Topic: Just an Opinion

I see every week that there is a certain beautiful naivety expressed in the forum.

I am not meaning to break any bubbles, I do want to bring thinking closer to reality.

Forex trading is a business. Forex brokers are in business to make money. Banks are in business to make money.

Retail traders such as you and I are the minnows in a sea full of sharks.

The New York State attorney is prosecuting several of the largest banks for manipulating Forex.

So when your lovely broker says they have sources like 35 big banks, it actually means they are playing with the major thieves.

Be aware!

The Metarader brokers that we all vouch for are businesses also, they have to make a living.

And as the courts in the US have proven, they are not above some serious screwing of the retail accounts.

Lack of testing and experience will be the thing that allows you to run 'Demo' accounts...... and one day you will realize that Demo accounts are what the broker uses to set you  up in grand style so that he can steal your money when you switch to a real account.

Use a demo account all you want. one day the reality will appear.

Demo accounts get good fills, few requotes, little lag....... and no manipulation by the tricky broker software.

Our strategies look wonderful in a demo account.......  Be aware, the real account can and will bring disaster on the day the broker needs your account balance.

Think on these things before you make decisions. It may save you your account balance.

Many brokers are not registered in jurisdictions where they can be sued......  interesting.... that means they can do whatever they want and you have no recourse.

Many brokers have lovely software to manipulate the order flow to their advantage. and I well know they deny it..... and I suggest that you expect that the broker is going to hit you with their software games if you want to stay alive in the Forex trading.

Not one of the Metatrader brokers is above cheating..... do not be fooled!

If you have any idea that you will get rich without knowing how to make money with manual trading, you are deluding yourself.

If you have the dream that you can depend on someone else to make money for you. you are one silly person!

Depending on software that automates your trading is a route to financial ruin. If you do not understand price action....... autotrading will not bail you out. You are on the path to being broke, maybe not this month or this year, one day reality will strike.

If you are unprepared to do the work to develop your own approaches........ you might as well make out a money order to your broker for your account balance................. or just give the money to a charity.

Popov has designed a software that will give some very accurate strategies....... he has also set up some very capable methods of testing the strategies..... A good idea is to learn how to use every tool in the toolchest and make sure that you know what you are doing before entering a trade.

If you are unwilling to rip apart your strategies carefully and examine them for weakness.... just send me your money so I can buy my girlfriend flowers.

There is no shortcuts....... we have to learn for ourselves....... unless you wish to take an easy route and set yourself up for failure.

I suggest thorough examination of every aspect of your trading plan and processes.... and skepticism be applied to all.

These are just my opinions, I hope no one is offended by them.........

And I hope I have jolted a few folks to reality so that they can have success as days pass.

daveM

2 (edited by pradeepgolfer 2016-02-20 05:20:49)

Re: Just an Opinion

i have seen this buissiness for 30 years.

the practices that are followed in forex by brokers and banks on a regular basis would get them into jail - before you can say 'jail'-  in every other market.

FOREX IS UNREGULATED. it  also cannot be regulated because transactions take place in every nook and corner of the world:there is no central exchange.

do not forgot that for any transaction you need a counter party. who will only take an opposite position if he thinks/knows you are wrong.and if you are 100% sure that the market will go up 250 points everyone else will know it too and nobody will take the other side of your bid until the market goes up 260 points.

for those who have access to it the futures forex market may be safer and regulated.but i do not know much about that market.

Yes Dave i agree with you absolutely

Re: Just an Opinion

The futures and stocks are manipulated by a different variant of greed, same avarice, different market!

Re: Just an Opinion

Blaiserboy wrote:

The futures and stocks are manipulated by a different variant of greed, same avarice, different market!

are the futures traded in a exchange? i think that must be. and is that regulated? if yes: which only means manipulation will be less not non existent
s

Re: Just an Opinion

this is a competitive activity

and the big boys will not like it if you take their money

Re: Just an Opinion

Two greedy types in the futures markets  the HFT guys and the speculators.

The HFT guys are using false orders at high speed and the speculators are using huge orders, like hundreds of contracts, perhaps thousands of contracts to move price.

Regulation seems to be ineffective against the high frequency traders...... there is a reluctance to tighten the rules.

Banks such as Goldman can control the futures because they have so much cash.

Gradually these people are moving into the forex markets.

Huge pools of cash are available to make the markets.. the retail trader has to be nimble.

That is why fast time frames are perilous, large orders can move the market.

Re: Just an Opinion

"Use a demo account all you want. one day the reality will appear.

Demo accounts get good fills, few requotes, little lag....... and no manipulation by the tricky broker software.

Our strategies look wonderful in a demo account.......  Be aware, the real account can and will bring disaster on the day the broker needs your account balance.

Think on these things before you make decisions. It may save you your account balance."

i did a back test on fsb demo data and then i back tested the same strategy on acfx live data:the difference in profit was 20%. that is some slippage!!!!!!!!!!!!!!!!!!!!!

Re: Just an Opinion

Best to download your real account data, be very tough with your tests.... and forget the lure to play demo.

I know a little about the scams, Popov knows a lot more than I do. that was his motivation to make the software several years ago.

Somewhere in the forum is information on two of the softwares that brokers use to coax your money away from you.

Anyways, I am glad you had the experience to see the folly of demo accounts. Until you actually experience it. seems hard to grasp.

All is not bad , however, we have a beautiful and mild day here, I am sure some guys will be playing golf with colored balls that they can find in the snow. lol

Re: Just an Opinion

Blaiserboy wrote:

Best to download your real account data, be very tough with your tests.... and forget the lure to play demo.

I know a little about the scams, Popov knows a lot more than I do. that was his motivation to make the software several years ago.

Somewhere in the forum is information on two of the softwares that brokers use to coax your money away from you.

Anyways, I am glad you had the experience to see the folly of demo accounts. Until you actually experience it. seems hard to grasp.

All is not bad , however, we have a beautiful and mild day here, I am sure some guys will be playing golf with colored balls that they can find in the snow. lol

that result was stunning for me

all is never bad....it is we that decide....i like your sense of humor rock on!