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Stop Hunting, Broker Manipulation with Metatrader Manager
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Stop Hunting, Broker Manipulation with Metatrader Manager

  #1 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
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Stop Hunting, Broker Manipulation with Metatrader Manager

Interesting video I ran across:


Stop Hunting, Broker Manipulation with Metatrader Manager

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  #2 (permalink)
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  #3 (permalink)
Elite Member
arizona
 
Futures Experience: Intermediate
Platform: rolling my own
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GoldStandard's Avatar
 
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These kinds of shenanigans make retail forex trading, at least with bucket shop brokers, seem like a risky proposition to me. Even non-MT4 brokers can do these sorts of manipulations with their platforms if they choose to. You have to place a lot of trust in your broker when you trade retail forex.

Apparently a lot of people would rather have a free software platform in spite of the risks since the market share of metatrader is huge compared to futures trading platforms like ninjatrader. I think trading software is an area where it makes sense to pay something, so that at least you know your software is working for you and not secretly sabotaging you.

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  #4 (permalink)
Fortitudo et Honor
Austin, TX
 
Futures Experience: Advanced
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Reason #57 to not trade Forex.

As I understand it (I may be mistaken) but there are NO brokers that offer Forex trading that aren't in direct competition with you.

In essence, if you profit, the broker either loses or must find a losing order to pair it against. The broker is truly a market maker and there is no "exchange" to speak of.

"A dumb man never learns. A smart man learns from his own failure and success. But a wise man learns from the failure and success of others."
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  #5 (permalink)
Fortitudo et Honor
Austin, TX
 
Futures Experience: Advanced
Platform: TradeStation
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Posts: 882 since Mar 2011
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I would compare retail Forex to a sports book.

Except that in the case of a sports book, the bookie has the ability to alter his line and encourage offsetting bets. The bookie hopes to simply make the vig in the middle.

In the case of Forex, the broker has limited or no ability to change the "line" or trading value and instead, his only option of protection against unfavorable "bets" is to alter the bet, either marginally or significantly.

On exchange traded items, your trade has to be paired with a comparable transaction before completion. (as I understand it).

"A dumb man never learns. A smart man learns from his own failure and success. But a wise man learns from the failure and success of others."
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  #6 (permalink)
Elite Member
Honolulu, Hawaii
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
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bluemele's Avatar
 
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RM99 View Post
Reason #57 to not trade Forex.

As I understand it (I may be mistaken) but there are NO brokers that offer Forex trading that aren't in direct competition with you.

In essence, if you profit, the broker either loses or must find a losing order to pair it against. The broker is truly a market maker and there is no "exchange" to speak of.

That is not always the case. But generally true I believe.

Some put in HEDGE orders immediately with smaller bid/ask gaps with other sources (non-retail) that enables them to offset the risk.

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  #7 (permalink)
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Futures Experience: Intermediate
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Broker/Data: ATC/TT, AMP/Zen-Fire, AMP/CQG
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bluemele's Avatar
 
Posts: 2,547 since Jun 2010
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Check out NFA complaints. You will find many complaints against forex.com among others with big FINES!

They manipulate big time and yes the typical bucket shop is big time competition. They want you to lose just like the Casino.

That is why so few retail forex guys actually put in hard stops if they are scalping. The broker will see that and hit it. There are some russian brokers that are almost comical.

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  #8 (permalink)
Trading Apprentice
Paris, France
 
Futures Experience: Intermediate
Platform: MetaTrader
Favorite Futures: Forex
 
Posts: 2 since Aug 2011
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Funny that you mention Russian brokers! I'm having a hard time getting my money back from a certain Russian broker. Submitted a request on the 8th, today is 10 days later and still no money. I called them and had to deal with 2 reps who barely spoke English and said something about my account being reviewed for fraud (I guess if you profit they consider it fraud). Stay away from Russian brokers!! Especially if it starts with an L!

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