Discuss FxOpen.com ( FxEgypt)

[RahmanSL]

LOL, this is of special interest to me personally as FXopen is on my extremely short list of potential broker to go LIVE with!

Hmmmmm.....will have to come back to check out the reply(ies)!

To all Newbies:

See what everybody has been teeling us? There is no such thing as a perfect Broker. We read reviews on them, and pay special attention on how they treat/handle problems of their existing clients. It we are not completely satisfied with the way the broker resolve their clients' problems, we scratch that broker off our list and move onto the next broker. There is absolutely no need to hurry, and don't give up that day job just yet until we have learned most of the ropes in carrying out profitable forex trading.

Patience is everything!

 

[Vitaliy123]

FxOpen never was a good broker at all. I was trading there for 4 month and i realy was dissapointed, cause their quotes were rather different from all other brokers quotes - so i had a lot of losses because of it. Anyway not a good choise for scalpers.

 

[fxfrench]

Fxopen is A big scam,they are fault finders & liers.They deleted some of the money I had already made, from my acc on Feb 5th,2010,without any reason.,& then later closed all my opened trades at negatives without any reasons.Pls did fxopen have any rights at all to touch & manupulate my live fx acc?

Hello Anthony

If you have a look at the closed trades at the end of your account statement you will see comments such as "so: 9.9%/515.7/5234.7". This means that your account equity reached less than 10% of the required amount to keep those trades open so you reached the stop out level whereby the company must forcefully close your positions to avoid a negative account balance.

FXOpen is not at fault here. There was no manipulation of your account. You simply opened too many trades without a stop loss of too large a size for your account and the market moved against you. You have a history of stop outs on this account and this time it was no different.

LOL, this is of special interest to me personally as FXopen is on my extremely short list of potential broker to go LIVE with!

Hmmmmm.....will have to come back to check out the reply(ies)!

To all Newbies:

See what everybody has been teeling us? There is no such thing as a perfect Broker. We read reviews on them, and pay special attention on how they treat/handle problems of their existing clients. It we are not completely satisfied with the way the broker resolve their clients' problems, we scratch that broker off our list and move onto the next broker. There is absolutely no need to hurry, and don't give up that day job just yet until we have learned most of the ropes in carrying out profitable forex trading.

Patience is everything!

assalaamu alaikum rahman

If you check our history on FPA, we have always done our best to resolve all complaints against us. I would look forward to being your IB manager and direct support contact should you choose fxfrench.com as your fxopen representative

FxOpen never was a good broker at all. I was trading there for 4 month and i realy was dissapointed, cause their quotes were rather different from all other brokers quotes - so i had a lot of losses because of it. Anyway not a good choise for scalpers.

Hi Vitaliy

If you want to scalp, ECN is really your only choice. ECN accounts have instant execution (50-200ms depending on your server ping really), the lowest spread from 0.5 pips which is true interbank spreads, NO Requotes! (no Dealing Desk), and no minimum distance from market for stops and targets. Standard and Micro accounts are Market Maker accounts so it is no surprise you had a bad scalping experience there.

Try ECN instead.

 

[RahmanSL]

Walaikumsa’alam fxfrench…..

Yes indeed, I do see FXopen has always tried to resolve all complaints at FPA and also over at FXopen forum too…in which I am a member too.
…and yes, matter of fact, I have been considering fxfrench as my IB….i.e. if I EVER get the confidence to trade live. I have FXopen Demo account for past one month or so.

One thing you can help me out. I have been spending the last 2 hours or so searching for more info on EA/Autopilot trading as I have read a lot about them, but still don’t know what they are. I mean, is it a machine or computer program that one download and install to trade automatically? Thanks.

 

[fxfrench]

Walaikumsa’alam fxfrench…..

Yes indeed, I do see FXopen has always tried to resolve all complaints at FPA and also over at FXopen forum too…in which I am a member too.
…and yes, matter of fact, I have been considering fxfrench as my IB….i.e. if I EVER get the confidence to trade live. I have FXopen Demo account for past one month or so.

One thing you can help me out. I have been spending the last 2 hours or so searching for more info on EA/Autopilot trading as I have read a lot about them, but still don’t know what they are. I mean, is it a machine or computer program that one download and install to trade automatically? Thanks.

An EA or "Expert Advisor" is an automated script that can trade for you without intervention. Be aware though that they are definitely not a replacement for real trading knowledge. While some EAs can be profitable for a time, they do tend to wipe accounts when market conditions change to conditions less favourable for whatever strategy they are designed to automate. I don't recommend using an EA at all. Manual trading is the only way to become sustainably profitable.

My advice is to keep learning, and keep studying. Consider one of our own trading courses if you find yourself in Malaysia or Egypt on your travels. Learn to trade manually and if time is an issue, learn to trade swing

 

[RahmanSL]

I want to know exactly what is an EA, and how does one install into our computer to run the MT4 to do our trading for us.
What I mean is: Is EA a program that we have to install to run on our computer and link to the MT4?

From the many reviews & comments, I gather EA doesn’t work that well. If they do, there will be no more brokers but all traders making easy money.

Yes, time is a problem for me, especially in timing my trades with opening markets worldwide. To managed that, after studying the various currencies pair charts, I set “Pending orders” for 3 or 4 pairs complete with SL & TP. Then I check back when I have the time.

Regarding SL, once I have set that, does it go into automatic “trailing SL” in brokers that offer such facility? Or is there a control button somewhere in the MT4 platform that I have to activate before the “Trailing SL” is activated?

Thank you for your time.

 

[RahmanSL]

FXfrench,

Regarding EA, I found the information that I was looking for over at Forex UltraBot site.

So it is just a program to download, install, and setup with the MT4 platform to carry out analytical trades automatically based on past history.
But, in my experience, I don't think I can trust a program to do my trading for me as all programs are developed by humans who are fallable.

Just like earlier chess programs, it started out with very good moves, but real dumb and stupid moves when faced with situations that are not in its program.
In plain old simple English, the program just doesn't know what to do or how to react!
I can very well imagine what would happen if that happens with the EA when I am not monitoring it.

 

[fxfrench]

Regarding SL, once I have set that, does it go into automatic “trailing SL” in brokers that offer such facility? Or is there a control button somewhere in the MT4 platform that I have to activate before the “Trailing SL” is activated?

MT4 has a trailing stop feature. Just right click an already open position and select the trailing stop from the menu. You will know it is active when the stop loss number goes yellow and it should start to trail when your profit gets to the amount you specified.

Just like earlier chess programs, it started out with very good moves, but real dumb and stupid moves when faced with situations that are not in its program.
In plain old simple English, the program just doesn't know what to do or how to react!

I'm glad you understand what I was trying to say The market is a fluid and analogue animal. Strict rules do not apply all of the time and that goes for manual trading too.

 

[RahmanSL]

Thank you fxfrench....yes, it was really easy to set the trailing stop.

See you around the web!

 

[fxfrench]

Thank you fxfrench....yes, it was really easy to set the trailing stop.

See you around the web!

A pleasure as always

Ma'Assalaama

Jafar