I must state my regrets not knowing this site existed before my experience begin.
I had gone to many sites to read reviews, etc. I never read bad things about 1Pipfix.com . So I chose these guys because they represented themselves as a friend to the small trader.... ea's, scalping, low spreads, 500:1 leverage, even a great 10% sign up bonus.
I opened a live account with 1pipfix.com. It took 2 weeks because I would not activate my account until they gave me my 500:1 leverage as promised. They also honored my sign up bonus after a few emails.
I have been studying demos, reading every book ( extremely expensive ) I could get my hands on...., keeping strict notes and in essence, giving myself an education for sixteen months solid. I study 5 to 10 hours every day, seven days a week. (That's a lot of effort)
I did not want a MM broker, and 1pipfix is a STP. I figured if I'm gonna have to battle first with my broker only to be thrown into the Interbank on a winning position, why not just jump INTO the Interbank directly.
So I got my 500:1 leverage, $1500 USD live account. My first trade was brutal..... up, down.... finally stopped out with a 23 pip stop. It was much more volatile than a demo. I pulled myself together and started on .10 lot trades and begin building my account up. I survived the week, and by the following Tuesday (2-23-10 ) I had about $1920 in my account.
It was late here and I had entered into two positions. I had drawn my lines where I would take manual stops and was willing to take a steep draw down of $630 (31 pips - 3 lots). My analysis showed a continued bull move.
The market was in my favor with profit showing, then the market slowed, begin to show weakness and I had a gut instinct to close. I held on, but price begin to drop, and I was at -5pips. ($150 loss).
I tried to execute a close order ...(1 lot @ $1.5557 @ 2010.02.23 01:10:39).... it requoted, ..I kept pressing the yellow button ( and praying) "close order" processing...........requote................. dialog box "do you want to close at $___) YES!!!! ......................pressing yellow button.....requote....request in prosess [PRICES ARE FALLING!!!!]...( Closed 1st lot @ $1.5527 @ 2010.02.23 01:11:00 [-$300]),
immediately i begin closing my 2nd position [currently-23 pips -$760 (2 lots @$1.5565)].....requote......close order processing.....requote....MARGIN CALL....PINK BOX!!!!!!........CLOSED OUT @ 2010.02.23 01:15 .@ $1.5507...[-$1160 loss on 2nd position]
Total loss $1460 in 5 minutes and NO CONTROL to save my account. All I could do is PRESS THE YELLOW BUTTON over and over again.
Well, the demo accounts I've tested on this site compared to the REAL THING do not respond at all alike. Many lag times, requotes, and disappointments. In the demo, TP's & SL's within 10 pips.... REAL = 20 PIPS. I felt so violated. I had done my calculations, when things reversed... it was ok, I can close the deal.... BUT my hands were tied. I would have had about a $475 loss if I could have closed when I started. [Preserve Funds!]
Afterwards, I didn't complain because I realized no one would listen.
SUMMARY;
InvestTechFX Foreign Currency Trading AND 1Pipfix.com are unfriendly to your trading. They were helpful with setting up my account, which took two weeks, and they honored their commitment to the leverage I wanted. The REAL platform is RIGGED. Obviously, when it takes more than 5 minutes to close out your order, and SL's & TP's are 20 pips, and this is not disclosed. I would STRONGLY WARN you against these brokers. I have become very skilled and comprehend much about FOREX, technical analysis, strategy, money management, and risk.
Some may say that my leverage was too high. This is a farse complaint as numbers are proportional and relative. If i lose my margin on a full lot @ 500:1 on a Std.Account, , that is a $200 loss. If I lose my margin on a full lot @ 100:1 on a Std. Account, THAT is a $1000 loss. Do The Math. My margin was well protected and my strategy to win and to exit was well thought out.
Please do not trust InvestTechFX AND 1Pipfix.com ..... I wanted to post the entire Journal from my live account, but it's missing too. Hmmmmm?
This was my LIVE experience with these guys, You Make The Call.
As soon as I have more seed, I'll be back. I would like suggestions on brokers, from those with live accounts please.
Be Blessed,
ibsaved
another BTW- if this "company" has any of your banking details-I would be changing that ASAP.
