so is this true?

Discussion in 'Forex Brokers' started by chipmunk, Oct 6, 2009.

  1. Do you have the feeling that your broker is cheating you and making it difficult to make any money?

    Are you seeing random widening of the spread near or at your stoploss orders causing your trades to be closed out with a loss?

    These are dirty tricks that brokers use to put more money in their pockets. I have learned that brokers can press one button to move the spread 5 pips, 10 pips or even more. This is a feature that most broker platforms come with!

    The reason they do this is because when you place a buy, then will take the other side of your trade by selling (and vise verse). This means if you loose on your trade, then they win on their trade.

    Now you can see why they are so anxious for your stoploss to get hit and are willing to move the price against you.
    Are there any legit fx brokers who are not out to scam you?

  2. Who was the author?
  3. Big AAPL

    Big AAPL

    I have a question, if I may. I have never traded FOREX, but I frequently read about the same supposed scam issue time and again. Clearly there are people who are successful at it but if one is so inclined to trade currencies, why aren't more people looking at currency futures? This is not a rhetorical question, but one that I am truly interested in an answer to. Recently I have been watching the 6E and the spread is pretty tight, and apparently the only players taking the other side of your trade are actual market participants. Is it the spread that is attractive? Or is it the lure of the pair? My only interest in this issue is so that I may have a better understanding.


    I have nothing against people who want to trade futures, it's their choice, but it's ridiculous for them to try and argue that trading spot is in some way a scam or that it's impossible to make consistent profits. You'll usually find the people who spout such nonsense are incapable of trading profitably, irrespective of which market they choose :)
  5. Big AAPL

    Big AAPL

    Thanks. I myself have never made any such assertations, I was simply replying to all the people who claim it is an orchestrated scam.
  6. yeah I agree with Big AAPL I too am wondering if there is so muh scamming going on with Spot FX why do it...? I guess there are legit firms out there..
  7. Sorry, I wasn't meaning it was you who's saying it's a scam :)
  8. Most of the mainstream ones are legit, the author of that article you quoted obviously doesn't understand how they operate and the pros and cons of trading with them.
  9. ^^

    hey well i got that in an email....I knew there are many rip off fx brokers out there but I never realized they could (do) this....

    I do not really know what are you trying to get at?
    #10     Oct 6, 2009