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

Truth about 95% forex brokers

Discussion in 'Business & Tax Advice' started by aldragon, Nov 4, 2012.

  1. aldragon

    aldragon Power Member

    Joined:
    Aug 5, 2010
    Messages:
    688
    Likes Received:
    192
    Location:
    ^^
    As the title states ,95 of the Forex brokers cheat, I can provide with answers to many of the trader's questions here at BHW due to the fact that I spent many years doing SEO for 2 forex companies, and also worked many time doing shifts at the "dealing room"
    This means basically that I know most of the cheats they do to you and I'm offering advice on how to avoid them.
    I opened this thread mainly for the ones that have traded already and are interested to continue trading.
     
  2. illfounded21

    illfounded21 Senior Member

    Joined:
    Dec 19, 2011
    Messages:
    1,147
    Likes Received:
    1,168
    Location:
    UK
    I have no forex experience. However, interested in knowing how they cheat?
     
  3. fahad10

    fahad10 Junior Member

    Joined:
    Oct 28, 2011
    Messages:
    115
    Likes Received:
    11
    Location:
    BHW
    I am doing trading from 3 years on agea which is marketivia before. Tell us what do you know.
     
  4. noermanto

    noermanto Regular Member

    Joined:
    Nov 18, 2009
    Messages:
    305
    Likes Received:
    288
    Occupation:
    None
    Location:
    # JKT #
    Home Page:
    I know that too, but not from my experience but from former worker of some forex company.
     
  5. alott

    alott Junior Member

    Joined:
    Oct 7, 2012
    Messages:
    129
    Likes Received:
    6
    Occupation:
    engineer
    Location:
    UK
    also interested to know the master cheats...!
     
  6. Junkfood00

    Junkfood00 Elite Member

    Joined:
    Sep 13, 2011
    Messages:
    1,949
    Likes Received:
    1,336
    So, why don't you start by sharing yourself, OP?
     
  7. MrSoiza

    MrSoiza BANNED BANNED

    Joined:
    Jun 1, 2012
    Messages:
    56
    Likes Received:
    18
    Hi,

    Id be extremely interested to find out how they work out of a currency is about to fall or go up ? In a short period ?

    Is there a little cheat for this ?
     
  8. LOL-Blaster

    LOL-Blaster Regular Member

    Joined:
    Aug 29, 2012
    Messages:
    342
    Likes Received:
    707
    This. Can you answer this OP?
     
  9. unclemike

    unclemike BANNED BANNED

    Joined:
    Nov 6, 2012
    Messages:
    827
    Likes Received:
    984
    I think this thread would be more useful if you told us what you know to start. This way people
    can really know what to ask.
     
  10. mickyfu

    mickyfu Jr. VIP Jr. VIP Premium Member

    Joined:
    Dec 14, 2011
    Messages:
    5,291
    Likes Received:
    15,510
    Location:
    Jennifers Office.
    You can trade major news breakouts like the NFP, this makes the currency go one way or another. I do not have time to completely explain.
     
  11. mickyfu

    mickyfu Jr. VIP Jr. VIP Premium Member

    Joined:
    Dec 14, 2011
    Messages:
    5,291
    Likes Received:
    15,510
    Location:
    Jennifers Office.
    By the way that the OP says that 95% of forex brokers cheat you, I would say that his knowledge of forex is very very very limited. It is the kind of crap you hear from people who have had their finger burnt in forex, believing that they were going to become an overnight millionaire by buying some crap software. Trading forex is a skill and not for everyone. As for dealing desk brokers, simply do not use them use an ECN forex broker instead.
     
    • Thanks Thanks x 1
  12. DarkMage

    DarkMage Registered Member

    Joined:
    Jul 14, 2008
    Messages:
    71
    Likes Received:
    26

    You are right.

    The majority of Dealing Desks make money on your trading losses. They don't need to "Cheat you" per say... since the average joe who is not smart enough to seek out a ECN is going to lose anyway as trading in the Forex market is incredibly tough.

    I have seen evidence some real shoddy brokers stop hunt on some accounts and that may be what the OP is referring to.
     
    • Thanks Thanks x 1
  13. mickyfu

    mickyfu Jr. VIP Jr. VIP Premium Member

    Joined:
    Dec 14, 2011
    Messages:
    5,291
    Likes Received:
    15,510
    Location:
    Jennifers Office.
    All dealing desk brokers make money on your losses as they make money by trading against you, they also make money on the spread whether the trader wins or loses. In theory it is best for a broker if you continuously win as then you are continuously paying a spread. There are some however (the bucket shops) who are just there to take big chunks of money and very fast. But to say 95% is ludicrous and proves very very limited knowledge.
     
  14. infoasian

    infoasian Supreme Member

    Joined:
    May 12, 2011
    Messages:
    1,335
    Likes Received:
    421
    Occupation:
    retired
    Location:
    Singapore
    Home Page:
    Most noob traders are just too stupid and greedy when it comes to FX. So they blame brokers for their losses. Small brokers cheat. Option Brokers cheat you out of a couple of pips and cents, but overall tader's lose their money because they are bad at what they do.
     
    • Thanks Thanks x 1
  15. mirrorer

    mirrorer Jr. VIP Jr. VIP

    Joined:
    Jan 30, 2009
    Messages:
    1,163
    Likes Received:
    1,030
  16. mickyfu

    mickyfu Jr. VIP Jr. VIP Premium Member

    Joined:
    Dec 14, 2011
    Messages:
    5,291
    Likes Received:
    15,510
    Location:
    Jennifers Office.
    No this video is an add for a broker saying don't use any other broker use ours. This is why forex trading is as it is. You have every broker inventing stories about other brokers trying to give them a bad rep. Then you have the idiot newbie traders who think they have been robbed because they have no clue what they are doing. Forex is for people who know what they are doing, lets be honest a person does not just get up in the morning and become a pilot, and then blames the plane if it crashes.

    Oh and this is nothing like how fraudulent brokers scam people, this is just some invented shyte. Fraudulent brokers freeze their platforms and lock people out so that they cannot pull out of their trades.
     
    Last edited: Nov 7, 2012
  17. lokiys

    lokiys Jr. VIP Jr. VIP Premium Member

    Joined:
    Jan 21, 2011
    Messages:
    209
    Likes Received:
    37
    Location:
    127.0.0.1
    Totally no sense of OP first post :D
     
    • Thanks Thanks x 1
  18. MobileFX

    MobileFX Newbie

    Joined:
    Nov 10, 2012
    Messages:
    1
    Likes Received:
    0
    knowledge is the power bro.if you do not know and do not pay attention on the terms and conditions of the broker,well you will cry at the end and you will blame the broker.he is cheater.:banghead: how he can do such a thing.
    PS wise money-goes up % ,gamblers or forecast money-you know the answer:tropical:
     
  19. barnone100

    barnone100 Newbie

    Joined:
    Apr 25, 2012
    Messages:
    49
    Likes Received:
    14
    What do you think of the forex jv thread run by Globber?
     
  20. dkh1978

    dkh1978 Regular Member

    Joined:
    Jul 2, 2012
    Messages:
    220
    Likes Received:
    24
    This is very true.

    I don´t have first-hand experience from Forex trading, instead I´m using a broker, but what I have heard many horror-stories in non-business related forums from various people saying basically that "Forex is only for losing money", you will essentially lose money with every business in the world if you don´t know your stuff.

    One thing that I don´t fully understand are the many ads/banners that I can find from Google, Yahoo Finance etc. etc. about different Forex trading services. I know they are running a legit business there, I suppose it´s more that I dont´understand on what grounds do people grab to these ads. Just like mickyfu mentioned, you don´t become a professional trader overnight, it´s a career as any, so it´s better to have some profound understanding before putting money into it.

    I have been involved in stock trading in the past, and I had to know what to do and when there as well (I haven´t seen many ads on stock trading though...), if I didn´t want to lose money. Then again, there are always two options: Use somebody to trade for you and pay this guy something, or do everything yourself, study your stuff well before doing anything, learning by mistake and ultimately hopefully having some success and keeping all the profits.