Is anyone making money from forex trading?

chapip

Newbie
6 0
I ask because today I read some horror stories. I read about a broker that close your account as soon as you are having profits. I also read that FXCM start messing with your trades as soon as you are winning. This is so disappointing. Imagine working so hard to be a good trader and the moment you make it your broker take you out. Is it even worth all the effort? Please let me know if you are cashing out profitable trades without your broker messing with you, and let me know your broker because I don't want to waste my time. Thank You.
 

NVP

Legendary member
37,760 2,100
I ask because today I read some horror stories. I read about a broker that close your account as soon as you are having profits. I also read that FXCM start messing with your trades as soon as you are winning. This is so disappointing. Imagine working so hard to be a good trader and the moment you make it your broker take you out. Is it even worth all the effort? Please let me know if you are cashing out profitable trades without your broker messing with you, and let me know your broker because I don't want to waste my time. Thank You.

Jason rogers represents FXCM here ...I suggest you go to his thread and raise your issues there with him ............I sympathise with you ......but at least let them investigate your claim :smart:

N
 
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timsk

Legendary member
7,601 2,376
Can they let you withdraw at least $400 per month? Or am I dreaming?
Hi chapip,
Welcome to T2W.

In answer to your question, so long as you have $400 in your account to withdraw, then a reputable broker will always allow you to withdraw it. A brokerage firm of the size of FXCM with a reputation to match couldn't afford the bad publicity that would result if they didn't let their customers withdraw funds from their accounts.

Having said the above, there are some very 'iffy' firms out there, especially unregulated forex and binary options brokers, or ones based in Cyprus or islands in the middle of nowhere. But, large firms like FXCM that are regulated in the U.S. and U.K. will be fine. For sure, there will be someone somewhere who has had a bad experience with them, won't ever use them again, and will advise members to steer well clear of them. But that applies to any business across all sectors. My first ever bank account as a teenager was with Barclays. They treated me badly and I hold a grudge against them to this day and I won't ever bank with them again. My wife has been with them for 30+ years and has never had a problem. It's horses for courses at the end of the day.

As NVP says above, if you're worried about FXCM, put your concerns to Jason Rogers on this thread: FXCM Discussion. Whoever you consider opening an account with, follow the advice in this thread and you shouldn't go too far wrong: Is my broker / money safe - basic due diligence
Tim.
 
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Jason Rogers

Senior member
2,772 93
I ask because today I read some horror stories. I read about a broker that close your account as soon as you are having profits. I also read that FXCM start messing with your trades as soon as you are winning. This is so disappointing. Imagine working so hard to be a good trader and the moment you make it your broker take you out. Is it even worth all the effort? Please let me know if you are cashing out profitable trades without your broker messing with you, and let me know your broker because I don't want to waste my time. Thank You.

Hi Chapip,

As NVP and Tim have mentioned, I'm happy to answer any questions you have regarding FXCM. In regards to the accusation that we interfere with client trades, it's worth noting that we offer clients the choice of No Dealing Desk (NDD) forex execution. On the NDD model, FXCM offsets client orders one-for-one with our 10+ liquidity providers. That means we don't take the market risk on the other side of our client trades.

A loss for our clients does not mean a profit for us, and a profit for our clients does not mean a loss for us. FXCM makes money on the NDD model by adding a fixed pip markup to the prices we receive from our liquidity providers. That acts as a commission which means we make our money from client trading volume, not client losses. We have nothing to gain by interfering with your trades.

I am so frustrated and disappointed. Why they have to steal money?

When operating a dealing desk, a firm may actively be taking a position in the market, which exposes the firm to market risk. When you are long, the dealing desk may be short. When you are short, the dealing desk may be long. So your losses can equate to the dealing desk's profit. Alternatively, your profits can equate to the dealing desk's loss. Certain strategies expose dealing desks to more risk, such as automated strategies or strategies that trade at a high frequency. To better manage their market risk, some dealing desk firms actively intervene in their clients' trading by re-quoting orders, delaying execution, skewing prices, or widening spreads.

While we also offer clients the choice of dealing desk (DD) execution, what makes FXCM unique is that we offer both DD and NDD execution. If you are trading on DD execution and your trading style exposes us to more risk than we're comfortable with, we can change your execution type to NDD. This is how FXCM can comfortably offer both execution options without having to resort to some of the common "dealer intervention" practices listed above which take place at many forex brokers.

If you have other questions about FXCM, please feel free to post them in our discussion thread.

Welcome to the forum! :)

Jason
 

forexjudge

Junior member
19 2
Yes, I am making money on forex. Although we all lose sometimes, but I have learned how to deal with my lose. I always follow expert signal providers as well.
 
Last edited:

highbury fx

Well-known member
338 114
Hi chapip,
Welcome to T2W.

Having said the above, there are some very 'iffy' firms out there, especially unregulated forex and binary options brokers, or ones based in Cyprus or islands in the middle of nowhere.


bit of a generalisation isn't it. Are you implying that all Cypriot brokers are 'iffy'? What about the ones that are regulated by CySEC who operate good honest businesses? Cyprus is not a cheaper alternative to getting regulated by the FCA. It is a quicker one and that is the advantage. The FCA will ask STP brokers to show regulatory capital of £125,000 whilst CySEC will ask for €200,000. The FCA will ask B book firms to show regulatory capital of £750,000 whilst CySEC asks for €1m.

CySEC regulated brokers are part of a compensation scheme that works on the same principles as the FSCS. Granted, CySECs insurance will 'only' pay out to €20,000 per client but how many retail clients have over €20,000 in their trading accounts? not too many.

Tell the clients of WorldSpreads and MF Global that all FCA regulated firms aren't 'iffy'
 

timsk

Legendary member
7,601 2,376
bit of a generalisation isn't it.
Hi highbury fx,
Would I be right in thinking you're affiliated in some way to a Cyprus based broker?
:LOL:

Your general point is fair enough and, yes, my post is a 'bit of a generalisation'. To avoid any misunderstanding, let me make crystal clear that I have no doubt there are many excellent brokerage firms based in Cyprus, Malta, Cayman Islands, Belize and numerous other jurisdictions besides. However, unless one is prepared to do a case by case study of all brokers out there, one has to narrow down one's field of search somehow. Inevitably, this will mean overlooking a lot of well run and professional outfits not regulated in the U.K. and U.S. and, as you rightly point out, allow some questionable firms through the net.

Keep in mind two key points. Firstly, T2W is a U.K. site and most of our members are based in the U.K. and many of them trade U.S. markets. Therefore, it's both logical and sensible to do business with a broker regulated by either or both of those countries. If I had an account with a broker based in Cyprus - and I had a serious complaint about them - my Greek isn't too hot and I wouldn't fancy having to get on the ol' dog 'n bone to CySEC in the hope that they would help me out! The second point is that one has to start somewhere and, IMO, a good a place as any is with this question: 'why would a broker go out of their way to avoid being regulated by FCA in the U.K., or the NFA, SIPC, FINRA, CFTC and SEC in the U.S.? You've answered this to some degree in your post and some members may be convinced by your points. Even so, with so many 'iffy' firms out there, my advice to members is to play safe and stick to the big names regulated closer to home.
Tim.
 

FXLord

Junior member
19 0
If u keep loosing money, the best way is to overview your strategy again and each time deeply analize your mistakes. Another thing is take advices from profesionals or even take some online course about trading on some websites. good luck
 

ZEN archer

Experienced member
1,528 241
Is anyone making money from forex trading?

Mainly brokers. To a smaller extent educators, signal providers etc.
 

NVP

Legendary member
37,760 2,100
If u keep loosing money, the best way is to overview your strategy again and each time deeply analize your mistakes. Another thing is take advices from profesionals or even take some online course about trading on some websites. good luck

"professional" in this business is a much maligned and overused term - beware :cool:

N
 

Hate2Lose

Active member
155 3
I ask because today I read some horror stories. I read about a broker that close your account as soon as you are having profits. I also read that FXCM start messing with your trades as soon as you are winning. This is so disappointing. Imagine working so hard to be a good trader and the moment you make it your broker take you out. Is it even worth all the effort? Please let me know if you are cashing out profitable trades without your broker messing with you, and let me know your broker because I don't want to waste my time. Thank You.

I’m not a huge FX trader, but in my experience FXCM are pretty good. They claim to offer straight-through processing, which in theory should mean better fills (what is it ‘straight through’ to though?!).

I heard IG provide a service on spot FX that gives you access to bank liquidity, haven’t used it though. You pay commission, but in theory spread should be tighter (as tight as possible).

If you give them a try, let me know what you think.
 
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seti2

Junior member
26 1
i'm the person who closed my account

I ask because today I read some horror stories. I read about a broker that close your account as soon as you are having profits. I also read that FXCM start messing with your trades as soon as you are winning. This is so disappointing. Imagine working so hard to be a good trader and the moment you make it your broker take you out. Is it even worth all the effort? Please let me know if you are cashing out profitable trades without your broker messing with you, and let me know your broker because I don't want to waste my time. Thank You.

hi
i'm not sure if you read my story but i have on the past thried that i mention on it ,how they closed my account just after i made some profit

yes my friend your feeling exactly the same of me
i have chocked and disappointment that after long time experience ,i found my self on front of broker who is not happy from you to be winner all the times but no body notice that because most of the traders 80%losers and that why their accounts active or they don't share their information with others
my friend is very difficult to be winner all the times but if you did like what i did after long time of experience /yes you are unwelcome at the brokers because my friend the fund to you goes from their pockets
by the way until now i'm searching to find way of how to trade and make money without upsetting these ugly brokers


good luck
 
 
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