Most Forex Brokers Are ....

[sicktrader 10]

Well, I don't know the answer, which is why I'm asking. Do most/some/a few/no brokers actually manipulate the price so that you get stopped? My success has been in the currency futures, and I have opened an account for Forex to see if this arena will be better or worse. BUT, I have always been told to get a sound broker, which makes me laugh. I always pictures those poor guys in their cubiles doing anything for a buck and they think they are the cat's ass. I picked an off the wall broker for my futures and everything has been just fine for quite a few years. Anyway, if I just threw a dart at a board full of brokers, all with similar margins, how can I get fvcked? I don't know the answer. Sure, in futures when the price just goes just to my stop then moves 100 points in the other direction, I feel like I have just been bent over the kitchen table. At the same time, I know that my 10-30 contarcts shouldn't be a big deal, and it was all market driven. Please help, I am playing live with a bit of cash in the Forex now, but perhaps some of your experiences will lead me to change brokers.

[BlowFish 10]

...bookies.

 

 

........

[sicktrader 10]

Ha. Could be the case. I am actually hoping that they are more like my bookies in the fact that they don't cheat me, they may get my cash at the end of the week or I might get theirs, but everything is done fair and square. For any gamblers out there, here is my Saturday card: Dayton u/115' (2'), Iona+1 (2'), St.Peters o/126' (2'), cuse-1 (2'), kansas-3 (2').

[speres 10]

I'll give you my opinion of mt4 when I tried them out, which a lot of people seem to swear by.... I was getting requoted constantly, where entry within a few pips is very important for me..., my fills where no where near price quoted.... I remember thinking what a rip off...

 

Later I heard that mt4 have plug ins for delays in execution and slippage, but hey make your own mind up...

[sevensa 10]

I'll give you my opinion of mt4 when I tried them out, which a lot of people seem to swear by.... I was getting requoted constantly, where entry within a few pips is very important for me..., my fills where no where near price quoted.... I remember thinking what a rip off...

 

Later I heard that mt4 have plug ins for delays in execution and slippage, but hey make your own mind up...

 

You know that MT is the charting platform that many different FX brokers use and is not a broker by itself?

[speres 10]

You know that MT is the charting platform that many different FX brokers use and is not a broker by itself?

 

 

Of course, but mt4 provides the plug ins for brokers to use as they see fit

[sevensa 10]

Of course, but mt4 provides the plug ins for brokers to use as they see fit

 

I was just asking since you said you were getting requoted and got bad fills when using MT which sound like you didn't understand the distinction between the broker you were using and MT. So your experience was really due to the broker you were using and not because the charting platform was MT.

[speres 10]

I'll repeat. Apparently MT provide virtual dealer plug ins for their platform that regulates execution by up to 5 seconds. Are you connected with MT?

[sevensa 10]

I'll repeat. Apparently MT provide virtual dealer plug ins for their platform that regulates execution by up to 5 seconds. Are you connected with MT?

 

I have no affiliation at all with MT and is not using it. MT is a tool. This is your broker that made use of the feature. Just because the one broker you have tested it with made use of the tool in a specific way, does not mean it is not a bad tool and that all brokers will do that. This is a big difference and the part you seems to have missed when you said the below and made it look like you thought that MT and your broker was one and the same thing.

 

I'll give you my opinion of mt4 when I tried them out, which a lot of people seem to swear by.... I was getting requoted constantly, where entry within a few pips is very important for me..., my fills where no where near price quoted.... I remember thinking what a rip off...

[randy1953 10]

Hi group I am a Forex trader and as you know the platform MT4 is almost universal now.

Almost all indicators and EAs that are used in Forex are coded with mq4 language and only work on MT4s. As far as brokers go there are good ones and bad ones. They are not regulated as the stock market is. However they are much more liquid. If your good you you will make a lot of money but it takes a lot of hard work.

Happy trading

Randy

[MidKnight 12]

Hiya,

 

I think in the FX land there are lots of shady brokers so it pays (literally) to put them under the microscope. I use an Oanda account as a test bed for trading just because you can set the trade size to absolutely any size you want and experience it with real data. I've had no issues with them. I use interactive brokers IDEALPRO product for my serious FX trades and have had no issue with them either. From my experience, IB offers an honest ECN product for the FX world.

 

I hope this helps ya some. GL with the bookies,

MK

[el_capitano 10]

Heya

 

I think it is important to use a regulated broker, this will ensure that 1. It is not a scam and 2. Your money is safe and can be withdrawn with no problems. One good regulated broker I use is UWCFX. They are based in Cyprus, regulated by Cysec and have a very professional setup with various accounts and different types of spread to accommodate most peoples trading strategies.

 

Thanks

[BlowFish 10]

Hi group I am a Forex trader and as you know the platform MT4 is almost universal now.

Almost all indicators and EAs that are used in Forex are coded with mq4 language and only work on MT4s. As far as brokers go there are good ones and bad ones. They are not regulated as the stock market is. However they are much more liquid. If your good you you will make a lot of money but it takes a lot of hard work.

Happy trading

Randy

 

All true however those considering spot FX should be aware that if your broker is actually a bookie (most of them) you will not have access to that liquidity as the 'broker' will be the counter party, of course if their book becomes lopsided they might choose to hedge that risk in the actual market but as a customer you will not have access to it (the market).

[dinorumble 10]

I've been testing a few FX brokers now for a while against Interactive Brokers. I've found that the ones that use MT4 (at least for Interbank fx and fxdd) have big spreads (which they are upfront about) BUT I've found Oanda (which does not use MT4 but has super crappy charting without any third party add-ons available) has spreads that are just as tight as Interactive Brokers but without the commission on EUR/USD(1pip spread) and USD/JPY(0.9pip spread) . For a few split seconds though; InteractiveBrokers spreads can get super tight ( EURUSD and USDJPY can get to 0.5pip spread)

 

I've chosen to use both Oanda and IB for trading but like to have MT up for some long term charting and indicators

[maxima 10]

you want a broker without dealing desk. here is the list: ECN brokers list | ECN/STP Forex brokers

[BlowFish 10]

Handy list. Looks like a fair number have an institutional slant but things are clearly improving for retail guys.

 

Edit: The notes at the bottom of the list are handy for those that don't know the differences between types of 'broker'.

Edited April 7, 2010 by BlowFish

[macdfx 10]

SCUM.

 

Clear enough for ya? Just my opinion, since you asked for it....

[randy1953 10]

Lol people that do not trade Forex place comments like that..

To you who used the word SCUM you should be old enough to know that one size does not fit all and you do not paint with such a broad brush. I make money everyday probably more than most trades here trading futures and my Broker has always been good , honest, no stop hunting etc.

It's not on the above list but should be the name Broco trading.

randy

[BlowFish 10]

The answer is post 2 Randy. It is not a question of one size fits all there are actually only two sizes. Most 'brokers' are not, they are in fact bookies. That's why people can not agree they are comparing chalk and cheese.

[randy1953 10]

Again you do not know what your talking about and it shows. At least when I go into a forum of traders other than Forex I try to be a bit humble as I know they would know more than I since they trade it.

But you sir know nothing about the Forex market, you get on the bang wagon with the old wise tales and BS about the Forex market. And anyone that is a real Forex trader can see it a mile away. Like i said unless you can be a little open in that mind of yours you should keep those comments to yourself . They simply do no good.

 

There are many spot Forex brokers that are legit,regulated , that have excellent liquidity providers etc. Your money is safe. Now I will admit the

industry is not well regulated and if your stupid enough to go with a broker that is a bucket shop you only have yourself to blame. There are plenty of honest good ones out there. The US sucks for trading it's a horrible country these days and just because it's regulated more you think it's a better place to trade?

 

Anyhow nuff said you guys have your little stories, personally I think your just jealous of the Forex industry and pissed that you don't know how or not a good enough trader to make money at it. You do not see me or other Forex traders jumping on your trading do we?

good luck with that

randy

 

 

 

The answer is post 2 Randy. It is not a question of one size fits all there are actually only two sizes. Most 'brokers' are not, they are in fact bookies. That's why people can not agree they are comparing chalk and cheese.

Edited April 21, 2010 by randy1953

[Tams 20]

.......... .......... L. O. L.

[BlowFish 10]

Again you do not know what your talking about and it shows. At least when I go into a forum of traders other than Forex I try to be a bit humble as I know they would know more than I since they trade it.

But you sir know nothing about the Forex market, you get on the bang wagon with the old wise tales and BS about the Forex market. And anyone that is a real Forex trader can see it a mile away. Like i said unless you can be a little open in that mind of yours you should keep those comments to yourself . They simply do no good.

 

There are many spot Forex brokers that are legit,regulated , that have excellent liquidity providers etc. Your money is safe. Now I will admit the

industry is not well regulated and if your stupid enough to go with a broker that is a bucket shop you only have yourself to blame. There are plenty of honest good ones out there. The US sucks for trading it's a horrible country these days and just because it's regulated more you think it's a better place to trade?

 

Anyhow nuff said you guys have your little stories, personally I think your just jealous of the Forex industry and pissed that you don't know how or not a good enough trader to make money at it. You do not see me or other Forex traders jumping on your trading do we?

good luck with that

randy

 

I don't know whether you are being deliberately obtuse or you did not read my posts properly. You attribute things to me that I have never said. I have tried not to make any judgement calls about anything or anyone. I certainly have not used any words like 'scum'. I will re-state things as plainly as I can.

 

Point 1)

1) There are two broad types of forex 'brokers'.

a) Brokers that allow transparent trading on an ECN.

b) Bookies (or Market Makers if you prefer) that take the other side of your bet/trade.

 

Point 2)

Many people that are critical of spot FX are talking about type b) (though not all there are straight up market makers).

 

Many people that are not critical of spot FX (or are even enthusiastic) are talking about type a)

 

Point 3)

Many of the disagreements about experience (which if you look back in this thread and actually read carefully what I said I have not offered my experience) come about because the naysayers are talking about two completely different set ups.

 

The irony is if you looked at what I had actually said rather than what you think I meant you might find that we agree. If you want to discuss what I have said fine, but the ad hominem attacks obscure your argument rather than add gravitas.

 

To make it simple (again) if you are saying that there are staright brokers out there that a retail trader can make money with trading spot FX, I agree. Not only that but depending how you trade you can do absolutely fine with both types. There now you have my opinion as well.

[BlowFish 10]

.......... .......... L. O. L.

 

hehe nice to see the irony was not wasted!

[macdfx 10]

I don't know whether you are being deliberately obtuse or you did not read my posts properly. You attribute things to me that I have never said. I have tried not to make any judgement calls about anything or anyone. I certainly have not used any words like 'scum'.

 

 

 

:did I say that?:

 

SCUM.

 

Clear enough for ya? Just my opinion, since you asked for it....

 

 

And here's why:

 

 

 

Check out the difference between my Ninja/Gain chart and my Oanda chart. These are both the 1 minute EUR/USD chart...

 

I've never seen such an extreme difference between the two.

 

This is frustrating...I can't wait to trade futures again!

 

 

 

 

Leave it to the bucket shops to confirm my opinion... :rofl:

 

[randy1953 10]

Your NT is screwed up not the broker. I have cross reference many many forex brokers nd at the most you could see 1 to 2 pips..

I have no idea where you guys get this stuff but I can see why you feel like you do you got wrong info simple as that

I f I check my broker with Onanda it's right on the money as it should be..I have no idea what your doing and I don't want to learn..

randy

 

 

 

:did I say that?:

 

 

 

 

And here's why:

 

 

 

 

 

 

 

Leave it to the bucket shops to confirm my opinion... :rofl: