Indepth talk on Online Forex trading..discuss here

Discussion in 'Forex' started by forexfirm, May 6, 2003.

  1. forexfirm


    Hello Traders,Brokers all welcome,

    I am doing a research on Forex trading platforms online.Interested in knowing the direction forex is heading ,more and more websites pop we see a change from traditional offline trading to total online trading??

    Please discuss and share your views.

    Thank s
  2. hey buddy,

    There is already a forex forum, take a browse and you will see people's opinions are rather weary of "researchers" in the forex marketplace.

    Traders are in either one of two camps, "fed up with dubious brokers and washed out by the greedy foolish broker" or "taking it up the rear but still pulling down a few measly pips here and there." I fall into the latter category. I have switched from broker to broker with the hope that they actually were an improvement over the last great new thing. They all promise better spreads and more advanced technology, but in the end, they still take a mammoth cut on each trade.

    So the point is, if you really want to turn heads, release a truly competitive product with tight spreads(no more than 3 pips, but actually INSIDE the leading competitors spreads not further away from the market, (HELLO CMS-FOREX), no requotes, no stop runs and a decent customer service team and you will grab an enormous chunk of the burgeoning marketplace.

    But you'll probably be no different than what is already out there, besides, the brokers are truly raping their customers in the on-line forex game, why would they want to change that arrangement? Forex is now like what I imagine commodity trading was like during the 70s, huge opprtunities but you had to pay the broker like the pimp he was before you could get your own freak on.
  3. forexfirm


    Thanks for your comments..but if forex brokers are raping come hundreds of online trading accounts..mostly free demo's are mushrooming..

    please discuss further
  4. I'd like to know the average length an account stays open at these "mushrooming" brokerages? My bet is it is alarmingly short. Probably faster burnout in forex verses stock and futures marginable accounts. I'm not a huge fan of regulation, but it would seem the forex industry cares little for the individual trader and it is only a matter of time before their carte blanche status as the silent thieves of wallstreet are brought into check to truly level the playing field for the small trader. Forex accounts are marketed with all kinds of free perks like flashing screen alerts, trading competitions, 24 hour access...

    Hmm, I wonder where else you can get that kind of fling for you buck.

    How about VEGAS:eek:

    The forex brokers just appear to be catering to the small trader, instead they are luring in novices, not experienced traders. I trade on-line within a few communities of chat room traders and I am the only one of about a hundred I communicate with who has even bothered to open a forex account and not get washed out yet. Not a testament to my abilities as a trader but rather, a testament to the unscrupulous marketmaking of the brokers who rape people who buy at the market rather than using limit orders. I once got filled 21 pips away from the orginally quoted market rate on the GBP (you can't use limit orders inside the spread and this committs you to pay the spread to ensure you don't get raped like this, pay a little or risk paying a fortune!!). My broker, FXCM, claimed a "thin market." I even asked them to send me the stream of quotes they were working off of from the IMM, they brushed it off. WHY? Because they don't care if I stay for 2 days or 2 years, they make the majority of their profits from new traders, NOT traders pulling money out of the forex market.

    Just a few words from my heart.
  5. vorzo



    Are you still trading with CMS?

    I've been looking into opening a forex account mostly to hedge my IB account against the USD, and maybe to try some position trading at night.

    CMS' Visual Trader is by far the best free charting platform out there, and their spreads are narrow at 3 pips for the major pairs.
    I saw one of your posts in which you complained about your stops being cancelled overnight, requotes etc. Did they get any better now?

    What data feed do they use for their charts - S&P Comstock or some other composite feed, or the trades that go through their system?

    I looked at Oanda, which are popular because of narrow spreads and small lots trading. Their charting is pretty shabby but I guess the 2-3 pip spreads make up for it. There's an IB feel to them...

    I've also looked at Gain Capital - they seem to have a good reputation, and their charting is slightly better than Oanda's.

    When you compare the quotes side by side, while Oanda has the narrower spread, their quotes follow the whipsaws in the chart while Gain Capital keep their quotes more stable and only move them with bigger moves. CMS is somewhere in the middle.

    From your experience, which broker would be better for the retail trader - the one that follows the whipsaws (thus increasing the chance to trigger your stops) or the one that maintains more stable quotes?
    The quotes I looked at are for demo accounts, and from what I understand they may be quite different (to the customer's disadvantage) for live accounts.