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I agree with Croesus, what's the problem? This whole issue about market manipulation is bogus.
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Maybe I should have been more specific: PRICE MANIPULATION (by individual brokers), not MARKET MANIPULATION.
What do I mean by manipulation? Here you go:
On this past Tuesday, At 8:31 AM (EDT), FXCM reported a drop in the GPB/USD from 1.8375 to 1.8313. The market then shot up over 100 pips to around 1.8420 before starting back down. I run 3 different charting packages, one of these from FXCM. I defy you or anyone else to show me a chart other than FXCM's where the price dipped to 1.8313 @ 8:31 AM. According to my other charting packages, the low at that time ranged from 1.8368 - 1.8270. I called three brokers other than FXCM and they confirmred this. Finally, I called FXCM, and after "pressing" the rep on this huge discrepency for nearly 10 minutes, he finally admitted it was a "misquote" on their part, and the low at that time was really 1.8370! A Misquote of over 57 pips?!! Give me break! If you don't think this was price manipulation, then you're living in Fantasy Land. This little maneuver cost me several thousand dollars because my order was prematurely executed and stopped out. My order shouldn't have been executed until 8:41, in which case I would have been short the market with 7 lots running, and up over 90 pips per lot. The best FXCM would do is set my P/L to breakeven.
Again, if any of you guys want to believe price manipulation (notice I said PRICE MANIPULATION, not MARKET MANIPULATION) does not happen, then that's your problem. I heard this FIRSTHAND from a former currency broker that I've known for over
5 years. Does it mean that you can't make money in this market? Ofcourse not. That's not what I'm saying.
Personally, I don't care what any of you believe. Just trying to share the facts. Whether you want to believe price manipulation happens or not, that's your choice. I'll sleep just fine either way.
Peace