Thread: Broker Complaints …Get over it!

93403

Originally Posted by ;

I can not help myself.... . I need to place my 5 cent's worth into this forum, there are many nonsensical statements . I will get a lot of responses.

Invictus,

Welcome to the forum. Your article, while intriguing, applies to virtually no one who frequents this forum. People here do not have million dollar accounts, access to Reuters or even Currenex, and do not have standing personal relationships with a particular bank. Apparently you do and I'm very happy for you. I'm sure you are a fantastic trader to, it's just that we are living in trading worlds that are various.

Comparing my days of power market making to Enron is not any more fair than comparing you to Forex. The good folks of Toronto did not seem to mind when I helped keep their power rates down for a couple of years by buying cheap power in the mid-Atlantic and sending it north to provide replacement power while your nuclear generating stations were offline for a protracted outage.

Yes, brokers are screwing us every day. But if you approach your daily trading routine thinking that your broker is your enemy and he's accountable to your trading losses you don't have a chance.

My only point is that you have to find a broker who you expect and can transact with or proceed to a different market or livelihood. The simple fact that you are more priviledged than the rest of us does not actually advance our cause.

Phil

93403Phil,
I love your remarks. But, not one of the fantastic individuals here give their hard earned cash to the enemy. On the contrary, they believe in ethics and honesty. You would not give your cash knowingly into a crook, would you? They want to trade, frankly, without malice. I've seen some of my trading buddies beating the keyboard attempting to reduce losses to no avail, because their brokers froze this platform. That is criminal, nothing less. Sad, isn't it.

The good folks of Toronto thank you for your attempts. . .much appreciated. However, you understand as well as I do that the mid-Atlantic power sold to Ontario was really generated in Labrador, sold to Quebec for next to nothing because Hydro Quebec has this very renowned contract that the Nefies have been attempting to get out off for 30 years, exported into the States, also erased by Ontario....those boys in Quebec had a field day. Discuss getting screwd.... Had the juice been exported directly, it'd have been a lot less expensive, as there would have been a lot less fingers in the dish. And I am certain your services aren't free.

Can the trading gods smile in you!

93403Phil,
I don't need this to find private, both people have more important things to do. However, I have this aversion. I don't care if you can exchange $100.00 or 1 Million. You're eligible for honesty and ethics. Period. I spend half of the year in Asia where saving face is important, your word is your bond. You wonder why the majority of these scammers are in the States? ....Because they get away with it, that is why.
I've never, ever screwed with somebody's money. I expect the identical courtesy from the folks I deal with. Period. But when they twist me, I get angry. Period.

May the trading gods smile at you.

93403

Originally Posted by ;

Phil,
I do not need this to find personal, both people have more important things to do. However, I have this incredible aversion. I do not care whether you are able to trade $100.00 or 1 Million. You're entitled to honesty and integrity. Period. I spend half of the year in Asia where saving face is important, your word is your bond. You wonder why the majority of these scammers are in the States? ....Because they get away with it, that's why.
I have neverscrewed with someone's cash. I expect the same courtesy with. Period. But when they twist with me, I get upset. Period.

Can the trading gods smile at you.

I couldn't agree with you . It's only I do not understand how you define an honest broker. It's a relationship. Many people love to trade Foreign Exchange and love their own broker for supplying them a gateway into the game but at the same timethey hate they're not getting true market prices plus they pay ridiculous spreads. I hope I have never come across as anyone that defends brokers. The easy fact is that we all have to take care of a broker. The best you can do is find a broker that you think offers you a fair shake and focus on improving your trading. I'll soon have interbank accessibility so this isn't a huge deal for me personally but I certainly went through my broker stinks stage of trading. I've got high hopes that the CME job can right the boat and deliver some legitimacy to the marketplace.

The other point of this thread (at least my rant part of it) was that this huge pendulum-like swing into smaller brokers who tease people with the guarantee of tight spreads and true interbank trading. That isn't how things work. They increase the spread during volitile times (when most people believe they have to exchange ) and they pass on your transaction onto a liquidity supplier who does take the opposite side of the position.

As a side note, I have always been puzzled why Hydro Quebec would not cope with Ontario directly. If that makes you feel any better they were hard to manage from the American side as well. We rarely did business with them.

93403

Originally Posted by ;

I couldn't agree with you more. It's just I do not know how you specify an honest broker. It's a relationship. Some people love to trade FX and love their broker for offering them a gateway into the big game but at the same time, they hate that they are not getting true market prices and spreads are paid by them. I certainly hope I have not come across as anyone who defends brokers. The fact is that all of us have to take care of a broker. The best you can do is find a broker who you believe offers you a fair shake and concentrate on improving your trading. I will soon have interbank access so this is not a huge deal for me but I certainly went through the broker sucks phase of trading. I have high hopes that the CME job can and deliver some legitimacy to the marketplace.

Another point of this thread (at least my rant component of this ) was that this massive pendulum-like swing to smaller brokers who tease people with the promise of tight spreads and true interbank trading. That is not how things work. They increase the spread during volitile times (when many men and women believe that they must trade) and they pass your trade on a liquidity provider who does take the other side of their place.

For a side note, I have always been puzzled why Hydro Quebec would not deal with Ontario directly. If if makes you feel any better that they were hard to deal with in the side as well. We seldom did business together.

halleluya! We agree! (Hope I spelled this right). . .LOL

93403

Originally Posted by ;

No issue. I am numb from all this forex stuff to show the slightest bit of emotion.

Numbness is the 7th step. Congrats steps to go!

93403

Originally Posted by ;

Numbness is the 7th step. Congrats, just 5 more steps to move!

LOL. Doesn't that child have cancer now! I like your humor squat.

93403

Originally Posted by ;

Phil,
I do not care if you are able to trade $100.00 or 1 Million. You're entitled to honesty and integrity. Period.

Cannot agree more. I believe that is the sole real question and the only response that traders all around the world are concerned. And as long as brokers don't serve their clients with integrity and honesty, traders will complain. How else can we struggle some practices that occasionally seem like a bad practical joke. I got suspended during the news not once. When I called my broker, the response was ... yes we understand, the waiter has technical issues, but we may give you a quote and tell us what you wish to do? . I'm not investor, I'm a trader. Until I made the call, until I got moved from here to there... would you envision at which the price went during that time? I felt as if I were in a bad dream... and who is problem was that the waiter had technical issues, mine or their's?
In other words, thank you. I was not a market maker or a broker or even near to it. So when someone claims having a major encounter there and justifies unfair things, that's the exact same fruing like me having to cover for server issues.
Thank you so much for stepping into.

93403

Originally Posted by ;

I felt as if I were in a terrible dream... and who is difficulty was that the waiter had technical issues, mine or their's?

Quite simply, thank you. I was not a market maker or even a broker or near to it. So when someone claims having a big experience there and justifies unjust things, that is the exact same fruing like me having to pay for server issues.

Thanks so much for stepping in.

If you want to blame me for your broker issues then go ahead but as much as I wished to ignore you I'm compelled to comment. I am not defending brokers. I have to use one too. The point of the thread is that in case you don't enjoy your broker then do something about it. Did you do anything besides complain here? Do you still use that broker or do you continue to reward them for their behavior? Did you research your broker before you sent them your money (besides a phone call to them) Did you actually read and comprehend the fine print which you signed?

I don't claim to have big experience. My point was that I've got some insight into the way the market is made. I also trade options where volatility is a key part of the pricing formula. In the actual world, it's not uncommon for someon building a market to price uncertainty into their bid/ask disperse.

My remaining point is that you need to discover a fantastic broker and move on with your trading career. Bashing me and your broker aren't making you a better trader.

Phil

93403

Originally Posted by ;

LOL. Doesn't that kid have cancer now! I like your humor squat.

Your reference to the kid having cancer is an unbelivable stroke of pure, unadulterated Genius! Allow me to be the first to congratulate you! I hope they will conserve this marvelous brain of yours for all eternity! I must really make an efford to see which Nobel Price you are entitled to.

Yap, if you get cancer, it only hurts a little bit, but you also do not worry because it only hurts sometimes. ( You have only started with your broker)

Afterward it hurts a bit more, you take some aspirin. ( Those pips you misplaced here and there are starting to add up)

Then the pain becomes unbearable. (Your broker simply froze the platform and you're on the wrong side. You say to yourself that you must have been doing something wrong, it couldn't be that fine broker you send you money also ) You say to yourself that you're really going to do something about the pain next moment.

The Upcoming debilitating attack comes. (You lost most of your money) You visit the doctor (Research the Broker on sites similar to this one)

The Doctor informs you that it is terminal. Where there in the first location, if the small aches, you should have come to him. (You should have researched the SOB beforehand)

ARRRRRGGGHHH....Please Sir, I want more...