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The FX Minefield and graveyard

Discussion in 'Beginners Bootcamp' started by peter wilkes, Sep 8, 2008.

  1. peter wilkes

    peter wilkes Recruit

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    Well after 3 weeks of full on reading, reading ,and more reading,trying multiple platforms ,(love the GFT)Trial accounts hours and hours practice, all day trading 2-3 am most mornings yes Im addicted. It helps when your insomniac.
    My impression ,albeit from a virgin newbie. This Fx is very scary.
    There is a minefield of bad information ,reveiws out there. there is a Graveyard of disgruntled gamblers out there.
    I get the impression that at least 95% of bad reveiws on brokers are from just plain old bad losers with sour grapes.
    This stop., hunting thats mentioned time and again is this for real? I mean if you had a decent size accountof say 5-10k with a scammer, (which I think every single broker is accused of being) would you wait untill you lost all your money before you realised you were being robbed ,I don't think so .
    One reveiw stated " I had two charts up and the GFT chart was going down while the other brokers chart showed the graph going up" Is that possible ?
    I myself had three different brokers charts running at the same time and all where exactly the same , candle for candle, and within 1 pip ,certainly not going in opposite directions.
    Its really hard to sort the genuine reveiws from the sour grape (I'm pi..sed off cuz I made a bad trade and chased my losses and lost all my money ) "reveiws.
    So how do I pick a decent broker ? even the top rated ones have a lot of shocking reveiws.
    Well I am hooked so I will trade FX I'm convinced I can make a profit as long as i go steady steady trade very small for two mths at least., lots and lots of discipline (main thing in any form of gambling imo)
    HEY this is funny, when I first looked into FX trading , the first platform I , tried ,50000k acc. I hadn't got a clue where to start, so pressed a few buttons , and acc went down too 48000k in 2 mins, still trying to work out what to do pressed a few buttons left it for awhile reading instructions ,closed the positions and the acc read 55000 k , 7k profit in 10 mins , you better believe this when I worked out what to do and checked back I found I had put everything possible into USD AUD yep I completly Arsed a 7000k profit in 10 mins If it had been a live account i''''''''''''''''''''''''d have had a bloody heart attack fer sure It was then I realised you could win or lose a lot of dollars real Quick.Anyway thats my dribble hope I didn't distract you from that pip score too long,
    thanks pharoah for that reply to my last post'
    Regards The beginner ,could be grinner soon .
    BTW any thoughts on GFT please? Regards Peter
     
  2. Pharaoh

    Pharaoh Colonel

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    Unfortunately, people tend to dish out reviews based on initial impressions. They use a product or broker for a few days to a week and then post a glowing or scathing review based on their profit or loss during that time. This makes a little more sense for a product, but makes no sense for a broker.

    Price discrepancies between brokers do exist. In some cases, discrepancies between different accounts on the same brokerage exist. Some brokers really do play "stupid broker tricks", and other cases it's just Murphy's Law in action during the trading day.

    I always try to read the text of the review to try to determine if it's written by a happy/angry newbie, or by someone who has a grasp of trading. Anyone who doubles their account or halves their account with a couple of trades is not following any sane risk management rules and should be ignored. Anyone who lets a trading robot or signals service wipe out 90% of their account doesn't have enough experience to be playing with real money yet.
     
  3. Sergei

    Sergei Private

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    Yes, stop-hunting is real, although in most cases I don't believe it's your retail broker that is doing it. The best I've heard it explained was from a seasoned institutional trader. He says that, as a market maker, all you see are orders in the market and you try to get them filled. That is your job. Whether, those orders are stop-losses or not is irrelevant to them. So yes, stop-hunting exists, but is not always as malicious as it may appear to be. Not much consolation if you're losing money though :).
     
    #3 Sergei, Sep 9, 2008
    Last edited: Sep 9, 2008

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