Discussion in 'Forex' started by trade-ya1, May 25, 2004.
Hi again Baruch,
Here is what I know:
- http://www.alertfx.com/ - I know this servise for over 4-5 years now, but I dont think its the best. I didnt use it for long time, and recently I dont know how they work.
Better solutions - the charting packages that I use, both have this feature:
- Esignal (www.esignal.com)
- Metatrader (free: www.metaquotes.net)
Both have alrets on price. You can choose the tone, melody, how many times should the alarm repeat, bid/ask price...
I think charts are better solution that alret fx, but you be the judge.
If something sounds too good to be true, usually it is.
If they are really going to honour these stops on 10-20 million, then there is risk free money to be made - just place stops on the last trade on Friday, and come in on Monday and take them off before trade opens, *unless* there has been a major event over the weekend.
Because there is no trading, they cannot trigger your stops in bucket-shop style, and so they are effectively writing free OTM options. Clearly OTM options have a value, therefore they are giving you free money.
What kind of broker gives away free money?
I'd be deeply suspcicious. If you go ahead, make sure you have a good securities lawyer, and preferably pay one of the clerks in the firm to wear a wiretap to work and record every trade that goes through.
Dead right! And don't forget that there are lots of shills running around here touting up Refco/Fxcm who get kickbacks for doing so, that's the shitty business they are in, not trading. That's why Refcofx/Fxcm have such abominably huge spreads, read the whole page here:
I wouldn't touch them with a stick a yard long.
Thank you very much. I suppose I will not get many hours of sleep from now on?
FXCM stops in my experience have always been honored. However they can and do refuse entry stops during abnormal market conditions that's usually anytime (5-15 min.) before and after announcements. I think my money is safe (NFA registered) but I keep a very small mini account there and trade only occasionally as I see FX as just another instrument among many others. I don't think you can trade on these platforms and make serious $$$ week after week, month after month. I have yet to hear fom the contest winners btw. I will probably open another account at OANDA .
as for sleeping - well, it depends what sound/melody will you set it to
have no problems with FXCM either, as Rezo & others point out, all stops are honoured to the pip.....for competative spreads/service you might want to take a peek at these (if you aren't already aware of them)....they came recommended from other FX traders.
Well there sure are a lot of people that do appear to have _major_ problems with trading at Refco/Fxcm, which is an outfit that is also under major fraud investigation by the regulatory body CFTC.
As for trading there, apart from the biggest spreads in the industry because they have so many kickbacks to finance:
I am pissed. l had a buy stop . On the trade figure, EUR takes off. My order sits there. FXCM quotes are way behind. I thought about lifting their below the market offer as I have done this once before but didn't, might just cause problems... After 3 minutes my order is still pending. In the meantime their quotes have caught up and my order should have been triggered a long time ago. Now the market is coming back down fast. That's when FXCM executes my buy order. Thanks!!!!!!!!!!!
when I saw that sh*t I got out even. EUR then spiked back up. What a joke!!
So it took them 4 minutes to execute my order or to show it as executed in the meantime I had no idea if I was in or not. So I could not liquidate if I wanted to. 4 min. is an eternity, EUR can move 1 cent in that time these days.
Playing the Refco demo account, I found that my buy/sell orders were frequently rejected because the price had moved within the two or three seconds it took the Internet/Refco server to process the request.
Again, to anyone complaining about slippage, I invite you to experience the frustation of having your attempts at buying and/or selling a currency DENIED, and denied again, and again, and AGAIN, because oops!, the price has moved. "
Plus, not to forget, HUGE spreads at Refco/Fxcm are what finance the "guaranteed" stops in the first place, and all the kickback schemes they have cooking.
FXCM Customer Agreement/ Referral Disclosure/ #8
Client understands and acknowledges FXCM may comensate Reffering Agent for introducing Client to FXCM and that such compensation may be on a per- trade basis. Such compensation may incur a mark-up, above and beyond the ordinary spread generally provided by FXCM. Further the Client has the right to be informed of the precise nature of such compersation."
What a total joke.
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