HotForex.com

WhistleBlower

Recruit
Messages
9
Why would you deposit 10k with a company that you do not know well? And you do not know their profit model well?
I did not deposit US$10K deposit as 1 shot. I am trying to hold my positions instead of cutting loss by making a few deposits over a period of time. As I mentioned in my report that at crucial moment, for 3 times, it appeared that HF leisurely take their time to process my deposit. So now I am in dilemma and is waiting for the currency pair to turn in my favor to close all my positions. And when all my positions are close, I am hope that I will not have any issue withdrawing my fund & close the account.
I will definitely update here on the outcome of this incident after closing my positions and account.
 

compu-forex

Sergeant
Messages
149
I don't wish to hijack the thread but if I may provide some advice :-

Holding onto your position at this point is purely for psychological reasons(or non trade reasons such as MyFXbook). You can just as easily open the same trade with another broker whilst simultaneously closing the existing trade. In pure financial terms there is no difference apart from the minor spread/commission costs. Whether you wait for your losing trade to turn, or open a new trade and produce a profit, the effect on your trading wallet is the same.

If speed of deposit is important, consider using Neteller. Most brokers that support Neteller(or Skrill) have instantaneous deposit.
 

WhistleBlower

Recruit
Messages
9
I don't wish to hijack the thread but if I may provide some advice :-

Holding onto your position at this point is purely for psychological reasons(or non trade reasons such as MyFXbook). You can just as easily open the same trade with another broker whilst simultaneously closing the existing trade. In pure financial terms there is no difference apart from the minor spread/commission costs. Whether you wait for your losing trade to turn, or open a new trade and produce a profit, the effect on your trading wallet is the same.

If speed of deposit is important, consider using Neteller. Most brokers that support Neteller(or Skrill) have instantaneous deposit.
Hi,
Thanks for the advice. If I close all my positions, I am going to realize a loss of US$5,000+ out of the US$10K deposit. That is why I have to hold till the currency turn in my favor or close the position with minimum loss. I am not sure whether Neteller will face the same issue as credit card deposit as every deposit has to be validated by HF before it is updated to wallet. When I said crucial moment, I mean to say when there is a high chance that my position will be stopped out, then deposit becomes leisurely updated. And this has occurred for 3 times. For other normal time, my deposits were instantly updated. I understand if the deposit takes not more than 10 minutes. Even 10 minutes is already a lot of time. But not for 1 hour and beyond. So this is some thing which I don't understand and HF did not give any good explanation why this is happening for 3 times. Anyway, thank for your advice. In future I shall consider Neteller besides the credit card mode of deposit.
 

compu-forex

Sergeant
Messages
149
Just spend some time thinking about this. It requires a paradigm shift........

Your loss of $5000 already exists. Balance is meaningless and all that matters is equity. Lets say you are holding 1 lot long EURUSD running at a loss of $5000. You can either wait for the EURUSD to go up by 500 pips(5000 points) at which point your total equity = $10 000.

Alternatively, you can close the trade and open a new trade of 1 lot EURUSD long at a new broker. If the EURUSD goes up by 500 pips you will have $5 000 in profit and your total equity will be $10 000(assumes you transferred the remaining $5 000 from HF), the same as if you just held your original trade.

As I say, it makes not difference to me if you consider this or not but it will allow you to move your trade to a different broker. Just spend some time thinking about whether I am right or not..........

In terms of credit card deposits, clearly their process breaks down from time to time. I won't say it can't happen with Neteller but the only broker I have ever had a problem with was FXDD who took up to 12 hours to credit my account.

Credit cards are expensive to use and seem to be particularly prone to issues as evidenced by the number of CC related complaints here. Neteller is instant and whats more is I get paid almost 1% in cashback when I make a deposit. With some brokers I get instantaneous withdrawal but the majority action it within 24 hours(as in cash in my Neteller account).
 

WhistleBlower

Recruit
Messages
9
Just spend some time thinking about this. It requires a paradigm shift........

Your loss of $5000 already exists. Balance is meaningless and all that matters is equity. Lets say you are holding 1 lot long EURUSD running at a loss of $5000. You can either wait for the EURUSD to go up by 500 pips(5000 points) at which point your total equity = $10 000.

Alternatively, you can close the trade and open a new trade of 1 lot EURUSD long at a new broker. If the EURUSD goes up by 500 pips you will have $5 000 in profit and your total equity will be $10 000(assumes you transferred the remaining $5 000 from HF), the same as if you just held your original trade.

As I say, it makes not difference to me if you consider this or not but it will allow you to move your trade to a different broker. Just spend some time thinking about whether I am right or not..........

In terms of credit card deposits, clearly their process breaks down from time to time. I won't say it can't happen with Neteller but the only broker I have ever had a problem with was FXDD who took up to 12 hours to credit my account.

Credit cards are expensive to use and seem to be particularly prone to issues as evidenced by the number of CC related complaints here. Neteller is instant and whats more is I get paid almost 1% in cashback when I make a deposit. With some brokers I get instantaneous withdrawal but the majority action it within 24 hours(as in cash in my Neteller account).
Thank you for making time & efffort to express your point of view. It is worth considering.
 

bigdolly

2nd Lieutenant
Messages
1,027
Hi,
Thanks for the advice. If I close all my positions, I am going to realize a loss of US$5,000+ out of the US$10K deposit. That is why I have to hold till the currency turn in my favor or close the position with minimum loss. I am not sure whether Neteller will face the same issue as credit card deposit as every deposit has to be validated by HF before it is updated to wallet. When I said crucial moment, I mean to say when there is a high chance that my position will be stopped out, then deposit becomes leisurely updated. And this has occurred for 3 times. For other normal time, my deposits were instantly updated. I understand if the deposit takes not more than 10 minutes. Even 10 minutes is already a lot of time. But not for 1 hour and beyond. So this is some thing which I don't understand and HF did not give any good explanation why this is happening for 3 times. Anyway, thank for your advice. In future I shall consider Neteller besides the credit card mode of deposit.
Always use some online payments systems like Skrill or Neteller to deposit and withdraw form HF because it is processed instantly. I stopped using credit cards with FX brokers because of broker policy of withdrawals
 

AJfx78

Recruit
Messages
1
I have been scammed by HotForex IB, and now HotForex is only delaying the time and no answer on money.
myHF ID: 895330
 
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