Comments on: Screwed by his forex broker http://www.theessentialsoftrading.com/Blog/index.php/2009/10/05/screwed-by-his-forex-broker/ Information and resources for those looking to learn about trading and the markets Fri, 05 Mar 2010 13:27:29 -0500 http://wordpress.org/?v=2.9.2 hourly 1 By: Danko L. http://www.theessentialsoftrading.com/Blog/index.php/2009/10/05/screwed-by-his-forex-broker/#comment-14980 Danko L. Sat, 10 Oct 2009 10:36:01 +0000 http://www.theessentialsoftrading.com/Blog/?p=1383#comment-14980 All of us know that some of brokers are scamers, but... I think this man just do not know how to trade. At the beggining of my forex carieer I was also in same situation like this man, but I knew that was my bad decision what to trade, not broker. I mean, why to open 7 positions in one single day? How much you have to invest per trade to burn your whole account for only two days?! People are often lazy to learn and to educate themselfs before trading... and when they burn their accounts in two days they always blame brokers... Come on, don't be childrish! All of us know that some of brokers are scamers, but… I think this man just do not know how to trade. At the beggining of my forex carieer I was also in same situation like this man, but I knew that was my bad decision what to trade, not broker.

I mean, why to open 7 positions in one single day? How much you have to invest per trade to burn your whole account for only two days?!

People are often lazy to learn and to educate themselfs before trading… and when they burn their accounts in two days they always blame brokers… Come on, don’t be childrish!

]]> By: John http://www.theessentialsoftrading.com/Blog/index.php/2009/10/05/screwed-by-his-forex-broker/#comment-14945 John Tue, 06 Oct 2009 11:44:37 +0000 http://www.theessentialsoftrading.com/Blog/?p=1383#comment-14945 cr - Since there are brokers which allow you to trade very small amounts (like Oanda), one doesn't need $2k to be able to effectively trade forex. On the flip side of that, though, given the available leverage, $2k or more in the account is not going to stop someone from losing 70% of their account in two days. That's the sort of thing that can be done at any capitalization level when chasing a market (and he was probably revenge trading too). cr – Since there are brokers which allow you to trade very small amounts (like Oanda), one doesn’t need $2k to be able to effectively trade forex. On the flip side of that, though, given the available leverage, $2k or more in the account is not going to stop someone from losing 70% of their account in two days. That’s the sort of thing that can be done at any capitalization level when chasing a market (and he was probably revenge trading too).

]]> By: cr http://www.theessentialsoftrading.com/Blog/index.php/2009/10/05/screwed-by-his-forex-broker/#comment-14938 cr Mon, 05 Oct 2009 22:35:49 +0000 http://www.theessentialsoftrading.com/Blog/?p=1383#comment-14938 I've traded equities for over 8 years. I've spent the greater part of 2009 researching FX. I've demoed almost every platform/broker out there. Still, I feel like I have no clue. But, its no secret that the bulk of retail FX brokers are bucketshops. Of course they are trading against you! But, his account was wiped out in 2 days?! He either started out with only 2K or less.....and thus never really gave himself a chance. Or, he was levered at least 50:1 which is the same as starting out with 2K or less. Another thing............granted, the FX markets do trend, but, they also retrace a lot during intraday and can be notoriously range bound. I’ve traded equities for over 8 years. I’ve spent the greater part of 2009 researching FX. I’ve demoed almost every platform/broker out there. Still, I feel like I have no clue. But, its no secret that the bulk of retail FX brokers are bucketshops. Of course they are trading against you!

But, his account was wiped out in 2 days?! He either started out with only 2K or less…..and thus never really gave himself a chance. Or, he was levered at least 50:1 which is the same as starting out with 2K or less.

Another thing…………granted, the FX markets do trend, but, they also retrace a lot during intraday and can be notoriously range bound.

]]>