You are using an out of date browser. It may not display this or other websites correctly. You should upgrade or use an alternative browser. Discussion in ' Forex Brokers ' started by AyeYo , Aug 13, Log in or Sign up. So, I made the mistake of opening and funding an account first, then doing my research second. From everything I've read about forex.
They claim everything from having their transaction rates changed after the fact, to having winning positions liquidated when nowhere near a margin call.
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For every ten people complaining, there's usually one that says they all just don't know how to trade and are crying about losing money. I figured that sounded reasonable so I carried on with business as usual. I have yet to experience anything as drastic as the claims in the reviews, but I have noticed a few things I was wondering if anyone else has had an issue with.
Most importantly, the charts are horrific. I can have the same time period chart open, for the same pair, at the same size, four separate times and have four different current candles. I can also draw a line through, say, the high side tails of five different candles, and while the tails are all the exact same height, all touching the line, if I roll the pointer over each candle, the values of the highs can be different by as much as pips. It's damn near impossible to trade like that because I have to go through each candle and manually confirm whether these candles really did hit the prices they're touching, then mentally adjust the chart to what it should look like based on the real values.
Something I noticed today, and what made me decide to make this post and I've heard this complained about multiple times on multiple review sites , is that when my order is executed, my entry position instantly becomes support for a short or resistance for a long , right to the exact pip, where no support or resistance can otherwise be found at that value. This is even more apparent because forex. It's fun to watch as, candle after candle, price rebounds off my entry for no explainable reason.
It's even more fun, nearly comical, to watch as price moves as planned the second I call it quits on the position.
I'd imagine it wouldn't be very fun if I was trading with a significant amount of money. The only retail buckets I'd trust are Oanda, MBTrading aka EFX , CMS, GFT, Gain and perhaps FXCM. Learn to profitably trade a demo before putting on real money.
This could take several years. The market oscillates and reverses in ways totally foreign to the newb. Hence the seemingly 'broker out to get u' feeling. They all match opposing customer orders than hold or layoff net exposure interbank.
No prime dealer or bank deals in sub K increments. At least to my knowledge.
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If you don't know how to trade and want to get your "feet wet" then you start at a bucket shop. And usually they will not send out to the clearing house if it's not a standard size. This is the same way most retail dealers MAKE money from you. Their books show a lot of smaller sized trades, so they keep those trades in-house and trade high-volume at the opposite of what most of their clients have..
If your trading anything less than a standard, I highly doubt they are getting routed to the interbank market directly.. I understand what many are saying about first knowing the market. I do have a practice account with them as well to experiment with new strategies and money management.
I've never traded with a complex strategy. I use simple support and resistance with no indicators. My win ratio is actually very high, but as already mentioned, my issue is with money management and cutting winners short and letting losers run. And I tend to sabotage myself with stupid impulse trades that don't even remotely fit my strategy.
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Perhaps I'll start a journal so people can critisize my trading and point out flaws. I had simply heard so much bad about them, that I'm paranoid when I see anything getting screwy.
I suppose I'll try to be less paranoid and keep more of the blame on my own actions. For the guy that did say they were a scam, please elaborate. Contact me via pm if you don't want to go into detail publically. Any thoughts on InterbankFX IBFX You must log in or sign up to reply here. Your name or email address: Do you already have an account? No, create an account now. Yes, my password is: Forums Forums Quick Links.
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