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Saying hi!
Hello,
I have been trading on the forex for about 6 months now, it has been an everyday learning experience, Fun though. Happy to be on a community site, we can all use a bit of assurance from each other now and then.
On another note, I am with easy-forex.com, have been for 6 months. I wanted to see if anyone else has had the problem I have had with them. I used my bank card to fund the acct, just a mini acct. Anyways, when I have lost $20 trading here and there, they take the money out of my forex acct, and charge my credit/bank card for the same amount I lost that day trading. So they were/are double dipping my account. JUst a warning, or if someone can explain why the heck they would be doing that, beats me.
Thanks,
Cam
I have been trading on the forex for about 6 months now, it has been an everyday learning experience, Fun though. Happy to be on a community site, we can all use a bit of assurance from each other now and then.
On another note, I am with easy-forex.com, have been for 6 months. I wanted to see if anyone else has had the problem I have had with them. I used my bank card to fund the acct, just a mini acct. Anyways, when I have lost $20 trading here and there, they take the money out of my forex acct, and charge my credit/bank card for the same amount I lost that day trading. So they were/are double dipping my account. JUst a warning, or if someone can explain why the heck they would be doing that, beats me.
Thanks,
Cam
Replies to This Discussion
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Permalink Reply by yuval on -
Hi Cameron,
I have been trading with Easy-Forex since I started trading about 3 years ago for about a year. I left them because of a few things that were a little strange. I later found out why. I'll explain. Easy-Forex is a market maker, which means that when you trade you don't trade directly against the international currency market but against Easy-Forex. They open a counter position against you.Then they cover themselves against losses by trading in the market. Why? Because they know that most traders (Some say 90%-95%) lose in forex trading. So let's say a 100 traders opened accounts in Easy-Forex, each one depositing $1000. The money, $100,000, is in Easy-Forex's account. Now let's say all traders opened a 1 lot position. 95% lost which is $95,000 that is left in Easy-Forex's account, and 5% won. So you see that Easy-Forex makes allot of money just by traders loosing...Now just to clarify, every broker that is a market maker, which is most brokers out there, can make money this way, unless their traders are really good and professional. This way of conducting business is legal but is problematic, since it creates a conflict of interests where your broker benefits from your losses. It's even worse when some brokers actively trade against you. How? Slippage on stop loss orders, platform freezes, shifting the spread to gain a few extra pips, moving the rate to just reach your stop loss even if the market never really reached it, and more...
Easy-Forex is not the worse but not the best either. It has a big advantage that there is no slippage and you can freeze the rate for 3.5 seconds before closing the trade. I personally made money just from that on news time. But they also literally took money from me using the methods mentioned above.
You should know that they were sued in Israel for compensating their agents based on client's losses. The trial is still going on.
I'm not saying you should leave them, but it is always better to try a few brokers, especially ECNs which are not market makers, so they don't have an interest in your lose.
Hope this clarifies things a little
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Permalink Reply by Vlad on -
Hi Yuval,
I have to agree with you on this broker. I had problems with brokers on my own. I have to ask you what broker do you trade now? How did you make your decision and what are the aspects they offer?
Thanks
Vlad
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Permalink Reply by Jhon on
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Hi i have read you message. I have heard this for the first time as this also happnes. As i have been trading sine last 4 years but i have not yet come accrose such type of matter. I am having a online platform at home, and i trade it from my house, and it has become like my business too. The platform which i am having is very nice i all accepts. It is nice from the time of regidtration to refund. It is have a wire transferr system.
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Permalink Reply by Tony on -
Hi Cameron just to let you know just be careful also try to find brokers in your local area if you can, I did use them I also and let them go. But don't get discourge just try some different brokers. Take care. Tony
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Permalink Reply by Jhon on
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Hi Cameron nice knowing about you that u r trading about 6 months. But be safe as trading can some times be dangerous to your pocket. Go for some nice Forex Sites for tips. Like i have done, i have searched many sites for it.
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Permalink Reply by anslem on
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hey dave, i'm just a beginner with no idea but i can assure you that i can learn fast...........for real
i need to know more ...but where do I start
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Permalink Reply by princess Todd on -
Hey guys....
Here are some Forex trading tips which are very helpful to all. I hope you would enjoy and earn huge profits in Forex. My forex broker is http://www.finexo.com/.
a. Clear all the concepts, terminology and basics
b. Learn technicalities like tech. analysis and fundamental analysis.
c. Choose a right broker like the one who is real, charges less spread, better functionality and user friendly platform.
d. Collect sources from where you will get market updates and past data of the currencies.
e. Capital. Invest only a small amount initially and then gradually increase based on your performance.
Regards
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Permalink Reply by Anne on -
hi all
well this case is not only with easy forex but most of the trading house. Every broker has bulks of account and they play a huge part in moving the market. Yuval has given a great example for all of us. Broker benefits from our losses too but i doubt about the statement that "ECN are not market mover" but i believe they too moves market. What do you want to say?
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Permalink Reply by princess Todd on
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Hi anne,
When we first decide to trade Forex we will need to locate a reliable broker. It's very important that you familiarize yourself with the software the broker uses for making trades analyzing the market any other features they may offer. Many have a training or tutorial account that will allow you to signup make trades for free. Use this to your advantage before just jumping in tossing your money in.
but some are very reputed brokers and have extra returns ratio than others. Like the one i am trading with is Finexo. this broker provides quite a lot facilities with extra returns percentage. You can have alook at its site: http://www.finexo.com/
Regards
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Permalink Reply by Anne on
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Ask any experienced forex trader and they will all tell you the same thing: the forex is not the place to cut your teeth as a day trader. Novices can, and do, get their fingers burnt quickly, even when they have had experience in trading stocks and shares.
We need to decide for ourselves as to which broker will best suit our needs. And that requires a thorough research. For novice traders that is obviously a little hard. Some help can be taken from the forex broker comparision sites for a general outline of the major brokers in the market.
Apart from that Trading tools ,Knowledge base,over all Service,Security of the funds with regards a broker are of prime concern.
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Permalink Reply by princess Todd on
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As a new trader to broker trading, you need to be able to easily identify the key factors that make up this business. Knowing how to trade isn't good enough. Knowing why you should trade, for what reason and how to control yourself play much bigger roles in long term strategy.
• Trade On News: The majority of currencies make their biggest moves around news, because there is always some juicy piece of information released that has an effect on the market. Most of the biggest players in the forex business make the majority of their trades when the news comes on in the morning. It prepares you for what is to be expected.
• KISS - Keep It Simple Silly: Often the best traders out there don't have this complex sophisticated trading strategies because they're often ineffective. The best thing you can do is get down to the basics of this business and keep it as simple as possible.
• Eliminate Emotion and Your Ego: These are probably the two biggest enemies you'll run into. You won't have to worry about the competitors in the market, you have to watch yourself. Making an emotion trade is just plain gambling. When you have problems with your ego, you start to try to prove something(to someone else) and usually end up showing off. They're both losing strategies.
• Get Automated Software: Having software like Forex Killer can save you a lot of time since it will automatically go through currency data and graphs searching for profitable trends that you can exploit.
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