redorchestra
Newbie
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I am on my way to opening a microaccount. I am thinking $100-$200.
I filled out all the information to register, and started to read the agreement and the disclaimer.
From what i could understand of it, it seemed to say that microaccounts are traded against the FXCM institution. When you sell they are buying and when you buy, they are selling. Really your interests and theirs are at odds because when you win they lose.
They also mentioned that they reserve the right to post prices as they see fit. What it sounds like to me is that if you enter into a winning trade, they could just turn the numbers since thy don't post actual market prices and you are always a loser.
Is this the case?
Is there a safeguard to prevent this?
Should I go for a mini account ($250)? and is that any different or are you still trading against the company?
It might be premature worry since I might never win, but it still is a worry.
Thanks joe
I filled out all the information to register, and started to read the agreement and the disclaimer.
From what i could understand of it, it seemed to say that microaccounts are traded against the FXCM institution. When you sell they are buying and when you buy, they are selling. Really your interests and theirs are at odds because when you win they lose.
They also mentioned that they reserve the right to post prices as they see fit. What it sounds like to me is that if you enter into a winning trade, they could just turn the numbers since thy don't post actual market prices and you are always a loser.
Is this the case?
Is there a safeguard to prevent this?
Should I go for a mini account ($250)? and is that any different or are you still trading against the company?
It might be premature worry since I might never win, but it still is a worry.
Thanks joe
