Well O.K., This is a tuff market to make a profit in even when things are going good. I have noticed over the last few months that when we figure a way to grind out a small profit, they (the Broker's) keep changing the rules. Like for example:
Trading the news, this has proven to be a money maker for a lot of trader, but now the Broker have changed the rules by uping the spread by as much 20 pips from 5 to 10 minutes before the event to 5 or 10 past the event raking in most if not all of the profit for them self's, and if that doesn't work they just lock you out of the trade all together, this way they don't lose any money. Althought they advertize a small pips spread and instant trades.

Maximum number of trades, Some trader's like myself like to made as many as 100 trades at a time to make a profit. Now I see that interBankFX is going to limit the number of trades you are allow to make in a period of time futher limiting the ability of a trader to make a profit. I believe this will start on Sept. 15, 2006
The new user argeement was released Sept. 2, 2006.

I sure the next time we figure out a way to grind out a small profit the will change the rules again.

Just saying;

MKH

Attached Files

ibfx customer agreement as of 2 Sept 06.pdf (123.5 KB, 48 views)

All Brokers are scumbags

InterbankFX put the maximum number of trades open at any moment by a trader to reduce the load on the server

Sorry, but that sounds like pure unadulterated bullcrap to me.

If that is the case, then they are being cheap and not investing enough in servers and other related technology.

Nicely said.

how many trades do you really need going at a time..?? second they do not knock you out of your trade THEY DO NOT PERSONALLY ALTER YOUR VERY OWN FEED TO **** YOU OUT OF YOUR TRADE...the reason you lost a trade is because you didnt give the market enough room to move.. Ill take a guess and figure you do multiple scalp technique of some sort with very very small stop losses.. which is why you think they knock you out of trades because the market moves against you. These guys have every customer trading in everydirection possible you would have a hell of a time trying to stop out traders that just crazy to think that...i have 3 different accounts with 3 different brokers, and never NEVER have i had 1 get stopped out with out the rest of them getting stopped out too.. data feeds can and will differ ...right now as im typing this im going to sell GBP USD well in the next 30 minute bar actually...i can look at my fibos, and other lines a know there is a good chance it could go 25-30 pips against me..am i gonna put a 25pip stop on it NO..im going to allow plenty of room for the data feed to do its thing and then continue on with the profit making ... 483 pips last week..without a loosing trade i would think if they wanted to stop people out i would be in line too..the most a trade went against me was about 32 pips WHY ? because it does things like that and you have to beable to deal with IT

Hey guys, have you know any broker with following rule:

We would like to inform to all traders that due to Non Farm Payrolls today,
Friday 1st September 2006 that may cause the market to be volatile ( Hectic )
we are implying rules as follows:

1. Stop orders are only valid for open position.
It is not allowed to put stop order (Buy Stop / Sell Stop) for New position as well as
Stop Loss for Hedged position.
2. In the case of Stop Order being filled when account does not have any Open position or Hedged,
we will impose a penalty of Spread ( Over Trade )and still be charged with commision.
If the over trade order is liquidated by client, therefore we will consider the liquidation
price as a New Position. Over trade order will still be cut by penalty of spread.

Thank you for your attention.

What do you think?

I think that's a situation to be very scared of.
Lets say someone has a longer term strategy. Say 2-6 weeks.
The logic behind that strategy requires adding new positions, change stops, build or drop hedges, etc.
All in a very gentle way. No endless server requests and grid stuff.

During news time that EA can't perform it's logic.
So it can't protect the portfolio. But be assured that margin calls and losses due to this EA crippling are very real.

__________________
TraderSeven,
May the pips be with you.

But it is true.
They set the limit to 100.
Later they changed it to something like 400 'by popular demand'

__________________
TraderSeven,
May the pips be with you.

Why not just say: "We don't want you straddling the news. Go elsewhere to do this."

On one hand, I say "@#$#@$ off" to the broker, and on the other hand, I say, well, this makes sense. If the broker honors your orders and the momentum moves to quickly for them to fill it with their clearing house, they still have to pay that diff to you, and it comes out of their pocket. ECN is actually similar though, as "everyone" is trying to do the same thing. Remember, you need a buyer for your sell, and a seller for your buy. Why would anyone in their right mind sell at such an unknown time? That's why the spread goes nuts.

You want to limit your loss, and so does the other "person". This broker is simply saying - you'd better be damn sure of your position if you want to take it, because you're going to have to take it out of the market, not out of our pocket."

So, there are two sides to the coin. It seems brokers can be scumbags, but putting myself in their shoes for a min or two has been a bit enlightening for me... I guess it helps to know how a scumbag thinks. haha

There are plenty of other crappy ways they can screw you out of money that they WON'T send you an email about. That's what really worries me... haha