1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Newbie Here, a bit unsettled...

Discussion in 'Beginners Bootcamp' started by JimGoose, Nov 26, 2008.

  1. JimGoose

    JimGoose Recruit

    Joined:
    Nov 26, 2008
    Messages:
    4
    Likes Received:
    0
    I appreciate the mandate of this site, but don't the FXCM advertisements everywhere represent a conflict of interest? They've been fined for almost $300,000 in the last 3 years for violating NFA regulations with respect to:

    i'm still glad I found this site, It looks like I can learn something from the pros, and all for free :p

    That being said, with my FXCM practice account, i've made over $27,000 funny money with the USD/CAD pair over 3 days... :shocked:

    I'm thinking about opening a micro account just to fool around some more, but i have this sneaking suspicion that any profits i might make will somehow ... disappear. am i just being overly pesimistic? hell, it's only $25
     
    #1 JimGoose, Nov 26, 2008
    Last edited: Nov 26, 2008
  2. rpaco

    rpaco Sergeant

    Joined:
    Oct 3, 2007
    Messages:
    184
    Likes Received:
    0
    Install AdBlock, or if you use Firefox, (Far better in many peoples opinion) AdBlock plus.
    you should also install NoScript and if using windows you should consider a large Hosts file. (This loops all undesirable addresses back to Local Host)

    If you are using Linux I can send you the Hosts file and instructions.

    Yes you will find a lot of useful information on this site of many different kinds.
     
  3. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,657
    Likes Received:
    2,202
    At least there's a regulator to complain to when they do bad things. I'm beginning to suspect that any regulated broker with no enforcement actions against it just hasn't been caught yet.

    I think if you turn $25 into a few hundred they won't care. If you turn $25 into $2500 in a couple of days, your account might get noticed. I think that applies at most brokers.

    Of course, if you can turn $25 into $2500 in under a week trading live, please share your strategies (or trade my account for me).
    :D
     
  4. komenghard

    komenghard Recruit

    Joined:
    Nov 26, 2008
    Messages:
    1
    Likes Received:
    0
    greetings

    hello everybody,i'm a noob,just reg.at fpa today.it's good to have a community that cares each other.i'm still learning in financial field especially forex.hope u guys can help me.:embarrassed:
     
  5. fxfrench

    fxfrench FXOpen AU Representative

    Joined:
    Jun 1, 2008
    Messages:
    392
    Likes Received:
    1
    I think we can all understand the FPA have to pay the bills somehow. I think as with the recent scam rating for Instaforex, http://www.forexpeacearmy.com/forex-forum/blacklisted-folder-unresolved-cases/3483-instaforex.html who were also an advertiser, FPA can judge objectively and suspend an advertiser's campaign should they prove to be acting in a less than honourable manner in business dealings.

    So unless they are also rated badly, brokers like fxcm, fxopen, alpari and others should be supported rather than shunned for giving FPA the money to continue to operate as it is.
     
  6. Janethjack

    Janethjack Private

    Joined:
    Dec 3, 2008
    Messages:
    14
    Likes Received:
    0
    req info

    hi, I´m also new in this forum. I would know more details about suspect operations made by some brokers…
    I started with my real account not too many days ago and I’ve never had this kind of issues but I’d like to avoid them.

    Hope to enjoy this site and learn! Jan
     
  7. joao

    joao Private

    Joined:
    Oct 4, 2008
    Messages:
    12
    Likes Received:
    0
    Funny money

    So, how did you make that much in a few days? Share the strategy please. Thanks.
     
  8. Cyclon

    Cyclon Company Representative

    Joined:
    Oct 3, 2007
    Messages:
    300
    Likes Received:
    4
    100% Agree

    I completely agree with fxfrench on this and rpaco is right about the adblock if you fall in with the following:

    "I come here to FPA to educate myself about the forex market, and related tools, strategies, services related to my forex dealings with a special opportunity to gather intel about scam operations.

    But when it comes to dealing with an advertiser I will just blindly click the advertisement and hunt for the nearest payment facility without doing any due diligence or listening to what others have said and relegate all responsibility back onto FPA."

    I think Bill Cosby says it plainly enough,
    "C'MON PEOPLE!"

    Cheers,
    Cyclon
     
  9. Janethjack

    Janethjack Private

    Joined:
    Dec 3, 2008
    Messages:
    14
    Likes Received:
    0
    Hi jimgoose. I imagine you didn’t sleep in the week, especially in these high fluctuations in the markets, well, in most of them. Which currencies are you thinking invest in? hope to have your advices. Personally I wouldn’t get all that with just 25 bucks. I traded some minutes ago in USDCHF and I was losing 150, then it changes and actually I won twice that. Saying that, 25us wouldn’t allow me to acquire this money… Jan
     
  10. Cyclon

    Cyclon Company Representative

    Joined:
    Oct 3, 2007
    Messages:
    300
    Likes Received:
    4
    Since the subject covers ads and leverage

    I saw an ad, one of those tiny ones on the bottom of the screen here which simply says,

    "Zero Spread Forex"

    So Jimgoose, you are proven by that ad to not be paranoid about profits "just disappearing".

    If a broker is saying "Will Work for Nothing" then there is a high profit motive to just get your deposits, at least at that brokerage, and I think that this is the unspoken motivation in most brokerages.

    They know some will outperform the masses but failure runs at high percentages in forex and the deposits will mostly be theirs given a little time. They can even help it along.

    A micro account basically gives you forced position sizing discipline in the pip value effect on account. But if that is paired up with a low account size it is just as quick to lose $25 as it is in a mini account to lose $250.

    Most any trade will have you risking over 10% and likely more like 30% and with the size of formations, volatility and strong trending tendencies of forex that is statistical 'account suicide'.

    In that situation you basically have no protection because even your protective stops are systematically working against you.

    The disposability of small amounts of risk is what they "bank on" and I mean that term literally.

    Cheers,
    Cyclon

    PS. Any MARKET exists to separate you from your money.
     
    #10 Cyclon, Dec 12, 2008
    Last edited: Dec 12, 2008

Share This Page