Thread: Broker Complaints …Get over it!

92478

Originally Posted by ;

In case you don't enjoy your broker, proceed into a reputable one. If you don't like 11 pip spreads, go to a spread broker in which the spread changes. If you don't like slippage go to a broker with the liquidity to exchange .

All you have to do is get an excellent independent information feed and watch that with your broker's. They are usually in a couple of pips and there's a 20-30 pip spike. What do you think that they're doing? Carrying stops out, that's what. And many brokers do it, it's not like a couple of bad apples from the barrel, it's more like a barrel of apples using a couple of good apples.

I don't care about varying spreads, etc.. I'm not a news trader - I enjoy positive expectancy. I won't tolerate 30 pip stop searches. That's just bad business.

93403All brokers do not have spikes that take out your stops. I use TradeStation and eSignal (esignal gets the ability to track more than 50 data feeds) and these spikes do not happen with larger, reputable brokers.

Cease hunting has occured in markets for more than a century now. You make it sound like it's a new concept. You shouldn't place your stop where everybody does.

Always drink upstream of this herd

The whole point of the thread was to help some realize that they will never be successful provided that they sit around bitching about their broker. Get a new one or deal with this. There are loads of discussions about various on this board. Everyone crows about the spread. My point is that perhaps it wasn't such a hot idea afterall.

Thing is, On a stop hunting expedition, the broker can't hold the price there for more than a micro second or there could be arbitrage. Do not put stops on the broker's host.

Edit,

In fact why not hunt the broker? Put you limits about the Broker's host, but not stops that turn into market orders in the following best price...

Originally Posted by ;

All you have to do is get an excellent independent information feed and watch that together with your broker's. They are in a couple of pips and there is a 20-30 pip spike. What do you really think they're doing? Taking out stops, that's what. And many brokers do it it's similar to a barrel of apples that are bad with a couple of good apples.

I do not care about variable spreads, etc.. I'm not a news trader - I enjoy expectancy. I won't, however, tolerate 30 pip quit searches. That's simply bad business.

93403

Originally Posted by ;

The matter is, On a stop hunting trip, the broker cannot hold the price for at least a micro minute or there would be wicked arbitrage. Do not put stops on the broker's server.

Edit,

Actually why not search the broker? Put you limits about the Broker's server, but not stops that eventually become market orders in the next best price...

I have been doing this for months now. I only place my profit targets on the market.

Stops and limits are actually treated exactly the same. In the event the broker searches, he'll take out limits in addition to stops.

It will feel a lot like fishing, doesn't it, Scott? You become a decent trade, and watch the price down to where your goal is popup. . .hooked me a winner. . .10-pip mouth that is open straight there, baby!

93403Yea, you personally and also have been thinking alot alike recently... LOL, Scott

It's almost like some type of fishing net is not it?

Originally Posted by ;

I have been doing this for weeks now. I place my profit targets on there.

Stops and limits are actually treated exactly the same. If the broker hunts, he will take out limits as well as stops.

It does feel a lot like fishing, doesn't it, Scott? You get into a nice trade, and observe the price down to where your target is and pop. . .hooked me a winner. . .10-pip open mouth short there, baby!

93403Hello mrmikal,

For me personally, and I suppose for alot of other people who are taking issue, it is not okay for brokers to do anything they want. It is not exactly what the market will bear. A point is when broker activity becomes fraud. You know, plain old cheating and stealing.

To all others,

In the end, if regulators eventually come in and kill our leverage and margins and makes us like futures, it won't be due to complainers. It'll be upon review, Forex is being run like a gaming websites. Prices too vaguely based on the market to be considered investing or trading. Where contracts specifically state that the home is counteparty to each of deals and all deals will likely be settled based on the houses data. All of the other markets have a central clearing thing and, thus, can be confirmed in any dispute.

Forex Currency is awsome, it pays my bills, I'd hate to have to make the modification to stocks or even equities. However, as soon as a broker can make their own spreads, spike stops, maintain prices before the market suits their position again, it isn't trading. If they're asserting that you're trading the forex market, then those activies are fraud by definition. If they're saying your arrangement them allows them to make the market that you're trading in, then it is not Forex at all, it is a gaming site by definition. This is actually the legislators and regulators problem with Forex. And, unfortunately they're right. The only real way to overcome the legislators arguement is to make it so a broker cannot control the data that you trade by. Possessing a 3rd party supply the data with complete transpearancey and also have the trader and broker consent to this data source. That would eliminate all of the lying, cheating and bull crap.

The thing that gets me about this argument is that the flow of people who rush in to complain about the complainers. Why? Really ask why? People only do things because they're getting some form of reward for it. Be it tangible or only psychological. When you see a ribbon, you know what it is all about. When it is a thread about broker complaints, and you have no interest in that, what motivates you to log in and tell each of these people how you hate their complaints? Each individual can answer - why?

The point I'll make, AGAIN, is that swing traders and position traders are not as instantly affected by this debate. They believe they don't have a stake in this argument, they are not hurt so nobody else should complain. They are not quite perfect. If people do not fight this activity closely, finally the problem will get large enough to hurt them too. Short-term traders are about this particular debate. Why? Since it affects them badly and immediatley. Long term traders that don't want help should not. However, don't try to kill the argument because you don't wish to hear it. Long term traders do have a stake in this rather they want to hear it or not.

Short term traders sharing their own expertise with broker during changing times is vital. It is crucial for all of us to help each other find a much better situation. If you're a longer term trader and you believe short term traders are incorrect, silly, dumb or anything, that is fine. Just do not dilude yourself into believing that none of us are making a good living at it. And, please, do not try to stop us from holding the liars, cheats and theives accountable. In the future you'll thank us.

93403I guess I have been blessed. I was with forex.com plus they had been honest, but I desired interest paid on my newfound margin so I changed to Oanda.

They do what they need to do in order to earn money. I believe that they are still trying to work out how to control news scalpers successfully (by succussful, of course I mean that they get their typical commission). They are NOT going to let you play FX and earn money at their expense. If they do, they will fail and you will wind up with a Refco type scenario where your account is worthless. Thus, your broker better be successful or you will never see any money from your account... should you be able to grow it successfully.

I have found Oanda's answer to news scalping interesting. Currently, they appear to be creating the spread really wide right at the release and then diminishing the spread significantly after the 1st mad 5-10 seconds. Since the frenzy calms down the spread then gradually returns to normal. That approach makes sense to me since the brokers can't afford to let masses of all unedued traders earning money by straddling. I don't believe they're out to get anybody. I believe they run a business where just the cream of this crop traders can profit and the rest of the whining, cry-baby, losing traders foot the bill (traders like myself).

I am trying to be successful and not whine too much. The news releases reminds me of a old war film demoning the beginning of a battle. The very first ones are the pawns and they're there to be forfeited.

Summary, do not blame your broker if you chose to be a pawn. But, I really have been fortunate because apparently Forex.com and Oanda are conducted by reputable folks so far as I can tell. There is little law in this market so do your homework before you choose a broker. I'm a noob, but I was smart enough to call Federal Agencies in USA and Canada to make sure these brokers were for real. Anyway, I hope to obtain a promotion from my current pawn status within the following year or so.... I believe Sergeant's never need to replenish their accounts, so that I will shoot for that second.
Yours truly,
pawn#901,874.

93403Yes, I think also that there should be a better regulation of Currency Market brokers. It is so necesary, I think.

I do not know exactly how the market functions, in all the specifics. I attempt to guess, that is it. I don't think using a party for feed it's a good idea. You cannot force a broker to fulfill your orders if there are no liquidity. You cannot force somebody if he doesn't want, to sell you. Or to buy from you. They should be made to fill your order if there is liquidity.

I do not think the situation is really straightforward, but I do not think the brokers should perform whatever thay want due to lack of law. It is not normal. We do not need all of the 2 employees brokers with the office on the rear of a trunk, we are in need of a couple of strong brokers, that are regulated.

93403If you think that your broker is currently screwing register a complaint with the NFA. I looked up the link for you: http://www.nfa.futures.org/dispute/arbCustomer.asp

If you would like to check the reputation of a broker prior to sending them your cash then it is possible to use the same resource. I looked up this link for you as well: http://www.nfa.futures.org/basicnet/

Brokers are registered FCMs and consequently are expected to comply with NFA and CFTC guidelines as well as participate in routine audits.

Forex is a worldwide market and as such the cryptic labs can't dictate to the world how to act. The CFTC renewal invoice is before Congress now (it is a year overdue) and if you wished to read it I am positive that you could find it online or through the neighborhood congressman.

I doubt that yelling on FF is going to do you much good unless Merlin is running for congress.

I am also a complete time trader. I maintian a mixture of short and long term egies so I'm not buying your story of how you're a victim because you're short term trader.

As for whining, I started the thread. As far as I know I have every right to whine. If you would like to whine about me whining about people's complaints start your own thread.

93403

Originally Posted by ;

if you would like to whine about me complaining about people's complaints begin your own thread.

I would like to whine about your complaining about people's complaints concerning complaints in this thread... No wait, I mean complaining about complaining.... No wait, Oh I am so confused.... LOL

Scott