has grown rapidly in recent years, but only accounts for about 7% of the total foreign exchange market volume, according to The Wall Street Journal Europe (5/5/06, p. 20)." I think for retail clients they cant afford the min capital req, the large trading size or the high commissions from the exchange, thatz why FX futures account for only 7% out of all trades? Jayford: I have heard that banks can also blacklist certain clients and ask the brokers not to accept any orders from them, I would like to know when the broker route the orders to bank, does it contain the client ID ? or the broker aggregate all the orders and send to banks ?
Good useful information, but why would a broker care if we win or lose? They are making commissions off us either way. Are these not legit brokers that ban people for winning or scalping the market? I can't see why they would ban a client. Is this rule just for forex? Or does it apply for stocks too? So will cybertrader ban us for scalping level 2 quotes with inet every 30 seconds or only trading the data release times? I never heard of a broker banning a client. But I never traded forex either - only stocks.
You can do all this with IB. IB does not artificially widen the spread. We make our money from a small commission charge on each order. In fact, if you make money then we should make more money by you increasing your trading volume. As for triangular arbitrage. Don't fool yourself. These are major banks providing the liquidity, and they know how to price a market. They aren't going to give you free money. Most of the "golden" triangular arbitrage opportunities that are touted on the forums - do not actually exist. The posters usually do not take into account the interest differentials and relevant country holidays.
This is a story from 1K to 1M in 18 months http://www.forexfactory.com/forexforum/showthread.php?t=5742&highlight=smjones which is equivalent to 46.8% in one month or 2-3% with 80-90% success rate. Seems starting from 1M brokers will act against you seriously.. Fine.. I am satisfied with 1M.. by that time I change my mode of trading with other things else... Or do the same with other brokers where I can get another 1M Then I end up with dozens of M Can retire already.. sorry dreaming
http://elitetrader.com/vb/showthread.php?s=&threadid=69429&perpage=6&pagenumber=24 Trade small size at a time, and use a broker that allows you to be anonymous. A friend of mine said once that somehow MM's could drive the price down to grab his shares at his stop limit. He ended up transferring out to some other broker.
This is the broker review site like sportsbookreview.com in football betting context !! http://www.forexbastards.com/broker_reviews.shtml Let's write your experience there together !
"From: G. R. Fort lauderdale, Florida Rating: Date of Post: 02/21/06 Review: I traded with Oanda in 2004 to 2005. They closed my account and received a personal email and phone call from what turned out to be there CEO. They said if I wanted to keep trading on their system I would have to hold trades for at least 5 minutes. Guess they did not like my big quick profits during the news. " A proof that trading with the news is not allowed. I have also ever got a single trade on NFP with 80% capital increase with 50% of capital for the trade.. for just half a minute. I did that with FXCM last nov/dec. But then it doesnt work for the following months and soon FXCM not allow to place orders around the data release times.
I'll be honest with you ... you've seen the responses and threads on other forums and yet you still want to pursue this. Your time might be better spent elsewhere in the things I have mentioned in my pm to you previously.