Results 1 to 10 of 10

Thread: If you start to be successful - Will your broker close you down?

  1. #1
    To begin with, my apologies if this was asked before, however, I am too lazy to look through the rest of the postings.

    The reason I am asking is twofold - 1 ). A petition to some other successful UKforexforum.co.zareaders to publicly advise regarding their experiences of UK spreadbetting company reactions to successful traders, and, 2. The global perspective on the traditional brokers to avoid and the HONEST broker players who cancel their losses by actually going into the market, happy just to take the disperse.

    Stage 1.

    From the UK we could legitimately win cash TAX FREE by spread betting with UK resistered firms like FINSPREADS, CAPITAL GAINS etc.. It's necessary to find out that these spreadbetting companies rarely visit the market except to cancel their potential losses if your transaction is large enough and happens to agree with the general consensus of their in-house experts.
    However, in the UK it is widely held that these businesses and their national competitors are really just glamourised BOOKIES, and as they're legally entitled to decline your business on a whim, should they decide to do so (they start to lose over you and they see an emerging pattern of continuing achievement for you).
    Is this accurate? And if so, at what degrees do they start to get twitchy?

    I hope the answer is NONSENSE - go ahead, we challenge you to bankrupt us.... But, somehow, I doubt it.

    Point 2.

    Are there really organisations out there globally who will take your trades and make it possible for you to always be successful?

    If the answer to 2 is NO, then what is the purpose of trading?

    However, I hope that the answer to 2. Is YES - but expect to cover wider spreads and spreads at least $xxxxx etc..

    I hope you guys could help.

  2. #2
    Quote Originally Posted by ;
    I think with spreadbetting that's entirely possible.... As you mentioned, they're bookies but what about the law?

    It's weird they can take to take your position and not pay you once you win...
    I'm sorry, I didn't mean to suggest that they will not honor a winning commerce, only to point out that traditional bookmakers here in the united kingdom will terminate your account if they feel you are going to win more than you lose.
    I was actually only looking for some feedback from successful UK traders as to whether thse are still using Spreadbetting businesses or have moved on to traditional brokers\market makers - who they believe should be avoided and they rate as basically fair.

  3. #3
    If your broker hasn't shut down you as of yet, one of the things needs to be thought about.
    1.) They won't shut down you once profitable.
    2.) You aren't profitable.
    Just funnin'

  4. #4
    This is a large misconception concerning brokers. Most would want for you to be profitable in order that they can make spreads on each and every transaction you make. There's no volume and no more spread for them As soon as you blowout. Too many folks on this forum blame there broker for there inability to exchange. Everybody wants you to be successful, so just you are holding yourself back.

  5. #5
    Sorry, Roland, but self help and confidence don't determine success in Forex.

    Most brokers make only a tiny percent of their earnings spreads and rollover markups. The rest is made on taking the other side of the trade, so a successful trader will cost the broker cash in the long term.

    That's firm sense, not investing in sense.

  6. #6
    Quote Originally Posted by ;
    Sorry, Roland, but self help and confidence don't determine success in Forex.

    Most brokers make only a tiny percent of their earnings spreads and rollover markups. The rest is created on taking the other side of the trade, so a successful trader will charge the broker money in the long term.

    That's firm sense, not investing in sense.
    I'm sorry but you're incorrect here. Most quality brokerages don't trade against customers and just match up client orders or pass them on to banks. I'm not certain where you trade, but it seems like you need to find a new broker.

    I also disagree that self help and confidence don't play a role in forex trading. In reality if you read New Market Wizards you may get that this is cited multiple times by successful traders.

    Actually I would say emotional egy is the most essential feature of a succesful trader.

    Ro

  7. #7
    Quote Originally Posted by ;
    I am sorry but you're incorrect here. Most quality brokerages don't trade against customers and simply match up customer orders or move them on to banks. I am not certain where you exchange, but it sounds like you need to loe a new broker.

    I also disagree that self help and confidence do not play a part in forex trading. In reality if you read New Market Wizards you will find this is mentioned multiple times by successful traders.

    Actually I would say emotional egy is the most important feature of a succesful trader.

    Ro
    Yeah. But that are the quality brokers? Can there be a league table somewhere?

    As for an earlier comment, I am not blaming my spreadbetting company for any lack of success, I am just concerned about the standing of this type of organisation, i.e. they are effectively bookmakers (here in UK there is no tax liability, thus the initial attraction). And, I would like to understand that my eventual real broker (that I have to face up to the fact that tax might have to be compensated ) will allow me to make superior returns whilst they are happy in the knowledge that they are carrying their spread.

    Is this too much to ask?

  8. #8
    Hello Roland. While I agree w/ you that orders have been matched against one another, the broker chooses the OPPOSITE place w/ the banks (according to most traders neglecting ) That's why many brokers will tell you we consider the risk. Merlin or SMJones, correct me if I am mistaken.

    Now if that which I've said is correct, implementation AGAINST customers becomes a key egy. That's why there are a lot of threads posted saying I had a profitable EA, and also the closed my account. I had a profitable EA, plus my implementation was changed by them.

    As for confidence, it may only take you up to now. This was my purpose.

    Quote Originally Posted by ;
    I am sorry but you're incorrect here. Most quality brokerages do not trade against customers and just match up client orders or pass them to banks. I am not sure where you exchange, but it sounds like you want to loe a new broker.

    I also disagree that self help and confidence do not play a part in Currency Market trading. In fact if you read New Market Wizards you will get that this is mentioned multiple times by successful traders.

    In fact I would say plogical approach has become the most essential attribute of a succesful trader.

    Ro

  9. #9
    I think with spreadbetting that is completely possible.... As you mentioned, they're bookies but what about the regulation?

    It is bizarre they can accept to take your position, not pay you once you win...

  10. #10
    Quote Originally Posted by ;
    In fact I would say emotional egy is the most important attribute of a succesful trader.
    I guess in the long run that is true. Whenever someone is always blowing his accnt due to a faulty egy he will be broke but he will be happy. Otoh, blowing accnts does not really match the description of a prosperous trader, does it? Hmm. . .does that mean a winning egy is much more important than plogy?
    Sorry, maybe the topic of a new thread.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
This website uses cookies
We use cookies to store session information to facilitate remembering your login information, to allow you to save website preferences, to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners.