Forex rebates on every trade - win or lose!

Long time since this thread was aired. Anyone not on Twitter might not have seen these articles:

What are the traits of successful forex traders?

FIRST

SECOND

Waiting for the third one with bated breath! ;-)

Fourth .I left the third for you Klal

fifth

Has anyone any experience trading forex options with easy forex??

Bob,

I've no experience of their options, but I am a registered introducer for Easy Forex. They're a market maker and I refuse to promote them on my websites, despite the fact I could probably make a good few bucks if I were to.

If you want my advice, I'd find yourself a good raw spread ECN broker who won't trade against you.

Hi hilary

Thanks for info. It is the Forex options that interest me.

I only want to trade for an hour a day at most. I am still looking for the "Easy option".

If I only trade straddle type strategies, it is the premium costs which may or may not make trading viable.

Back to the drawing board!

Regards

Bob

Bob,

If you really do want to trade Forex options, I would personally look at specialist options brokers (who quote FX as well as other markets) rather than going the route of a retail Forex broker who makes his own market and who has decided to offer options simply because he sees it as a further way of fleecing punters of their hard-earned.

OK hilary

I had already opened an account last week but not used it yet. I will close it.

Your advice much appreciated.

Bob

Why would anyone want to trade Forex?

Floss,

That's the very reason why punters should only ever trade with a broker where they can be 100% sure that the broker isn't taking the other side of their trade. STP/ECN is the only way to go imo.

Dodgy market maker brokers get away with it in MT4 by using a nasty, little known device called the Virtual Dealer Plugin. After GAIN were had over the coals by the NFA for using it a couple of years ago, I thought the practice had stopped (the damage to your business in terms of both fines and loss of reputation if you get caught should far outweigh the gains), but clearly that's not the case.

If you do a bit of Googling, you can probably find the odd Russian firm or two who make these plugins for brokers to shaft their punters. :o)

I'm well aware of this Hils, I think you've banged on about it a lot over the years and a few firms were caught.

I think the thrust of the article was more about why anyone would trade Forex instead of shares etc.. I mean, it's not as if we don't buy & hold Forex for the long term :-)

I know I've mentioned the Virtual Dealer Plugin previously, Floss. But the article's author did spend the first half of his piece saying how FXCM had been weighting the dice in their favour, so I figured it was worth mentioning again.

But, going on to the second half of the article, I did think the author's logic was flawed. I felt that what he was actually trying to say was that trading in general was dumb in comparison to investing. That's an age-old argument of course, and I won't bother to expand on it here.

For some reason, however, he chose to target Forex trading as being dumb, and that's where his argument fell apart imo. He pointed out that the spot Forex market was open 24/5 and was gapless. He pointed out that it was liquid and that it was efficient. He also pointed out that it was necessary to use leverage to optimise returns. Now, where I come from, those are all very valid reasons TO trade a market.

If he had said that trading some out-of-favour commodity such as Elk Toenails was dumb, I'd have kinda agreed with him. But to choose a market where it's very easy to push through 1 or 2 mio units bc of a major in under 0.5 of a second, and with typical combined spread and dealing costs of about 0.001% the bid. Nah!

Finally he acknowledged that the market employed battalions of strategists and economist capable of disseminating news in the blink of an eye. Well I personally don't think those guys are super-human because it's the bots that react quickest to the news but, whatever, he implied that smart people traded Forex (which I already knew) and then, in the next sentence, he implied they were dumb.

Really?

Totally agree Hils. Forex is simply any other market magnified and speeded up.

I agree with Hils,as always.

The reasons the guy was giving for not trading FX are the ones which have driven FX trading. I only ever traded cable because I could get in or out at will.

I always thought that FX was the most efficient of all traded markets and came closest to the economic model of perfect competition.


But I'm thick as sh*t so wtfdik.


:-)

Is anyone on here still trading Forex? What trading platforms are people using?