Trading experiences

#1
Hello,

I am not sure if I am the only one who has experienced this but I am convinced that Forex companies cheat people by tricking them. I have noticed this several times ad with many Forex service providers. They have a mechanism in their site where they will suddenly swing the figures in the opposite direction to your trade and wipe out the balance in your account and immediately the figures will again switch back to where they were earlier with very little fluctuation. This will happen even more when you try to withdraw your profit or your funds from the account.

I would like to hear your experiences. I you also have noticed something similar, do reply with a few lines outlining your experiences.

Thanks,

Ana
 

progix

Active member
207 2
#2
The best thing is to make a thorough research while choosing any broker, and its also good to check their reviews too. Moreover we should go with reputed brokers of the market.
 

tomorton

Legendary member
7,107 920
#3
If your broker keeps quoting too low or too high, why not trade against their quotes? Check the broker's price against the true price of the underlying market. Wait for the broker to quote a price that is obviously too low and buy it. They will not be able to quote way off from the market for long or else everybody will be jumping in against them.

Of course, you might find they're not misquoting...........
 

Haffizz

Junior member
16 0
#4
Yeah, there are many companies that don't allow people withdrawing their own funds. My friend Akmal lost nearly the same sum that I have withdrawn with my broker. He was trading with inst. That's why I don't recommend working with them. Anyway, I tried to work with another offshore broker with nice trading terms and ECN. I withdraw money regularly and even can prove my words with a screenshot of my transaction history.
Of course, I won't say that I an so lucky to earn large sums. It wasn't easy to learn and took me 3 years to become so profitable. Yes, I work on Forex for already more than 3 years, but I was practicing before going live.


What else can I say... Not all brokers the same bad. You just don't need to work with scams. And if I knew earlier that insta is russian scam, I'd tell it my friend, but I was with the other company at those times.

P.S. A little disclaimer for admins. I wrote the whole name of the company that scammed my friend cause I forgot the rules, sorry. I am not promoting any company, maybe just boasting with my successes a bit :)
 
Last edited:

dermotobrien

Junior member
40 6
#5
Personally, I haven't experienced anything like that, but heard lots of stories about them 'stop loss hunters'. Everybody should carefully choose a broker, read reviews, etc. And believe me, if brokers want to get your money, they will! No matter regulated or not
 
#6
Although many traders can have a story to tell regarding cheating forex companies, it is you who manage to be a victim or not. We can say that we cannot avoid it but be making sure to learn the basics is important! It is a basic information before getting a trading partner or broker/companies. Make sure to check the background of the company. It is necessary to know the people who would handle your money before hiring them. Ask for an opinion from pro traders and those who have already experienced. Never hesitate to ask and verify. Although there are reputable forex brokers and companies, don't easily get attached to them if you think that they are good for you.

After deciding for a forex broker, set an appointment to talk about strategies and other important things indicating your visional result. Learn the strategies they can offer and never hesitate to ask for the pros and cons in the process of trading in the market.
 

alextrader79

Well-known member
308 2
#8
which broker is thr best one for start to trade on forex?
Are you from UK? I advise you to search for a company that is located in your country. The good news is that there are many regulated companies there. Just google them and pick up the one which trading conditions fit you :)
 

gerryg

Established member
900 6
#10
Hello,

I am not sure if I am the only one who has experienced this but I am convinced that Forex companies cheat people by tricking them. I have noticed this several times ad with many Forex service providers. They have a mechanism in their site where they will suddenly swing the figures in the opposite direction to your trade and wipe out the balance in your account and immediately the figures will again switch back to where they were earlier with very little fluctuation. This will happen even more when you try to withdraw your profit or your funds from the account.

I would like to hear your experiences. I you also have noticed something similar, do reply with a few lines outlining your experiences.

Thanks,

Ana


Its called a price spike. And yes broker can use their tool for cheating but sometimes it happens due to severe issues with liquidity or algo software following wrong signal, causing massive overbalance in sell or buy positions. Check other brokers feed to see if they had same problem or it is a trick from your broker.
 

alextrader79

Well-known member
308 2
#11
Its called a price spike. And yes broker can use their tool for cheating but sometimes it happens due to severe issues with liquidity or algo software following wrong signal, causing massive overbalance in sell or buy positions. Check other brokers feed to see if they had same problem or it is a trick from your broker.
Yeah, there is a plenty of such stories in the internet... But some brokers (Thanks God) are honest and can return the money. I had such a situation.. I wrote to the support and the issue was solved.
 

tomorton

Legendary member
7,107 920
#12
Yeah, there is a plenty of such stories in the internet... But some brokers (Thanks God) are honest and can return the money. I had such a situation.. I wrote to the support and the issue was solved.

You are right. I have previously documented an occasion when a pricing error occurred with my spread betting provider, creating a spike which hit my stop and closed the position. Actually I did not know this had happened until later - the firm identified the error and reinstated the position and then let me know. Its either great customer service or tough regulation but the point is it wasn't a deliberate stop-hunt.
 

gerryg

Established member
900 6
#13
Yeah, there are many companies that don't allow people withdrawing their own funds. My friend Akmal lost nearly the same sum that I have withdrawn with my broker. He was trading with inst. That's why I don't recommend working with them. Anyway, I tried to work with another offshore broker with nice trading terms and ECN. I withdraw money regularly and even can prove my words with a screenshot of my transaction history.
Of course, I won't say that I an so lucky to earn large sums. It wasn't easy to learn and took me 3 years to become so profitable. Yes, I work on Forex for already more than 3 years, but I was practicing before going live.


What else can I say... Not all brokers the same bad. You just don't need to work with scams. And if I knew earlier that insta is russian scam, I'd tell it my friend, but I was with the other company at those times.

P.S. A little disclaimer for admins. I wrote the whole name of the company that scammed my friend cause I forgot the rules, sorry. I am not promoting any company, maybe just boasting with my successes a bit :)
Hope it is profit not a leftovers from your deposit:D
And always remember that money love silence
 

alextrader79

Well-known member
308 2
#14
You are right. I have previously documented an occasion when a pricing error occurred with my spread betting provider, creating a spike which hit my stop and closed the position. Actually I did not know this had happened until later - the firm identified the error and reinstated the position and then let me know. Its either great customer service or tough regulation but the point is it wasn't a deliberate stop-hunt.
Yes, it's not my problem already :) The main thing is having the money back :)
 

crauria

Junior member
24 0
#15
to choose the best forex broker simply use brokinator, they compare all brokers and through 6 questions you get the best brokers and sometimes with great rebates.
 

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