Thread: Bucket Shops in Forex

Originally Posted by ;

I posted about my latest experience with a popular bucket shop that runs hefty advertizing on this website, and my article got dumped. All I was doing was telling the facts.

Your right, we dont allow just anybody to come on here and slander our patrons, we wont let this happen at any company. The reason is because many times competitions come on this website and slander each other to attempt to gain more business. Thats not what is here for.

If you had, say, 200 posts, and you had been on here engaging in the area for 3 months, your valid grip would be discussed openly. But thats not true, you probably hit the floor running with your conspiracy theories and came in here with two or three posts. There are a lot of us and the ones that do tend to focus on how best to play the sport as opposed to whining about the principles. Thats pretty much im happy its manner and exactly the air around here.

Btw, I agree with your comments about ECNs. They are great. Soon I think the ECN setup will be moved by the whole trading world. There is no good reason for a middleman if there's sufficient liquidity.

Originally Posted by ;

The ECN's do not advertize much, at least not in areas such as this. Large amounts are traded in by their clientel, and you won't find individuals in such Internet forums in that league.

Everyone starts out small, homie. Tom Baldwin walked with 25k of his own money - all he had on earth in the time - with zero experience. He learned on the fly. Soros worked before getting wealthy. Bruce Kovner began trading currencies with $3000 he borrowed from his credit card while he was driving a cab. Baldwin creates an obscene amount of money, something like 30 mil a year, Kovner is Soros, and a billionaire, is, well, Soros.

I'm saying this since your post appears very condescending and presumptuous. Besides which, CoesFX is one of those ECNs and they advertise on this board all of the time. You do not just come off as a prick, but you're incorrect to boot.

Hi,

I'm quite new and lost $400 in forex at roughly exactly the exact same time I dropped my day job. I have two children and a wife. So, maybe, and maybe, PT49 has a similar problem that led him to say condescending things.

But I read somewhere that 95 percent of people who trade in forex lost money and only 5% gain. So, perhaps brokers out there really are pawn stores and only 5% of them are actual golds. So, PT49, why don't you try to find those? Cos when you do, then you'll be wealthier than Uncle Scrooge.

Originally Posted by ;

Everybody starts out little, homie. Tom Baldwin walked with 25k of his own money into the CBOT - all he had on earth with zero experience - at the time. He learned on the fly. Soros worked before getting wealthy. Bruce Kovner started trading currencies with $3000 while he drove a taxi that he borrowed against his credit card. Baldwin makes an obscene quantity of money, something like 30 mil per year, Kovner is Soros, and a billionaire, is, well, Soros.

I am saying this since your article seems very condescending and presumptuous. Besides that, CoesFX is one of these ECNs and they advertise on this board all the time. You do not just come off as a manhood that is , but you're wrong to boot.

You fool... the truth hurts huh? The reason you responded the way you did is because you're not sure so you turn to using insults, whether I'm correct or not.

This is twice now I've been reminded that I've been in this forum long enough to know what I'm talking about. For all you know I may be your hero Mr Soros. Idiots like you accuse newcomers of not being able to tell the facts, just because they're... newcomers.

Then you accuse me of being condescending... you're a hypocrite.

You also misunderstood my article regarding bucket shops and ECN's... where did I bulge ECN's and bucket shop brokers collectively? I didn't.

I said that I'd made a post concerning problems I had with a bucket shop that advertizes here, and my post was deleted... actually the whole thread was deleted. I'd also state that you won't see lots of ECN's advertizing in these forums... that do not mean none of these advertize.

You cite Coes... they are an instance of an equity trader that is making the transfer to the Forex market, and yes they are an ECN. They use a very speedy bank feed.

Originally Posted by ;

You idiot... the truth hurts huh? The reason you responded the way you did is because you're unsure whether I'm right or not, so that you turn to using insults.

That is twice now I've been reminded that I've been in this forum long enough to know what I'm speaking about. For all you know I might be your precious hero Mr Soros. Idiots like you accuse newcomers of never being able to tell the truth, just because they're... newcomers.

Then you accuse me of being condescending... you're a hypocrite.

In addition you misunderstood my article regarding bucket shops and ECN's... where did I bulge ECN's and bucket shop brokers collectively? I didn't.

I said that I'd made a post regarding problems I had with a bucket shop that advertizes here, and my first post was deleted... really the whole thread had been deleted. I'd also say that you won't see lots of ECN's advertizing in these forums... that do not mean none of them.

You mention Coes... they are an instance of an equity trader that's making the move to the Forex market, and yes they are an ECN. They use a bank feed.

Actually, CoesFX uses several bank feeds. As reminded by some of the people here, the ECN version uses bank feeds to get the best pricing.

You're quasi-right about the clientele of ECNs. ECNs encourage larger scale trading. . .they HAVE to because they make money on commissions. . .so they need quantity in order to compensate for not having the ability to accumulate on the spreads. They have to encourage trade volume that is larger, because they don't force stops, although the spreads instead of commissions do expand.

With that said, you do not need to have $100,000 to trade on the ECN models or anything like that. . .you can usually start ECNs using $1000 or even more (if your ECN happens to trade minis) or just $5000 if you want to trade regular lots. CoesFX happens to require that all lot sizes be lots. . .but a few others require the same. I think if CoesFX were to open the flood gates into mini-accounts, they'd dilute their money by having to appeal to less risk-averse clientele (which isn't in their best interest, because they want to maintain their trading clientele happy without having to respond to their each beacon call). That's not to mention they are oriented. . .they merely want their clients to not be) less likely to lose their entire accounts and 2) less likely to complain when they lose. . .losers in the sport (and I mean that literally. . .not figuratively) tend to blow things out of proportion. . .and it takes some time to cope with them. . .and that bites in their profit.

MRMIKIL is right, they do utilize feed sourses to get the best rate. I have seen zero pip spreads even on the pound. That being said, the piper still must get paid, so that you pay a commission meaning that you still pay about 3 pips on the Euro and 3 to 4 on the Pound.

You just have to take care to allow for your commission if you're a scalper.

Originally Posted by ;

You fool... the truth hurts huh? The reason you reacted the way you did is because you are not sure which that you turn to using insults, whether I am correct or not.

No, I am pretty sure that I am right and you are being a jerk. You'd see that we agree to the bucket shop issue more than we disagree if you read my articles in the Oanda box choices thread.

Originally Posted by ;

That is twice now I've been reminded that I've not been in this forum long enough to know what I am talking about. For all you know I might be your hero Mr Soros. Idiots like you accuse newcomers of not being able to tell the truth, simply because they're... newcomers.

I never said what you can or can not say, I chased the way you stated it.

Originally Posted by ;

You then accuse me of being condescending... you are a hypocrite. You also misunderstood my article regarding bucket shops and ECN's... where did I bulge ECN's and bucket shop brokers collectively? I didn't.

I never told you to not post as you are new. I said your statement was wrong. There is no hypocrisy in this. I never stated you lumped ECN's together. You said ECN's do not advertise here, but Coes is an ECN and they advertise on forexforum.co.za. Because I type this, I am looking at just two of the advertisements. Can you not understand this debate I made?

Originally Posted by ;

I didn't say that you wont see many ECN's advertizing in these forums... which do not mean none of these.

Point taken. Like I said, I was taking issue with what you said as much as how you stated it.

Originally Posted by ;

You cite Coes... they're an instance of an equity trader that is making the transfer to the Forex market, and yes they're an ECN. They use a bank feed.

Yeah, looks pretty sweet.

Oh what a surprise, pt49 Serveral forum members obtained solicitations. figures...

A little tip...

there aren't any good traders which are additionally conspiracy theorists. Traders spend. Conspiracy theorists put their time to, well, you know...

think about it, how a lot of people in the three market wizard books ever whined in their brokers? I cant even recall ONE instance in like 30 interviews!!! Sure they had grips with brokers, as all of us, however, they didnt spend their time talking about it cause they are real traders!!!