Forex Chart Patterns Cheat Sheet TradingSpine.com

Are Forex Brokers Cheating Their Clients?

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How are Forex traders victimized by Forex broker scams?

How are Forex traders victimized by Forex broker scams?
https://preview.redd.it/adejzq8sa1q21.jpg?width=5691&format=pjpg&auto=webp&s=7b5f832896b02a963778dc3b467ced9107ffb4e8
Foreign exchange represents the largest asset class in the world due to its huge trading volume and therefore the highest liquidity. With a 24X5 operation of the Forex market, it offers enormous opportunities to the traders to earn a decent income by buying and selling currencies. Although there are many trusted Forex brokers who provide a fair platform for the Forex traders to trade and win good returns, there are some scam Forex brokers too which run the business only to trap traders into Forex broker scams.
There are numerous ways by which a Forex trader is victimized by a Forex broker scam.
  • A scam Forex broker offers a fake Forex trading software which is not really connected to the Forex market and performs manipulation to cheat traders.
  • A scam Forex broker guarantees huge returns without any risk
  • Traders are not allowed to withdraw their profits or initial deposits by making ridiculous excuses or demanding more and more new documents
These are only a few ways by which scam Forex brokers cheat Forex traders. Falling as a prey to the Forex broker scams can be avoided if certain steps are followed in selecting a good broker.
Have you been scammed by a Forex broker? Leave your worries as Broker Dispute is there to help you in getting your lost funds back!
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Looking for reputable top forex brokers that do not trade against you? Those non cheating, fast brokers with low spreads? That's the word: "FXCM"

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Cheating Forex Broker Indications

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How To Start Trading Forex Reddit

How To Start Trading Forex Reddit

How to trade Forex and be profitable

Hello and thank you for being here again!
In this article I want to show you how I structure my operations by trading in the currency market. If it can give you ideas or help you in your process, the objective of this post will be more than fulfilled. I will try to be as clear and direct as possible. I'll go point by point:
Index
  • 1. How to trade
  • 2. Intraday or swing trading in Forex?
  • 3. Automatic or Manual Forex Trading
  • 4. Is analysis the key to Forex trading?
  • 5. Learn to create robust trading strategies
  • 6. Best Forex Trading Strategies
    • 6.1. Trading strategies with very simple entry and exit criteria
    • 6.2. Systems with a not very high number of operations or trades
    • 6.3. Strategies with a controlled return/risk
  • 7. Establish connection and disconnection rules for your systems
  • 8. Diversify in Forex
  • 9. What currencies to trade on Forex
  • 10. Why invest (only) in Forex
  • 11. Steps to trade
  • 12. How to start as a professional trader (without knowing how to program)
>>>Start trading with Plus500: open a free account

1. How to trade the Forex Market

Focusing on the basics and keeping it simple. Let me explain, you don't have to rely on hyper-complex strategies, use the software that PETA it and put it on the server next to your broker ... you don't have to be the best programmer, much less get dirty on the graphics of your platform to win money in Forex.
You need systems. The systems work. Results-oriented companies and work methods are systems-based. You should start applying and creating systems because they will allow you:
  • Know what you can expect (return and risk) in results.
  • Measure what you do .
  • Know when what you are applying is stopping working.
Yes, that sitting in front of the computer, looking and saying "I think EUR / USD is going to rise" is the most common thing, but the normal thing here is to lose money. You need winning strategies to start the fight.

2. Intraday or swing trading in Forex?

This question is an interesting question and I make a small indent if you are just starting out. Swing trading are operations that usually last several days and when we talk about intraday or day trading we refer to operations that are closed on the same day.
Well, which one then? Like everything in life, it depends (we are). You have to learn that there is no “best for all”. In my case I combine both operations because I dedicate myself full time to this, but if you are just starting out or are one of the people who get stressed out with trading, I recommend that you focus on swing trading.
As you consolidate here you can start to scale and seek to diversify by doing intraday. But again, this is just something that I recommend based on my own experience and from people I have known over the years.

3. Automatic or Manual Forex Trading

Not all automated Forex trading systems are a panacea, nor are all discretionary or manual systems bad. Stop looking at it like that, we're only talking about execution. This is precisely why I am opting for automated execution. We could talk at length about this and if you find it interesting I can dedicate an article just to it. But think that automation is just how strategy is carried out. Whether this is a winner or a loser is the basis of everything.
Automating a losing strategy does not make it a winner, it is only about applying strategies that are profitable and ensuring that they are executed in the best way (in manual we always cheat alone).

4. Is analysis the key to Forex trading?

Many people think that technical analysis is the key to beating the market and defend it to the last consequences. The same happens with those who think that the only way to make money in the foreign exchange market is through fundamental analysis.
So what really works? What really works and you can check. What good is it if you tell me that this or the other is the best method if you haven't even sat down to draw numbers. Many times it is not with what, but how. That is, they can be different valid methods if they are done well. But for this you need statistics of what you are doing.
>>>Recommended Forex Broker: Plus500 - Visit official website<<<

5. Learn to create robust trading strategies

Let's first see what a robust trading strategy is all about. As traders, we know what has happened in the past, but we don't know what will happen in the market tomorrow. That is why we need systems that are well adapted to changing market circumstances.
How can we know systems adapt well to alterations in the spread, prices ...? Simulating those alterations, something like simulating those conditions and seeing how they behave. There are different tests for this such as: Walk Forward test, Montecarlo, and Multimarket.
These tests give us an idea of ​​how robust our created trading system is and give us a reference. Be careful, I said reference, not absolute truth. Then we will test them, our goal is to leave as little space as possible to chance.

6. Best Forex Trading Strategies

You may be wondering how you are going to manage to create profitable strategies and start with all this. Calm down, there are tools for this, but the important thing here is that you know that the strategies that tend to be more stable over time and give better results are:

6.1. Trading strategies with very simple entry and exit criteria

The opposite of what you may have been told. The simpler our Forex trading systems are, the more likely they will continue to work overtime. I have seen this myself and I know it first hand.
Also, which is more likely to stop working, a system based on six indicators or a system based on one or two? That six indicators continue to give results for years and years is not easy. Instead, only one or two are more so. Still, trading systems should always be supervised.

6.2. Systems with a not very high number of operations or trades

Sometimes when we become obsessed with being in the market constantly making gazillions of trades, we are giving our broker money and taking it out of our pocket. More is not better in trading, better is better. This is about getting the most money with the least risk, not giving it to your broker.

6.3. Strategies with a controlled return/risk

You see a strategy, you look at its profit in the last months and years and you are already thinking about connecting it. Error, always look at the return associated with the drawdown. The drawdown of your system is, in short, the maximum consecutive drop it has had. Because it is important? Because if that fall has occurred in the past, it can happen again (and bigger, believe me). Now you may be thinking, what if this happens to me?
Next, I will explain it to you, but first an example of a system that meets all these characteristics (so you can see that it is simpler than it seems:
https://preview.redd.it/cozy880jl9v51.jpg?width=1024&format=pjpg&auto=webp&s=8e14a68538372be8e7ae109d86cd7d132d60fa07
Here more statistics:
https://preview.redd.it/hh5m7saml9v51.jpg?width=997&format=pjpg&auto=webp&s=f1597e3b05350d6fca1ea68ef18004f4340e6a1a

7. Establish connection and disconnection rules for your systems

All methods of trading sound great. The problem is when they start to lose. Some tell you that you have to continue, that the system is the system… But what if the system is stopping working? After all, we live in a changing world and our money is not infinite.
The reality is that many people do not know how to determine when the system is failing or when this happens because they are applying it incorrectly. If you execute the strategies in an automated way you are already saving this, then what you need is a rule to deactivate your strategies at a certain point. To do this, it is enough to monitor them with platforms such as Bluefox or Myfxbook to know what the performance of each is.

8. Diversify in Forex

If we deactivate a Rubén strategy, we stop trading. Not if you activate another that has been doing it well. It is not about you running a Forex trading system or two, it is about having different systems: the best in real and a demo base created that you can include in your real account when you deactivate one because their performance has dropped.
You can diversify by you I frame (temporality time) on assets (currencies) or types of systems (trend, mean reversion ...).
The objective of diversifying is to seek a more stable return, many people do for this is to introduce many systems without more, if you do this you will achieve the opposite, you will be increasing the risk.

9. What currencies to trade on Forex

I recommend that you focus on the majors or major currency pairs, especially if your broker has a high spread, as it is usually lower on these. One of the advantages of automating is that you can scale your trading and do it in different currencies, diversifying as I said before. These are the assets that I have traded in recent months:
https://preview.redd.it/4myzmwlxl9v51.png?width=800&format=png&auto=webp&s=7635d085d2b434e3d3da0420937c245b6cd21339
It starts with being profitable with a few (one or three assets) and as you evolve you can grow your portfolio.

10. Why invest (only) in Forex

I will not be the one to tell you that you should invest in Forex and not in another market. Each one belongs to his father and mother and has its good and not so good things. Of course, one thing is clear, wherever you do it, remember the power of specialization. There are traders who focus on one or two assets and they are profitable. In the end, that's what it's all about, isn't it?
This operation can be extrapolated to different assets such as raw materials, indices and cryptocurrencies. Yes, cryptocurrencies too. In fact, my operations are mainly based on currencies and cryptocurrencies (85% in the first group and 15% in the second). But I have to say that cryptocurrency trading has given me a pleasant surprise this year.
Again, if you are starting, do not do it with many assets or you will saturate yourself. Start step by step and diversify as you evolve. Jack of all trades, master of none.

11. Steps to trade Forex Reddit

If you've gotten this far, it may not be entirely clear to you how the hell I trade, then I'm going to summarize it in steps:
  1. I create statistically profitable trading strategies and verify through tests that they are robust.
  2. I put them on a demo account to make sure they work perfectly.
  3. Once they meet the requirements that I demand of them, I pass them to real.
  4. In real account, I manage my systems connecting and disconnecting them according to their performance (always under objective criteria).

12. How to start trading Forex Reddit as a professional trader (without knowing how to program)

But Rubén, I haven't studied computer science and I'm not particularly good at math. Don't worry if you don't know how to program, it is possible to do all this using tools that will do it for you. For years I have programmed my own systems myself and that's fine, but now I'm concentrating on managing them and getting the most out of them. Do not think that this is the robot that will make you earn millions of euros while you drink the gin and tonic on the beach.
We will read soon with new posts about trading, Forex, cryptocurrencies, platforms ...
Good luck!
To start trading, open an account on Plus500, one of the leading Forex brokers: Click Here
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ICICI vs HDFC

I want to start trading stocks and I'm looking for full service brokers, ICICI Direct vs HDFC Securities, which is better ? I don't have any experience with trading securities but I have been trading crypto currency (successfully) for about 6 months. Do both these banks offer 3in1 accounts ? which one is better. I would like to know about their trading platform and banks also. Please share your opinions and let me know if there is are better options available.
I also had some bad experience while trading forex, oprions and US CFDs with a popular foreign brokerage firm that turned out to be a bucket shop manipulating the trading platform and prices to make me lose money. So I don't care if I have to pay higher fees and charges but I want good reliable broker who offers good service and doesn't cheat - this is my first priority.
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ICICI vs HDFC

I want to start trading stocks and I'm looking for full service brokers, ICICI Direct vs HDFC Securities, which is better ? I don't have any experience with trading securities but I have been trading crypto currency (successfully) for about 6 months. Do both these banks offer 3in1 accounts ? which one is better. I would like to know about their trading platform and banks also. Please share your opinions and let me know if there is are better options available.
I also had some bad experience while trading forex, oprions and US CFDs with a popular foreign brokerage firm that turned out to be a bucket shop manipulating the trading platform and prices to make me lose money. So I don't care if I have to pay higher fees and charges but I want good reliable broker who offers good service and doesn't cheat - this is my first priority.
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Primer on Binary Options Recovery

Primer on Binary Options Recovery
A binary option is a financial option wherein the payoff is particular fixed money or nothing at all. There are mainly two types of binary options cash-or-nothing and asset-or-nothing binary options. The cash-or-nothing binary option pays some fixed amount of cash if the option expires “in the money.”
The asset-or-nothing binary option, however, only pays the value of the underlying securities. This option makes many people quickly lose money trading binary options. So what happens when you have lost money trading binary options?
Recover from Binary Options How to Recover from Binary Options Lost or Scam with a Verified Recovery Expert.
Have you been enticed to get entangled in trading binary options? Have you had any bad experience with binary options? Are you a victim of the famous binary options scam?
“How do you recover from binary options scam?”
It happens to lots of people, even professional, educated people and the elite. If you get swindled, the first thing to do is not to beat yourself up over it but act fast. More importantly, suicide is not an option, and we can always heal and recover from our loses once there is life.
An unfortunate story of an Australian man who got himself entangled in binary options lost a lot of money and had the third mortgage on his house with a lot of other debts. And then he ended his life.
There are a lot of somber stories of people who have lost it all to binary options and have no clue how to recover from binary options schemes and fake brokers.
Firstly it goes without saying, it’s better to prevent, investigating the business and doing background checks is very necessary before any investment. Here are some tips to help you.
  1. When investing, do proper research and make sure the broker you are working with has an appropriate regulation and licenses like ASIC, FCA, CySEC, CFTC, BaFIN, or other government regulators.
  2. Always make sure you don’t invest all of your money.
  3. Get wealthy quick programs are bound to lose more money, don’t fall for investments of such.
  4. Learn and do more research about the financial option you are planning to invest.
  5. Listening to your broker is another mistake, as they have lost peoples money in many instances, the reverse of a brokers advice might be doing you better.
  6. Check out the platform and use all their demo till you are skilled and never agree to add funds in a rush.
A lot of people have their first experience with binary options through a scam. Binary options trading scams are widespread, and recovering from binary options schemes might be very hard but not impossible. The binary options industry is steadily misused, and many scammers and thieves get away with a lot due to slack regulatory laws, shallow knowledge and negligence of victims. There are fake review websites that support and endorse these scams, so for a person with no trading experience, it is almost impossible to find the right path.
A lot of people are getting duped and losing their money to these schemes. They have assured an income, but in actuality, they take their money and lose it deliberately.
https://preview.redd.it/y9y274olp2j51.png?width=601&format=png&auto=webp&s=7e2f7c4667ae31cc5011c6a88713b111e14575b0
What to do if Scammed by Binary Options? The web has a lot of fraudulent binary options brokers. So once you realize you have been a victim of the scam, don’t panic! You will most likely go through guilting yourself and emotional distress. Your first step is to file a complaint to the customer services team. Always remember the risks involves in the trades, you can lose money as well as gain as much too. If you lose money or get scammed, you will be reminded of the risks.
Documenting all that has happened is very important. The world would be better if we did not have thieves and people who create scams aiming to steal from us. The best move anyone can make is to educate themselves about possible scams and the way they work because they are everywhere and to be intelligent in the decisions made by them and the information they provide.
These Con artists have found binary options a simple system to use their system to strip the money of unsuspecting casualties. This write-up will focus on educating you, on binary options scams and binary options scammers. If you have ever lost money to binary options, check for links below to hire a recovery organization to help you get your money back. Binary options investing can be an excellent way to make more money without having to do much, but when you are dealing with the wrong people, it can be a quick way to lose a massive amount of money. We believe when you are done reading this article, you will be able to determine the differences between reliable binary options systems and the scam artists.
Don’t forget that you must file a complaint to customer services of the respective platform you used, and it is the first thing to do when you feel spooked. All regulatory bodies have their procedure and steps, and they will also ask if you have filed a complaint. In few countries, it is required legally that the company gives you a case number which you can then use to file a complaint to securities and exchange commission.
It is also essential contacting your credit card company and bank fast so they can provide solutions such as chargeback for you. If you find that you get stranded and need help then get it to contact with a recovery expert, and your best bet is Assured Recover. They will undoubtedly be able to help recover all lost funds.
Also, be very careful with recovery rooms as they can even scam you as an easy vulnerable target.
Recover Losses made to Binary Options with Verified Recovery Experts. A few recovery companies that focus on lost funds and wealth recovery internationally. Some legitimate companies also claim they can help, but since there isn’t much of a right side to this, they usually fall short of their promise and client’s expectations.
Some chargeback companies offer a service to help, and some may be able to help. A significant number of people who have lost money to fake binary options companies like IQ options, VIPBinary, 24option, and other fraudulent binary options trading platforms/companies that have bad reviews and been accused of scams. Assured Recover has successfully helped customers who were scammed and to get their money back.
Here is a testimony how Assured Recover helped someone who got scammed by Trade Toro.
One wouldn’t think much of this, all I wanted to do was invest and be part of it, but the brokers weren’t truthful. They collected money from all in the name of investment, and when it was time to withdraw, I realized I couldn’t. At the time was when it occurred to me, I had been duped.
I consider myself to be one of the very few privileged ones as I was able to get all recovered from this scam Binary options brokers. Assured Recover is simply the best, and in less than 30 days all my funds including bonuses had been recovered, If your broker lost your funds trading Binary options, one of these verified recovery experts will help you get your funds back without any traces.
I’m pleased to let people know how I was able to recover part the money that I got cheated by Trade Toro, and I’d like to write in favor of Assured Recover. Assured Recover is your best bet when it comes to binary options recovery.
Binary options trading scams will make you lose money and also make you blame yourself for not being more careful. These Verified Recovery Experts offer binary options loss recovery service to everyone in need of such services. Here is the link to the original article, and how to recover money lost to binary options, forex, cryptocurrency etc.
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Forex Scam Brokers Scam List

The number of forex scams you can discover with only a direct pursuit on Google is stunning. There are many forex trading scams lawbreakers out there who sit tight for beginner merchants with the goal that they can cheat them, in a market where over $5 trillion moves every day, there will undoubtedly be individuals who need to exploit fair merchants.
https://www.topfxbrokersreview.com/forex-scams-brokers-list/
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Compare some of the best forex brokers in the world

Compare some of the best forex brokers in the world

Best Forex Broker in the World
In a market that moves about $4 trillion consistently, finding the best forex brokers in the world is muddled. It is anything but difficult to track down plenty of con artists who need to exploit any individual who should get into the forex business.
As you will find in our forex training page, the forex showcase has no focal commercial center. Decentralization makes it simple for individuals to do virtually anything they desire. In making the top forex brokers list, it is necessary to ensure that we have the correct data.
In any case, as of late, administrative, social orders stand watchman and attempt as much as possible to ensure that in the quest for the best forex brokers in the world, we have great alternatives.
We arranged these rundowns to help any individual who probably won't understand what to do, locate the best forex merchants on the planet. These top forex brokers list help point you as the merchant the correct way so you can identify the proper representative for you.
Safety efforts
The best forex brokers in the world share stringent safety efforts as a standard component. Security is the main thing we see when making the top e top forex dealers in your nation.
We demonstrate the character of the names on the top forex intermediaries rundown to ensure you are not cheated. To check the believability and establish that who you have met is somebody deserving of showing up on the top forex brokers list, go to an administrative organization site on the off chance that you need affirmation.
A few administrative offices ensure the best forex representative on the planet observe the standards and guarantee that the clients are secured.
A portion of the central matters that we make a point to see when searching for the best forex brokers in the world incorporates;
  1. The exchange costs must be reasonable. All the names on the top forex brokers list have sensible and moderate rates. The exchange expenses are paid through a commission or the spread. We ensure the range is low, and the commission charges are reasonable.
  2. The stores and withdrawals must be simple. We verify whether the best forex brokers in the world gives numerous strategies for removal and store and if they cost you something. The charges must be non-existent or as low as conceivable, relying upon conditions.
  3. The exchanging stage for the best forex brokers in the world must be easy to understand. This will permit you to be exact in your dealings. Dealers who do forex online need to utilize an exchanging stage like MetaTrader. Search for an ideal alternative that you are most open to using.
  4. Not many pips affect a misfortune and a benefit. The organizations on the top forex brokers list fill you in at or near the market cost.
As you will discover, everything is secured, including client assistance. You have to realize that when there is an issue, there is somebody to converse with. The best forex brokers in the world are recorded here for you to have a single time picking the best.


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What are the easiest / best ways for Forex Trading in India ?

Can I directly connect it to my savings account ?
I had posted this on IndiaInvestments, but was told that it was not relevant for the sub. I have tried surfing forex, but that seems too U.S centric. I downloaded a few Forex related android apps to learn and they dont seem to help either. I tried checking my bank's website and app, and they only mention about using Forex for Travel, whereas I am looking purely for investment purpose.
Please help me where to start as a beginner.
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Look for Reviews From Trusted Platforms before Investing in Forex Market

Are you looking for a new market to invest your money in? Are you fascinated by foreign currency trading? Do you want to invest in the global market? If yes, there is great news for you! There are several certified platforms that are helping people invest strategically in the forex market. These days, people are showing great interest in the foreign exchange market as it is a great way to earn money. This is the main thing that has attracted so many people towards this market. Also, the foreign exchange market does not involve commission. A forex trading guide is a must if you want to make sure that you don’t get duped
If you don’t want to face risks then you should also remember certain things like the time frame. The time frame is the biggest secret behind the success of many traders in the forex market. If you do not want to put your monetary affairs into a state of jeopardy you can select trading off a 5-minute chart instead of selecting weekly charts. You should always remember that if you want to make a huge profit in this market, you will have to give your time. Besides the time frame, the next important thing that you should know about this market is the best pairs that you can trade. You can go with minor currencies like British pound or Euro and you can pair them.
To make more money, you can either pair Euro with Japanese Yen or British pound to Japanese Yen. But with all these things, you should always remember to take the help of a trusted platform so that you can get completely authentic information. Therefore, we have found an excellent guiding and review site for you i.e. Forex Traders Guide.
It is a certified platform that works with professionals who have in-depth information and lots of experience in the foreign exchange market. With the help of the Forex Traders Guide, you can know everything about forex and crypto trading and many other related things. For this, you can simply visit the official website of this platform and select from among the categories like Forex basics, Forex brokers, Forex robots, and Forex glossary. Not just this, Forex Traders Guide also has incredible blogs that you can read to know the best time to trade forex, what affects the forex market and more.
About Forex Traders Guide:
Forex Traders Guide is a trusted platform from where you can know about thebest currency pairs to trade and candlestick cheat sheet.
For more information, visit https://forextraders.guide/
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How To Trade Forex

How To Trade Forex

How To Trade Forex
Learn The Basics |Advanced Topics | Chart Patterns | Choose The Best Broker
Beware of scam companies! Trade only with a good licensed broker that holds an FCA or ASIC license like these.

USE A BROKER THAT PROVIDES 0.0 pips Spreads and 500:1 Leverage for better trading!
OPEN A DEMO ACCOUNT | OPEN A LIVE ACCOUNT

How does Forex Work?

Forex trading is the simultaneous buying of one currency and selling of another…
Read more

Basic Terminology

Before trading currencies, an investor has to understand the basic terminology of the forex market…
Read more

Fundamental Analysis

Fundamental analysis is the study of the overall economic, financial, political…
Read more

Technical Analysis

Technical analysis is the study of prices over time, with charts being the primary tool…
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Trend Lines

The term ‘trend’ describes the current direction of the financial instrument…
Read more

What is a Technical Indicator

Technical Indicators are a result of mathematical calculations/algorithms…
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Gold Trading

As an investment, gold is the most popular of the precious metals…
Read more

Order Types

A market order is an order to open a buy or sell position at…
Read more

We complete our education centre with a breakdown of Gold Trading and details of the different Order Types.
You can also review our glossary to find brief definitions of various trading and financial terms you may encounter.
Once you have familiarised yourself with the information and concepts, you can open a Demo Trading Account to practice what you have learnt and build on your knowledge and understanding of how to trade successfully. Treat your demo account as you would your real account.
Aprender a operar con Forex | Lernen Sie Forex zu handeln

  1. What is Forex? Think the stock market is huge? Think again. Learn about the LARGEST financial market in the world and how to trade in it.
    1. What Is Forex?Learn about this massively huge financial market where fiat currencies are traded.
    2. What Is Traded In Forex?Currencies are the name of the game. Yes, you can buy and sell currencies against each other as a short-term trade, long-term investment, or something in-between.
    3. Buying And Selling Currency PairsThe first thing that you need to know about forex trading is that currencies are traded in pairs; you can’t buy or sell a currency without another.
    4. Forex Market Size And LiquidityThe Forex market is yuuuuuuuggggeeee! And that comes with a lot of benefits for currency traders!
    5. The Different Ways To Trade ForexSome of the more popular ways that traders participate in the forex market is through the spot market, futures, options, and exchange-traded funds.
  2. Why Trade Forex? Want to know some reasons why traders love the forex market? Read on to find out what makes it so attractive!
    1. Why Trade Forex: Advantages Of Forex TradingLow transaction costs and high liquidity are just a couple of the advantages of the forex market.
    2. Why Trade Forex: Forex vs. StocksNobody likes bullies! Good thing for us, unlike the stock market, there is no one financial institute large enough to corner the forex market!
    3. Why Trade Forex: Forex vs. FuturesThe futures market trades a puny $30 billion per day. Thirty billion? Peanuts compared to the FIVE TRILLION that is traded daily in the forex market!
  3. Who Trades Forex? From money exchangers, to banks, to hedge fund managers, to local Joes like your Uncle Pete – everybody participates in the forex market!
    1. Forex Market StructureBecause there is no centralized market, tight competition between banks normally leads to having the best prices! Boo yeah!
    2. Forex Market PlayersThe forex market is basically comprised of four different groups.
    3. Know Your Forex History!If it wasn’t for the Bretton Woods System (and the great Al Gore), there would be no retail forex trading! Time to brush up on your history!
  4. When Can You Trade Forex? Now that you know who participates in the forex market, it’s time to learn when you can trade!
    1. Forex Trading SessionsJust because the forex market is open 24 hours a day doesn’t mean it’s always active! See how the forex market is broken up into four major trading sessions and which ones provides the most opportunities.
    2. When Can You Trade Forex: Tokyo SessionGodzilla, Nintendo, and sushi! What’s not to like about Tokyo?!? The Tokyo session is sometimes referred to as the Asian session, which is also the session where we start fresh every day!
    3. When Can You Trade Forex: London SessionNot only is London the home of Big Ben, David Beckham, and the Queen, but it’s also considered the forex capital of the world–raking in about 30% of all forex transactions every day!
    4. When Can You Trade Forex: New York SessionNew York baby! The concrete jungle where forex dreams are made of! Just like Asia and Europe, the U.S. is considered one of the top financial centers in the world, so it definitely sees its fair share of action–and then some!
    5. Best Times of Day to Trade ForexTrading is all about volatility and liquidity. Which times of day provide the most dynamic market action and volumes?
    6. Best Days of the Week to Trade ForexEach trader should know when to trade and when NOT to trade. Read on to find out the best and worst times to trade.
  5. How Do You Trade Forex? Now, it’s time to learn HOW to rake in the moolah!
    1. How to Make Money Trading ForexJust like any other market: buy low and sell high…and vice versa. Simple, right!?
    2. Know When to Buy or Sell a Currency PairLet’s start with the very basics. First, what drives the value of a currency?
    3. What is a Pip in Forex?You’ve probably heard of the terms “pips,” “pipettes,” and “lots” thrown around, and here we’re going to explain what they are and show you how their values are calculated.
    4. What is a Lot in Forex?How many units of currency can we trade? What size positions can we trade and what are they called?
    5. Impress Your Date with Forex LingoWanna impress your crush? Here are some forex terms to help you wow that special someone!
    6. Types of Forex Orders“Would you like pips with that?” Okay, not that type of order, but buying and selling currencies can be just as simple with a little practice.
    7. Demo Trade Your Way to SuccessCurrency market behavior is constantly evolving. Trade on demo first to get a lot of the rookie mistakes out of the way before risking live capital. There are no take-backs in the real market.
    8. Forex Trading is NOT a Get-Rich-Quick SchemeWhile possible if you’re a trading genius with ice in your veins and you’re luckier than a lottery winner, building wealth through trading takes time and practice to build the skills and experience needed to be successful.
📷
Via XNTRADES.com
Topics Which Every Trader Must Master.
Or at least know your Chart Patterns
Support and Resistance v.1
Support and Resistance v.2
Elliot Waves Theory
Elliott Waves 101
Harmonic Patterns
Chart Patterns
How to Trade Market Structure
More educational materials from TRESORFX.com and XNTRADES.com

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submitted by TRESORFX to u/TRESORFX [link] [comments]

New Beginner info / FAQ section for futures

I feel like with all the cheating and drama going on with spot fx we should at the very least have a dedicated section on the right for guidance on futures contracts.
The shady Cypriot brokers and ones on other random islands are lying and selling a dream so let's take a look at the reality of spot fx...
Currency markets are the most liquid and active markets of any sector. However, there is also a great deal of misinformation, slick advertising, and even outright deception regarding this $2 Trillion Dollar a Day marketplace. For starters, a large percentage of that $2 Trillion is traded through what is referred to as the interbank market. The interbank market is the top-level foreign exchange market where banks exchange different currencies. This trading between banks is not accessible to retail traders and is estimated to account for the vast majority of the Trillion Dollar liquidity factor that attracts so many retail traders in the first place.
Here are a few of the reasons to trade futures:
-Level playing field for all participants
-Deep liquidity on major currency contracts
-Safety and security of central clearing
If your Forex brokerage firm uses a dealing desk, your buy and sell orders never actually reach the true Forex market. In other words, you do not have access to the inter-bank market. Instead you are buying and selling at prices set, and potentially manipulated by the dealing desk. This is known as conflict of interest.
The Chicago Mercantile Exchange guarantees each transaction. Futures contracts are legally binding! This means that if you go long a currency futures contract and your speculation was correct, you will walk away from the trade with your profit even if the person that took the other side of the trade fails to pay. This is what we call counterparty risk.
Take a moment, have a break and take a look at all the horror stories on forex factory, for instance.
Whether you are a large institution or an individual trader, everyone is on equal footing when it comes to pricing currency futures. EVERYBODY gets the same price regardless of who you are (individual or mega bank). Best price wins, it is as simple as that — something that is not always the case in the fragmented OTC FX market. The spreads are also very tight if you trade liquid future contracts.
Spot fx brokers also control their price feeds. They can widen the spreads as they see fit and they can really screw you over if they want to. Believe me when I say that most fx brokers don't want you to win! Even the ones that claim to have liquidity providers... Those are nothing but price feeds. Quotes. Nothing more....
And Forex firms offering a "fixed" 3-5 point spread may not be charging traders commission outright, or even in a form that shows up on an account statement, but there are significant costs built into the synthetic market that they provide to you.
No middle man, no market maker. Yes, Forex is an electronic market, but your order still ends up on a "dealing desk" where a human handles your order. Or an algorithm... Basically, a Market Maker. He could make you or break you. With E-mini Futures you have a level playing field. You trade on a centralised and CFTC regulated exchange. Whether you're Goldman Sachs or Joe from Idaho, you get equal treatment!
If you're worried about Liquidity - 1.5-3m contracts trade hands everyday on the S&P 500 E-mini Futures Contract. If you want in or out of a position, there is almost always someone waiting and willing to take the other side of your trade (24/5) just 1 tick away. This simply isn't true for all Forex Pairs.
Low Cost of Doing Business - Commissions on a self directed SP500 E-mini Trade (ES) should be no more than $3.00 per side or $6.00 per round turn. While many Forex Brokers tout "Zero Commission", we all know there's no free lunch. Forex Brokers don't need to charge a commission because they make money off of the bid/ask spread "they create" and then take the other side of your trade. Run the numbers... for every $100 in profits or loss, you will spend a larger % in "cost of doing business" in the Forex Market than you will in the S&P E-mini Market. Don't take my word for it... go take some real trades and you'll quickly see the truth.
Zero Interest - If you you trade the ES intraday, expect to put up $500 per contract as a "bond" for lack of a better term. That's it. No hidden cost. Forex however, has a "cost of carry" associated which means interest may be charged or paid on positions taken.
Fiduciary Responsibility - Even regulated US Forex firms are not required to segregate customer funds. If a regulated firm goes under, you do not have the protection of the CFTC and the NFA as you do in the Futures Markets.
Turn ON The Volume Please - In Forex, since there is no centralised exchange, it is impossible to get a true read on volume. Not so with the S&P 500 "ES" E-mini. Simply turn on the volume indicator and you have exact numbers for Volume Analysis. GS and CITI have huge research departments with hundreds of employees, but they know nothing about volume that you don't know via a free indicator on your direct access trading platform. Just one more example of the level playing field we constantly speak of.
Centralised Clearing - All trades are cleared via the CME - Chicago Mercantile Exchange. All trades, including time and sales, are public information and posted in real time.
Edit: By the way, if you're worried about discrepancies, currency futures charts look almost exactly the same as their spot fx siblings! So you can easily apply your current strategy to this market, too!
A great example would be "M6E" vs "EUUSD"
SO GUYS, LET'S ACCEPT REALITY AND LET'S DO SOMETHING ABOUT IT. DO YOU AGREE?
Source: cfrn.net
submitted by Fighterboy89 to Forex [link] [comments]

Forex trader

Nowadays, with the development of forex system, there are many forex brokers all over the world, which are both good and bad. They could be safe and reliable, yet they could also be the cheating and untrusted ones. The question is how to identify the reliable brokers to work with.
#brokersguru #Fanara_Filippo #best_forex_brokers
submitted by bestforexbrokersguru to u/bestforexbrokersguru [link] [comments]

Binary.com ICO a new scam is brewing - INVESTIGATION Part 1

I think this one deserves a thread by its own given how bad this companies reputation is and the fact that they are threatening to sue legitimate review websites in order to silence them. PLEASE CRYPTO COMMUNITY INVESTORS DO NOT BE STOXED again ;). Read below.
Binary.com is a binary option broker in Malaysia. They are beating their chests about wanting to sell 10 million tokens to pay dividends to token holders from annual profits made by Binary.com. Binary.com is openly paying their affiliates on clients losing. This is known as their "revenue share" model for affiliates. PROOF: https://www.financemagnates.com/binary-options/brokers/exclusive-binary-com-ico-shows-company-profits-surpass-20-mln-2017/
What is VERY VERY worrying is that www.forexpeacearmy.com that is a known bastion of hope for traders who get scammed and who actively is helping them recover money was THREATENED BY THE CEO OF BINARY.COM JEAN-YVES SIREAU to remove all negative posts or else they will pursue legal action. PROOF https://i.gyazo.com/5c144da224b40158ce9176ad074a92cd.png PROOF 2:http://www.forexpeacearmy.com/forex-reviews/5006/www.binary.com
Binary.com the more you dig the more you can expose this company. Here you can see how they have actively been scamming clients by manipulating prices as well. PROOF 3: http://www.forexpeacearmy.com/community/threads/beware-of-binary-com.44700/ PROOF 4: http://www.binaryoptionsedge.com/topic/2981-binarycom-manipulating-price/
Binary.com makes money when the client is losing. Simple. So them showing off about the millions they have made in profits every year is somehow deceitful since they have cheated traders out of this money. Any negative reviews that do appear the company threatens to sue people. This one seems worse than STOX who stole 30 million dollars from investors. These brokers need to go they simply have no place here. Fraudsters.
I am in their SLACK channel and it is run by their marketing person KAREN YAP who is a conman and openly is scamming clients with promotions to affiliates. I have also heard of instances where profitable services that connected to their API were shut down last year but I need more proof behind this.
I would be very careful of this company.
submitted by danpirrung to icocrypto [link] [comments]

r/Forex mods controlled by Pepperstone

Redditors, just so you know, people associated with Pepperstone control Forex.
They just banned me for my post below, alleging "Note from the moderators: Copy / Paste spamming of your opinion on a broker comes off as you being a paid basher."
IB doesn't pay random nobody's on the internet like me you corrupt morons. My dislike of Pepperstone or in fact any business that fundamentally thrives on exploiting vulnerable poeple motivates me.
Please read my post below which caused me to be censored by corrupt Forex who want you to be cheated by Pepperstone:
Pepperstone - never ever use them (self.Forex) submitted 3 hours ago by playingpoodles Hi, just a quick suggestion of my opinions regarding Pepperstone. Nobody can use Pepperstone and pay their default fees and profit over the longer term ever. In my opinion, which I think will be born out by your own account if you are with Pepperstone, and bother to look, it is impossible to profit over any extended (eg. three months or more) period of time while using Pepperstone. This is because their margin prices from what I can see seems to be around 15%, or around 15 times IB. Think about it, you go long/short a pair, and profit 10% on average over time, that means you're 5% in the red over that same period of time. Nobody can out-trade that handicap. Pepperstone's spreads are also around 10 times Interactive Brokers. This would make difficult to profit over time, but not impossible, but see above it is impossible because of the margin interest charged by Pepperstone. Pepperstone's business model is to "truck" vulnerable men who want to get rich quick trading forex with probably usually small account sizes. I'm sure some better off men would set up on Pepperstone too after some sort of winfdall inheritance or whatever. But people who've managed to earn real $100,000s are unlikely to generously give it up to Pepperstone's rich, exploitative, owners. That's okay to Pepperstone, they're fine ripping $1000s off everyday disadvantaged Western men. If you want to trade forex, use IB, if you can't use IB in your jurisdiction Google a similar cost effective competitor. Or trade forex in futures lots through CME using IB, Ameritrade or TastyWorks instead.
submitted by playingpoodles to forex_trades [link] [comments]

Worrying ICOs of Spot Option and IQ Option WARNING

Hi I am glad icocrypto exists because as a crypto trader and a big enthusiast I want to do my part to keep this space clean. I have been observing a worrying trend that I wanted to share my opinion on and alert fellow investors and traders on giving real hard facts that could save us all, collectively, a lot of money and emotional pain. There are some major fraudsters, conmen and scam artists that are soon looking to ICO and not 1 dollar of the crypto currency communities money should be given to them ESPECIALLY after the STOX ICO which later was exposed as a scam. Read here for those who missed it: https://www.reddit.com/Bancocomments/6o34fz/heads_up_for_those_who_intend_to_invest_in_the/
Around 9 months ago I lost a friend. He was around my age and also a consultant to one of my fledgeling businesses in the Quebec region. At first I thought it was some hoax or prank but he had mentioned to me about some personal problems he was going through during our working relationship. Little did I know the situation was far darker and serious than he had led on, otherwise I would have helped. I am talking about Fred Turbide who killed himself in his garage leaving behind a sad and bankrupt family. He was lied to and cheated out of his live savings by an Israeli binary options company called 23Traders. You can read the whole story here none of this is made up https://www.timesofisrael.com/fleeced-by-israeli-binary-options-firm-canadian-man-commits-suicide/
Based on my research 23Traders is a brand of Spot Option, an Israeli company that owns 70 percent of the binary option trading market. The founders of this company known as Pini Peter and Oren Shabat and some guy called Semi Vahap, have been indicted for fraud/money laundering and their subsidiary brands like Banc De Binary (one of the biggest binary option scams that was ejected from USA and shut down). You can read about this in their OWN WIKIPEDIA page: https://en.wikipedia.org/wiki/SpotOption
For those who were taken in by the STOX ICO scam where they swindled around 30 million dollars from crypto investors, you will never see any return on that share again. STOX as the reddit thread i have posted above proves, is basically the same team of ANY OPTION another SPOT OPTION brokerage. ANY OPTION has scammed thousands of clients, been fined repeatedly and was "bought out" yeah right. They rebranded to invest.com and ICO'd a company that has no real traffic, lying about their figures.
Having dabbled in binary options before, I knew it was a fun way to trade where one could make a lot of money but after my broker IQ option (I will talk a little bit more about them later in this post because they are planning to ICO!) decided to lock me out and deny me my wins, that is where i knew I was dealing with a sinister set of people. To my dismay, since I hang out at Forex Peace Army which helps keeps traders like me alert for new scams, I found out that these Isreali binary scam brokers are now looking to ICO so they can pull off a giant scam only this time with THE PUBLIC'S MONEY!. https://www.financemagnates.com/fintech/news/exclusive-spotoption-announces-blockchain-based-trading-via-spotchain/
Spot Option is the first one that is looking to ICO and then I found out today that IQ Option, the company that stole my deposit and regularly stops traders from being awarded their RIGHTFUL gains and wins, is also looking to do an ICO. http://www.financemagnates.com/forex/brokers/iq-option-teases-upcoming-ico-limited-tokens/
Here is the truth about IQ Option: They pay hundreds of people including their employees to write good reviews including affiliates who write fake 5 star reviews. The truth however is very dark you can read it here http://brokerscamalert.com/iq-options-review/
and most importantly, Forex Peace Army which actively hunts down these bucket shops paints a very different reality. You will see in this post that there are hundreds of threads of customer complaints of outright denial of withdrawals, manipulation of price data and even threats issued by this company to clients: http://www.forexpeacearmy.com/community/search/6362854/?q=iqoption&o=relevance Only the problem is you don't find these reviews on page 1 or 2 of google so easily so many people get duped. If you know where to look, you can easily find them and the truth emerges.
Before Spot Option and IQ option type of brokers entered binary options actually it was fun and fair and regulated brokers existed but these firms completely destroyed everything by greed and praying upon the hope of the desperate. Do not fuel their intentions or fall prey to their lies. I have so much evidence if any one has questions I will post more.
Please DO NOT give these scammers any money, they have already swindled millions from poor people around the world and now want to use the "lack of information" in the crypto currency about what really went on in the binary options space to create scarcity value and try and hype up their scam. Please post here your responses. I am not promoting anything here I just don't want these leeches to steal any more money.
-danpirung
submitted by danpirrung to icocrypto [link] [comments]

Forex Trading: Most Popular and Money Making Trading in this Era.

Forex is an acronym of Forex Exchange and Forex trading is one sort of trading currencies from different countries against all others in online Forex trading market. It designates buying one currency whereas selling another currency at the same time. It is conducted over the counter also. This market is open 24 hours a day (five days in a week without two weekly holidays). It is one of the biggest online financial markets in the earth. Throughout this trading, a trader can trade national currencies with a view to trying and making a profit within very short time frame. To initiate forex trading successfully, some important elements are intensively needed to know and utilize and those are mentioned below.
Forex Trading Broker
Forex trading broker is the platform where the Forex traders can set up their trade smoothly and easily. Broker acts as the host of the trading to continue trading. Furthermore, to set up trading with a collection of available currencies, traders are supposed to decide a dependable Forex trading broker. On the whole, to be a successful trader, a fair broker is greatly preferred.
Forex Trading Account
No account, no trade. All types of trading can be directed and maintained by Forex trading account and the account has been formed by the brokerage houses also. Throughout the accounts, traders can retain their trading. Regarding the account, demo account is very important also. It makes the traders perfect and experienced before executing real trading. All the traders should practice demo account before starting real trading on the basis of real account.
Types of Account
There are two types of Forex trading accounts available in the Forex trading market that helps the traders to execute the trade and these are given below:
  1. Real Account.
  2. Demo Account
Lot in Forex Trading Market
A lot determines to a bundle of units in Forex trading marketplace. It finds out the extent of the trade that traders are making in trading market. In Forex trading, a micro lot is equaled to 1/100th of a lot or 1000 units of the fundamental currency. So, a micro lot characteristically is the smallest position extent that trader can trade with. The following are the quantities essentially used in the Forex trading marketplace:
  1. A standard forex trading lot =100,000 unites of base currency in the Forex market.
  2. A mini lot = 10,000 unites of base currency in the Forex trading market.
  3. A micro lot = 1,000 unites of base currency in the Forex trading market.
  4. A nano lot = 100 unites of base currency in the Forex trading market
Volume in Forex Trading Market
Volume is an essential part of Forex trading world. In essence, volume is the amount of shares in entire market throughout a specified phase of time.
Major Currency Pair
At the time of carrying out trade, a trader has to prefer a currency pair that trader anticipates to modify in value and place regarding the trade chronologically. A number of important currencies are used to deal with currency pairs. Essentially, there are four major currencies pairs are incredibly popular and regular in the Forex trading market for example:
  1. USD and Swiss Franc (USD/CHF)
  2. Euro and USD (EUUSD)
  3. British pound and USD (GBP/USD)
  4. USD and Japanese Yes (USD/JPY)
Forex Leverage Trading
Forex leveraged trading is very much cooperative requirement for the trader. Forex leveraged trading is one of the input remunerates at the back trading Forex. It refers to trader as border, permits the trader to arrive at an enormous disclosure to the markets for comparatively a minimal starting deposit. Throughout this option, a trader can acquire loan from the broker. It determines how much loan a trader can obtain from the brokers.
Risks also involved in the Forex Trading Market
It is highly pointed out that Forex trading is not only connected to earning extremely but also it has vast risk. Consequently, if the traders do not maintain the trade correctly, they must fall into hazard and their account will have to zero. Furthermore, without calculating the marketplace logically, emotion and excitement can destroy traders’ successes.
Pipette
Pipettes are smaller than a pip. Fundamentally, 1 pip = 10 pipettes. Pipettes are premeditated as smallest in terms of price faction. Pip is made up of pipettes. For instance, 10 pipettes conclude one pip. It is usual unit at the time of trading. It is the one-tenth of pip or unit. In fact, pipette value = the value modify in counter currency times the exchange rate ratio times the component of currency traded. In this way, pipette value = the value change in counter currency times the trade rate ratio times the unit of money traded.
Pip
Pip is a vital component of Forex trading. A pip is made up of 10 pipettes and it resolves one pip. On the whole, it is an exclusive of amount used by traders to reveal vary in value or price between trader’s currency pairs. Essentially, a pip is the smallest amount price move that a detailed exchange rate makes based on trading market regulation. In fact, 10 pipettes = 1 pip. A pip of Forex trading varies depending on how a known currency pair is traded. It is also possible but rare to value in half-pip increments.
Spread in the Forex Trading
Like pip, the spread determines the difference between the buying and the selling price. These two values are specified for a currency pair. In addition, the spread characterizes the discrepancy between what the marketplace maker gives buying from a Forex trader and what the market maker takes selling to a trader.
Scam in Forex Trading
Scam or fraud brokers are very much hazardous for the traders. It can cheat you and your valuable capital. The broker should be official and legal. Before creating a Forex trading account, a trader is supposed to analysis and research the broker. It can be done by live chatting, sending SMS and analysis the data of that brokerage house. If complaints are available against the brokers, it is supposed to be left. Even, the brokerage houses have to be popular and admired by the traders.
submitted by dwaynebuzzell to tradingfx [link] [comments]

Binary Cheat – A Working Automated Binary Options System!

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Financial Times: Trader transcripts: 'If you ain’t cheating, you ain’t trying' -

Financial Times: Trader transcripts: 'If you ain’t cheating, you ain’t trying'
May 20, 2015
They were known as the “Cartel” or the “Mafia” among their peers. The unsubtle nicknames were given to a group of traders who at one time worked for five of the six banks that reached settlements on Wednesday with regulators over allegations they rigged the foreign exchange markets.
Transcripts from chatrooms used by those traders and others as they attempted to manipulate forex benchmarks and engaged in misleading sales practices towards their clients were published as part of the settlements.
Below is a selection of the exchanges (including original punctuation) from the settlements between Barclays and the New York State Department of Financial Services and the UK’s Financial Conduct Authority:
● Membership of the chatroom used by the “Cartel” was by invitation only. The FT has previously named the members of the “Cartel” as Rohan Ramchandani, Citi’s European head of spot trading, and Richard Usher, who moved from RBS to become JPMorgan’s chief currency dealer in London, and Matt Gardiner, who was at Barclays before joining UBS.
One Barclays trader, Chris Ashton, was desperate to join the chatroom when he became the bank’s main euro trader in 2011. After discussions as to whether the trader “would add value”, he was invited to join for a one-month “trial” but was warned by Mr Ramchandani: “Mess this up and sleep with one eye open at night.” Mr Ashton passed his “trial” and remained in the chatroom until it was shut down at some point in 2012.
● Traders used various strategies to try to manipulate fix rates, according to the NYDFS.
One method, known as “building ammo”, involved one trader building a large position in a currency and then unloading it just before or during the “fixing period” — a short period of time during which an average price is produced, at which large client transactions are executed — in an attempt to move the price favourably.
On January 6 2012, the head of Barclays’ FX spot desk in London attempted to manipulate the reference rate set by the European Central Bank by unloading €500m at the time of the fix. He wrote in the Cartel chatroom “I saved 500 for last second” and in another, “i had 500 to jam it.”
Another method was for traders at rival banks to agree to stay out of each other’s way at the time of the fix.
In one example, from June 2011, a Barclays trader told a counterpart at HSBC that another trader was building orders to execute at the fix contrary to HSBC’s orders. But the Barclays trader assisted HSBC by executing trades ahead of the fix to decrease the other trader’s orders. He wrote: “He paid me for 186 . . . so shioud have giot rid of main buyer for u.”
In another chat in December 2011, a Barclays trader told another at Citigroup: “If u bigger. He will step out of the way . . . We gonna help u.”
In the another example, traders in the US dollar-Brazilian real market colluded to manipulate it by agreeing to boycott local brokers to drive down competition. In October 2009, a trader at Royal Bank of Canada wrote: “everybody is in agreement in not accepting a local player as a broker?” A Barclays forex trader replied: “yes, the less competition the better.”
● Then there were numerous occasions, according to the NYDFS, from at least 2008 to 2014 when Barclays employees on the forex sales team engaged in misleading sales practices with clients by applying “hard mark-ups” to the prices that traders gave the sales team.
The level of mark-up was determined by calculating the best rate for Barclays that would not lead the client to question whether executing the transaction with the bank was a good idea.
One Barclays forex salesperson wrote in a chat to an employee at another bank in December 2009: “hard mark up is key . . . but i was taught early . . . u dont have clients . . . u dont make money . . . so dont be stupid.”
These mark-ups were a key source of revenue to Barclays, and generating them was made a high priority for sales managers. As a Barclays’ vice-president in New York (who later became co-head of UK FX hedge fund sales) wrote in a November 2010 chat: “markup is making sure you make the right decision on price . . . which is whats the worst price i can put on this where the customers decision to trade with me or give me future business doesn’t change . . . if you aint cheating, you aint trying.”
● In the FCA settlement, the regulator details an exchange between traders at Barclays and three other firms, refered to as X, Y and Z. Barclays was trying to trigger a client stop-loss order to buy £77m at a rate of 95 against another currency. If it could trigger the order, it would result in Barclays selling £77m to its client and the bank would profit it the average rate at which the bank had bought sterling in the market was below the rate at which the client had agreed to buy it.
In one exchange, firm X asked Barclays and firms Y and Z if they had any stop-loss orders — “u got...stops?” Barclays replied to say it had one for “80 quid” at a level of 95 and noted it was “primed like a coiled cobra...concentrating so hard...[as if] made of wax...[haven’t] even blinked”.
● While most of the settlements concerned manipulation of foreign exchange benchmarks, UBS inked a deal with the US Department of Justice in which it agreed to plead guilty to rigging Libor.
In once example, a broker commented to a UBS trader after a Yen Libor fix on June 10 2009: “mate yur getting bloody good at this libor game . . . think of me when yur on yur yacht in monaco wont yu”
In another conversation with a UBS trader after a Libor Yen fix on August 22 2008, a broker, identified as A1, commented about another broker, A2: “think [broker-A2] is your best broker in terms of value added :-)”.
The trader replied: “yeah . . . i reckon i owe him a lot more”, to which broker-A1 responded: “he’s ok with an annual champagne shipment, a few [drinking sessions] with [his supervisor] and a small bonus every now and then.”
submitted by wazzzzah to inthenews [link] [comments]

Financial Times: Trader transcripts: 'If you ain’t cheating, you ain’t trying' -

Financial Times: Trader transcripts: 'If you ain’t cheating, you ain’t trying'
May 20, 2015
They were known as the “Cartel” or the “Mafia” among their peers. The unsubtle nicknames were given to a group of traders who at one time worked for five of the six banks that reached settlements on Wednesday with regulators over allegations they rigged the foreign exchange markets.
Transcripts from chatrooms used by those traders and others as they attempted to manipulate forex benchmarks and engaged in misleading sales practices towards their clients were published as part of the settlements.
Below is a selection of the exchanges (including original punctuation) from the settlements between Barclays and the New York State Department of Financial Services and the UK’s Financial Conduct Authority:
● Membership of the chatroom used by the “Cartel” was by invitation only. The FT has previously named the members of the “Cartel” as Rohan Ramchandani, Citi’s European head of spot trading, and Richard Usher, who moved from RBS to become JPMorgan’s chief currency dealer in London, and Matt Gardiner, who was at Barclays before joining UBS.
One Barclays trader, Chris Ashton, was desperate to join the chatroom when he became the bank’s main euro trader in 2011. After discussions as to whether the trader “would add value”, he was invited to join for a one-month “trial” but was warned by Mr Ramchandani: “Mess this up and sleep with one eye open at night.” Mr Ashton passed his “trial” and remained in the chatroom until it was shut down at some point in 2012.
● Traders used various strategies to try to manipulate fix rates, according to the NYDFS.
One method, known as “building ammo”, involved one trader building a large position in a currency and then unloading it just before or during the “fixing period” — a short period of time during which an average price is produced, at which large client transactions are executed — in an attempt to move the price favourably.
On January 6 2012, the head of Barclays’ FX spot desk in London attempted to manipulate the reference rate set by the European Central Bank by unloading €500m at the time of the fix. He wrote in the Cartel chatroom “I saved 500 for last second” and in another, “i had 500 to jam it.”
Another method was for traders at rival banks to agree to stay out of each other’s way at the time of the fix.
In one example, from June 2011, a Barclays trader told a counterpart at HSBC that another trader was building orders to execute at the fix contrary to HSBC’s orders. But the Barclays trader assisted HSBC by executing trades ahead of the fix to decrease the other trader’s orders. He wrote: “He paid me for 186 . . . so shioud have giot rid of main buyer for u.”
In another chat in December 2011, a Barclays trader told another at Citigroup: “If u bigger. He will step out of the way . . . We gonna help u.”
In the another example, traders in the US dollar-Brazilian real market colluded to manipulate it by agreeing to boycott local brokers to drive down competition. In October 2009, a trader at Royal Bank of Canada wrote: “everybody is in agreement in not accepting a local player as a broker?” A Barclays forex trader replied: “yes, the less competition the better.”
● Then there were numerous occasions, according to the NYDFS, from at least 2008 to 2014 when Barclays employees on the forex sales team engaged in misleading sales practices with clients by applying “hard mark-ups” to the prices that traders gave the sales team.
The level of mark-up was determined by calculating the best rate for Barclays that would not lead the client to question whether executing the transaction with the bank was a good idea.
One Barclays forex salesperson wrote in a chat to an employee at another bank in December 2009: “hard mark up is key . . . but i was taught early . . . u dont have clients . . . u dont make money . . . so dont be stupid.”
These mark-ups were a key source of revenue to Barclays, and generating them was made a high priority for sales managers. As a Barclays’ vice-president in New York (who later became co-head of UK FX hedge fund sales) wrote in a November 2010 chat: “markup is making sure you make the right decision on price . . . which is whats the worst price i can put on this where the customers decision to trade with me or give me future business doesn’t change . . . if you aint cheating, you aint trying.”
● In the FCA settlement, the regulator details an exchange between traders at Barclays and three other firms, refered to as X, Y and Z. Barclays was trying to trigger a client stop-loss order to buy £77m at a rate of 95 against another currency. If it could trigger the order, it would result in Barclays selling £77m to its client and the bank would profit it the average rate at which the bank had bought sterling in the market was below the rate at which the client had agreed to buy it.
In one exchange, firm X asked Barclays and firms Y and Z if they had any stop-loss orders — “u got...stops?” Barclays replied to say it had one for “80 quid” at a level of 95 and noted it was “primed like a coiled cobra...concentrating so hard...[as if] made of wax...[haven’t] even blinked”.
● While most of the settlements concerned manipulation of foreign exchange benchmarks, UBS inked a deal with the US Department of Justice in which it agreed to plead guilty to rigging Libor.
In once example, a broker commented to a UBS trader after a Yen Libor fix on June 10 2009: “mate yur getting bloody good at this libor game . . . think of me when yur on yur yacht in monaco wont yu”
In another conversation with a UBS trader after a Libor Yen fix on August 22 2008, a broker, identified as A1, commented about another broker, A2: “think [broker-A2] is your best broker in terms of value added :-)”.
The trader replied: “yeah . . . i reckon i owe him a lot more”, to which broker-A1 responded: “he’s ok with an annual champagne shipment, a few [drinking sessions] with [his supervisor] and a small bonus every now and then.”
submitted by wazzzzah to Money [link] [comments]

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A Forex cheat for Double in a Day traders to increase break-even stop sizes and have more success

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