How wrong is the way we discover forex?
- Thread starter LoRio
- Start date
Pharaoh
Brigadier General
- Messages
- 20,310
Reading reviews is good. Knowing how to mentally filter the reviews is much better.
Unethical people are generally lazy, so if you see a large number of reviews with very similar wording, give those a lot less weight in your mind. These may be good reviews arranged by the company or an enthusiastic IB, or they could be a competitor or a very angry client who thinks he deserves the right to vote many times. The FPA has a review moderation team that catches a lot of fake reviews, but some are bound to slip through.
If someone screams about a few pips of slippage, or a large amount of slippage around a news release, chalk that up to trader inexperience.
If someone gives 5 stars while babbling on about a bonus, that person is a newbie who is happy to have some "free money" and hasn't seen the strings attached.
If someone complains that a withdrawal wasn't done instantly, that's a person that most people would call "high maintenance." Even instant withdrawals can have short delays.
The same applies to people buying a product. Sometimes the company needs a day or two to send it out. If you buy something late on Friday, it's a little unfair to leave a review calling it a scam if you don't have everything you need on Saturday morning.
What you want to give weight to are multiple reviews describing the same problem, but not looking like those reviews were written by the same person. Lengthy delays in withdrawals for no valid reason are a huge red flag for a broker's reviews.
Look for followup reviews. I personally give much more credence to the words of a reviewer who leaves a followup after 6 months or a year (as opposed to some of those "high maintenance" types who leave 4 followups every week).
Unethical people are generally lazy, so if you see a large number of reviews with very similar wording, give those a lot less weight in your mind. These may be good reviews arranged by the company or an enthusiastic IB, or they could be a competitor or a very angry client who thinks he deserves the right to vote many times. The FPA has a review moderation team that catches a lot of fake reviews, but some are bound to slip through.
If someone screams about a few pips of slippage, or a large amount of slippage around a news release, chalk that up to trader inexperience.
If someone gives 5 stars while babbling on about a bonus, that person is a newbie who is happy to have some "free money" and hasn't seen the strings attached.
If someone complains that a withdrawal wasn't done instantly, that's a person that most people would call "high maintenance." Even instant withdrawals can have short delays.
The same applies to people buying a product. Sometimes the company needs a day or two to send it out. If you buy something late on Friday, it's a little unfair to leave a review calling it a scam if you don't have everything you need on Saturday morning.
What you want to give weight to are multiple reviews describing the same problem, but not looking like those reviews were written by the same person. Lengthy delays in withdrawals for no valid reason are a huge red flag for a broker's reviews.
Look for followup reviews. I personally give much more credence to the words of a reviewer who leaves a followup after 6 months or a year (as opposed to some of those "high maintenance" types who leave 4 followups every week).
veri5
Sergeant
- Messages
- 122
Hello,
from my experience with many brokers, most important problem is removed profit, if it happens again and again with other clients too it start to make sense, in this case I support more regulation of brokers and maybe some unethical casinos will start to think to invest more money in technology and engineers not on advertising and exhausting marketing...I am here and read other forums too generally to identify these brokers (if they deserve this word) early to adjust my risk... most important rule for me is to diversify to multiple brokers...as we know there is no perfect broker...
from my experience with many brokers, most important problem is removed profit, if it happens again and again with other clients too it start to make sense, in this case I support more regulation of brokers and maybe some unethical casinos will start to think to invest more money in technology and engineers not on advertising and exhausting marketing...I am here and read other forums too generally to identify these brokers (if they deserve this word) early to adjust my risk... most important rule for me is to diversify to multiple brokers...as we know there is no perfect broker...
RahmanSL
Major
- Messages
- 2,938
....hmmmm...I thought every traders think like me:
"Wow that was an easy few hundreds/thousands profits. Why stop there and bring the account to the million mark??"
....or...
"If I can make that much with 0.10 size trades, imagine what I can make with 1.00 size trades!"
.....and, of course, inevitably Mr. Margin Call and Mr. Account Wipe-out come calling.
....then.....after the euphoria has died down somewhat (and nursing a bruised forehead).....swear emphatically that such stupid and idiotic mistakes will not and cannot be allowed to happen again....quickly refinance the trading account and repeat the whole bloody thing over again and again...and then some.
"Wow that was an easy few hundreds/thousands profits. Why stop there and bring the account to the million mark??"
....or...
"If I can make that much with 0.10 size trades, imagine what I can make with 1.00 size trades!"
.....and, of course, inevitably Mr. Margin Call and Mr. Account Wipe-out come calling.
....then.....after the euphoria has died down somewhat (and nursing a bruised forehead).....swear emphatically that such stupid and idiotic mistakes will not and cannot be allowed to happen again....quickly refinance the trading account and repeat the whole bloody thing over again and again...and then some.
DitterPD
Private, 1st Class
- Messages
- 147
DitterPD
Private, 1st Class
- Messages
- 147
Did you just say that you spent 2 years studying before opening trading account?
ilearn2t
Sergeant Major
- Messages
- 711
Hello Everyone
Wouldn't it be great if you could speed up disputes you might encounter with your broker by simply sending an email to your broker asking them to look into any concerns you might have with a guarantee that after 7-14 days of private messages and no resolution the matter becomes public in FPA.
The trader or broker could start a new thread and another 14 day limit should be set in place before a public decision is given. (Unless both parties agree to extend the time limit)
If the public judgement comes down in favor of the trader the brokers company (website) should be placed in a special folder/thread so every member/guest can view and quickly decide if its worth trading with an said broker within that folder.
If no "Rep" comes forward within two working days from first thread starters post, then the broker should be placed within the folder for life along with the others regardless of any excuses he/she might have.
If the case goes in favour of broker the broker should have the right to decide if the thread remains in public view or not.
I've just seen a case that might take up to 1.5 years or longer to get sorted out I for one will not be using that broker regardless of the outcome, simply because this case can be sorted in less than a week in my eyes.
Good luck
ilearn2t
Wouldn't it be great if you could speed up disputes you might encounter with your broker by simply sending an email to your broker asking them to look into any concerns you might have with a guarantee that after 7-14 days of private messages and no resolution the matter becomes public in FPA.
The trader or broker could start a new thread and another 14 day limit should be set in place before a public decision is given. (Unless both parties agree to extend the time limit)
If the public judgement comes down in favor of the trader the brokers company (website) should be placed in a special folder/thread so every member/guest can view and quickly decide if its worth trading with an said broker within that folder.
If no "Rep" comes forward within two working days from first thread starters post, then the broker should be placed within the folder for life along with the others regardless of any excuses he/she might have.
If the case goes in favour of broker the broker should have the right to decide if the thread remains in public view or not.
I've just seen a case that might take up to 1.5 years or longer to get sorted out I for one will not be using that broker regardless of the outcome, simply because this case can be sorted in less than a week in my eyes.
Good luck
ilearn2t
LoRio
Sergeant
- Messages
- 484
Most important is a traders awareness about the range of movement and behaviour the market may display.
By understanding what is mostly normal in the market you can then indentify if theres a chance you have been treated unfairly.
-Aware of the news.
-Aware of prints.
-Technical analysis savvy.
-Knows what the ask price is.
-Understands what leverages does.
-Can calculate lots before the trade and not trading the first available after constantly reducing it on the New Order Screen while getting the message "Not Enough Money".
After all that the trader must go to war with himself.
Thoughts like :
-"Ah , why not , lets get in now".
-"I better take this off before it turns negative"
-"It will come around , im sitting tight"
-"What if its a loser?"
-"What if its a winner?"
-"Omg it COLLAPSED 2 pips!"
-"Yeaah theres the MASSIVE 3pip rally i was talking about!"
LoRio
Sergeant
- Messages
- 484
The only thing this changes is less people follow through.
The best example is a friend of mine.
We both started from stumbling upon a fancy blog(you know ,tits , cars ,homes,dollar bills) , registered at P500 demo accounts , i won during nfp's ,he lost during nfp's.
I believe if it were the other way around i would not be here commenting today but he would.
