Soren Tobiassen
Recruit
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I've been trading with Hotforex for about nine months now, and I've done nothing but lose money. I kept thinking that as a newbie I was bound to make mistakes and that my skills would improve and that I would recoup the money. Well, I haven't. And I am a good trader now - in the same time period I have made paper money in demo accounts using the same trading strategies.
The trouble with Hotforex is that you can never set stop losses within 20 pips of the current price. This means that you usually have to risk more than you expect to make on each trade. Also, it makes it hard to lock in profits and let a winning trade ride. As a newbie, I didn't see a problem with this, but now I realise it's a recipe for disaster. Other problems include the fact that you have to set up your charts and indicators FROM SCRATCH every time you log in (frustrating and time consuming), and the spreads are very wide for most currency pairs. Too often has Metatrader told me that I should have easily hit my take profit price, only to discover that the price according to hotforex has missed by a few pips then reversed for a loss.
Another warning factor that I should have taken note of is that they actively encourage new traders to NOT use a demo account and jump in with real money right away. Again, I was a newbie and I fell for it. All they want is you to make trade after trade, take your spread pips, then have you keep losing money and depositing more. It's cost me hundreds of dollars to learn these harsh lessons, and I can only hope that this review helps others avoid the same fate.
Please, please avoid hotforex.com. Personally, I'm switching to REMOVED
Thanks
Soren
Moderation Team Note: If you think a broker is good, do NOT mention them in the same thread as a broker you think is not good. This would permanently tie the name of the good company to the one you feel is bad.
The trouble with Hotforex is that you can never set stop losses within 20 pips of the current price. This means that you usually have to risk more than you expect to make on each trade. Also, it makes it hard to lock in profits and let a winning trade ride. As a newbie, I didn't see a problem with this, but now I realise it's a recipe for disaster. Other problems include the fact that you have to set up your charts and indicators FROM SCRATCH every time you log in (frustrating and time consuming), and the spreads are very wide for most currency pairs. Too often has Metatrader told me that I should have easily hit my take profit price, only to discover that the price according to hotforex has missed by a few pips then reversed for a loss.
Another warning factor that I should have taken note of is that they actively encourage new traders to NOT use a demo account and jump in with real money right away. Again, I was a newbie and I fell for it. All they want is you to make trade after trade, take your spread pips, then have you keep losing money and depositing more. It's cost me hundreds of dollars to learn these harsh lessons, and I can only hope that this review helps others avoid the same fate.
Please, please avoid hotforex.com. Personally, I'm switching to REMOVED
Thanks
Soren
Moderation Team Note: If you think a broker is good, do NOT mention them in the same thread as a broker you think is not good. This would permanently tie the name of the good company to the one you feel is bad.
