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Originally Posted by FXGenius
I am now taking fx trading seriously, to make it full time career. But it would be a waste of lots and lots of energies, time, effort and money, if after speding so much, these devils try to make us loose or steal us from your very hard earned money.
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Considering how 90-95% (if we believe those numbers) of people fail, I don't see how those that succeed really hurt the brokers. I don't have all the facts that brokers play against you either (I'd love to have inside info). Besides the winning traders would serve as great marketing ploy for brokerts to use. Why do you think they run all these contests? Not only to encourage people to overleverage and lose, but also to have an excuse to publish high results to attract new clients.
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I also think that if you really put so much into this business, you must have accounts with more than 2 brokers and divide your whole equity among them, so that if you have trouble with any one of them, you can kick him and keep trading with others.
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That would be a good idea when you have large amount of money. And please avoid US, or even swiss banks, and maybe even storing money in USD could be bad.
USD and Swiss are bad currency in the long term (due to the fact that US government CAN freeze all your money without excuse). JPY is unstable, Euro can disappear (european union can collapse easily due to certain ethnic groups clashing with each other), or GBP can become part of Euro (doubtfully, but the possibility is there), so one of the safe currencies would be Loonie which is rising and will rise.
Wth today's internet, brokers have to be careful not to scare anyone off with outrageous moves (such as bankrupcies) so I don't beleive that they could get away with outrageous things (refco might have been one of few exceptions) and they don't really need to. Remember all the emails from various brokers after the Refco story? I did get atleast one email after Refco telling me how my broker is safe, blah,blah.