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HF Market

Discussion in 'Scam Alerts' started by george mwangi, Oct 27, 2012.

  1. george mwangi

    george mwangi Recruit

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    hi ,
    so i opened an account with Hf market (Hot Forex) with a 50% bonus.
    traded for one week when my funds started getting low they pulled out the bonus left me with nothing .
    i don't get it why would they offer the bonus in the first place if you cant use it when you drowning.
     
  2. BigT1

    BigT1 Sergeant Major

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    Hello George,
    .
    You answered your own question.
    They provide that phoney money solely to enable you to leverage-up to position sizes your trading account should not, and cannot support.
    That way you blow-up sooner, and the commission money is enhanced.
    You were likely trading against the firm acting as market maker, where your capital losses become their capital gains.
    Your money was neatly and efficiently made to change ownership.
    .
    Why does a fishing line work? How can a little metal hook floating in a gigantic sea snag a fish?
    Because of that shiny lure, and a small morsel of dead flesh.
    Welcome to the fish box.
    .
    Anthony Ingrassia, CTA
    NFA ID#: 0278164
     
  3. FXCobra

    FXCobra Banned for uncivilized conduct

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    Dear George,

    Your problem is seen among many clients with many brokers, who do not first read the term and conditions of the bonus.

    Clients see the high % of bonus and forget that there are terms to be able to receive it later.

    First, it's not a Hotforex 50% bonus but a Hotforex 50% withdrawal bonus, that applies on it terms like you must complete a certain number or lots or Volume to be able to withdraw the amount and if you withdraw more than your profit the bonus will be cancelled.

    Every new client or willing to become at any broker must read the terms of bonuses before opening an account and you can even refuse the bonus and open a normal live account if for example you see yourself not a high volume trader, the bonus will make hurt for you than help you because without the bonus you can withdraw your deposit amount at any time.

    For High Volume or Scalper Traders, I suggest you open an ECN account with a regulated broker, some will give you bonuses per month after you open a certain amount of lots at end of each month without any additional terms but only for example open 500 lots per month and you'll get ??? amount of money because ECN Brokers gain its money from the spreads or commissions so they prefer high volume or scalpers than low volume traders.

    Read again, Hotforex terms and see if it applies to your case and call or email the broker asking its excuse for doing so(what you said)!
     
  4. Pharaoh

    Pharaoh Colonel

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    All the advice above is quite valid.

    Never ever accept a bonus without fully understanding the terms. Most new traders do use the bonus for extra leverage. For those not used to understanding the concept of how leverage works, this is usually a one way ticket to a margin call.
     
  5. george mwangi

    george mwangi Recruit

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    Thanks Guys ,
    Let me ask , with 500(starting small)usd as my start up, my Volume trade should 0.5 in order to minimize risk ?
    Kind regards,
     
  6. FXCobra

    FXCobra Banned for uncivilized conduct

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    Use 0.5 lot for 500$ account and you'll guarantee a straight directional path to an account explosion sooner or later:D

    To minimize risk, start with 0.01 lot and increase it to no more than 0.1 lot per position, try to just open 1 position at time.

    If you would not learn anything about trading, at least read some useful books or some free forex sites about Money Management.

    Because however your trading skills are bad, it will take much more time to blow your account when using the right Money Management even if you break the record of streak losses:p

    Oh No, in that case, stay far of anything named market:cool:
     
  7. Pharaoh

    Pharaoh Colonel

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  8. BigT1

    BigT1 Sergeant Major

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