STOP HUNTING: Hardcore Proof that your broker may be cheating on you

firestar99 · #1 05-19-2006, 08:22 PM

I'm my own stop/loss... like hidethereal, I'm at home all day so I can watch the market all the time (which is why I never get much sleep when I trade). I believe that if you can do that, it's the best way to go for beginners anyway. I find that even now after I had 6 months of practice under my belt, I still find it diffcult to predict how to set those stop/loss things to maximize profit.

There were countless of times in my early trading when stop/loss settings became almost a religion with me and lost half of my capital because my prediction was correct, but because it didn't travel the expected amount up or down the stop/loss wouldn't kick in and then when the market turned I lost instead of gained. It's really hard to watch when you miss the stop/loss by a point or two and then end up losing big.

These days I don't use stop/loss at all. Still, if you cannot monitor the market at least during the active periods of your particular time zone, I guess a stop/loss is the next best thing.

50% Back · #2 05-19-2006, 08:24 PM

Quote:

I believe that if you can do that, it's the best way to go for beginners anyway

I agree, but you can get nervous as a beginner - I'm a big believer in TSL also

firestar99 · #3 05-19-2006, 08:33 PM

Well, I would rather see a "nervous" beginner close the trades early after a few point gain rather than close it late and lose big time.

I was rather "nervous" myself and every time it traveled 5-10 points to the plus I would close them. I think this is normal. Then as beginners see that they can actually win in this game, they will then spend more time with charts and will therefore be more comfortable with and better able to predict long-term trades.

Originally when I started trading, my average trade was about 10-15 points gain. Now I can do 60-70-100+ points gain trades with more comfort. I still prefer the shorter ones that range between 25-30 points, but that's a personal preference now rather than a discomfort with my prediction strategy.

Klaka · #4 05-20-2006, 12:08 AM

I see stop losses as Primatine Msyt for people who have asthma, the market is the foggy cold outside weather. Primatine Msyt is very dangerous & is hard to get to work properly. Limiting your exposure to the weather, when using it, you take a pretty big hit in the long term.

I see stops good for short term scalping, trail stops good for short safety nets that protect small profit in short term moves.

Now, the wide stops i see are just like Abuteral. It's alot clearer, safer & opens your lungs/position up giving you alot more space to breath.range your trades without taking all day, or taking you out instantly for a small effect.short term, like Primatine does.

Now, to breath/trade naturally, i also agree that "natural stops" are the best way to go, because you're inhaling/trading the enviornment off of certainty.
If you step outside into cold weather & bundle up at your tightest/safetest most certain strategy. You asthma WILLNOT be affected while you get the most out of the air to breath for that day.

The reason i am comparing this to a decease is that Forex is as big as the air we breath, go against it, then you take a big risk of breathing more air, but at the sametime. An asthma attack/loss of margin on that trade.

Also, i am surprised that they are getting away with this, does anyone have any recourse at all? Regardless of "what can be done to prevent this", what WILL be done to punish this, scaring other brokers from not doing this again?

Well, atleast scare them into doing it less frequently nextime to where it's obvious? Noone will act? Anyone?

Here's a broker i found that offers direct access trading threw banks WITHOUT their assistance, or interference. Banks can manipulate the price too, BUT atleast you aren't being decieved by BOTH your broker & banks at the sametime. These people offer direct access trading at only 2-3 spread cost.

www.Zaner.com

Let me know the details on them, they seem reputable, but. Most scammers/buck shops do. By the way, does anyone have ANY serious success storys to tell about Forex traders? I am referring to Individual retail investors, you know. The "little bitty" poor people. Anyone succeed big, yet?

Not knowing this DOESNOT inspire confidence, so out with it. Please, it would help out.

Neck InGold · #5 05-20-2006, 01:28 PM

FireStar99,

Thats a good idea, and im also in the stage 2 of FOREX learning, could you tell me which broker you use for trading. Thanks

Klaka,

If you need hardcore proof that people indeed are making some money in FOREX, yes like the individual types like us who sits at home and dreams about making it with forex. You need to deepen you research if you are serious with this stuff..you need to go to FOREX specific forums and get more involved with the seniour guys out there.

I could mention forexfactory.com moneytec.com strategybuilderfx.com

If you go to these forums and spend some time out there..you would know how to make some money in FOREX and meet guys who actually do.

For quick info..there is a trading chat room in paltalk, where in around 100 guys newbies and pro's alike trade in with the help of stratoblastor formula, and the guy who developed the system chats in the room and they all place the trade....

just type in stratoblastor in google and you will get links to strategybuilder site to get more info.

The guy has around 20+ yrs of experience and for the sake of it i followed it for one week just blindly and have some positive results.....

firestar99 · #6 05-20-2006, 07:56 PM

Neck InGold:

I use Marketiva to play with...usually this account I use to give a bit of a boost to my surfing revenue before I withdraw.

For the serious study stuff, I use MT4 provided by Interbank.com . They have more ways to crunch numbers than anyone else I've seen so far. It's a good platform but I had big difficulties adjusting to seeing $$ movement up and down rather than point movement up or down.

I put in about six trading hours for the first time last week and gained $408.12. Not much on a $50,000.00 practice account, but I'm still more comfy with the points movement than $$ movement. I often use the point-based charts of Marketiva just to get my bearings so I can place a good trade on MT4.

Now granted, Marketiva's charts are not that great, but they have the basics and once a person gains confidence and a bit of experience, the basics is all you need most of the time.

chof · #7 08-21-2007, 09:50 PM

I also know traders that just stare at the computer throughout their trading session and keep the stop loss limit in their heads

Airelon · #8 08-21-2007, 10:20 PM

Stop hunting only works for the small funded players who place their stop / loss order due to the chart, rather than a proper risk / reward ratio. If I was a broker, I'd go stop hunting too.

Having an adequately funded account, and placing your stop / loss due to money management principles and by % of your adequately funded capital, rather than a line on a chart - is the only way to protect yourself.

Many large professional traders use stop / loss orders. Larry Williams has been witnessed publicly using them, in front of hundreds when he trades live. The difference, is he places his stop / loss orders due to his money management system, rather than 1 tick under a line on a chart.