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Trade forex
- Thread starter AQ33LP
- Start date
Stay away from FX trading. You WILL loose all your money. Most brokers are in house trading. If you win they loose.
What you are essentially doing is not unlike playing in a casino. You play trade against other members and the house will do their utmost to make you loose.
They do this by enticing you to open an play account to learn their system. You will do great there as it is monopoly money and no emotions come to play.
Then you send them real money in anticipation of great returns due to your above play game winnings.
You then buy an FX pair from advice or your own judgement. It goes great and then things change suddenly. The green candles become red and more red and faster down than you ever saw in your play play game. You cannot close the order because you keep getting re quotes. This will give you a cardiac event for sure.
Now on the 3 minute candle you get a sharp red one that goes right to the bottom of your screen and you still cannot close it. It will go far below your Stop Loss as there were "no buyers there".
Then....Boom. All money gone. Margin call and goodbye to you.
Now if you are with a better broker you will find this:
You make some good gains and decide to withdraw some money. You do so and after 3 weeks you ask them where your money is. They tell you that your trades were not legit. You were scalping at a shorter time frame than they allow. When you ask about this time frame you will be ignored.
Now you will contact the financial services board they are "registered" with in the UK, Switzerland or Ireland and will find they operate in Dubai or Panama and they have no jurisdiction in these countries. You loose.
Welcome to my world where I lost over R100K in 2010.
What you are essentially doing is not unlike playing in a casino. You play trade against other members and the house will do their utmost to make you loose.
They do this by enticing you to open an play account to learn their system. You will do great there as it is monopoly money and no emotions come to play.
Then you send them real money in anticipation of great returns due to your above play game winnings.
You then buy an FX pair from advice or your own judgement. It goes great and then things change suddenly. The green candles become red and more red and faster down than you ever saw in your play play game. You cannot close the order because you keep getting re quotes. This will give you a cardiac event for sure.
Now on the 3 minute candle you get a sharp red one that goes right to the bottom of your screen and you still cannot close it. It will go far below your Stop Loss as there were "no buyers there".
Then....Boom. All money gone. Margin call and goodbye to you.
Now if you are with a better broker you will find this:
You make some good gains and decide to withdraw some money. You do so and after 3 weeks you ask them where your money is. They tell you that your trades were not legit. You were scalping at a shorter time frame than they allow. When you ask about this time frame you will be ignored.
Now you will contact the financial services board they are "registered" with in the UK, Switzerland or Ireland and will find they operate in Dubai or Panama and they have no jurisdiction in these countries. You loose.
Welcome to my world where I lost over R100K in 2010.
bchip
Expert Member
- Joined
- Mar 12, 2013
- Messages
- 1,324
- Reaction score
- 418
Peppastone and Global Prime are Australian companies that come with a good reputation.
To avoid trading against the broker just look for brokers that provide DMA (Direct Market Access)
Forexpeacearmy is a commonly used site to rate brokers.
https://www.forexpeacearmy.com/
To avoid trading against the broker just look for brokers that provide DMA (Direct Market Access)
Forexpeacearmy is a commonly used site to rate brokers.
https://www.forexpeacearmy.com/
bchip
Expert Member
- Joined
- Mar 12, 2013
- Messages
- 1,324
- Reaction score
- 418
Not quite forex (with IG) but I think the same principal applies:
Brokers now have to disclose how many clients are losing money,
At the bottom of IG Markets
https://www.ig.com/za/welcome
81% of retail investor accounts lose money when trading CFDs with this provider
8BitLife
Senior Member
- Joined
- Oct 9, 2018
- Messages
- 575
- Reaction score
- 186
I am a broker and I can tell you now, heed the warnings above. Trading IS like going to the casino. You just do it to have a punt and a bit of fun. You are basically just trying your luck. NEVER put money into a trading account you cannot afford to lose. First sort out your long-term investments. Once that is sorted you can put whatever is left into a trading account. It's just play money.
Nevertheless, if you want to open a trading account make sure it is not with a broker that runs a b-book, i.e. a broker that takes the other side of your trade. Otherwise it is within their interest for you to lose as they will make money when you lose and lose when you win. We do not run a b-book and thus do not take the other side of your trade. We make no money (apart from brokerage) when you lose nor lose when you win. We have no hat in the race and are thus not motivated to screw you over.
Nevertheless, if you want to open a trading account make sure it is not with a broker that runs a b-book, i.e. a broker that takes the other side of your trade. Otherwise it is within their interest for you to lose as they will make money when you lose and lose when you win. We do not run a b-book and thus do not take the other side of your trade. We make no money (apart from brokerage) when you lose nor lose when you win. We have no hat in the race and are thus not motivated to screw you over.
Here at https://www.volumefx.com/, we partnered with top crypto liquidity providers to offer crypto assets. If you are a trader you have the opportunity to trade a wide range of the leading cryptocurrencies on the Volume MT4 trading platform 24/7.
NeonNinja
Neon Resident
It's lose bro.
ArmatageShanks
Honorary Master
NeonNinja
Neon Resident
Must be some loose screws somewhere.