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I left a trade running on Friday that opened using the Eur/CHF . It was down $78.00. @1.5524(Short)
FXCM and FXDD open up before IBFX on Sunday and show a lower opening of 1.5512, BELOW my take profit!!
**YET im still in the trade NEGATIVE!!
** In fact the price goes down all the wat to 1.5504 and NOW im at breakeven!!
** I double check spreads for this pair on BOTH FXDD and FXCM--> its 9 Pips
** I check the spread on IBFX--> its 19 Pips!!!!!!!!!!!!!!
If you're trading through the weekend, especially with NFP coming up- that's really your own fault for choosing to hold your position over the weekend.
Second of all, if you didn't realize that every broker (except FXDD which I am not endorsing) has crazy spreads as of late.
Such a post really has no genuine merit to it, becuase if you don't want to use these bucketshops, you can easily find another broker- who might also be a bucket shop.
People *****, moan, and complain about things that are generally their own fault. And if you havn't notice- other brokers have different interbank feeds, hence the possible difference in spreads.
Do your homework, and stop moaning- because timberlake left the scene and I don't want you to cry the forum a river. For a single post, this was another example of people quite easily categorized in my thread.
That is really terrible. I'm not very happy with IBFX's spread on their exotics either, they seem to fluctuate very often and very wide as well.
Anyways, I think you have a valid complaint. But that is the bucketshop nature, so either you move to futures (high margin requirements, but centralized market) or some other shop (with no guarantee it will be better).
Or you do what I do, I stay with the vanilla. I normally only trade the 4 major currency pairs with tighter spreads and higher liquidity. Although I will venture into EURGBP, and EURJPY to get some quick action, but even the EURJPY, I've seen higher spreads than other brokers. Basically, I just trade anything with 6 pips or less spread. I'm trying to make a few pips, there is no point giving the broker like 7+ pips, that's too big of an advantage unless I'm looking to hold long term.
Good luck.
__________________
aka jbfx
Last edited by Kenny Rogers; 12-08-2008 at 01:36 AM.
If you're trading through the weekend, especially with NFP coming up- that's really your own fault for choosing to hold your position over the weekend.
Second of all, if you didn't realize that every broker (except FXDD which I am not endorsing) has crazy spreads as of late.
Such a post really has no genuine merit to it, becuase if you don't want to use these bucketshops, you can easily find another broker- who might also be a bucket shop.
People *****, moan, and complain about things that are generally their own fault. And if you havn't notice- other brokers have different interbank feeds, hence the possible difference in spreads.
Do your homework, and stop moaning- because timberlake left the scene and I don't want you to cry the forum a river. For a single post, this was another example of people quite easily categorized in my thread.
I didnt ask you to judge my thread, im entitled to my opinion. And i dont need advice, im well aware of all those things. MY POINT is, the SAME TRADE made profit on two brokers and LOSS on IBFX.
Im entitled to tell the users of this forum my experiences with my brokers, and if my moaning bothers you, click the ignore button.
I really don't think anyone likes me judging anyone's thread.
But you're right, you are definitely entitled to your opinion. but of course if you didn't need advice- since you're "well aware of all those things"- I guess then what kind of person chooses to lose money? I guess a good trader right? It's sorta like that saying, "guns don't kill people, people kill people" - You're the one "aware of all those things" who decided to place the trade, so it isn't really the brokers fault.
So your opinion is contradictory at best- so what opinion are you really providing people aside from a extremely biased opinion because of your own mistake?
Cheers,
Quote:
Originally Posted by tek1972
I didnt ask you to judge my thread, im entitled to my opinion. And i dont need advice, im well aware of all those things. MY POINT is, the SAME TRADE made profit on two brokers and LOSS on IBFX.
Im entitled to tell the users of this forum my experiences with my brokers, and if my moaning bothers you, click the ignore button.
I really don't think anyone likes me judging anyone's thread.
But you're right, you are definitely entitled to your opinion. but of course if you didn't need advice- since you're "well aware of all those things"- I guess then what kind of person chooses to lose money? I guess a good trader right? It's sorta like that saying, "guns don't kill people, people kill people" - You're the one "aware of all those things" who decided to place the trade, so it isn't really the brokers fault.
So your opinion is contradictory at best- so what opinion are you really providing people aside from a extremely biased opinion because of your own mistake?
Cheers,
I never said I lost money on the trade Einstein. I said I had a loss compared to two trades in profit on open.Trade closed in profit, eventually.
At least you SOUND intelligent.
please, only argue the facts, not the assumptions.
I really don't think anyone likes me judging anyone's thread.
But you're right, you are definitely entitled to your opinion. but of course if you didn't need advice- since you're "well aware of all those things"- I guess then what kind of person chooses to lose money? I guess a good trader right? It's sorta like that saying, "guns don't kill people, people kill people" - You're the one "aware of all those things" who decided to place the trade, so it isn't really the brokers fault.
So your opinion is contradictory at best- so what opinion are you really providing people aside from a extremely biased opinion because of your own mistake?
Cheers,
By the way-- BIASED? Me thinks somebody is defending IBFX for some reason.
Im not biased at all. Facts are, FXDD and FXCM opened the week with great spreads for a Sunday open, while IBFX had ridiculous spreads. I think thats worth mentioning. If you dont think it is, then continue to encourage users of this forum to ignore my "facts", because i "should have known better".
get off your high horse and stop thinking your better than everyone else here. Your arrogant and unhelpful. You are now on my ignore list, so type away, i have no time to waste replying to arrogant people like you.
That's good. Save me from typing any more ridiculously obvious contradictions you make.
I did state facts. I even used quotes from your own reply. You were well aware of my facts, yet- you placed trades anyways? You knew that they could increase the spread, so regardless you thought the risk reward was worth it.
You put yourself in a situation where'd you take heat, knowing you would take heat. So knowing that you would take heat, you post a big fat "IBFX IS A SCAM" as if you didn't know they could increase spread. So should I expect another ridiculous posting like "FXDD" is a scam when they decide to increase spreads?
Wouldn't common sense dictate, rather than posting something unhelpful to anyone, it'd be helpful to post a tip?
I think this would be a fitting statement to be helpful.
"Hey guys, I just noticed that IBFX sometimes has extreme spreads, whereas FXDD and FXCM don't. So just be careful during the weekends because I knew there was a POSSIBILITY they would increase spreads, and I took the trade. Now take a look at the spreads they put, its rather ridiculous"
Rather than some childish 5 yr old rant of yours complaining about your own decisions acting as if you were unaware of the facts-.. but you were..
Anyways, I am helpful, just to people who ask for it after doing their homework.
You did your homework and you still made a bad decision and now you're complaining about it. Regardless how you said "you made profit." you complained about the floating loss that IBFX spreads put you in, as if they forced the decision process on you.
You can't tell me you're not complaining about it, or can you? Mind you, this title should be self explanatory.
This is a timely update of ibfx - I've been trading with them for about eight months now, and everything was great, while I was loosing! But once I began to make a little dough, it's like someone flipped a switch or something - all the sudden I get repeated off-quotes, requotes & trade context is busy. Last week I had four positions open that began to move against me and what do you know - repeated off-quotes, requotes & trade context is busy! Imagine that. Its like someone pulled the plug or something. I lost about a grand that week, thanks ibfx. The really horrible part is that after I had rebooted a couple of times, triple checked my internet connection, prayed, cried and screemed, I finally called them on the phone ( in retrospect I should have done that first! word..) & had them manually close my trades. They admited that their trade server was down. They did reverse one trade from the time I was on the phone(-$300.00) they gave me back $16. But they said that they would not reverse the other trades because their journal didn't show I was attempting to close them. Stay with me now...the journal is on their trade server (yeah, the server that was down...) the story goes on but the long & short of it is that they wiped me out and I have virtually no recourse, I know for sure I'll never give them another red cent as long as I live, and neither should you!
After some research I found they were fined by the NFA for the same behavior in the past. Appearantly the whole scam is profitable enough to pay the fine and continue fleecing their clients. I can't wait for somebody to file a class action lawsuit against ibfx & todd crossland in particular, I would love nothing more than to get these theives in open court, hint, hint.
In a nutshell - imho yes, they are still stealing from their clients and no they don't appear to be capable or desirous of changing, even after being fined, really.
So I wrote an EA that uses windows functions to ping the server ip, and records the result to a data file, ( as a technical analyst the results were interesting to say the least) I have determined that this is not an isolated incident - just the one where I caught them red-handed! You can have a copy of my EA, I'm making it freely available, as long as you don't work for ibfx. ibfx can have it for $1,000.00, thats the amount they stole from me last week.
So thats what happened to me, and I have earned the right to make a couple of suggestions for would be ibfx clients:
1) Don't trade with ibfx if your expecting to be treated fairly.
2) Ping their trade server, for your own defense (it goes down a lot)
3)Don't trade with ibfx if you want a stable platform, the platform can never be more reliable than the trade server, period.
4)Be sure to check with the NFA for previous violations.
5)Don't trade with ibfx if you value your account equity.
6)If you get hung in a trade, Call them to manually close the open trades first, then reboot & so-forth
7) Oh yeah, Don't trade with ibfx unless you want to get fleeced
8)If you suspect problems get my free EA to document the servers unreliance.
9) in case I forgot to mention it Dont Trade With ibfx, there are much better market makers out there. And thats really what they are a market maker not a broker! The exist for one purpose and one purpose only that being to separate you from your money, sooner or later but always.
I wish many pips for you all, but you won't find them at ibfx, thats for sure!
RC
Don't trade with ibfx
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