Daytrading Currencies Explodes

Discussion in 'Forex' started by TradeOff, Apr 9, 2004.

  1. Yeah. They really love to lose their money. :p
     
  2. Forex - spot or futures - is the best market for daytraders.
     
  3. Yes.
     
  4. traderob

    traderob

    Look at how well FXCM is doing:""Similarly, New York-based Forex Capital Markets claims 35,000 retail clients and touts online currency trading as "the fastest growing market in the world."

    http://www.cftc.gov/opa/enf04/opa4892-04.htm
    Release: 4892-04
    For Release: February 11, 2004

    U.S. COMMODITY FUTURES TRADING COMMISSION CHARGES FLORIDA FOREIGN CURRENCY OPTIONS FIRM WITH DEFRAUDING CUSTOMERS

    Gibraltar Monetary Corporation, Inc. and Employees Jayson Kline, Charles Fremer, Thomas Clancy, and Edward Johnson Allegedly Lied When Pitching Foreign Currency Options to Customers

    Forex Capital Markets, LLC Also Charged

    WASHINGTON, D.C.—The U.S. Commodity Futures Trading Commission (CFTC) announced today that it filed a complaint in a Florida federal district court against Gibraltar Monetary Corporation (Gibraltar), a Florida corporation, and Florida residents Jayson Kline of Boca Raton, Florida,

    On the same day the complaint was filed, federal district court judge Donald M. Middlebrooks issued a restraining order freezing the assets of Gibraltar, Fremer, Kline, Clancy, and Johnson. The restraining order also prohibits those defendants and FXCM from destroying documents.

    The complaint alleges that starting in May 2002, Gibraltar, Kline, Fremer, Clancy and Johnson solicited at least 267 members of the retail public to trade foreign currency (forex) options through FXCM. According to the complaint, Gibraltar used aggressive, high-pressure sales tactics, including: 1) making false promises of large profits, 2) misrepresenting their expertise and track record, and 3) downplaying the risks inherent in trading forex currency option contracts.

    The complaint further alleges that Johnson was responsible for the majority of trading decisions made on behalf of Gibraltar’s customers and that he made deceptive and misleading statements to customers and prospective customers regarding the profit ...

    Forex Capital Markets, LLC Charged With Liability for Gibraltar’s Conduct

    According to the complaint, more than $3 million of Gibraltar’s customer funds were deposited and traded at FXCM. The complaint alleges that, through an exclusive introducing brokerage business relationship in which Gibraltar acted as FXCM’s agent, FXCM paid Gibraltar over $800,000 in commissions in connection with the customers' accounts Gibraltar introduced.

    In the continuing litigation, the CFTC is seeking an order enjoining
     
  5. Yes, you have to be very carefull with your broker. Take one from EU, where your money are safe (customer protection) .
     
  6. Roberk: So do you advice against trading currencies?

    Or do you just advice against trading?

     
  7. No, I love Forex trading. But not all Forex brokers.
     
  8. traderob

    traderob

    Are you ready to lose every spare dollar you have?
    Are you looking forward to trading dominating your thoughts every hour of the day?
    Do you like having to spend thousands of hours to get a grasp of what trading is about - and then find that 99.99% of that learning was useless?

    If you answered yes then you should be a trader. You might eventually make serious money.

    The reason Forex is so popular is that it can accomodate people with minimal accounts (even as low as $2000).
     
  9. You need to be a very good trader - or you need to use a good system.
     
    #10     Apr 9, 2004