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Forex is rigged?

Discussion in 'BlackHat Lounge' started by Capo Dei Capi, Aug 24, 2015.

  1. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    Is Forex more "rigged" than other trading? It seems that big issues don't come into play for some reason. For example the Ukrainian Hrynvia wasn't affected in the past few weeks when right sector groups such as Azov were about to start a civil war in Kiev. And lately with the EURUSD the euro is surging even through there is a huge migrant crisis going on in the EU.
     
  2. manolo12399

    manolo12399 Senior Member

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    completely 100% rigged, be carefull shit is going to happen
     
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  3. manolo12399

    manolo12399 Senior Member

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    eur/usd, you need to watch USDX and DJ and Nasdaq, seasonal trends, and Central banks move the shit, dont forget, all the rest is nothing, population as also the retail trader are up tp get slawtered
     
  4. joe0074

    joe0074 Regular Member

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    You can make a lot of money, if you know what you are doing.
    Go and learn or find a mentor. You need to spend money to make money.
    People who say Forex is rigged are the ones who lose money on trading.
     
  5. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    A mentor isn't going to help it seems the best way to get in is to be involved in some kind of propaganda making.
     
  6. josher

    josher Newbie

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    There is no "central" market for FOREX. Any bank or institution can buy or sell currencies. Couple that with huge 50 to 1 or more margins and any "shake" by the banks will get a lot of people out. The ones making any real money in Forex are the banks.
     
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  7. josher

    josher Newbie

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    Historically all the big guns on Wall Street taker August off. I'm sure some came in to take advantage of todays record day!
    See fm-dot-cnbc-dot-com/applications/cnbc.com/resources/editorialfiles/charts/2015/08/1440429146_DJIA_intraday_3Kpts.jpg
     

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  8. toml3030

    toml3030 Elite Member

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    I used to work for a large financial corporation in their trading department.

    Retail forex trading is basically rigged. Basically there are zillion "brokers" who don't actually act as brokers, they just bucket your trades. In fact, bucketing your trades and screwing over customers is so profitable that many of these brokers pay others to keep the order flow coming. This is even more true of garbage like retail binary options.
     
  9. archon10

    archon10 BANNED BANNED

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    Yeah, worked for a forex company in my time. There is a reason the owners bought matching Ferraris and it's not cuz the customers were winning a lot.

    I remember the brokers would get someone to second mortgage their home and then say "yeah, this person is going broke." The industry just sucks.
     
  10. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    I never traded forex, I just was shocked that some big issues were being ignored in regards to what some currencies were valued at.
     
  11. archon10

    archon10 BANNED BANNED

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    If you are really good, you can make a ton of money but you need some money to dump into the system and you have to be OK with losing it all. You can actually wind up owing more than what you invested.

    The company I worked for gave me a play account to learn the system and I lost $10k in 3 days. lol I had no idea what I was doing.
     
  12. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    I'm not into Forex, I prefer penny stocks, which I'm working on a method, but still collecting information on how the schemes work so I can take advantage of them.
     
  13. toml3030

    toml3030 Elite Member

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    Penny stocks are another huge scam invested area. Some of those penny stocks have 40% spread, which basically means that they're legally stealing your money every time you trade.
     
  14. manolo12399

    manolo12399 Senior Member

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    same all the trading is rigged, big player, aka Smart Money, is the ones that move all, in Forex are central banks(normal banks just follow the central banks), in other assets there are other players, if you know how the big players enter the market, when, why and so on, you will be on the 5% winners, retail minded traders, easily loose, when your stop get taken somebody on the other side bought or sold from you because he tought he was the right thing to do and he his more informed than you.
     
  15. toml3030

    toml3030 Elite Member

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    If they're bucketing your trades (which is what most retail forex "brokers") do, then you have zero chance to make money in the long run. Non. Nada. Zilch.
     
  16. manolo12399

    manolo12399 Senior Member

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    is not really the broker, of course if you go with shitty brokers, is like that, but if you stick with the majors, they are ok, but if you put your stop where every body put, basically where the books tell you, is where the banks will enter the trade, they want to neutralize you before going in the direction, basically they hunt for stops, but is not your broker "generally" is where the stops are locate, say you have a double top, then a triple top, in a downtrend, stop will build just above that, I can tell you with certainity that the double,triple top or highs more or less at the same price will get raided, before price going down again, baically the push the price high there, where there are many stop loss, that stop loss became buy at market price, who is selling to them? Central banks, where the price will go again another place where they can liquidate they prosition again, where they will be liquidate where other stops will be locaed.

    The stops are not only the ones of small retailer with small accounts but also fund managers and so on, they all follow the same methods, for this afund manager company that make 20% a year is doing well and are not many.

    then there are other factors that work against you,making almost impossible to succeded, mis informations is everywhere, but is possible, and if you stick to it you can become pretty wealthy, and you dont need to be in the market,long time, and atually right now I would not be, remember the Swissy, your stop will not work, you will be destroyed. play safe
     
  17. VinceC

    VinceC Elite Member

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    Never play forex, but selling options premiums. Will be nice to have a group on this topic :)
     
  18. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    They work on idiots hoping for large % gains, if someone is content with small % gains there are enough penny stocks out there to make a nice amount of money from it as a hobby. The thing is to find the max safe highest % you can gain without being too late before it drops before you can sell.
     
  19. tony_d

    tony_d Elite Member

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    It's not so much the case that they are 'ignored', rather that a) currency values are relative to each other, and b) most of the shit that's going to happen is largely priced in already.

    For example, one of the things that's significantly driving (driven) the USD upwards now is the sentiment that there is going to be an interest rate rise next month. If the rate rise does come, don't expect much upward movement in the USD, but if it doesn't come, you can expect it to take a bit of a plunge - because the expectation of a rate rise is already priced in, to a large extent.

    Real world issues like the EU migrant crisis don't affect the value anywhere near as much as things like Tsipris declaring himself out, or Greece making (or not making) payments on time. When Tsipris said he'd had enough, he sent a chill of uncertainty into markets that had just gotten used to him, and now were edgy becausae they had to get used to someone else - which sent bond yields soaring, even though trading volume was thin, because the sovereign risk premium was heavier simply on account of the 'unknown' factor.

    As to your original point about FX markets being rigged - it's important to remember, as one user said, that there is no single market. There are liquidity pools (traders funds on positions) that market makers tap into to counter their trades. That being said, there does become a quasi-single market, because any differences in the various liquidity pools are exploited quite quickly by arbitrage traders, which evens things out.

    Disreputable brokers, of which there are many, do bad shit like hunting stops, where they will see that one of their traders (in actual fact, usually thousands of traders) have a Stop Loss order to exit a position if the price goes to X.XXXX. The broker will, for the briefest of moments, send their price signals to those traders down to that point, which will trigger the exit of that trade - but before doing so, the broker will trade against them, effectively netting for the brokers 'house account' however much the trader(s) lost in that position.
    There are plenty of people who can write more intelligently than me about the dodgy practices of brokers, but once you scratch the surface you realize that a) it's a shitfight, and b) it's a zero sum game, meaning that for every winner there has to be a loser, and therefore, a total waste of time unless you have an edge.

    I have a friend who trades with a reasonable degree of success, but not forex - rather the indices and some commodities. I think that if you want to trade, indices and commodities make far more sense than markets that are largely unregulated and a cowboy free-for-all, like forex.
     
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  20. BreaknBrix

    BreaknBrix Power Member

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    My oldest brother is vice president of our regional Morgan Stanely brokerage firm (formerly Smith Barney).

    He moved up the ranks pretty quick. And I should clarify I don't know shit about stock options, trading, forex or any of that shit. What I do know is this. He is the reason I'd never invest in stocks.

    I use to caddy for him & his clients at trumps golf course before & during college. He's got a list of millionaire contacts stretching back to the early 90s. And of course, everytime I'd caddy he was always taking a client out to negotiate some huge deal. Even when I was old enough to understand what they were talking about I never really paid attention. Cause no matter how "friendly" the interaction was, no matter how "respectable" he comes off... which he does, I always knew and understood he was the shark.

    No matter how rich the other guy was, my brother was always the one in control.

    His clients are some smart fucking people. I can't recall how many times I heard figures of "millions" being tossed around on the course. Like, "I'm selling my x front beach property". Then my brother would say, "oh thats nice... how much?" and I'd hear something like "$3,000,000". This is part of the reason I never spoke or engaged in conversation. I didn't feel comfortable (I should say worthy) around people with that type of money. That changed as I got older. But it's intimidating to be around people with that much money.

    What I came to learn from all that caddying wasn't about stocks, trading, brokering or any of that shit. It was naivety. EVERYONE IS NAIVE.

    The less naive you think you are, the more naive that makes you. I learned how how rich people act and respond to good showmanship. How easily they can be exploited. It's an air of invincibility. Even if it's not internalized, most of them project it. That whole "big money isn't big money" kinda thing. Guys do it on here as well.

    My oldest brother drills into that like a true psychopath. It's a large part of the reason my parents disowned him. To really put it into perspective, I consider my 4th oldest brother an incredible salesman. He's unbelievable gifted at negotiating 5 figure deals. I think he learned a lot from my oldest brother. He'll tag an extra $xx,xxx onto a job knowing that moneys going directly in our pockets. Knowing the client doesn't have to pay that amount. Knowing they can probably use that money for their kids. He just doesn't care. If I go on the same job I'll try to close it for 50-60% what he demands. Cause I genuinely feel bad asking for that much $$$. But at the same time, if you put my 4th oldest brother around my oldest brother he becomes a minnow. Nothing but shark bait.

    The 1 thing my oldest brother does, the reason I believe he makes almost half million / yr is this insane ability to talk down catastrophic failure. To minimize his role in carefully orchestrated schemes. To subtly shift focus & blame from him to his clients. If a client loses a lot of money, I don't know how he does it cause I've seen some mad fucking people, he somehow keeps them coming back. Not all. But enough to be in the position he's in.

    I remember earlier in my life my brother brokered a trade for my own father. My dad lost a lot of money. Then my brother tried to blame my dad and my dad beat the crap out of him. He broke a poolstick over his back then shoved him through a sheetrock wall (clarification: he didn't go "through" the wall as in whole body, he slipped and his head & shoulders wound up in the other room). The next day I see my bro and he's on the phone smiling and negotiating deals. Meanwhile my dad is spackling the wall and seething with rage.

    Didn't mean to get so much into family history. But the best brokers, and this is just my opinion, are the best psychopaths.
     
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    Last edited: Aug 25, 2015