AKA felix, dimitry, rob and many other masks and fake identities:
You will see this google adword everywhere, don’t get fooled by it
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Forex Peace Army:. 1. Felix Homogratus AKA “DIMITRI”, Rob Grespi the owners … We know you are a major scam Felix!!! The words spreading like fire you and …
www.blogigo.de/FOREX_SCAM – 39k – Cached – Similar pages – Note this |
Real Estate Blog – Forex Peace Army:
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[endif]–>We know you are a major scam Felix!!! The words spreading like fire you … -grespinet-forum/1747-king-forex-signals-robert-grespinet-program.html …
activerain.com/blogsview/420533/Forex-Peace-Army – 33k – Cached – Similar pages – Note this |
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Thanks Rob and Felix for really sticking up for us! … COM – lagi satu kes forex broker SCAM – Page 3 – CariGold Forum · This thread, Refback …
www.forexpeacearmy.com/…/441-forexgen-com-scam-alert-broker-stole-over-160k-our-trader.html – 154k – Cached – Similar pages – Note this |
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They have a whole scam section every where just start searching about them on the web and you will be amazed. 2. Felix Homogratus, Rob Grespi AKA “DIMITRI” …
bacerabroker.jeeran.com/archive/2008/3/510564.html – 3 hours ago – Similar pages – Note this |
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YouTube – Rob Grespinet biggest fraud of the forex world – 7
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Rob Grespinet biggest fraud of the forex world – 7 … 1 clicks from http://www.talewins.com/upload/video/P2R3VIAV0js/Rob.
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Big Felix Rob, OANDA SCAMMERS
March 24, 2008 · 1 Comment
| 2008-02-26 | |
| Review: | I ‘m going to close my account with Oanda very soon. Days in fact. Just have to get around to it. The reason is simple, their quotes suck big time. If you think about it, the main purpose of your dealer is to provide up to date quotes and process these efficiently. Confirm your quotes and then place the order. None of this happens in the clients’ favour at Oanda. They deliberately hold back quotes for over a minute at times. They do not pass on fast market movements, instead, holding these so that you do not see them – hence trade them!!! Also, they say that they have STP – straight through processing. I would like to know where this occurs. You can place a market order and you will inevitably get slipped, and, the price you are quoted – end up with – bears no relationship with the screen price you see through the quotes feed. There is, to my mind a deliberate scheme by Oanda to misinform there clients regarding the actual prices quoted.There is another problem when dealing with Oanda, that only really becomes clear as you start to trade with them. They state that your maximum margin is 50:1. Is it? I think not. What really happens is that they divide your account balance by 2 and give you 100:1 margin on the balance. True 50:1 is actually that 50:1. So what we have here is your maximum investment ability is reduced by 50%. To effectively trade at the level you might like to, even at 50:1, you only have access to 50% of you funds, so you would have to double your account to trade at the level you might want to. Then there is the constant manipulation of the quotes. Either leading or lagging the market. Almost always one to two pips difference – not in your favour. Also, you will notice the regular increase in spreads when they see the market heating up. Again, not in the interests of their clients. What this menas in real time is that where they will advertise lowest quotes .9 pip spread for euro, the euro will end up costing you between 1.9 and 2.9 pips.I could go on. What is important for me to illustrate here is that Oanda has shown themselves in my opinion to be no different than that of any ordinary run of the mill Bucket Shop. I would urge you to proceed with caution when dealing with Oanda. Not a dealer with whom one should put serious money with. There are others who are manifestly better dealers and more up front with their quotes and feeds with relation to STP. E.G. Hotspotfx and MB Trading -although MB has some serious issues with their platform. Both demonstrate how STP should work. And, they confirm the quotes as they go through for processing!! Fucking try that Oanda. |
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Forex Scams: How to Spot Them A Mile Away
March 24, 2008 · No Comments
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Is Forex Peace army and forexbastards.com a SCAM ?
March 24, 2008 · 1 Comment
Forexbastards.com | Kingforexsignals.com
Secretnewsweapon.com | Secretforexsociety.com
Forexfreedom.com | Forexdiamonds.com
Forexpeacearmy.com | Forexpeacearmy.org forexpeacyarmy.com are all these site run by a man who knows nothing about trading im starting to think yes ! its all a scam , now i see Dmitri Chavkerov on cnn tv as a con artist and scam !
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the only thing is that they give themselves 5 star ratings and other people get thrown under the bus. i have a 4 star rating on forexbast….. and i still dont trust them. there is no problem resolution feature for anyone who has a genuine issue anyone can say anything without substantiation.good trading
mark mc donnell
www.forexearlywarning.com0% 0 Votes -
i have always know this guy felix / dimitry of forex peace army was full of sh1+ since day one ! he used to sell forex affiliate programs for a few dollars of profit each i guess that was not working well, so he started making up b.s product i guess he got lucky on one of them and realized other newbies would believe his hype if his web-site looked slick enough. His Arch Enemy is Central Pips ” a legitimate trading group i’m not sure why but he has hated them since day one, they where investigated because of his b.s and the cooperated fully and the conclusion was they where 100% legitimate but dimity still leaves negative **** about them on his site and has used his site to attack the crap out of them. even tho they where proved innocent, he even posted up some mug shot of some black guy , well ain’t that funny cause we all now have a mug shot of his criminal girlfriend & him ! i cant wait to see them both deported out of this country ASAP. now that we all know where he lives !
0% 0 Votes -
YEP ! TOTAL SCAM ! CLAIMS HE HAS THOUSANDS OF MEMBERS MORE LIKE THOUSAND OF GULLIBLE NEWBIES. that are new to forex and do not know better !word of advice to newbies don’t fall for his bogus review sites and claims he says he protects you from scam HAH-HH-AA He is the scam. he left that part out he is new to forex trading and blew his account we have all seen his account statement the guy can’t trade to save his life , then why would you waste your money on his garbage ! lol a sucker is born every minute and 2 suckers try to learn forex every second.0% 0 Votes
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http://www.gainforex.com/ Keep away of this new felix scam!
March 24, 2008 · No Comments
ForexPeaceArmy.com is back with a new fx scandal in a new wrapping:
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Eleven years of trading experience have taught me countless important lessons about this business. However, one lesson stands out above everything else I have learned:
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Get Insane Forex Profits – A new Felix scam -Don’t get fooled again!!!
March 24, 2008 · No Comments
and he is back, Felix from forexbastards and forexpeacearmy, with a bright new scam called:
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Forex : Fraud – Scam - Scandals
March 24, 2008 · No Comments
CNN [9] quotes an official of the National Futures Association as saying “Retail forex trading has increased dramatically over the past few years. Unfortunately, the amount of forex fraud has also increased dramatically.” Between 2001-2006 the U.S. Commodity Futures Trading Commission has prosecuted more than 80 cases involving the defrauding of more than 23,000 customers who lost $300 million mostly in managed accounts. CNN also quoted Godfried De Vidts, President of the Financial Markets Association, a European body, as saying “Banks have a duty to protect their customers and they should make sure customers understand what they are doing. Now if people go online, on non-bank portals, how is this control being done?”
The highly technical nature of forex scams, the OTC nature of the market, and, the fact that foreign exchange trading is fairly unregulated, also makes exchange rate manipulation or price spiking easy for scammers to commence.
Because of the technical factors mentioned above, the traders on the other side of the trade, or even regulatory authorities, will have an almost impossible task in proving that such manipulation has taken place. Partly because there is no central currency market, but rather a number of more or less interconnected marketplaces, provided by brokers and market makers.
The disadvantages of retail speculators
The foreign exchange market is a zero sum game in which there are many experienced well-capitalized professional traders (e.g. working for banks) who can devote their attentions full time to trading. An inexperienced retail trader will have a significant information disadvantage compared to these traders.
Retail speculators are almost always undercapitalized, so are subject to the problem of Gambler’s Ruin. In a fair game (one with no information advantages) between two players that continues until one trader goes bankrupt, the player with the lower amount of capital has a higher probability of going bankrupt first. According to the theory, any speculator who plays this strategy is effectively playing against the market as a whole which has nearly infinite capital and he will almost certainly go bankrupt. Any speculator – particularly undercapitalized traders who do not have any informational advantages – should understand why his trading strategy is superior to the above strategy.
The retail trader always pays the bid/ask spread which makes his odds of winning less than those of a fair game. Additional costs may include margin interest, or if a spot position is kept open for more than one day the trade must be “resettled” each day, each time costing the full bid/ask spread.
According to the Wall Street Journal (Currency Markets Draw Speculation, Fraud July 26, 2005) “Even people running the trading shops warn clients against trying to time the market. ‘If 15% of day traders are profitable,’ says Drew Niv, chief executive of FXCM, ‘I’d be surprised.’ ” [10]
Additional disadvantages when dealing with scammers
Forex scammers, posing as customer brokers, use the standard confidence game techniques perfected in bucket shops and boiler rooms.
The spot currency trades placed by retail speculators are made directly with the trader’s own “broker,” that is, the broker takes the other side of the transaction. Thus, many of spot trades never enter the open market and are subject to reorders which are issued to protect the profit margin dealing desk brokers impute in their fixed spreads or to “hedge” unbalanced trades.
When dealing with scammers, retail speculators suffer from at least 5 additional disadvantages:
* They have no competitive prices to trade against, i.e. they must accept their broker’s price or not trade.
* The broker may show them actual prices from the forex market, but only with several minutes delay. Thus the broker has better information to trade on.
* They are sometimes encouraged to over-leverage their trades, thus almost insuring that they will “receive a margin call” allowing the broker to close any open trade immediately, at the broker’s price.
* The brokers work as a team of several people as the forex market trades 24 hours a day. An individual trader will not be able to monitor his trades (and his broker’s actions) for 24 hours a day. In some cases, the brokers may be aided by computer programs, which have near-instant reaction times and never make mistakes or take breaks.
* They look to the brokers for training in the foreign exchange market and may actually buy their trading advice.
The use of high leverage
By offering high leverage, the broker may encourage traders to trade extremely large positions. This increases the trading volume cleared by the broker and increases his profits, but increases the risk that the trader will receive a margin call. While professional currency dealers (banks, hedge funds) never use more than 10:1 leverage, retail clients are offered leverage up to 400:1.
Often traders will have a profitable first trade (as manipulated by the broker) in order to increase his confidence in the broker and encourage the him to “invest” more money. Next, due to the use of too high leverage (often combined with rate spiking) the traders will receive a margin call, telling him that he must deposit more money or his trades will be closed out. The retail FX brokers will do anything to get the customer’s money deposited with them, since eventually all this money becomes theirs.
The use of stop loss orders
Forex scammers will often encourage their clients to trade on margin and set stop loss orders, which allow the broker to close out the trade almost at will during busy markets at prices set by the broker. As the client’s trade never makes it into the open market, the loss generated when a stop loss is triggered becomes the scammer’s gain.
Trade prices are easily skewed one way or the other, depending on the retail trader’s position, which is known by the scammer. Traders can be encouraged to take risky positions just before major economic announcements. If all else fails, the broker can quote extreme prices (known as spiking) to trigger stop loss orders while the client is at work or asleep.
In any case, all of the trader’s money will be transferred to the scammer without any trade being made in the open market, and without any economic risk being created or destroyed.
At the moment I am eye-ing Northfinance MT4… any feedback please?
Good article… Do you have any ideas on which trading brokerages/paltforms are NOT scams?
At the moment I am eye-ing Northfinance MT4… any feedback please?
Northfinance’s platform is good choice
good support crew and you can trade silver and gold 
It is worth joining 
From what i’ve read MOST brokers operate suspiciously. I’m still new to this and i’ve been demoing with FXCM but i gonna stay away from them now. Oanda appear to be the best as i’ve yet to read any real bad things about them.
does that include Marketiva and NF??
(By the way, could someone give me the NF url ? thanks…)
does that include Marketiva and NF??(By the way, could someone give me the NF url ? thanks…)
Here you go.
http://www.northfinance.com/
Maybe everyone should use something like MetaTrader4 instead of using their broker’s charting software…it should then be easy to see if they manipulate the price. Just use your broker to place your orders imo.
NorthFinance is using MetaTrader 4. Would it be possible for them to use MT4 as their software but manipulate pricing? Or they have to go through the MT4 servers (something like e-signal?)
Guys, any comments on e-signal by the way? Not free but people drop its name like its well worth it. Plugin for FXCM as well (which I kind of have big confidence in).
I’m a newbie by the way…
From what i’ve read MOST brokers operate suspiciously. I’m still new to this and i’ve been demoing with FXCM but i gonna stay away from them now. Oanda appear to be the best as i’ve yet to read any real bad things about them.
Just wondering but: whatare the bad things you’ve heard about FXCM? I quite like their interface though..
http://www.forexfactory.com/forexforum/showthread.php?t=5289
I’m using MT4 demo for analysis and OANDA demo for trading now and tho there seems to be the odd 1 pip indiscrepency here and there (could just be different feeds), the fact that they seem to lack the obvious signs of possible bucket-shop and they’ve had good reviews is encouraging.
When i think about it if the official statistics of “95% new traders lose their money” are to be believed then there are a lot of profits to be made from newbies if a broker were to keep all the deals inhouse (bucket-shop). Brokers that offer high leverage are directly appealing to the get-rich-quick mentality that draws so many ppl to forex in the first place.
NorthFinance is using MetaTrader 4. Would it be possible for them to use MT4 as their software but manipulate pricing? Or they have to go through the MT4 servers (something like e-signal?)Guys, any comments on e-signal by the way? Not free but people drop its name like its well worth it. Plugin for FXCM as well (which I kind of have big confidence in).
I’m a newbie by the way…
As far as i know mt4 is rented. So the prices should be the same as per the other brokers who use it. HOWEVER….
This does not stop the companies from trying to get some stop hunting between them. I cannot confirm ANY stop hunting, but I believe i have felt it one time. And it cost me a bit, but you will see interbank and nf can sometimes have 1-2 pip difference. Possible server overload. Or lag.
Anybody got any info on that new program forex-7.com.they say they invest for you and pay 200% a week.thanx……t
You’d probably best ask that in the hyip section. 
I wonder now whether the beginners luck i experienced with my first couple of random trades in FXCM demo were also manipulated.
Paranoid?! 
http://en.wikipedia.org/wiki/Forex_scams
http://en.wikipedia.org/wiki/Currency_market
http://nondealingdesk.blogspot.com/
http://nondealingdesk.blogspot.com/2006/04…ges-and_21.html
Happy trading to you all!
yes felix bas*ard is a big scammer of forex world beware of that guy. he will threat you in email.
http://www.interbankfx.com they provide you Both Platform of MT3 and MT4.
The Good quality of a broker is not to trade against your clients.. Mostly scammer comapnies trades against their clinets .. this is not good on behalf of trader..
hope you guys can understand the whole game.
Good article… Do you have any ideas on which trading brokerages/paltforms are NOT scams?
At the moment I am eye-ing Northfinance MT4… any feedback please?
after i try to search i found this fact about northfinance. northfinance is not register in cyprus. this link that containing about that http://www.cysec.gov.cy/licence_members_1_en.aspx#30. and may be you can use this too http://www.cysec.gov.cy/licence_members_3_en.aspx. i can’t found northfinance there. i only found Windsor Brokers Ltd, forex broker using meta 4.
Anyone have any comments on RapidForex.com?
u can try this site www.fx-review.com. u can found information about RapidForex
should i open an account in FXCM? Is it a reliable forex broker? Im a forex newbie here. Please consult me
I wouldn’t.
However if you are a complete noob, their demo platform is easy to use and a good place to learn the basics. Just dont give them your money.
Is that a good broker?
Please comment.
Thanks
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Currency Secrets » Blog Archive » Forex Bastards
March 24, 2008 · No Comments
Forex Bastards
Having perused the site I liked the similar views held by the owner of Forex Bastards, Felix Homogratus (not his real name), on Oanda – that being: Oanda is the best forex broker out there (but not perfect). Another interesting thing I found about Felix’s site was the economic announcement portals he uses to obtain the latest released figures. If you’re someone who isn’t using Bloomberg or Reuters to obtain your economic figures and you need these numbers with your forex trading strategy (and you can afford the hefty monthly fee) then you’ll want to subscribe to Felix’s signals and read what he has to say. Lastly, I had a good laugh at his “Forex Scams” page where he listed popular forex brokers such as AC-Markets, Refco, and FXCM on this page!
Probably the most interesting thing about Forex Bastards was Felix’s braodcast email that he sent out on the weekend on an interview he had with Richard Olsen, CEO of Oanda. I’m probably not at liberty to copy the entire email here, but what struck me was the fact that with Felix’s news announcement strategy (where he takes a direction as soon as figures are released on popular news announcements and then proceeds to exit that position within ONE minute of it being opened) was that Oanda were willing to take a loss with the positions he was taking (due to the fast moving market)!!
As Felix has had some success with this news announcement strategy he was looking to increase his position sizing to see if he could make more money with it, but after realising the cost to Oanda of his strategy he concluded after the interview that he would maintain his current position sizing and continue to withdraw his profits on a weekly basis.
In a way it reminded me of the days when forex brokers guaranteed stops and traders, such as myself, were able to make good money trading volatile announcements such as the Non-Farm Payrolls by strangling either side of the currency – unfortunately this strategy was nullified when forex brokers no longer guaranteed stops and we all experienced slippage of between 30-50 pips!
I similarly think that Felix’s news strategy will not last long at Oanda, as I haven’t heard of too many brokers willing to take a loss on behalf of their clients. Things that make it even worse for Felix are the fact that he has a large subscriber base where he details his strategy before the event and no doubt some of them use his strategies on Oanda too – all it will take is one person with a big enough bank to nullify this opportunity for everyone else.
For those using Felix’s strategies: take advantage while the opportunity exists, but don’t think it will last forever (although for your sakes I really hope it does).
Tags: Oanda, Oanda com, FX Oanda, Forex Bastards
17 Responses to “Forex Bastards”
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Ryan
August 10th, 2006 at 8:30 pm Forex Bastards is a SCAM?
August 17th, 2006 at 12:41 pm Hi All,
I don’t know about forexbastards but maybe, he is the biggest forex scam himself. Giving best ratings to his own services and rate dow others, also, since his call with the OANDA president, during news times, EURO spread goes up 7-10 pips. WOw, nice guy FELIX but this affect all OANDA clients including myself. Thank you FELIX. ALSO, who are we to rate others services..An interesting website I found is this one http://www.felixbastard.com/, just read the facts on that website.A portion of that from felixbastards:
“Proof of the forexbastard.com scam
Proof 1—- When you Post Reviews besides 1,2,3,4,5 stars, there is no “Not rating” option… Now you see in the reviews sections many reviews are “Not Rated”. Where do they come from??? Yes, created by felixbastard.
Proof 2— Felix/Tom already accepted that he was involved in HYIPs, Autosurfs and many HYIP sites are listed in the managed accounts section. I think people will find it difficult to trust a person who is a scammer who ran numerous HYIP sites.
Proof 3 —- He edits posts of users to make them negative, against other sites. Check the posts and you will see the difference.
Proof 4 —- There is no Tom Yeoman or there is no Rob. These are all fantasies created by Felix Bastard to earn money by introducing fake names and personalities. He always says bastard to all brokers and signal providers except tom yeoman, because tom yeoman is Felix himself or may be his dad. Who knows? Who is tom yeoman? Has anybody ever seen him? No! We know all popular traders and we have seen many traders in trade expos but we never seen Tom/Rob.
Proof 5 — If you see his site, you notice some older posts are posted on top then new ones. And there is no continuity in the dates.
Proof 6 — forexbastards.com is banned on US NFA (National Futures Association USA)
Proof 7— He put the low class brokers on top of list who widen their spreads during the news, don’t offer hedging and don’t offer large leverage. Their support is not good either which is also a bad broker named Oanda.com on the top of broker’s list. The reason behind this is that Felix bastard is a friend of Oanda’s CEO Richard Olsen, and I can imagine that he must be giving some money to felix bastard to get on top of brokers list.
Proof 8 — Check his site and this picture that he posted 2 fake reviews for his site kingforexsignal. one is by Anonymous and other one is by John Benson but reviews are same. http://www.forexbastards.com/kingforexrobgrespinet.shtml yes felix we know you will now remove one. 
but i took a snapshot where you will go.
We know that because when we point certain things out, bastard will change things.
If you check the IP and whois information of some of his websites, all are hosted at becotech.com as he made all the websites himself.
If you want to check the proof of Rob, check the Forex alert section on forexbastard. Nobody has posted any good reviews for Rob since April. He only received 2 positive reviews which were probably posted by Felix! Check it out.
”
My 2 real cents.
Wim
August 22nd, 2006 at 5:42 am […] I know profitable forex traders who use only a MACD (or the Macdizzle as Rob put it!), traders who trade announcements (such as Felix), traders who trade bank opens, carry traders, CCI trades (such as Woodie)… etc etc. […]
September 8th, 2006 at 7:40 am Anonymous.
Someone wrote this article and you’ll be the judge.
He wrote: what you are about to read is not a long dissertation on technical analysis or some system with the 20 indicators you need to load on your chart and analyze to trade the Forex
This is not meant to be an introduction to Forex and tell you what a pip is, what spread is or what is this whole Eurodollar thing. You can find all of that information elsewhere. Instead, this is meant to give you information that is simply going to save you a considerable amount of money, grief and time.
It all comes from the school of hard trading knocks. I am writing this anonymously. There are going to be things I’ll say below that the powers that be int he world of Forex trading simply do not like anyone to say.
Instead they like to tell you about how easy it is. How it’s all commission free, super trending and quite simply easy to trade. You’ll be grabbing pips whenever you need them! If only it was so easy.
No, instead we are going to acknowledge the good and the bad. And some of the ugly of Forex trading and you are going to learn somet hing shtat you will definitely not know if you are new or even moderately experienced at Forex trading, and for those of you who are very experienced you will either have experience much of this or always wondered about it. Let’s proceed. Promise, it will be brief and painless. This is about quick tips that will save you money, grief and time.
1. Commission Free Trading.
This was the initial sales pictch most brokers used and many still do. “You’ll trade for free–no commissions!” Well, any of us who trade actively know commissions add up to some ungodly amounts– Many times you lok at your annual statements if you trade actively and it’s not uncommon that your broker makes more, maybe much more, than you do in your trading profits. Forex trading is not commision free. Sure, there is usually not an “add-on” commision. However, they force you to pay a spread on every trade. You have to always buy at the ask and always sell at the bid. This is not the casein stocks, or futures or really any other market. This forced spread on every trade is a commission. That’s what it is. Despites what the broker might claim. And that forced spread is not cheap. 3 pips is $30 on a just one full sized pair. Try $50 on a 5 pip spread you still see a commonplace.
Now, compare that to your average futures or stock trade. Which one is more? Forex usually by far.
Now, let’s not leave it at that. Remember, you get some amazing leverage opportunities with Forex so the actual commision compared to the dollar volume you are able to trade is actually reasonable in some cases–assuming you trade at the right places and follow the right strategies. We’ll cover that below.
2. 100:1 Leverage…No, Wait! How about 200:1….or 400:1?
You’re going to be rich! with that kind of leverage you make just a few pips per days and you’ll spend as much time with yo banker as you do with you significant other right? You lok at the end of month totals from your strategy, run it through your state of the art leverage Calculator and instantly you are making 100%, 300% or 500% per month. Do that a few months, a big of compounding and you’ll be buying that private island after all.
This is another one of those broker come-ons. It just doesn’t work this way. Yes, you can get this leverage. The brokers are going to allow it so I’m not saying it isn’t as advertised. However, you are guaranteed to wipe-out using it. Guaranteed. There simply is no way you can trade at these leverage levels and make it. Not unless you are some trading genius who can take a trade and never lose. If you are–please contact me at one!
For the rest of us, you are going to lose. You are going to lose more than once. YOu are going to have some losing streaks. It’s the nature of trading. It’s not a big deal especially if you can win more than you lose, and if your average loss. You do that and who cares about some losses. Don’t get hung on it.
However, you will care very much if you over-leverage. Do not over-leverage! This is the single, greatest mistake most new Forex traders make. Your state of the art trading calculator spits out numbers that are too great to pass up and you let greed get in the way of logic.
Think about it this way. 200:1 leverage.
You have a trade you are targeting 25 pips and risking 25 pips. As you’ll learn below that trade acutually has to go 28 pips or more to hit your target of 25 pips and you’ll actually be risking 28 pips or more–but, for this example we won’t get hung up on that. We’ll solve that later.YOu have a $5,000 account and trade it with 200:1 leverage. That means you can trade 1,000,000 worth of currency (you can see why we said spreads above are a significant cost but with leverage can end up being a small percentage of cost)–and that means 10 full sized pairs.
Oh, and you lose on this trade. Let’s do the math. 10 pairs X 25 pips=250 pips loss. Make that with spread 10 pairs x 28 pips=280pips loss x$10/pip=$2800 loss.
Oops. You’ve just lost over 50% of your acount. Don’t even thinka bout what would have happened if you were risking more–and these days ont he Forex good luck risking much less.
If you lose twice in a row-which happens all the time you’ve just wiped out. Sure, if you win you make a great return but you are completely counting on virtually never losing. Even if you get a few wins immediately, you’ll eventually wipe out.
It’s what happens to the new gambler in Las Vegas. They try a few hands, they win, they get sucked in and then before they know it they are at their ATM maching looking for their mortgage money to try and get back that winning feeling.
You’l have success trading wth huge leverage. Some of the time. It will be great and you’ll brage to you friends how you made 50% that afternoon. Then, a few days later you’ll be asking them to pick-up the lunch tab.
Do not use crazy leverage. Do not use…ok, you get the idea.
Decide on a fixed percentage you are going to riks on your account on any one trade. 5%?10%? And, calculate that amount to determine what size you can trade based upon the risk per trade. It will still be great leverage–Forex provides that. What’s wrong with 5:1 leverage or 10:1 leverage? It blows away the stock market but it’s not going to wipe you out ina c ouple of trades.
3. Spreads
FInd a broker that does not charge high spreads. Sure, you need a broker who provides stable platform, which provides good customer service, which is regulated (important!), that has account insurance guaranteeds, etc…BUt, realize these brokers make money many different ways. They make spread money, they make money by laying off orders on other banks, they make money on stop running. Did i say that? Guess it’s too late to take it back.
There is simply no reason to pay more than 3 pips on the EurUSD. And really, you should be paying 2 pips. ON the GBPUSD and USDCHF why are you paying 5 pips? SOrry, it’s not going to charitable cause–your broker’s bank account isn’t a non-profit. Those spreads are crazy. You should pay 3, maybe 4 at most ont he other majors.
And typically, forget all all the “exotics”–avoid trading anything that is not amongst the main pairs—EURUSD, USDCHF, GBPUSD, USDCAD, AUDUSD, USDJPY, EURJPY and maybe EURGBP. And stay away unless spread is 2 or 3 pips, maybe 4. That’s already more than enough to trade so why do you need to trade the GBPCHF for 15 pips spread. Unless you really like to amke a car payments and pay for round of gold for your broker.
4. Banker’s Hours…I Mean Broker’s Hours
Most of us think that all brokers are up the entire time these markets are trading. Not exactly. Brokers can set their own hours–there are not rules and regulations ont hat. YOu had better check on this. YOu’d be suprised how many close and hour or two early on Friday. How many open later on Sunday then the market trades. HOw many close for holidays even though there is trading. And when theya re closed–you are stuck in yoru trade. YOu’ll be in for a rude surprise when you go to exit a trade ahead of the weekend only to find out they are already closed. I know, sound really basic, check the hours of business but you’ll be surprised how many have no clue about this until it burns them bad. Know this upfront–including when you can call the broker( theya re not always staffed at the trading desk) as well ahave access to their system AND order executions.
5. Wild West Trading Prices
The Forex does not have centralized pricing. Think of it this way, all those banks out there that rade, all the brokers all the individuals that rade–none of it is centralized into on executable source. Each broker has their own data feed and they decide what the highs and lows are, what the highs and lows are on a swing, and can limit movement on a pair. It is articially controlled. Sorry, it’s not the free market yout hink it is. And, it’s nothing like the stock or futures markets where you are trading ina centralized market where all the bids, ask and trading volumen is executable no matter what broker you choose.
This is a big difference in Forex. One day it likely will be centralized–and that will be a great thing. In the meantime, you are goin to be trading a market where one person might have a stop filed, another one trading eslewhere will not. Same with limits. This means you literally can have two people trading the same exact strategy and they will end up with completely different results at times.
It’s frustrating but true– and you need to understand this. Just because broker NoCommisions.com executes a fill doesn’t meant hat WeNeverRunStops.com is going to execute as well. If you are ver bring up charts from differnt brokers you’ll see they can be different–it’s never drastick, usually a few pips on various swings but in fast markets you’d be amazed how much they can vary. It is not uncommon for me to be trading and see brokers different by 5 or 10 pips at times–it’s not typical but it happens and that can make a major differnce in your results.
Solution? there isn’t solution other than to realize this is the case. If you are following a strategy/service and they have hit target and you have not–you better chalk it up to slippage and get out because they hit and you didn’t. Hapens all the time and it’s best to simply try and stay in synch with your strategy and assume you’ll make up those pips on another trade.
IF you need the full article, you can email at xmsoul44@yahoo.com
September 9th, 2006 at 5:37 pm Felix was right. Refco is a scam. They stole their clients money and are gling to end up in bankruptcy. Felix is not a scam, I have made money trading the news based on his signals.
September 15th, 2006 at 7:12 am The person, ” felix”, is a Scam.
September 16th, 2006 at 7:51 pm This website is a total scam. He’s created his own BS websites to suck in clients by bashing every ligitimate service on the internet. I’ve been with one of the services that he list as a scam for over 6 months…and for the first time, I’ve actually been making money. I tried to post a review on his site praising the company, and the post never got put on the site.
I talked to the company about it, and they sent me documentation of their returns…as well as the documentation to “Felix”…who’s real name is Dmitri Chavkerov’s horrible trade record from his actual account with forex.com. You can look at the posts on his site where he has the company peakforex.com listed as a scam…they sent me verifiable account statements to disprove everything this guy had written. I also came across another site www.peterbainscam.com that talks about this joker.
I hope none of you have been taken in by this crook…
September 28th, 2006 at 11:22 am To the last poster:He’s not a complete scam, as his system (which is really a great guy called Tom Yeomans’ system) is VERY good. Actually, I’ll rephrase that, it WAS very good. The thing that is really bad about him is that he is a fabulous marketer and he has taken a profitable system and let the masses in on it. This has a twofold effect: 1. It has screwed up the system for those that were quietly using it for consistent profits BEFORE he came along and 2. By letting everyone and his cat in on it, he’s screwed it up for all the NEW people too, as they all simply cannot be profitable. The only winner is Dmitri himself and he doesn’t give a rat’s ass about anyone but himself. Tom has parted ways with him, so he’s trying to suck the life out of other profitable traders by marketing them! That’s Rob Grespinet and Jimmy Young for those that don’t know.
So to any other profitable gurus out there, DO NOT get entangled with this forex bastard, as he is only out for himself. Dmitri gains at every turn and all his paying subscribers LOSE!!! Take heed.
November 27th, 2006 at 11:42 am Come on people… Of course Dimitri is out for himself. So are you and everyone else. I subscribe to all of his services and have made a little money doing it. Don’t use his services to make yourself rich, but to learn his strategies. Take what you learn and part ways. It will only make you a better trader to educate yourself.
March 31st, 2007 at 5:04 am Felix is dangerous. SCAM!!!!!!!!!!
December 4th, 2007 at 6:13 am Dmitri is a dead set scammer. He survives off commissions, splits, joint ventures and profit sharing with the brokers, system vendors, charting companies and signal service providors that he’s partnered with. If you take his recommenedation on a service he gets a cut of the turnover or % of the sale price.Felix is an arsehole.
December 22nd, 2007 at 7:39 am I NEED ASIGNAL AND TIME TO PLACE MYORDER
January 22nd, 2008 at 6:35 pm I developed a decent little system that really works, but I can’t compete when people who don’t have clue what they are talking about can post anything they want to. I know this business! Felix is a brilliant marketer who dogs people’s programs to make people believe he’s a fx god. He’s been stepping on people for too long. It’s time for him to step down.
February 26th, 2008 at 6:04 am is mtlforex.com a scam
March 19th, 2008 at 7:12 am tosinoo, if we are a scam then why are you constantly flooding our application for free trial? Tosinoo is from Nigeria, and paypal didn’t allow him to join the service, and so he started bombarding our 3 day free trial offer so that we continue to serve him, free of charge. Now he has turned around and decided to go as far as calling the service a scam, when he has never actually joined the service as a paid member. Infact, during his first 3 day trial he made over 200 pips. I guess it’s frustrating to have such great signal, and not be able to afford a live account or the signal charge to act on it. Well, to finalize, we won’t reply to every hater out there, so feel free to bombard this board as well tosino, just make sure to use creative names.. unlike our service, this board doesn’t go thru mobile phone verification, so you can post as many messages as you like. Have a blast
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Tagged: 2007 at 6:13 am. Dmitri is a dead set scammer. He survi, Chavkerov, Coffman, Dmitir, Felix, Felix is dangerous, FOREX BASTARDS, ForexBastards.com, ForexPeaceArmy, ForexPeaceArmy.com, Rob, SECREAT FOREX SOCIETY
Felix Yacht Seminar DVD | 3-Year Plan To Become A Forex Millionaire
March 24, 2008 · No Comments
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Tagged: Chavkerov, Coffman, Dmitir, Felix, Felix Yacht Seminar DVD | 3-Year Plan To Become A Forex, FOREX BASTARDS, ForexBastards.com, ForexPeaceArmy, ForexPeaceArmy.com, Rob, SECREAT FOREX SOCIETY
July 17th, 2006 at 1:49 pm Is Onada a ligit operation? I like the tech aspect. I like the charts. I like the trade platform, then
I kept getting blocked,computer froze, no response etc.
I finaly deleted the site. It worked really well when I first tried it. Where can I check to see if Onada is OK?
VB
July 17th, 2006 at 7:44 pm Victor,You’ll need to make sure that you allow popups in your browser to enable Oanda’s platform to work properly.