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Our forex trader made $250,000 and a broker banned him

Discussion in 'General Forex Talk' started by Felix Homogratus, May 14, 2008.

  1. Felix Homogratus

    Felix Homogratus Commander in Chief

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    Hi there :)

    This is Felix writing. One of our "well-known" subscribers got banned by Oanda just a couple of months ago, because they felt like he was taking advantage of them.

    Indeed, according to the guy, in the last 14 months, he made around $250,000 by using Secret News Weapon on them.

    It's a common thing that forex brokers ban our Secret News Weapon users more than anyone else. They call this activity "sniping", and they claim that we take advantage of their "price feed".

    In reality what's really happening is that most of these forex brokers do not pass traders' orders to banks, and when hundreds of our Secret News Weapon users get in 2 or 3 seconds before the price spikes up or down, and then few seconds later, they exit with 20, 30, 40 pips or more of profit, the brokers get pissed, because they are the one who have to cover these gains out of their pockets.

    We've been using Secret News Weapon on them since 2006, and back in 2006, it was really easy to take advantage of these brokers, because at that time, most of them had no idea what was happening.

    In the middle of 2007, they really caught up to it, and started massive actions against our traders by banning their accounts, and by sometimes even refusing to pay their profits.

    But then...something interesting happened...I think many of these brokers realized that the traders that are making money with Secret News Weapon do not have the discipline to withdraw their profits, so instead they hope to make more, and they go around and piss away their profits on other "regular trades", and basically the broker gets these profits back that were stolen from them, and most of the times even more than just these profits.

    Oanda has actually been one of the most honest forex brokers among all of them. They've banned accounts of quite a few of our "big" traders, but they have always paid out the profits.

    If you want to read more about Secret News Weapon and try it with no risk for 25 days, go to www.SecretNewsWeapon.com

    The real key is not to get greedy, keep your trading lots under 1,000,000 ($100/per pip), and keep your profit withdrawals to under $5,000. And of course, BE PATIENT, BE PATIENT, BE PATIENT, wait for the right opportunities, grab the spike, get out, and withdraw your profits.

    Regards,
    -Felix
    www.SecretNewsWeapon.com
     
    #1 Felix Homogratus, May 14, 2008
    Last edited: May 15, 2008
  2. ace king

    ace king Recruit

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    Doesn't Oanda have rules against scalping?

    In general going in and out of a transaction within less than 5 (or was it 10) minutes.

    Even if that is the case if you had your order with preset take profit and stop loss I don't see how they could justify that.

    Has anyone heard any similar complaints when using an ECN provider?
    Wouldn't that be the way to go for the method you have described?

    Best Regards,
    Ace
     
  3. brijitjonz

    brijitjonz Recruit

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    broker banned $250K trader

    I've been reading about this stuff for almost a year now. It occurred to me on my own that one should probably just withdraw whatever small profits one makes on a weekly basis, so you're not asking the broker to fork out too much at one time, an idea I've seen supported on FAP. Another idea that came to me is to have mutiple broker accounts, trading on each one only one or two days a week, another way to avoid broker vengeance. Would that I had the capital to do that, someday I might, and that's what I'll do then. Right now still struggling to make consistant "profits" on my demo.

    Thanks for the story!

    love, brijitjonz
     
  4. fxtender

    fxtender Private

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    trader banned???

    250 grand up? ban away baby! no really, take it out in small 'chunks'.
     
  5. kaligula

    kaligula Private

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    What I think + question

    Hi,
    I keep my IGforex account [I've saw their office in London, havent been cheated yet, so I'm sticking with them]
    I concider to open with MTB but it's quite complicated and not sure is it really better.

    What I do i keep only money for 3 trades. Margin needed is depend on my SL so it's not exactly 1:100 but if my SL is 10 pips and order 1 minilot EJ i need around $30 to hold it.
    I'm a begginer so i keep $80 and collect all what's on top, eventually add some if necessery.


    Now the question about prices and dealing desks.
    IG is definetly dealing desk. It keeps small spreads during news, but I would be carefull with judges that they not trade with banks.

    During the news when price jumps it happens that instead of opening i see "price no longer valid" for me it's much better than slippage. I don't think I'm cheated. It's just like "we will try with this price if you wanna trade now" And most of the time it's work.

    I'd like to know what Feliks would say according to his 5 steps method

    Chris
     
  6. forextraderfl

    forextraderfl Recruit

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    Theres other brokers

    Why not try another broker besides Oanda? There are lots of them, maybe spread it out a bit.

    Mike
     
  7. Rochdale

    Rochdale Recruit

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    I stopped forex trading for good

    I am a poor guy and only had $500 in my pocket througout my life. I wanted money for operating my cousin and so i invested in forex but i lost everything and i dont have a single $ in my Bank account. i have lost everything. noone is giving me loan and now i am begging for money.
     
  8. linxtips

    linxtips Recruit

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    this sounds more like an advertisement for your product then a genuine concern over a scamming broker!

    happy trading!
     
  9. innerzahn

    innerzahn Recruit

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    yup, 1, The stories quiet doubting, more on product promotion.
    2, He should manage the withdrawal systematic to avoid any suspicion.
    3, If i am the broker firm, i also do the same to this trader.
     
  10. Justin Jay

    Justin Jay Recruit

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    Yeah right, what a sad story. What a terrible broker, how could he do this to a "poor trader", LOL. You are messing with broker's business, violating the terms of agreement and then complaining because they ban you?? Learn how to trade normal, you "geniuses". All this site claims to be "anti-scam" but in reality it is the biggest forex scam site online, which serves only for one purpose - to promote Felix's (or Dimitri, in case someone didn't know that already) products. How can you take any word seriously from a guy, who doesn't even use the real name? And who's the only understanding about forex is how to click the button as fast as possible. And of course, some brokers find out that such guys like him are taking advantages of their price feed and violating terms of service. So why not ban them? I would do exactly the same thing if I were a broker.
    I remember a couple of years ago I made more than $300.000 (and got paid) from Google by spamming search results and getting huge amounts of targeted traffic to my sites, who's main purpose was to make visitors click Google Ads. But Google got smarter eventually, they started to filter out such bogus sites and banned my account. So what, I should now go post all over message boards saying that "Google is evil and they banned an legitimate affiliate just because he was making money"? LOL. This is ridiculous. And all this crappy site too.
     

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