are forex brokers cheating their clients

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Are forex brokers cheating their clients

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You know the answer. They want you to open a live account before you learn to trade properly, and lose your money. Before the regulations, they were worried about you to lose your money to the overseas brokerages, but now it is OK if you lose, because your money goes to their own pockets now. This is not true.

Stop loss hunting is a very effective way that market maker brokers use to make the traders lose money. In this case, the broker makes 1 pip, in addition to the commission it is legally allowed to charge. You can ask the broker first. Sometimes they tell you that they are doing it. If it is pips above the regular spread, then they are adding markups to the spread. When you found out that your broker charges markups too, it will be your choice to withdraw your money and close your account, and find another broker.

A high spread because of adding markups can be easily seen on the platform, by checking the difference of the bid and ask prices. However, slippage is hidden to the traders. Slippage is a trick made by the market maker brokers. As your profit is their loss, then they have to do their best not to let you win. One of the ways is that they slip the price when you want to take or close a position.

You click on the buy button and you enter, but when you check your entry price you will see that it is much higher than what you saw on the platform. For examples it is 1. However, when you want to close a short position you buy they slip the price and you get out with a higher price.

It is all done automatically and through some special settings of the platform. If you ask them why this happened, they will answer that it is because of the market situation, volatility and…. In contrast, they want you to win, grow your account and keep on trading with them, so that they will also make more money in long term. Although this is done automatically and electronically, but it takes some time and it is possible that the price changes during this time, specially when the market is moving strongly.

So you will enter with a different price than what you saw on your platform. Re-quoting is another trick made by market maker brokers. They do it when you choose the right direction. Then you will have to click on the buy button again to enter. They just want to sabotage your trading. If you find out and complain, they will say they have no idea, and re-quoting is just the result of the markets volatility, and they have no control on it, and….

Whereas this is absolutely a big lie. It will have no advantage for them. It is a market maker broker. However, the swap you actually pay is different from broker to broker. Swap can cause you to lose a lot specially if you hold your positions for a long time. Leverage is a good facility that helps us trade large amounts of money with a smaller account, and make bigger profits compared to the time that there is no leverage.

So that when the position goes against them, they get margin call and stopped out very easily and the whole account will be wiped out. However, market maker brokers can offer any leverage they want. I see that nowadays some of them offer which is crazy.

Why do they do it? A higher leverage makes them take bigger positions, lose more and wipe out their accounts faster and easier. They think about making more money within a shorter time. This is it about the ways that brokers can cheat you. I will never do it. I have good reasons for that. Thanks another v useful article. Should it not be the other way around? Could this just be a false move created by the big players to be able to enter at much lower levels when the true move starts?

It is not the first time I see that the price moves against the news. Is it a false move or not, is what we have to wait and see. But who cares? We trade only when a strong setup is formed on the chart. The rest is none of our business. Thanks, i mention this because i saw what i thought to be quite a strong continuation signal on the weekly chart for GBPCHF — strong up trend, pullback to BB mid band, and strong candle close last week.

But it seems that in the end it is not that strong. Hi, thanks for the article, interesting. One is and the other is How long should I hold the trade for? Yes I am sure. Those brokers are not real ECN then. They route the orders to another broker which market maker and usually belongs to the same company.

So they are ECN electronically, but are market maker in reality. First of all thanks for your articles, wonderful website. Its daily feed for me. One question I am struggling and its big one. How to know if your broker is reliable. Hi Singh, I can not list any broker here, nor I can recommend any broker. There are too many brokers coming and going every day.

It is not too hard. I am also in doubt that true ECN only offer leverage up to To my understanding, it maybe true in the past as interbank network only accepted large lot size orders but in nowdays they start to accept smaller lot size like units. Moreover, those dirty tricks played on old days are easily being caught by experienced traders and cause their operation license revoked. Hi Tim. I demo trade with Pepperston but plan on opening a live account with a local broker in my own country.

Anyway thanks for the heads up. You too. This was a really useful article, thank you! I know a broker, who has leverage, but at weekends lower 30 only. They say that they are true ECN. And there is a volume commission. They provide Market depth data. These facts confirm that they are really ECN, am I right? And why is the weekend leverage lower, do you know? Is this typical for true ECN brokers? Yes, they clearly state this on their website.

They reference to possible weekend price gaps, which would seriously threaten invested funds. Then there is no doubt that they are market maker. They lower the spread to make all the accounts with negative open positions to reach the stop out level and get wiped out. Only a market maker broker do this, because your loss is their profit. I have found another broker whose weekend margin requirement is higher. It looks quite a reputable broker.

Lower weekend leverage is nothing but a dirty trick by market maker brokers to make the accounts with big losing positions reach the stop out level. Is this a good to go short trade? It is a good shooting star with a strong Bollinger Upper Band breakout. However, it is recommended to wait for the confirmation. I always wondered why an entry buy was always higher than the actual market price and why a sell was always at market. Now I know.

Maybe I should become more of a short trader…LOL. When you are short, you will have to pay the spread when you exit. So the price has to go below the level you set your target, to cover the spread. Otherwise you can not get out. Thank you very much for your daily feeds I just love ur topics. M currently demo trading on etoro but planning to open a live account with cm when m ready. Could they be considered as a sell setup at the end of september 2 candle?

I sold at the close of this candle n my stop loss is about to be triggered since I set it to half the bearish strong candle. Thank you. It was too late to go short. Hi Asiri, It is not too hard to find a good broker. You can easily google and find it. Hi Otto, I read the article. Anything it says is true. Of course it has not covered a few important things like leverage and swap.

Sutivserv, There are some brokers who offer both. All I can say is thanks a lot for your very important inputs, may your tribe increase as the saying goes……. Thanks bro. Is it ok to set a very high stop loss order? Inace moj broker je AdmiralMarkets i preko njega sam u live vec trecu godinu od svega navedenog sam primjetio da kad zelim kupiti ili prodati jednim klikom misa nalog se ne ostvari ponekad istu sekundu nego za sekundu kasnije,tako da se nalog izvrsi sa nekoliko pipova vise 4 -8, ali to pripisujem visokoj volatilnosti!

Isto tako kad postavim sell ili bay limit nalog on se ponekad ne ispuni tamo gdje je postavljen nego i po pipova nize ali to je zato jer je nalog blizu potpore ili otpora gdje je volatilnost opet ogromna ,znao sam ponekad ostvariti i po 20 pipova bolju ulaznu poziciju nego sto sam htio poziciju a ponekad i obrnuto! Jedna mi je stvar enigma ,jos uvjek ponekad otvorim koji nalog bez SL ali s malim SIZE npr 1 pip 1 euro i u 70 posto slucaj ako nisam stavio SL uspijem zakljucati pipova a sa SL postavljenim cijena dode ,ugasi me i ode gdje treba!

Mozda je to samo moja psiha a mozda i ima nekih kemija! Mario hvala ti sto si me potaknuo na razmisljanje o ovom samo nam jos fali da se borimo sa trzistem isa svojim brokerom,ludo a? Meni je puno bolja solucija trejdanje sa manjim pozicijama, bez SL-a. No, ako je to npr. No, to je forex. Hi What brokers do you recomand?

I live in south Europe. I curently use AdmiralMarkets — any opinion? I trade with couple of brokers, but they all have some nasty things related to this issues. What you need is to notice them that you are aware of this things are happening and that if that happens to you oftenly, you will change the broker.

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You click on the buy button and you enter, but when you check your entry price you will see that it is much higher than what you saw on the platform. For examples it is 1. However, when you want to close a short position you buy they slip the price and you get out with a higher price. It is all done automatically and through some special settings of the platform.

If you ask them why this happened, they will answer that it is because of the market situation, volatility and…. In contrast, they want you to win, grow your account and keep on trading with them, so that they will also make more money in long term. Although this is done automatically and electronically, but it takes some time and it is possible that the price changes during this time, specially when the market is moving strongly. So you will enter with a different price than what you saw on your platform.

Re-quoting is another trick made by market maker brokers. They do it when you choose the right direction. Then you will have to click on the buy button again to enter. They just want to sabotage your trading. If you find out and complain, they will say they have no idea, and re-quoting is just the result of the markets volatility, and they have no control on it, and….

Whereas this is absolutely a big lie. It will have no advantage for them. It is a market maker broker. However, the swap you actually pay is different from broker to broker. Swap can cause you to lose a lot specially if you hold your positions for a long time. Leverage is a good facility that helps us trade large amounts of money with a smaller account, and make bigger profits compared to the time that there is no leverage.

So that when the position goes against them, they get margin call and stopped out very easily and the whole account will be wiped out. However, market maker brokers can offer any leverage they want. I see that nowadays some of them offer which is crazy. Why do they do it? A higher leverage makes them take bigger positions, lose more and wipe out their accounts faster and easier. They think about making more money within a shorter time. This is it about the ways that brokers can cheat you. I will never do it.

I have good reasons for that. Thanks another v useful article. Should it not be the other way around? Could this just be a false move created by the big players to be able to enter at much lower levels when the true move starts? It is not the first time I see that the price moves against the news. Is it a false move or not, is what we have to wait and see. But who cares? We trade only when a strong setup is formed on the chart. The rest is none of our business.

Thanks, i mention this because i saw what i thought to be quite a strong continuation signal on the weekly chart for GBPCHF — strong up trend, pullback to BB mid band, and strong candle close last week. But it seems that in the end it is not that strong. Hi, thanks for the article, interesting. One is and the other is How long should I hold the trade for? Yes I am sure. Those brokers are not real ECN then. They route the orders to another broker which market maker and usually belongs to the same company.

So they are ECN electronically, but are market maker in reality. First of all thanks for your articles, wonderful website. Its daily feed for me. One question I am struggling and its big one. How to know if your broker is reliable. Hi Singh, I can not list any broker here, nor I can recommend any broker. There are too many brokers coming and going every day. It is not too hard.

I am also in doubt that true ECN only offer leverage up to To my understanding, it maybe true in the past as interbank network only accepted large lot size orders but in nowdays they start to accept smaller lot size like units. Moreover, those dirty tricks played on old days are easily being caught by experienced traders and cause their operation license revoked.

Hi Tim. I demo trade with Pepperston but plan on opening a live account with a local broker in my own country. Anyway thanks for the heads up. You too. This was a really useful article, thank you! I know a broker, who has leverage, but at weekends lower 30 only. They say that they are true ECN. And there is a volume commission. They provide Market depth data. These facts confirm that they are really ECN, am I right? And why is the weekend leverage lower, do you know?

Is this typical for true ECN brokers? Yes, they clearly state this on their website. They reference to possible weekend price gaps, which would seriously threaten invested funds. Then there is no doubt that they are market maker. They lower the spread to make all the accounts with negative open positions to reach the stop out level and get wiped out. Only a market maker broker do this, because your loss is their profit. I have found another broker whose weekend margin requirement is higher.

It looks quite a reputable broker. Lower weekend leverage is nothing but a dirty trick by market maker brokers to make the accounts with big losing positions reach the stop out level. Is this a good to go short trade? It is a good shooting star with a strong Bollinger Upper Band breakout.

However, it is recommended to wait for the confirmation. I always wondered why an entry buy was always higher than the actual market price and why a sell was always at market. Now I know. Maybe I should become more of a short trader…LOL. When you are short, you will have to pay the spread when you exit. So the price has to go below the level you set your target, to cover the spread.

Otherwise you can not get out. Thank you very much for your daily feeds I just love ur topics. M currently demo trading on etoro but planning to open a live account with cm when m ready. Could they be considered as a sell setup at the end of september 2 candle? I sold at the close of this candle n my stop loss is about to be triggered since I set it to half the bearish strong candle. Thank you. It was too late to go short.

Hi Asiri, It is not too hard to find a good broker. You can easily google and find it. Hi Otto, I read the article. Anything it says is true. Of course it has not covered a few important things like leverage and swap. Sutivserv, There are some brokers who offer both. All I can say is thanks a lot for your very important inputs, may your tribe increase as the saying goes…….

Thanks bro. Is it ok to set a very high stop loss order? Hi, Eye opener! Thank you very much! Where do I find your trade discussions? You are welcome. They claimed they only make their profit through markup and 0 commissions. What do you think? Yes, they can do that. Markups are not clear for traders. But commission is a constant fee.

It is a red flag if a broker charges markeups. Thanks for the info. When I was about to wire money to fund the account, I noticed their bank account where they requested me to transfer money to is in Latvia. I thought it would be in the UK, as well as my account. I wanted a UK broker. Is this legal or is there a red flag. Nice information and helpful.

Sherif Hasan Francis Dogbe This info has cleared a lot of misconception about brokers. Thanks alot. HousseXZ Nootjestrommel Thanks for any response! Thanks, I have Broker friend buys my stock's but doesn't state cash or margin on orders. I assume it's margin even if I have the cash in my account. Why, he's selling my shares or shorting. To add comments, please log in or register.

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HOW TO USE STOP LOSS IN FOREX TRADING

How you can recognize that they are not? This last one 7. After that you can easily lose your calmless and starat to make mistakes, your angry and you want revange… Well, they know that and how you will react on something like that. How many of you have experienced something like this? There is so many brokers who are not regulated at all and you can have huge problem when you want to withdraw your money, earned one or even the deposit. Ever heard of that?

Well, I am for so many times. My facebook friends usualy write me about everything and I see that there is so many forex brokers who are simply cheaters. Maybe there is something more as well, so do share your bad experience here in my blog, how to help traders around the world. Please do so. This is the highly informative content of forex trading practical situation.

I appreciate your brilliant helpful article as there are numerous online forex brokers available online and chat with their clients in many tactics. It is said one click trade start but practically seen that it takes a more time to open the trade, and sometimes it cause a great loss of the trader, So, really it is very important to find a real broker at fast before registering to trade. But basically, it is very hard to find out the trusted broker from the huge brokers online, Here I would love to appreciate your initiative to share such kind of spamming aware article.

Like Liked by 1 person. Like Like. Nekoliko puta sam razgovarao sa predstavnikom brokera, pa sam dobio odgovor, da je jak signal i da sam bio tada na redu za zatvaranje pozicije. Veliki pozdrav maistore,evo super clanak da budem iskren nism obracao paznju previse na te stvari jer obicno sve posvetim kretanju cjene tj grafa prilikom ulaza jer obicno trgujem na nekim vijestima ili dogadajima gdje je volatilnost dosta velika!

Inace moj broker je AdmiralMarkets i preko njega sam u live vec trecu godinu od svega navedenog sam primjetio da kad zelim kupiti ili prodati jednim klikom misa nalog se ne ostvari ponekad istu sekundu nego za sekundu kasnije,tako da se nalog izvrsi sa nekoliko pipova vise 4 -8, ali to pripisujem visokoj volatilnosti! Isto tako kad postavim sell ili bay limit nalog on se ponekad ne ispuni tamo gdje je postavljen nego i po pipova nize ali to je zato jer je nalog blizu potpore ili otpora gdje je volatilnost opet ogromna ,znao sam ponekad ostvariti i po 20 pipova bolju ulaznu poziciju nego sto sam htio poziciju a ponekad i obrnuto!

Jedna mi je stvar enigma ,jos uvjek ponekad otvorim koji nalog bez SL ali s malim SIZE npr 1 pip 1 euro i u 70 posto slucaj ako nisam stavio SL uspijem zakljucati pipova a sa SL postavljenim cijena dode ,ugasi me i ode gdje treba! Mozda je to samo moja psiha a mozda i ima nekih kemija!

Mario hvala ti sto si me potaknuo na razmisljanje o ovom samo nam jos fali da se borimo sa trzistem isa svojim brokerom,ludo a? Meni je puno bolja solucija trejdanje sa manjim pozicijama, bez SL-a. No, ako je to npr. No, to je forex. Hi What brokers do you recomand? I live in south Europe. I curently use AdmiralMarkets — any opinion? I trade with couple of brokers, but they all have some nasty things related to this issues. What you need is to notice them that you are aware of this things are happening and that if that happens to you oftenly, you will change the broker.

You are commenting using your Facebook account. Notify me of new comments via email. Notify me of new posts via email. Have you experienced something like this in your trading career? Tell us about it. Like this: Like Loading One comment CompareThem Fx November 18, Leave a Reply Cancel reply Enter your comment here Fill in your details below or click an icon to log in:.

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