Quiting forex after one year

[Gamma_Jammer]

Bluewrath,

For what it's worth I think you should stick with it. As Mick said, you've managed to make a 14% return in your first year when the vast majority of inexperienced traders blow their account (so compared to them you're 114% better off). It's obvious you are doing something right, and you therefore have a good foundation going forward (assuming you are learning from the mistakes you do make from time to time).

And all this is including being 'sniped' by your broker? So if you can get that sorted out you should make even more. You say you have more than one feed. That's a good start. Did you query these trades with your broker? If so what did they say? If you have a genuine case (and it sounds like you might) then you should be able to get it sorted out. I don't think stop hunting goes on anywhere near as often as private traders on this site think it does, but I'm sure it does happen from time to time.

Make sure you have your facts straight and confront them next time. Is your second quote source reliable? (i.e. is the lack of a spike on that source because it wasnt really there in the market, or merely because they are 'smoothing' the price). There are enough traders here with enough different sources that you should be able to get a decent consensus on genuine highs and lows.

Good Luck

GJ

[uppernet]

i agree with bluewrath ..... i also felt being cheated by brokers a lot of times that is why i use mental stops for short swings instead of placing advance tight stops.... 14% roi per annum is considered as poor performance ....... i know one skillful trader who is very very good daytrader, his average roi on his trading capital on emini is fantastic and seems unbelievable but it is true ..... i rather not mention the percentage because you probably wont believe me ......technical plays can be applied to any market be it stocks, futures or currencies ....... the advantage of emini is the one tick spread versus the 3-5 pips spread of fx ....... stocks and eminis have same bid / ask when we trade online ...... fx is confusing , the rates seems to differ from broker to broker , that means in fx, aside from have the trading skill, we still need the skill to guard against manipulation by our brokers ...... while it is true stock brokerge may also do some fraudulent acts, it is not as easy as cheating of fx brokerages.... just my opinion...

[CTGJr]

you may find this thread of interest

I Was Frauded With Refcofx
hello to everyone . I want to inform you , that REFCOFX stole from my account USD 94.800 with unsolicited trades ( friday 06 august 2004 at 11-47 to 11-49 ) I want to advice you to not trade with REFCO FX till my case will be closed with CFTC/NFA . I can provide all data to confirm , that REFCOFX made fraud in my account . And i will be pleased if some REFCOFX representative can joint this disussion and help me with recovering my money.

thread

[MickMason]

Originally posted by CTGJr

you may find this thread of interest

Sorry, I miss the connection, that thread is about a data trader not getting his order filled.

Mick

[uppernet]

i am new to this forum but i can sense that bunnygirl and mick mason seems to be one of those legitimate good technical traders ..... a good trader will defenitely turn out to be profitable in the long run even with having some trades that gone sour due to brokerage errors ...... i believe fx trading is really subjected to more brokerage manipulation than emini futures trading ...... if mick mason and bunny girl can do good with 3-5 pips spreads in forex trading , i am almost certain they will do a lot lot better with emini which seems easier to trade because you can already be profitable if you are one tick ahead ..... it would be interesting if they try the emini futures demo for a few months and then make comparisons on profitability .... so that we will know

[CTGJr]

Hello everybody,

I would like to hear your opinion about an important issue to me: I have been trading forex for just under one year now (with 42,000 EUROS starting investment and a 14% ROI up-to-date, not much as you can see) . After one year of efforts, I am seriously considering quitting forex and go into a regulated market (perhaps Eminis) basically because I have reached the conclusion that the little guy is completely at the mercy of his broker.

you missed the point of the other thread -- traders closed trades for large gains after a news event -- a few hours later, Refco reversed those winning trades at their discretion

a bit alarming, no?

are we "completely at the mercy of [our] broker" --
are they making up the rules as they go along?

[MickMason]

Hi uppernet

I've never really looked at eminis, I'm fairly comfortable in spot fx and probably a bit of an old dog to teach new tricks

Hi CTGjr

No, I got the point alright, in fact I posted on that thread. Trading news release was never a good idea, and definitely not now brokers have limited the opportunity of a quick 100 (overleveraged) pips. I don't agree with what RefcoFX have done, far from it, a filled order should not be unfilled three hours later, but I can understand their reasons for no longer guaranteeing order prices.

In defence of brokers I've got to say, in all the time I've been trading I have never had an order cancelled after it had been executed, rarely have I experienced stop-hunting, and re-quotes have also been rare, maybe I'm just lucky or maybe it has something to do with only trading calmer markets and avoiding unpredictable and excessively volatile periods.

Mick

[pipseeker]

Here is similar thread