My broker funk'ed me
CS
There is position trading, swing trading and intraday to consider
All can give many more pips than spike-scalping and work on STP & ECNs
-BB-
ECN's will eat my money in less than a heartbeat
I have the same feelings ... there is no way to win with the BROKER.
Whenever you SELL - your BROKER BUY vs You wit the larger laverage.
Sometimes you will win, when you feel more money and DEPOSIT more and more, then your BROKER will grow up thanks to you.
I lost on forex about 2000 real USD and now I only write the EA's and no play on real accounts.
There is something on the air. There is no EASY MONEY - I think.
@BarrowBoy > true, there are many ways on trading, but most of them are based on statistical models, which works the way they works (wink!). I'm not actually spike hunting, my scalping style is different, only considering to do so since I get so many of them.
@zzuegg > ultra-high volatility, multilevel pricing, not to much options to automate some of the trading operations, prohibitive restriction on the API's ($25k minimum account at FXCM is not actually "retail Forex"), and so on ... they indeed do not intend to make me lose, but probably this is the finality.
@puncher > indeed, this is the feeling I get too, the only way to win in Forex seems to be either coding EA's for other people, either selling EA's.
Now, this whole story is not about a lack of success in finding a working strategy, is the opposite. This one that I use works good (no intention on selling it, neither signals or whatever), I just feel that there is no strategy that will work, no matter on what concept is based on.
There's any of the 5% guys here that made more than 100% monthly, consistently? Even though I doubt that any will come forth since this kind o bragging is bad for business.
well, targeting 100% per month maybe is a bit overshooted. how would you reach this target, 100pips with leverage 100 and fully use of it or by making 50000pips and investing the "standart" 2% of your capital?
i think both options will not work in the long run. but even if you get 5% per month you will not be rich in a year, but it's a lot of extra money in your pocket.
@zzuegg > It's a matter of opinion, the market is generous, there are hundred of pips daily in either direction. I get more than 100%, consistently, on real accounts.
Now, for myself, I have a low risk tolerance and I trade only on sure trades (85% of the times I get those trades), so, I afford to trade at 95% leverage since I get out at -3pips most of the times (those 15% that i lose). There have been just a few days that I only get less than 10 pips (mostly on Mondays), but usually I close the day with 20+ (and a few days a month with 50+).
I have the way to do it legally, not breaking any rules, not off-quotes, not spikes, not even questionable trades, not even trading the news just to be sure that I gave no reason to doubt any of my trades. But if the broker get's in my way, no matter the strategy, no matter the monthly gain, it cannot be done.
With all due respect, disclamer: {I'm new to forex, never traded a real account, everything I say is my Opinion.}. Un.fortunately we're not suppose to talk about brokers. However, these Subjective topics are the only ones which dominate my mind. Simply put I'm at the point now where I can find a programming related question/answer if I search hard enough.
I agree with All the points of Csebastian and I've only been observing Forex for 3 months now.
*Forex markets are as Random as can be. Forex is a Zero sum game where 1 party wins and the other Loses.
*There's allot of Fake Information laying around to Smoke-Screen what's really going on.
*There's No system which is going to survive a lengthly period of time unless it's taking advantage of some discrepancy.
*Brokers aren't satisfied with return of just the difference of the Bid/Ask Spreads && Commissions.
*Brokers aren't gonna let you take advantage of their discrepancy but want to capitalize on yours.
*ECN is not the answer for a Small trader, Commissions + Variable Spreads will erode whatever lil advantage you had.
*Anyone calming of making 100% within a month is either Wealthy, Lying or haven't been doing that for too long.
*The longer you hold a position, the Riskier, the less chance of Compounding, the more waste of time for a small trader.
*Large institutions/banks prefer method is Scalping. Some call it short term trading. They're holding positions for less then 5 seconds on average with Humongous leverage. If that cannot be considered scalping, than I don't know what in the world is.
*The other guys like Funds-Firms are playing on Interest Rate differentials with Humongous leverage. Most of the other big players are trying to hedge currencies, like Importer and Exporters not trying to lose value in the money when it's converted. They're not speculators.
I read many stories on the web on how the brokers get you if winning too much, never thought that I'll be in this kind of situation.
Trading with this broker (and strategy) for a month now, then, last week on Friday apparently I've reached my cutoff level. For a month I've got maybe 5 mini-spikes (3-7 pips, obviously off-market), then, yesterday (Monday) got at least 100, today I've counted about 20 in a single hour. Then the re-quotes came, today I had only managed to open just a single trade (out of 50+ tentative). Then the lag came in, after a full month with trades opened at about 1 second delay (44ms connection with my broker), now (same connection) on the average I get about 20 seconds (until I got a re-quote, of course), with a record of 47 seconds on my last tentative.
Of course, the obvious solution is to get my money out and go somewhere else, but the problem is that I haven't got anywhere else to go. This one was one of the best out there. Really now, out of all top MM's out there this was the last, about STP's don't know if there are actual benefits, ECN's will eat my money in less than a heartbeat, plus there isn't actually any good ECN's with MT (except MB Trading, but I'm a bit reluctant for now). I'm not ready yet to release the broker name, I will wait a few days hoping that this was just a fluke before doing so.
Already contacted them, they said there is nothing wrong, those that I call "spikes" are not spikes, they showed me how a spike looks like (in their perspective), and indeed, what I have here is not really a spike, it's a mini-spike, but since my EA knows how to recognize them, and until now there were so few and now so many, I cannot get them to see them the way I do.(Somewhat) Luckily, my scalping EA knows how to avoid them, but my main concern is what will happen when I'll be in a trade. There is no solution to this, I can hunt the spikes (and since the broker said that is definitely not "off quote", and I'll be fine), but still, 20 seconds on the average (but no less then 9 sec) just to try to open a trade? Don't think so.
Having heard some concerning stories about the fact that there is no way to win in Forex, even though I always dismissed them of being some sore losers disgruntled comments, now there is a little bit of doubt in my mind growing with each "20 second re-quote" and "mini-spike" that I get.
Now, I haven't got any question to ask, just putting my story out there, having nothing to do since none of trades are getting through as I write this. Probably some of you will think to suggest me to go on a larger time-frame, less leverage, lower risk, higher R/R, but, as a somewhat a veteran in Forex (over 7 years), there is no way that I'm going back into the "95% crowd" who trade based on statistical models (I guess if something is suggested by a broker, it should be quickly dismissed).
Probably there is no way to win in Forex.
Who's the Broker ?????? I have been hunting for an "honest" broker, and I have read alot of reviews. But then, are the reviews posted buy geniune traders and not other brokers dishing dirt on each other? It's a cut-throat business indeed... http://www.forexjustice.com/Review_Section/Forex_Broker_Reviews/IBFX.html
This topic was always marginal at best for an MQL forum - I let it run to see where it would go but we cant get into broker comparisons
For broker discussions please go to:-
https://www.mql5.com/en/forum/
https://www.mql5.com/go?link=https://www.forexfactory.com//
https://www.mql5.com/go?link=https://www.100forexbrokers.com//
or Facebook or Forex Peace Army etc
As for the topic, lets see some code or hit the road :)
-BB-
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I read many stories on the web on how the brokers get you if winning too much, never thought that I'll be in this kind of situation.
Trading with this broker (and strategy) for a month now, then, last week on Friday apparently I've reached my cutoff level. For a month I've got maybe 5 mini-spikes (3-7 pips, obviously off-market), then, yesterday (Monday) got at least 100, today I've counted about 20 in a single hour. Then the re-quotes came, today I had only managed to open just a single trade (out of 50+ tentative). Then the lag came in, after a full month with trades opened at about 1 second delay (44ms connection with my broker), now (same connection) on the average I get about 20 seconds (until I got a re-quote, of course), with a record of 47 seconds on my last tentative.
Of course, the obvious solution is to get my money out and go somewhere else, but the problem is that I haven't got anywhere else to go. This one was one of the best out there. Really now, out of all top MM's out there this was the last, about STP's don't know if there are actual benefits, ECN's will eat my money in less than a heartbeat, plus there isn't actually any good ECN's with MT (except MB Trading, but I'm a bit reluctant for now). I'm not ready yet to release the broker name, I will wait a few days hoping that this was just a fluke before doing so.
Already contacted them, they said there is nothing wrong, those that I call "spikes" are not spikes, they showed me how a spike looks like (in their perspective), and indeed, what I have here is not really a spike, it's a mini-spike, but since my EA knows how to recognize them, and until now there were so few and now so many, I cannot get them to see them the way I do.(Somewhat) Luckily, my scalping EA knows how to avoid them, but my main concern is what will happen when I'll be in a trade. There is no solution to this, I can hunt the spikes (and since the broker said that is definitely not "off quote", and I'll be fine), but still, 20 seconds on the average (but no less then 9 sec) just to try to open a trade? Don't think so.
Having heard some concerning stories about the fact that there is no way to win in Forex, even though I always dismissed them of being some sore losers disgruntled comments, now there is a little bit of doubt in my mind growing with each "20 second re-quote" and "mini-spike" that I get.
Now, I haven't got any question to ask, just putting my story out there, having nothing to do since none of trades are getting through as I write this. Probably some of you will think to suggest me to go on a larger time-frame, less leverage, lower risk, higher R/R, but, as a somewhat a veteran in Forex (over 7 years), there is no way that I'm going back into the "95% crowd" who trade based on statistical models (I guess if something is suggested by a broker, it should be quickly dismissed).
Probably there is no way to win in Forex.