The Essentials of Trading. Information and resources to learn about trading and the markets. Copyright c by John Forman. June 19, by John Comments. I studied and practiced for quite awhile and as soon as I went live those MM make sure to go against your trade-they along with the big banks make the money.

This is something I received from an obviously disgruntled now ex-forex trader. I think you can figure out where I stand on the subject. The primary argument folks who call forex a scam put forward is that fact that forex brokers take the other side of your position in their market making actions. They thus conclude that said brokers are trading against you. First of all, not all forex brokers are market makers. Some are ECN s. They simply pass your orders through into the market like a stock market broker does.

They make their money from commissions instead. Oh, and by the way, not all stock market transactions are straight pass throughs to the exchange either. Some brokers act as market makers in certain stocks. If you trade those stocks through them they are doing the exact same thing as the non-ECN forex brokers do.

Further, the whole basis of the interbank market — and all OTC markets — is transactions between buyers and sellers and market makers. In interbank forex, the banks are the market makers, both with and amongst each other and with the funds and companies that are their customers.

On top of that, there are market makers in all markets. They are the ones who provide steady liquidity. They do that by always being ready to provide a quote and take the other side of a trade. Without them the markets would operate much less smoothly. As a rule, market makers in all markets look simply to make the spread over and over and over again.

Forex brokers who act as market makers operate in basically the same fashion. They are just offsetting customer longs and shorts against one and other. Do they sometimes have an overbalance? In such cases they have internal processes which determine whether they keep the exposure or whether they offset in the market. Different brokers handle things different ways in that regard.

That gripe has been in the markets for years — all markets. Traders in the futures markets are supposedly notorious for that kind of action.

The markets and market makers exist to facilitate transaction flow and make their money from it.

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They are going to do whatever makes sense to increase that flow. That periodically could include running stops. That sort of action, though, is a bit easier in a centralized market than in the widely dispersed forex market. As such, stop running is not something easily accomplished. It would take a highly coordinated effort among a wide array of market makers to do that kind of thing. In most cases, the claims of stop running coming from forex traders is nothing more than people getting burned by putting their stops too close to the market and getting taken out by normal volatility.

The question I would ask for anyone who is making a claim of forex being a scam is whether they can demonstrate a trading system with a meaningful track record of success and that they followed said system as designed. A lot of traders spend a relatively short period of time in demo trading and make good returns with no real proven method, then find that things are very different when it comes to real money.

This is more about the trader than the broker. The idea that your broker looks at your specific open positions — out of the many thousands of trades that might be open at a given time among all their customers — and make decisions based on it is egotistical and self-centered in the extreme. Are there scams in the forex market? Anywhere you find a lot of money you will find scammers. If you avoid those with extraordinary claims and stick with regulated companies, though, you can avoid being a victim.

Reader Questions Answered Tagged With: July 10, at 7: These demo accounts all have live charts on them. Anyway, my whole point is… If you think the market maker is trading specifically against you, check the other vendors charts!

Seems almost like just about the time I give up and bail out of my position, the market moves in my direction immediately afterwards. So, I checked some other charts. Guess what, besides the spread, they were identical. September 4, at 6: Yes, Forex is opertated like a scam! These Hedge Funds and major institutions see all orders coming through and trade against them with their millions and billions of dollars causing all of the small traders getting wiped out.

How is it when I practice trade the trend continues as predicted, but when I place a big order it immediately switches direction and wipes me out?

September 5, at 8: I do not now, nor have I ever worked for any bank, brokerage, fund, or any other institution involved in taking positions or managing transactions in any market. My work as an analyst is for a group which provides analysis on a 3rd-party basis. February 12, at I personally transact with AVAfx, a forex platform. What I experienced is that anytime I opened the platform ready for trade, a position would be opened automatically against the trend without my involvement.

I reported the case to AVAfx but claimed it was a virus on my computer. I formated the computer and installed an antivirus, same thing happened.

My question then was that why is it that a positioned is opened against the trend and not in the direction of the trend? May 1, at 5: I am not convinced yet i have been conned, and more proove will be required before i trust any forex broker pertaining to offer me direct access to the real Forex market.

June 30, at I am desperately looking to find a way to make money from home. Im willing to invest in the time to learn. Im even willing to start small and take the time to build it up. Should I do Forex? I barely know the difference between the two. Is it even a viable option in todays economy? July 1, at 8: Kris — I strongly recommend you look at my introductory trading course or book.

They were both specifically written for people like you who want to get involved in the markets, want to do it right, but need a good starting point. July 1, at Mark — Contrary to what you may have heard, forex is increasingly more and more regulated. Stocks are neither easier nor harder. All the same mistakes trip traders up. The only difference is the permissible leverage. Believe me, regulation does not mean less chance of losing money. July 26, at 1: I and millions of people need opportunities to survive.

After researching all complaints, looking at broker websites, the nfa and ctfc websites, I concluded that though the forex market is legitimate, forex brokers are not.

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It is a scam to trade the forex market. It should be heavily regulated and enforced. It is a SHAME that the forex market has such great opportunities that everyone needs but is WASTED because of all those crooked brokers who cheat, lie, and steal your money.

Forex brokers ARE regulated — at least in the US. They fall under CTFC supervision via the NFA. July 27, at August 8, at I been reading Mark common from beginning. I know how you feel MARK and completely agree with you.

I trade for living and I do very well in Stock market. However Forex market is whole new game, every tick is being control by interbank, every tick it move it move to make money for the banks own interest, someone win someone have to lose.

Do it for about or trades.

December 7, at 2: I do believe their is a lot of market manipulation and that Traders really start believing their own mail — certain economic analysts are very capable of saying anything the institution they work for want then to say to set up market conditions. Oil Futures are one good example and crashed when OPEC finally called them all out by cutting production not once but twice.

The Aussie Dollar is the sixth most traded currency in the world — it does not deserve that status — but dealers see it as safe and able to be manipulated. The big fund managers can easily set a market to their requirements.

December 24, at In other words, if you go to the casino, you have the same chance to win or lose.

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However, there are testimonials the ones who are not caught at the doping test, which is a true farce who swear that they did it. They are simply paid off to lie to the public, so the dream can continue. The market is the same. Good trades to everybody.

August 29, at Why are you selling yourselves short and taking these losses? Of course the market is going to go down. If you actually followed it while trading, you can easily ensure that you make gains in the end.

Buy low and sell high. Obviously there will be some fluctuation in the market, but have a little patience for crying out loud, and stop thinking the market it a get-rich-quick scheme. September 1, at I am an experienced equities trader with more than 12 years of online trading. I have educated myself regarding FOREX.

No expert here, but I probably know as much as the next guy with 11 months of FOREX trading under his belt. After 1, trades over the course of 11 months, All types of trades: I have used numerous technical analysis tools, many of which have proven helpful and profitable in my stock trading.

There is NO mathematical model to support it. Therefore, the ONLY logical explanation is that the FOREX market is fixed. But there is simply no other explanation. September 2, at 3: Thus, your logic is flawed from the start. December 12, at 8: Please provide a link to your source. September 26, at 4: Actually the point is this: Or even if your trade will have a little profit, you will close it before the big profit runs.

It really does not make sense.

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October 1, at 7: September 4, at 5: The Commodity Futures Trading Commission guys used to lunch with the SEC guys who conducted the Madoff audits for all those years, right? Wow, someone actually PAYS to write articles? September 4, at I said reported to. The brokers report the figures.

Up is down; debt is good; higher taxes mean greater revenue; some day, cars will run on farts. I hope it has nothing to do with finance. This is one of those things newbies fixate on, usually to their detriment. September 7, at 2: September 7, at 3: Wins in baseball are binary. In trading that run differential most definitely matters. This is NOT me saying that the size of your winners is the determining factor.

September 7, at 5: September 7, at 9: Otherwise, show me evidence that the employed methodology should have been profitable. December 20, at 2: Here is my input for what its worth. I have put the best and most un productive years of my life into beating the FX markets.

To cut a long story short, i have been around the block at least once and have the hairline to prove it. What is a 2mil lot worth to a MM?

The stone cold truth is that if you place stops near the market they will be hit the overwhelming majority of times, and yes, they are specifically targeted, and yes, its easy to do…just ask anyone with market making experience. And more to the point, if the MM was not legally allowed to do it, they would go out of business in a month. This can happen over minutes, days or weeks. Why would it, that defeats the purpose! Hence, they have all kinds of distinct privileges awarded to them to skew each and every outcome in their favour, this includes being allowed to move the market…and ripping off Mr retail is their bread and butter.

Ask your market maker to show you the contract they entered with the central bank and regulatory bodies of their given jurisdictions. Just think about that for a second.

Here is a word-for-word snapshot of the legal from a Swiss broker;.

The whole industry; analysts, technical analysts, brokers, gurus, commentators, journalists, software developers etc…unwittingly It all feeds off convincing people they too can have a comfortable life as an FX trader. Trying to live as an independent FX trader is probably by far the stupidest thing an individual could consider, it borders on suicide…something many of us consider frequently.

Scratch the surface enough, and you will find a lot of troubled individuals, who have been wrecked by a period of foolish desire to get something for nothing. Only to find they get a lot of nothing for just about everything they could give. Beware folks, trading can destroy you, turn you into a bitter and joyless individual and teach you a very cruel lesson…those with the money intend on keeping it, and yours.

The day trading scalps, swings, noise game is rigged. December 20, at 5: I would push back on a couple of things, though. As soon as the order flow stops, the market is likely to begin reverting. We see that happen quite often when clusters of orders are hit stop running, etc.

We should make it clear, though, that when you say Market Maker MM , you are talking about the interbank market MMs, not retail brokers.

The latter mainly just pass prices through. They are the one running stops. August 16, at 7: What kind of response is this? A halfhearted spin attempt to support your story interlaced with an agreement that the FX market is designed to trigger stops at the expense of retail traders?

The following is posted from your article: For traders in the futures pits are supposedly notorious for that kind of action. August 17, at 9: At no point have I said anything like the forex market exists to trigger the stops of retail traders. The retail markets does extremely well lining the pockets of the brokers and market makers without even bringing the stop question in at all. My point about the MMs running stops is that they are doing it at the inter-bank level where the real volume is happening.

Retail traders are basically just collateral damage. March 24, at 8: May 12, at I discovered that the NFA enabled the industry to use false advertising — as their product was transferred from real trading to simulated gaming platforms that process everything like a game. I have nothing to gain with what I do- other then a mild desire to restore a little respect to my family. We caused the financial scare. Augustus,Otto and my grandmothers dad Arthur Heinze I was a trading prodigy till the platforms started running anti-profit programs.

Now- I cant profit more than about 5k a week. My skill didnt change- the platforms became rigged. How do we put a stop to it? August 10, at 3: I have been trading FOREX for 5 years now. It took me the first 4 years just to figure out whether I was coming or going.

I spent countless hours of my days studying the market movement in relation to the vast array of indicators that are out there. I was able to narrow down my approach with a trading model that finally offered me a much higher win ratio. I continued to fine tune this model and got rid of the indicators that simply served no purpose.

While I have lost my shirt many years in this market, I am responsible enough to know that it was due to my own mistakes. I made the same mistakes repeatedly and watched my demise as if it were deja vue. My trades pretty much had to be perfect or bust. My common errors were over-leveraging my trades resulting in margin calls.

Instead of waiting for my technicals to fully mature, I would jump the gun and experience unnecessary draw downs. I have never felt that my broker FXCM is scamming me or gunning my stops. Most people do not educate themselves in this industry in a manner that gives them a fighting chance. While you can take all of the courses on forex you want, most of the formal training in my opinion simply does not apply to each individual.

With lagging indicators and so many trainers out there telling you their way is the way to success, I think this is what causes so much of the confusion and perception that a scam is afoot. I had to combine the formal training with a mix of common sense, a sprinkle of unorthodox and a dash of invention to make a reliable model that works for me.

If you find yourself experiencing a majority of failing trades, you just need to realize that your approach is not working and you must change it immediately. If you continue to fail after that, you will have to accept that THIS IS JUST NOT FOR EVERYONE!! May 7, at The Forex mafia is paying these developpers and bloggers to give guilible new comers to believe that they can outbeat the Chaos! The only way to make money on Forex retail trading is to join the Dark side of the force! May 13, at 7: Ive been trading forex for about five months now, and watched hours of Steve Niso seminars and others videos feeling confident that I had the knowledge to know how to go about trading.

After losing my money this last time, it all became clear. I put all the math together. Wont be able to lay it all out here,. You can learn all the techniques and strategies you want but it doesnt matter. Every scenario has a fifty percent opposite scenario.

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Its just bulls vs bears. Its a very brilliant scam because there are so many ways you THINK you can win. Wait for the topa andwave in a down trend and go short. But you dont know that wave is come down til afyer it does. Even if a trend has ten waves you dont know that til it happens and there are as many scenarios 1 wave 2 waves that you stilll are 50 50 when u take a position.

Ypu can break support or resistance and it could snap back. You will always see tonnes of scenarios where technical analysis holds true but only in hindsight and where it doesnt work is overlooked. You never know your mistakes til you make them and u cant learn from them because the next scenario will go the other way. Even with fundamental analysis….. Its sneaky and more sophisticated than a casino but just as losing of a bet if not more. And as for reversal signals like hammers, shooting stars, bearish and bulish engulfings….

As i say, 50 Theres more to explain. As i say, its too complex to lay it all out here….

May 13, at 8: You can certainly look at charts and see lots of occasions where a long rally will follow a hammer but add up all the scenarios where it didnt to the scenarios where it rallied some but didnt reach a desired target and flip flopped while before coming down.

Add it all up. Its a lot like sitting at a black jack table watching your chips go up down up down up more down more bet more lose more bet less win less up more down more til its all gone. You have to win just to make the spread and no one one wants to stop at break even. Easier to go down that up. September 17, at They can very fast asses any market info. Now me or you issue a dealing ticket , what they do straight away estabilish if you are a beginner a new member of their family!

I had an open position for almost 3 month, I then closed, as soon I closed, the price went up, I then bought. September 19, at 7: One reply is enough. The issue I had learning was that when I put stops in the price would never be met and it would wipe out my demo account and just carry on going.

So on a demo account I was making profit and then the entire 50k went on a single tiny trade overnight just for the sake of one stop. Why would you risk real money on a mechanism like that? September 24, at 3: Sounds to me like you were using limit orders rather than stops.

A stop must be filled once that level is reached or breached. A limit order only gets filled at the exact price. October 13, at 5: August 14, at I agree now, after finally making some interesting profits with XM. I have a long history of losses but although i STILL believe the broker ALWAYS hedges their positions directly AGAINST their cash cow clients, this does NOT mean you CAN NOT make profits in forex.

Now with another broker who allows hedging, i have been able to double and even quintuple small accounts within a month and do even more. November 14, at 7: Forex is actually not swindling.

As Forex trading rises in popularity, Forex trading frauds are becoming more common. Beginning Forex traders are often considered an easy target for these Forex scammers because the Forex market is not regulated.

March 30, at 8: April 17, at April 28, at Hi phillippe, i have traded with XM for about 2. I find it almost impossible to retain profit through their MT4 platform. I sympathise with what you are saying; but i think it comes down to this: You think they want you to keep any money you put in an XM account?

Second, all Metatrader accounts are controlled through servers in Russia. Where do you think metaquotes and MQL4,5 come from? Why else have such a function? So often, i have made a trade with the trend; but as soon as i place the order, the trend reverses. I have been trading fx for about seven years; and it has been a massive loss for me, mainly due to the collapse in the Euro and my failure to properly manage the account balance once i bought and the Euro collapsed.

At the time, i did not know much about hedging. The problem is, even if you hedge, the broker just continually reverses your positions until, eventually, you are either marginned or stopped out. I am almost convinced now that XM, and ALL Metatrader brokers, also Plus and FXCM whom i had accounts with are actually trading, or rather, hedging against their client accounts. It only makes sense, since they are acting as Principal.

As human beings, we need to learn to look out for one another, and stop trading forex altogether. There is no hope for us to live a worthwhile and meaningful life otherwise. Retail traders are the food of the vermin bankster scum. Binary trading is just another forex fraud. August 4, at 5: August 5, at 7: August 11, at 8: I have only withdraw a meager profit of USD and that was made on some Friday on EURUSD.

I had a capital of USD only. I accept my mistakes, over-leveraging my trades, having over-confidence in myself, long waiting for trades to break-even. Also, most importantly, out of trades, 90 trades were without stop losses. I do believe that I was wrong on many fronts.

But at the same time, I firmly believe that there is a dark force on the other side, who will not let me make much profit and will manipulate the rates for their own profit. Thank you for the reply. Are you talking real money here? The good news is, in spite of believing that the bankers and the wicked trade directly against retail clients which they certainly DO , i have been seeing some success in trading.

In the past 2 months i was able to accomplish the following: Through the above processes, after deciding to call it quits with Forex after seven years, i managed to start making some interesting profits:. Turned Euros into Euros within 6 weeks 2. Turned Euros into about Euros within a month. Unfortunately, i did not maintain the discipline long enough, and again went against the trends, selling the USD and buying the Euro when the trends were the reverse it is very difficult to read the trends properly and takes a great deal of practice.

So, i did not retain all of the profits:. Cleared the account at approximately Euros and retained Euros of that Euros credit. After deducting the Euros i topped up when it was obvious prices would continue to go against me and margin me out, the net profit on the account was Euros. I am currently using a very small account Euros and learning again how to read the indicators and maintaining discipline.

FCAL Financial News ; 3. Sonic 6 indicators altogether and some templates ; 7. Demo frontrunning when absolutely necessary. I am not wealthy and have worked all my life; my money lost to liars and thieves in the equities markets and to unscrupulous companies like Pus is very large and represents decades of work and literally thousands of hours of my life.

However, if i can recover these monies or even begin to make a sustainable, modest passive income based on fairly basic strategies, then i will be pleased with the outcome!

I am considering training people in forex and have set up a website here in Singapore to do so. If you find the above details helpful, i do hope you will not give up hope and i encourage you to use VERY small accounts and seek to double and triple them before withdrawing profits and going back in. August 13, at 9: Forex and spread betting is a SCAM!! I use to think it can not be a scam because this sort of behaviour should not be allowed its CHEATING!!!

Where are all the regulators??? August 25, at 2: Hey, Tony, im really sorry to hear this!!! MORE PEOPLE NEED TO BE LIKE YOU THOUGH AND COME OUT! Such a scam this Forex is. Can you tell more about your experience? August 25, at 6: Please see my comment above. I have found methods now by the grace of God that allow me to make a very good profit. Forex is not a scam; but it requires the use of specific tools, skills, methodologies and patience. Since i tend to be stubborn, it took me seven years of trading often, up to fourteen hours a day to find that you can, indeed, make money trading with MT4.

October 9, at 1: For me, Forex trading is not a scam if you know what you do and where to go. For me personally I used to trade with FXCM but then a friend of mine told me that he came across a platform named VertexFX trader which have many features that I as a trader will benefit from. November 6, at 9: November 5, at 6: So I traded with a few different FX brokers back in the early , FXCM, and others. At least nobody is screwing you on the charts and placing trades.

Yes you pay a commision for a trade but that is nothing compared to the pips the FX banks make on the spreads. The downside is the leverage is much less but that might not be so bad. I used Open E Cry to trade the CME FX futures and other futures.

They are at least honest. I never understood all the talk about the liquidity of the FX markets compared to the CME. The FX brokers are always trading against you. As far as the ECNs I am not familiar with them, I heard of them and they sound reasonable but I am skeptical that they are as pure as is said. If so great, why would anybody trade with the other guys?? Is Oanda a ECN? John, A system and discipline is crucial as any trader knows, it is difficult with real money but doable.

Cheers from an ex trader. November 18, at 7: After reading all allegations two questions come to mind: So, why so many forex brokers pops all day?. Why the retail forextrading was created? November 26, at 9: Just check what they are saying.. December 8, at 2: December 17, at 3: Forex trading online can be a scam for some broker or for the non ECN brokers but for some it is not, this is because some broker broker and market makers are in a hurry to make money.

July 19, at 1: Not till you meet the Genuine and Integrity broker. You will not say this 2. I been with this industry since and making good wealth for myself. Yes i was cheated in the very beginning but ever since the incident, things changed.

I no longer working and enjoy my daily life with family and travel since after consistent result. I am age I suggest, if you want to get wealth from here, start up a small company, you will understand more about Liquidity provider. July 19, at 9: But, the devil is in the details.

In i got tired of trading currencies with Pus as their platform seemed to be making it very hard for me to profit I was flattish after a long series of wins. I thought it was a fairly good choice, considering the valuation and the fact the company was traded on a major exchange. After 2 or 3 months, it was about. After which, within sixty days the same EVN. I was badly burned by these cucks and i no longer trade with them. I have struggled to make a profit with all the brokers i have tried FXCM before Pus; Oanda; IQOption they are not brokers actually; their software is a simulation platform more akin to a videogame and in the s three major Canadian banks share trading only; FX for retail did not exist.

Can you help me at all, to get back to my dream of actually earning a living from fx? August 30, at 5: Keep you money in the bank at least you can get to use it someday. September 1, at 9: November 3, at 6: Forex is not a scam took me quite a long time and money to learn but is achievable with time. November 15, at 3: So the way i look at it, if two traders open different orders on the eurusd,which way is the market maker going to go.

Bear in mind that u cant be ryt both ways. Do your due dilligence and stop whining when u lose cos everyone cant place the same orders and lose at the same instance. Just my two cents. November 22, at 1: Your information is to complicated for the average person who knows nothing about trading and binary yrading. November 22, at Eva Marie — Thanks for the feedback. December 12, at 9: Forex is not a scam. It is a real business that requires season of training.

It is a fact that success in any venture is not an overnight game but an overtime adventure. Therefore, anyone entering the forex world must appreciate this fact. You will need to learn how to trade and how to trade to earn a living.

So, it is a life-long business for serious minded ones. I have been trading since and I became a professional and really profitable in Which bucketshop broker are you working for? Whilst it may seem incredible that your beloved Russian Mafia-designed Metatrader account could poasibly be virtual ONLY read: Not going to push back much on the MT4 stuff as I know there have been official complaints filed and ruled on with respect to unbalanced slippage and the like.

I actually have some data and want to have a look at whether MT4 accounts perform differently than non-MT4 ones. Second, the inter-bank forex market is entirely OTC. So too is the market for government bonds. OTC does not mean synthetic. It just means off-exchange. March 28, at 5: Interesting that the Russian Mafia company that created it used to be a Video Game company.

Metatrader was created by the Russian Mafia; also known as the Kosher Nostra — do your due diligence. While i must agree with you that it is possible to make a living in fx what i detest about your site is that you simply leave people in the dark about the difficulties. But i am soon going to change that dv. March 28, at 9: Paul — Quite to the contrary. It has real data. March 29, at John, I appreciate your transparency and will not only read your paper; i will check all the material out on your site.

The greatest impediment to profitability in retail forex for the average novice who participates is the lack of transparency of the process and the brokers themselves. I have burned through about four times that — and i readily admit that in the first six or so years out of perhaps 10 trading retail fx part time i work full time as a Tech Writer i knew nothing and it showed — big time. Needless to say, i have abandoned Puss and wish to litigate if enough people will support.

The same year i switched to XM and saw about a 20, Euro loss over the past two years. My experience with retail fx is normal and par for the course; but, sadly, there are hundreds of millions of people hundreds of thousands weekly, i suspect who lose as much or more as me each year; nobody is concerned about what this will do to those people, nor to society at large.

John, you are an academic and i guess this will not be pleasant to hear; you teach at a university and you teach about trading among other things. I face the same problem, since i wish to educate people about the perils of retail fx. Second, i will read your paper as i said; but i do not for one moment believe it will contain anything uniquely specific to retail fx profitability. The retail fx industry as a whole will never change to the betterment of the average retail fx trader until it becomes transparent; and that is never going to happen while the banks control creation of credit and fiat money; there is too much at stake.

However, some of us may be able to help change this situation, by teaching people how to avoid making stupid mistakes and mismanaging a trading account retail fx or otherwise. March 28, at 7: The price interference you mention is interesting.. I have remonstrated this with the broker over the phone and they just use the classic out of jail free card…. I am pretty sure that cTrader spotware. I have a PhD — which I only pursued after many years of being in the markets — but I am NOT a professor.

Maybe one day I will become one, but at this point I am not one, nor have I ever been one. Retail trader profitability issues are not just a forex market thing. December 20, at 6: I have been trading shares on the ASX for over 10 years with reasonable success, so indicators, charts and trading strategies were already in place….. Or I would be stopped out no matter what the distance of the SL often by 0. I could lose a pips per day without even trying…. December 20, at So, you want to become George Soros in 3 months!

It took some of us 2 years to master the art of forex trading and it could take more than that depending on your commitment and passion. What bucketshop is paying you in Kenya to make such a ridiculous comment? If you are honest, you will post some actual proof on the internet to support your assertion live accounts only please.

December 20, at 8: I have to agree: What did i learn: So i turned to fx. Twelve years later and still struggling to make a stable profit. The shares rapidly rose once Pus margined me out, eventually going above my entry just 3 months later. Gave up on Pus and moved to Oanda in According to the NFA ruling a few years ago, all retail FX is now virtual and synthetic trading. Still with Oanda but have seen some loss due to the manipulation of gold vs usd and eurusd in the DOUBLE DIGITS percentage wise…unprecedented manipulation …not holding out any hope for this bastard broker either.

Could make profit but almost impossible to retain it. Finally, moved to XM…worst choice i ever made. December 26, at 2: I intend to increase the positions as I get more consistency. I trade the principal the less time you are exposed to the market the less time it has to turn against you.

But like you I am very sceptical of the FX Market. Notice that most successful traders rattle on about indicator free price action.

IMO the reason is that the big players steer the indicators to dupe the newbie and retail traders to generate liquidity by smashing stops and trading against the charts. So many of the Banks of late are getting busted for sharing charts, customer information and as you say trading against their own clients. My partner has worked for a major Bank for over 30 years and the public has no idea of the reach of the financial institutions… paid blogs, forum contributors, social media programs…..

Andrew, Very refreshing to read your comment: I have improved somewhat but, contrary to your point, i do use indicators. What is very disappointing, however, is that one very trustworthy indicator i was using for about a year as with so many others — i have tried perhaps which was giving good signals for trading has now officially become useless on the longer timeframes Daily; H1; H4 etc when, for more than a year, it was good for them.

I notice that Metatrader updated the platform in the background wonder why they do NOT provide the option to prevent this? It is clear to me, at least, that XM and Oanda and any Metatrader broker not only trade against their clients; they rely on the software vendor to provide a custom solution that efficiently liquidates clients in a manner that makes them supremely profitable hence the need to break every single indicator a client uses.

Why do i say this? Anyway, i greatly value your post and will consider dumping Metatrader and using cTrader. March 30, at 1: I had a brief look at cTrader. There are some unsettling posts about manipulated price feeds in several posts i have read on Forex Factory and in other places. I have no interest in jumping from the frying pan into Hell.

The feeling is mutual. I did trade with fxpro over 7 years. Is it true, according to the above post, that cTrader, as MT was financed with Russian money from the outset? Why then, should i believe it is not Khazarian, serving Molech; or controlled by the Synagogue of Satan, like MT4 is? March 30, at 7: I use Pepperstone and IC Markets Both Aust.

I definitely notice price instability once you open a position or start an EA. At times the price turns itself inside out trying not to allow a profit. Paul, If you are comfortable with it I am happy for John to pass on my email details to you……. February 20, at John, it seems to me that a large part of the problem is due to a fundamental misunderstanding of the spot forex market. Speculation is taking place in the same arena that corporate, small business, vacationers, and banks are conducting regular not for profit activity like exchanging currencies for practical purposes.

We retail traders are small peanuts in the overall picture of all the commerce taking place. I would also contend that most technical analysis suited for stocks, commodities, and futures do not hold up well in the spot currency markets because they are auction based, and not complete markets like gold, or crude, or Apple, IBM, etc.. Traditional TA was designed for the above markets, not for spot forex.

When one takes a look at EURUSD, all you are seeing is the exchange rate between those 2 currency pairs. You are not seeing a complete market like gold that shows everything on the chart built into the price action.

We as retail forex traders need to continue our education in how and why spot forex really moves. February 21, at I read this on a forum once a few years ago and i now understand more fully after 13 years of trading what it means. The automated hedging offsets — in real time and to the picosecond — all real monies in the BUCKET. What that means is that, no matter what direction you enter; what position you take; or what money management or indicators you care to use, the broker is almost certainly going to win — after all, they literally have infinite leverage.

I hope you understand what i am saying. I am NOT saying that it is impossible to recover monies from the average FX broker like XM or Oanda, even using high leverage. In one instance last July, I had Euros in my account and traded it up to Euros; a Euro profit. And yes, I banked the profit. But, when i went back in, and did the SAME thing, i lost the account. AI software is now highly sophisticated and learns in real time; coupled with algos developed by banks and shared with brokers at a modest fee that optimise the liquidation of your funds, it is now almost impossible to make consistent returns from trading retail forex.

February 27, at 2: March 10, at 1: I joined a signal service a few months ago after researching and winning more than I was losing in a demo account. There were about thirty other people in a trading room and the teacher basically talked about what trades looked good and which were iffy. I have to agree with others, it is basically a casino.

I won pretty consistently on my demo, but the minute I moved to real money I lost. So even thought they can say they are up ten trades, they may have barely broken even or lost money. I had a few good days and made a bit, but on other days the market totally went against the indicators and the room would be aghast with, what just happened, wow, etc. Because there really is no ryhme or reason to it…..

I traded without the signal service a few times and just followed trends, and my percentage of losses to wins was similar. One big thing they talked about was how Warren Buffet made a billion in the Forex, and I kept thinking…Buffet is a multibillionaire, can you all not see how he might have some inside info that helped him know the trends? That speaks to the idea of it being rigged, and I think there is definitely an element of that, probably more in the larger trading area. There were a few people in that room who bragged about making fifty grand a week, but there was no proof of it…it literally felt like there was one guy with multiple screen names just talking to himself and acting like he was all these successful traders, it was odd.

And you would have people there talking about how great the system was and they had been doing it for a year, but come to find out that they were either on demo or trading ten cents a trade. And that is the rub…once you start trading with real money on the line, the system you have learned becomes a hundred times more difficult, and you start losing.

I do believe there are people who make profits and possibly even a living building from very small and making small profits here and there, saving and just doing that for years, because if you have nerves of steel and only trade with the momentum using small trades, you can make a profit.

But as far as making alot of money, even within a couple of years, it seems like it would be a better and easier gamble to learn how to play blackjack really well and go make a few hundred nightly at a casino nightly. The risk far outweighs the reward IMO.

Unless you have a good sized bankroll and patience like a monk and nerves of steel, incest somewhere else. March 26, at Forex is not a scam, but there are plenty of scams associated with forex. Scams are a big problem faced by everyone in the forex industry. Forex trading is a real business that can be profitable, but it must be treated as such. People choosing forex because they can easily earn their living costs from this market place.

May 30, at 2: I would also like to read now the other side of the story and learn of anyone who is actual making a profit.

May 30, at 9: While all the while claiming that they where true ECN and not a Dealing Desk….. Scam right there.. If one of the major players is doing this, you can be certain that other Brokers are using this Business Model and are yet to be caught. Not illegal, but certainly ethically shady. May 31, at As far as i am concerned, FXCM is a shyster mafia broker and is not to be trusted whatsoever. Others like XM are not much better but, with significant methodological changes and appropriate money management and more important, the use of valuable indicators that actually work , i have seen some profits this year and held my account for more than 14 months without blowing it up.

June 14, at 3: You are trading Fiat Values that simply don not exist at all. Your opponents are Bank licensed professional scamers, wich have the license from who? The Kosher Nostra, that gives them all rights, but for you a Taxregulating gouvernmental ruler. You can try to buy some of there stocks, of course. The only ones who rise and kill are allways sold and owned by them anyway.

That will give you your jobs, while you will never be allowed to invest on your own in something usefully. Is that scam enough? Your email address will not be published. Notify me of follow-up comments by email. Notify me of new posts by email. The Essentials of Trading Information and resources to learn about trading and the markets.

Beginner Trading Book Trading Articles Trading Courses The Author Contact. Comments Katherine says July 10, at 7: Mark you make me laugh!

And Forex is becoming increasingly more regulated. Thanks for sharing Adewole. Hallo Actually the point is this: Forex its the biggest scam of the century ; how its done?

They are regulated by crooks. I dont think so. I have made losses of circa USD, starting from Dec until recently Aug Hi Shunmas, Thank you for the reply. Through the above processes, after deciding to call it quits with Forex after seven years, i managed to start making some interesting profits: Turned Euros into about Euros within a month Unfortunately, i did not maintain the discipline long enough, and again went against the trends, selling the USD and buying the Euro when the trends were the reverse it is very difficult to read the trends properly and takes a great deal of practice.

So, i did not retain all of the profits: I use the following free indicators: Nice advertorial for the banksters ie VertexFX. Post your spam elsewhere. Hi John, appreciate for your blog and do hope we can be friend. Sighs, I was gonna trade…… was! A couple of points, though. First, retail forex only dates back to about Please can you clarify the following statement: Same though has crossed my mind…………many times.

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