How easy is it for a broker to stop hunt

This is a discussion on How easy is it for a broker to stop hunt within the General Trading Chat forums, part of the Reception category; Originally Posted by Lightning McQueen i haven't got rid, oh no, they are quite safe. So if Bashar Al Assad ...

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Old Dec 17, 2011, 12:17pm   #61
Joined Oct 2006
Re: How easy is it for a broker to stop hunt

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Originally Posted by Lightning McQueen View Post
i haven't got rid, oh no, they are quite safe.
So if Bashar Al Assad rings up youtube and claims copyright on this they'll just delete it? Surely there is a way to claim its in the public interest.

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Old Dec 17, 2011, 12:29pm   #62
 
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Re: How easy is it for a broker to stop hunt

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So if Bashar Al Assad rings up youtube and claims copyright on this they'll just delete it? Surely there is a way to claim its in the public interest.
that's sure a difficult one for the content host to juggle with. the public interest angle of dirty tricks from a whistle blower vs a thumping great big lawsuit from the plaintiff. babypips have bottled it and removed their thread, splitters!
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Old Dec 18, 2011, 12:56pm   #63
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Re: How easy is it for a broker to stop hunt

It is corruption at its finest, why can't market makers be content with making money on the spread? greedy b*stards. Luckily I havn't used Mt4 in a while, I now use cTrader fxpro ecn.

I can imagine the discrepencies between brokers, each 1 minute candle or so will vary by a couple of pips, I wonder how many of these brokers have bumped the price up by 1 or 2 pips to hit stops, as moving it in a 10pip spike would be obvious.
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Old Dec 18, 2011, 1:05pm   #64
 
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Re: How easy is it for a broker to stop hunt

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Originally Posted by gdr3k View Post
It is corruption at its finest, why can't market makers be content with making money on the spread? greedy b*stards. Luckily I havn't used Mt4 in a while, I now use cTrader fxpro ecn.

I can imagine the discrepencies between brokers, each 1 minute candle or so will vary by a couple of pips, I wonder how many of these brokers have bumped the price up by 1 or 2 pips to hit stops, as moving it in a 10pip spike would be obvious.
here's a vid that clearly shows more than you describe there.

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Old Dec 18, 2011, 1:09pm   #65
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Re: How easy is it for a broker to stop hunt

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here's a vid that clearly shows more than you describe there.

Scandalous.

Thieving at its finest.

Looks like FXCM according to the comments on that jewtube video.
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Old Dec 18, 2011, 1:17pm   #66
 
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Re: How easy is it for a broker to stop hunt

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Originally Posted by gdr3k View Post
Scandalous.

Thieving at its finest.

Looks like FXCM according to the comments on that jewtube video.
@ 47 seconds into the vid there's a popup at the bottom that says fxcm trading station.
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Old Dec 18, 2011, 1:19pm   #67
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Re: How easy is it for a broker to stop hunt

Ah yes, didn't notice that, I wonder how fxcm are still in business?
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Old Dec 18, 2011, 2:56pm   #68
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Re: How easy is it for a broker to stop hunt

Have heard FXCM stop hunt before from various sources.

Even with their monster spreads? Greed....
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Old Dec 18, 2011, 3:13pm   #69
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Re: How easy is it for a broker to stop hunt

In effect, they are nothing more than betting shops, you against the house. But giving the impression they are with you, against the market.
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Old Dec 18, 2011, 4:44pm   #70
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Re: How easy is it for a broker to stop hunt

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Ah yes, didn't notice that, I wonder how fxcm are still in business?
Pboyles summed it up in an earlier response to FXCM when they attempted to jutify their actions in light of a 2M fine.

"I'm not sure what you're worried about, plenty of your competitors have/will be caught as I'm sure you were all at it. In the end your reputation won't be any worse than the rest. "

Sadly, he' right, they are no worse than many others. Its like asking the question should I get my phone and internet from BT, NTL, Virgin etc. They are all equally sh1t, but you gotta have a phone.

FXCM has previously won a number of T2W awards, and at one time appeared in the sites "preferred brokers" section. When a broker is actively promoted by a trading forum, it generates business for all concerned. As long as they still promote, and as long as entities that claim to be acting in the best interest of traders actively promote and partner with these companies, they'll continue to attract the unwary. FXCM make it easy for IB's to work with them, and if I ever considered becoming an IB and exploiting a few punters, then FXCM is probably who I'd choose, so I cant really blame others for doing the same.

In a rather perverse way, T2W are probably doing people a favour actively promoting this sort of nonsense. The time to learn valuable lessons about bucket shops is at the start of your trading career when dipping a toe into the water. I thank god I lost at most a few hundred dollars due to fraud with various dodgy brokers promoted by forums at the start of my career, it ensures I wont be losing substantially more to similar tricks at the end !

At times, I feel a bit guilty that I didnt give the bucket shops a bit more, the lesson was well worth the price.

Another point that perhaps needs be made is that occassionally spikes do appear due to data feed problems. I've even experienced it with brokers who I believe to be fair and reputable. Its possible that trades triggered by that spike where automatically reversed (and I accept that its also possible that those in favour of the broker where not) We cant really tell without supporting evidence. Even the guy who made the video admits he wasnt affected by the spike, so he doesnt really know what the effects where for FXCM customers.

I dont advocate participation in chat rooms etc, but one of the few benefits you can derive is determning how various brokers are handling other traders positions when such things occur.

At the end of the day, these bucket shops allow us to play a game in a market that previously required accounts of 10M+ to participate in. I hate to say it, but a bit of shinnangins once in a while is possibly the price we pay.
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