Summarizing some free trading idea resources I've been using
I've been following many free resources on youtube and twitter to generate trading ideas. Some of them are suspicious; some are more like boasting their wining trades but never post any losing trades. I see many people ask about trading ideas/resources, so I want to briefly share some resources I find useful. Twitter resources:
Instrument: Mostly SPX/SPY/ES
Highlights: TicTocTick is amazingly good at levels, spotting sellers and buyers levels. Everyday he posts his plan for the next day of the following format: If open above X, long/short bias, target Y. If open below X, short/long bias, target Z. Intraday he sometimes send "warnings" of potential big sellers / buyers at certain level. His price target and long/short bias is often right in my experience. His levels are useful for day trades IMHO.
Notes: (1) even with his plan, one needs an actionable plan. (2) He sometimes delete his tweets. His day-by-day and intraday tweets are more actionable than his longer term view. (3) he sometimes tweets political and controversial non-stock related things.
Trade transparency: 0/5 (doesn't post any trades)
Live update in-time: 5/5 (updates very frequently)
Actionable trading plan: 1/5 (good at levels and price targets. need your own plan)
Live interaction: 0/5 (no interaction)
Educational: 2/5 (can learn the technique from other resources. TicTock doesn't teach you directly)
Instrument: Mainly SPY/SPX/ES
Technique: candlestick patterns, Fib levels, support and resistance levels etc
Style: only day trading
Highlights: he diligently post daily plan and many educational resources, sometimes intraday updates. Had many good trades.
Notes: I haven't followed him long but so far so good. He also recently has educational youtube videos.
Trade transparency: X/5 (hard to measure)
Live update in-time: 2.5/5 (updates frequently)
Actionable trading plan: 3.5/5
Live interaction: X/5
Educational: 5/5 (youtube videos)
Technique: candlestick patterns, support and resistance levels, trendlines, channels etc
Instrument: SPX/SPY, Forex, Cryptocurrency,, Gold and Silver.
Style: holding for a few hours for SPX/SPY, swing trade for all
Timeframe: 8H for analysis. Lower time frame for entry.
Trading frequency: 1-2 trades per week.
Highlights: For SPX, he rode the big drop down in March; rode the rally up, and rode some pullbacks down in April. Got chopped in May. Now he's positinoning long. He also did well in Gold and Silverthis month. He only uses candle sticks, support and resistance lines, trendlines, and sometimes true trend indicator. He doesn't use volume though.
Youtube style: 2 videos every trading day: (1) live at 9am ET for 1-2 hours and talk about his plan and market analysis. Sometimes he trades during the live session (enter / exit). (2) after market closes he summarizes the day, and talks about plans for the next day. (3) Every weekend he gives out his technical analysis for the next week.
What I like: His levels on the chart are very good. He is also very transparent about his trades no matter whether it's winning or losing. He also explains the general economic environment.
Trade transparency: 4/5 (not knowing trading size; but knowing entry/exit)
Real-time update: 2.5/5 (two times a day)
Actionable trading plan: 5/5
Live interaction: 3.5/5 (some interaction on youtube live; Jordan responses to youtube comments)
Timeframe: all time frames. Mostly 5min, 1H, 1D, 1W, 1M.
Trading frequency: very frequent. multiple trades per day.
Highlights: Justin is very good at seeing through market maker manipulation and highly manipulated stocks. He often explained his plan and his outlook (especially in OPEX days) in his YouTube channel. The stocks on their weekly watchlist tend to do very well. He does live Q&A on youtube as well everyday where one can ask him to look at a chart.
Youtube style: Three videos by his team every trading day: (1) live at 9:30am ET; does 1-2 live scalping trades. Explains what he thinks of the market. (might discontinue) (2) at noon: summarizes what happened and what he sees is happening later in the day. Some of his trading plans. (3) 4:15pm ET: summarizes today and looking forward to the rest of the week. Videos (1) and (2) include live Q&A. I've asked many questions on youtube. Every weekend has two videos talking about plans for the next week.
What I like: The Q&A and Justin's outlook of the market, his team's stock pick.
The scalping trades in the morning is not very suitable for small accounts since they will trade for example 100 shares of BA (~160) to scalp a few dollars per share.
Even though the stocks on their weekly watchlist does well very, one still need to come up with an actionable plan. Very often say they recommend stock A on Sunday, and on Monday it already gaps up big. They sometimes do YOLO options -- big risk big rewards-- options can go to 0.
Besides the free content, everyone can get a free one-week trial for their paid membership, or a 2-week free trial by winning a lottery game on their youtube ( what I did) or knowing someone in their group and get a referral. What I like about the group: (i) very frequently updates each day on SPY and stocks on the watchlist. (ii) all their positions, Profit / Loss are very transparent. I learned a lot about how to manage trades by observing their live trades. (iii) There are many very experienced traders in the group posting their trading ideas, plans, entry/exit, and there are many live discussions. (iv) There's a "helpdesk" in the group where members' questions will be answered in minutes. I often ask about my trading plan, entries/ targets.
Trade transparency: 0/5 (free content: not knowing entry/exit nor position size);5+/5 (membership\*)*
Live update in-time: 3.5/5 (free content: three times a day);5+/5 (membership\*)*
Highlights: I follow their free Shadow trader swing newsletter, where every few days they post some trading ideas and analysis with actionable plan. Their twitter account will also real-time update their entry/exit and trade management.
What I like: I enjoyed learning what they look at to find a good set-up and how to manage a trade. They also have a spreadsheet tracking all their positions and profit/loss. All the winning/losing trades are transparent.
Notes: Because of the current market volatility, during certain weeks the swing trading performance is quite shaky. Profits (per 100K account with no more than 30K invested each time): 2020YTD: +9K, 2019: +6K; 2018: +30K; 2017: +3K; 2016: +2.5K; 2015: -1.8K.
Trade transparency: 5/5
Live update in-time: 5/5 (updates frequently)
Actionable trading plan: 5/5
Live interaction: 0/5 (newsletter and twitter alerts only)
Educational: 4.5/5 (the newsletter explains set-ups, what sectors they are looking at)
I've spent much time looking for free contents, and I like the ones above. Also looking forward to hearing about other good/bad resources. I might also update this post if there are enough interests. NFA
WikiFX: the murky business and the murkier methods
https://preview.redd.it/1rf74ljv34l51.png?width=960&format=png&auto=webp&s=566235871ce22dd3078f0532dfb672bff6eb0707 The irony of financial markets is that this business that officially has got as much regulation as arms trafficking, has also got the same problem –- numerous illegal entities that evolve around the niche. Scam brokers, funds recovery services that rob the robbed traders, HYIPs, “learn how to make millions overnight” trading courses and a number of other schemes all tend to exploit the weak point of human nature – the belief that there is the magic device with the “MORE MONEY” button out there, that someone can sell you.
A thief shouting “Thief!”
Considering the above there is a high demand in society for truthful and unbiased information about the market players. WikiFX claims to be the provider of such honest information about brokers but in fact, makes money by blackmailing brokers and promoting any company that offers to pay enough in their rankings. WikiFX is a classic illustration of a thief shouting “Get the thief!” louder than anybody else in the crowd. The strategy works unfortunately and traders tend to trust WikiFx broker’s ratings without questioning what these ratings are based on and who sponsors this global brokers’ database.
Paving the road with some good intentions
Even the most horrible crimes against humanity were done under the cover of best intentions. Starting with the first crusades and ending with the holocaust. There are always some sound arguments, protected people and reliable methods. Ask any trader whether each forex broker must be regulated by a third party? The answer will be “yes” with a near 100% probability and this answer is totally correct. Know-your-customer procedures and some unbiased third-party control are essential for maintaining the overall transparency of any business in a sphere of finance. This is the argument that WikiFX starts with when promoting its service and there is absolutely no point to argue. Starting with an indisputable truth is a good strategy to win the debate. “The long-term presence on the market adds credibility”, – says WikiFX, and hears “yes” again. “Don’t you agree that the longer the company is in the business, the better?”. “Sure”, – the trader agrees one more time. The mission is completed. This is when the broker ranker can add any other criteria to their appraisal methods. Traders will tend to trust the service because they’ve agreed upon the most important criteria. The rest are minor details. But what if the rest of the appraisal methods are not just minor issues? What if these details can be the means to manipulate the facts as much as they want to?
Can WikiFX appraisal criteria be trusted?
If we take a look at any broker’s WikiFX rating, we can see that the criteria of appraisal are the following:
The year of registration
Market Making license
For example, this is what the top-rated broker’s summary looks like at WikiFX: WikiFX Forex com example https://preview.redd.it/t4ugtbt344l51.png?width=625&format=png&auto=webp&s=95fddf8434faf8938d1a3f18bbd5f1da2ceb47e4 Looks good. Really. Regardless of the attitude to this particular brokerage, the work seems to be done fine. All the regulators are listed below, the information on the used software, licensing, and years of operation is included. But what if we take some other random brokerage with one of the lowest rankings at WikiFX? NinjaTraderBrokerage WIkiFX Ranking https://preview.redd.it/pgyqp0u644l51.png?width=631&format=png&auto=webp&s=eb268faac83608a494c31a39eb1621f7132e3520 This is where the truth reveals itself. Once again, regardless of the attitude to this particular brokerage this is really easy to find out what they do, what licenses they’ve got and what kind of software they use. Suspicious clone? Seriously? If WikiFX staff cared enough to do any investigation prior to stamping that “Suspicious” mark on the brokerage, they would have seen that both domains, nijatrader com and ninjatraderbrokerage com belong to the same entity. NinyaTrader whois data https://preview.redd.it/2097lkw944l51.png?width=563&format=png&auto=webp&s=079cc4248b825a3cd941c6b691a67bb9769f4f7f If they cared enough to collect information on the brokerage from at least one reliable source, like Investopedia or any other similarly known database, they would also have found out that the company not only provides the brokerage service, but also is known for its trading platform with advanced technical analysis tools. But the only trading software that WikiFX considers reliable seems to be MT4/MT5. They simply ignore the fact that trading does not evolve around MetaTrader products, no matter how good and popular they are. WikiFX lowers the score of any brokerage with custom-developed software. We can clearly see this with the above example. Other criteria that WikiFX is proud to use for the broker’s appraisal are regulations. Using the same example let’s see how well they do the appraisal in this field. As you can see above, WikiFX used the “Suspicious Regulatory License” stamp for NinjaTrader Brokerage. And here is what The National Futures Association, that NinjaTrader is registered with as a futures broker has on its record: NFA regulation of NTB proof that WikiFX did not consider to be trustworthy https://preview.redd.it/di8fwkdd44l51.png?width=629&format=png&auto=webp&s=2de618d5df26bd8fcca99c51a6030f4bdfa7f776 We can’t expect every trader to know that any futures broker that wants to operate on the US market must be a member of NFA. This is the requirement of the Commodity Futures Trading Commission regarding the futures broker’s operations. But this is totally unacceptable for a broker ranking website, which WikiFX claims to be, to mark NFA-registered futures brokerage as non-reliable. By the way, did you notice on the above screenshot that NTB has obtained the NFA license in 2004? Yet, this does not prevent WikiFX from claiming that the brokerage has only been providing its services for 1-2 years only, instead of the factual 16 years of operations. We can long discuss the reasons that lie behind such selectivity of WikiFX but this random example clearly shows that any brokerage that provides access to non-forex derivatives trading or dares to suggest custom-developed software to its traders is in danger of receiving a negative review at WikiFX regardless of the factual reliability and regulations.
What lies beneath WikiFX selectivity?
WikiFX claims to have a team of professionals that are all involved in objective appraisal of broker’s services, licenses and used software. The methods used by these professionals remain unrevealed and as we see from the above comparison two similarly reliable brokerages can get any score from 1.0 and up to 10.0 at WikiFX, no matter what regulations they’ve got, for how long they’ve been in the business and what kind of software they use. This is difficult to say what lies behind such selectivity with 100% confidence. The first thing that comes to mind is that WikiFX might be affiliated with some brokers. The hypothesis gets even more realistic if we try to understand who sponsors WikiFX. There are no transparent built-in ads neither on the web-version of the website nor in its applications. There are no paid subscriptions for access to the database. This means that users sponsor the service with neither their attention to ads nor directly. Being the non-charity and non-governmental organization WikiFX can’t be sponsored with donations or a government. The only option that we have left is that brokers sponsor this ranking system directly, which automatically makes the whole system non-reliable and highly biased. The only transparent method that we know WikiFX uses to collect money is sponsorship fees they collect from their offline events participants. Let’s have a look at the exhibitors of the recent WikiFX Expo in Thailand. WikiFX Expo Exhibitors
TLC is a non-regulated investment platform that was founded in 2019
Samtrade FX is not regulated by any of the agencies that WikiFX itself lists as reliable
Forex4you is not regulated by any of the agencies that WikiFX itself lists as reliable
B2 Broker is a non-regulated broker
XDL FX is a non-regulated broker
VAT FX is a non-regulated broker Six out of sixteen WikiFX recent expo exhibitors do not have proper legal status according to the “standards” of WikiFX itself. This fact does not prevent them from promoting the services of these companies at their offline events. This conspicuous fact tells a lot about the attitude of WikiFX to common traders looking for reliable partners. Reputation is nothing but a sale item for this brokers’ ranking system.
Murky & Murkier
So far we’ve only discussed the facts that anyone can check himself using free tools and sources. It was not that difficult to discover that WikiFX uses non-transparent standards for brokers’ appraisal. It ignores the specifics of some brokerages lowering their scores due to non-standard derivatives they offer to trade or custom trading software. It also promotes non-regulated and non-licensed brokerages, which is 100% against the declared WikiFX values and mission. The rumors are that this company was also noticed blackmailing brokers with the purpose of making them pay for better reviews at WikiFX. There are also some signs that indicate suspicious promotion of WikiFX platform through social media and Quora. Some of the WikiFX positive reviews also look highly suspicious. All of the above is a matter of further investigation. Nevertheless, thousands of users keep relying on the information provided by this scam ranking system. It may even look like all these users are satisfied. WikiFX has got 4.5 starts at Google Play, which sounds good enough. However, positive WikiFX reviews use similar semantics and are also highly suspicious. Despite the high average grade, Google Play finds the following messages to be most relevant and brings them to the top of WikiFX reviews: Google Play most relevant WikiFX reviews https://preview.redd.it/kftutvcl44l51.png?width=532&format=png&auto=webp&s=1ccb74ee156388285a2fab711dd604945c04377c
You’ve got the facts now and it’s time to make your own conclusions.
5 tiêu chí cần thiết để lựa chọn mộtsàn forex uy tín https://preview.redd.it/ycstjqog9e651.jpg?width=600&format=pjpg&auto=webp&s=b34950f7f5db59c7fdde183b41b236f873d67f35 Hướng dẫn mở tài khoản forex uy tín tại Việt Nam 1. Uy tín của sàn forex. Tại Mỹ, một sàn forex uy tín sẽ phải là thành viên National Futures Association – Hiệp hội tương lai quốc gia (NFA) và sẽ được đăng ký với U. S. Commodity Futures Trading Commission – Ủy ban giao dịch hàng hóa tương lai của Mỹ (CFTC) với tư cách là một nhà giao dịch hợp đồng tương lai và đại lý bán lẻ ngoại hối. Tương tự như vậy, với từng quốc gia sẽ có những cơ quan quản lý độc lập để xác định mức độ uy tín của sàn forex. Vì vậy, khi lựa chọn một sàn forex, hãy tìm hiểu xem sàn forex đó có được công nhận bởi một cơ quan uy tín không. 2. Các dịch vụ sàn forex cung cấp cho tài khoản giao dịch: Đòn bẩy và Ký quỹ: Một sàn forex tốt sẽ cung cấp cho tài khoản giao dịch Forex nhiều lựa chọn đòn bẩy khác nhau, có thể chỉ từ 50: 1 hoặc 888:1 (như sàn XM.COM). Đòn bẩy có thể giúp nhà giao dịch kiếm được lợi nhuận lớn với một lệnh giao dịch đi đúng hướng nhưng cũng có thể thổi bay tài khoản của nhà giao dịch bất cứ lúc nào. Do đó, hãy lựa chọn một mức đòn bẩy phù hợp. Hoa hồng và Spreads: Một sàn forex kiếm tiền thông qua hoa hồng và spread. Một sàn forex thu phí hoa hồng có thể tính một tỷ lệ phần trăm chênh lệch giữa giá thầu và giá yêu cầu của cặp ngoại hối. Tuy nhiên, nhiều sàn forex không tính phí hoa hồng, và thay vào đó kiếm tiền bằng cách tính spread rộng hơn. Spread càng rộng, thì càng khó kiếm được lợi nhuận. Vì vậy, một sàn forex tốt sẽ cung cấp một mức phía hoa hồng và spread vừa phải so với các sàn forex khác. 3. Các cặp tiền tệ được cung cấp Trên thị trường forex có rất nhiều cặp tiền tệ có thể giao dịch, tuy nhiên, chỉ một số ít trong đó nhận được đa số sự chú ý của các trader. Do đó, bạn hãy lưu ý chỉ giao dịch các cặp tiền có tính thanh khoản lớn nhất, ví dụ như: đồng đô la Mỹ / Yên Nhật (USD/JPY), đồng Euro / đô la Mỹ (EUUSD), đồng đô la Mỹ / đồng franc Thụy Sĩ (USD/CHF) và bảng Anh/ đô la Mỹ (GBP/USD)… https://preview.redd.it/7zqvkq1j9e651.png?width=600&format=png&auto=webp&s=73a82911c7f353bd603ebb08e9f811b37883a86a Một sàn forex tốt phải cung cấp cho trader nhiều lựa chọn về các cặp ngoại hối, đặc biệt là họ cung cấp (các) cặp tiền tệ mà nhiều nhà đầu tư quan tâm. 4. Dịch vụ khách hàng Giao dịch ngoại hối diễn ra 24 giờ một ngày, do đó, hỗ trợ khách hàng của sàn forex cần có khả năng hỗ trợ bất kỳ lúc nào. Ngoài ra, việc kết nối với bộ phận hỗ trợ khách hàng của sàn forex đó phải dễ dàng, có độ tương tác cao, tư vấn nhiệt tình và giúp các nhà giao dịch nhanh chóng giải quyết được vấn đề gặp phải. 5. Nền tảng giao dịch Sàn forex là cổng thông tin của nhà đầu tư vào thị trường. Do đó, một sàn forex chuyên nghiệp sẽ cung cấp nền tảng giao dịch dễ sử dụng, có nhiều công cụ phân tích kỹ thuật và các thao tác giao dịch cơ bản (như vào/thoát lệnh) có thể được thực hiện đơn giản. Các bạn có thể tham khảo thêm tại http://papatrader.com để có sự lựa chọn cho mình
#FXHelix EA – Profitable Expert Advisor and Fully Automated #MT4#Forex Robot trades on #AUDUSD. Compatible with NFA broker rules. ✅ Live trading results ✅ Safe type of trading ✅ Drawdown control ⭐ Read our Overview! ►FXHelix EA FXHELIX
03-31 08:14 - 'The Best Forex Brokers for 2020 / Forex, or FX, trading is a more advanced type of investment that is best suited for experienced traders. If you’re well versed in day trading or options trading, forex may be a challenge...' by /u/michaelegginton removed from /r/Bitcoin within 0-9min
''' The Best Forex Brokers for 2020 Forex, or FX, trading is a more advanced type of investment that is best suited for experienced traders. If you’re well versed in day trading or options trading, forex may be a challenge worth accepting. Forex trading can be another way of diversifying your portfolio, Due to the Dodd-Frank act, forex brokers operating in the U.S. must be certified with both the National Futures Association (NFA) and the U.S. Commodity Futures Trading Commission (CFTC). These regulations restrict the amount of leverage available to traders. All U.S. brokers can offer a maximum leverage of 50:1 for most currency pairs, with some more risky currencies having a maximum of 20:1. Because of this, many forex brokers no longer offer accounts to U.S.-based traders. This review only considers brokers that allow U.S. accounts. If you’re interested in exploring foreign options, our international forex brokers site may be of help. [link]1 ''' Context Link Go1dfish undelete link unreddit undelete link Author: michaelegginton 1: *ww.*s*rof*acel*rat*d.com/ Unknown links are censored to prevent spreading illicit content.
First off anyone critisizing leverage isn't a bonafied finance professional who has traded legacy markets. Natural Gas and Crude oil and Gold are all 100x leverage or 50x leverage domestically, legally, on US NFA CFTC regulated exchanges. Crypto is full of noobs who have no professional background training in derivatives. Period. And because of that you don't understand what the CFTC is doing, what Mnuchin is doing, what the CFTC has done in the past to Forex, and what they will do. We as americans are going to have ALL leverage taken away. SeedCx, Baakt, LedgerX, and ErisX were given derivative license to offer physically backed UNLEVERAGED contracts. The regulators are showing 0 intention to offer regulated exchanges proper leverage. Mnuchin came on TV and basically, if you read between the lines said, we are going to go after overseas exchanges, which for all intents and purposes he should have just said Bitmex. It's not a coincidence. It puts us a catastrophic disadvantage. And it's my livlihood and countless others. I hate legacy markets. I don't want to trade crude oil because I got pushed out of Bitcoin. This is Wallstreet shutting down competition so they can behave as middle men to keep middle class Americans under control. This is how the security and derivative laws are set up in America, to protect the rich and control the poor. The US and UK government want to backdoor exchanges AND wallets with chain analysis and smart contracts tied to KYC so that they can control your money and force it onto centralized exchanges where they can arbitrarily sieze it, they want to control it just as if it were Fiat. They don't want you to hold your private keys. They are building a regulatory sandbox that forces you to put large lump sums of capital on centralized exchanges by taking away the ability to put small highly leveraged amounts on anonymous exchanges. Once they do this they have total control over you. No overseas exchange can legally offer leveraged bitcoin to Americans because of Dodd Frank laws. So mandatory KYC, globally, which is what the Trump administration wants, is an effective ban on US citizens. They took away our ICO, IDO, and IEO, they are geobanning altcoins. Can you not get this through your head, they are intentionally trying to keep you poor. They are not protecting you.
So I've recently got a scammer through a dating app. We matched and started chatting right away. She was weirdly too invested and sweet, but nothing like the red flags to follow. Over a few weeks we started chatting more frequently and she'd casually drop hints that she had money. Lots of it. Red Flag 1. My spidey senses were tingling but instead of walking away I decided to see where this would lead. I kept being aloof and not pursuing any topic related to money to see how far the scammer would go to try and bait me. We'd often times chat for hours, about mundane things, life and so forth. Sometimes with voice, sometimes, we'd send photos to one another. I admit that after 2 months I was considering the possibility of her just being someone really oblivious about the number 1 rule about finances. (You don't talk about your personal finances, specially to strangers.) Sometimes she'd casually venture back into talking about money, but, as I clearly did not pursue those topics any further, she'd drop it entirely. Interestingly enough, that never kept her from switching topics. 3 Months later... One day she randomly mentioned bitcoin and how she was trying to learn more about it. Me being someone who casually played a bit with it and have some miner friends, I got curious about the topic and indulged her. She was very clueless about how bitcoin actually works, and had no idea it had to be mined. Which was quite interesting, as she was apparently genuinely unfamiliar with anything other than it's value and basic understanding of how the speculation alone was what dictated the price. Eventually she dropped the bombshell. She was part of an exchange and she was making bank through it because a manager in the exchange would advise her on how to make money. CRIMSON DEATH FLAG FROM HELL My eyebrow went up and through the roof. This was it ladies and gentleman. The long game came to a climax (or so I thought). She was about to strike. I aloofly replied saying that sounded cool and I was happy it was working out for her. Doing my best to not let out any emotion whatsoever. She then happily asked me if I wouldn't want to join her on the exchange and have her refer me to the guy who was managing her account. A cocktail of happiness, sadness and anger is the best way to describe my emotions at the time. I was happy the scammer finally came out with her fangs, I was sad because at the end of the day I have to admit I was enjoying chatting with her daily and angry because this girl whom I was chatting through text, audio and even video was clearly someone malicious doing it to take my money. This was the first time I had seen such a long con game, and I have to say. I am genuinely impressed. I recomposed myself, and with a wry smile I thanked her and mentioned I'd consider it maybe into future. It was my turn to play the long game now. She was cheerful about it and casually mentioned she couldn't wait to be able to chat together about bitcoin and make money together. I had a hard time trying not to cringe at the very end of that sentence. Another month rolls by, and we're still casually chatting about daily life. That topic had not come up in a while, and I was at this point actually hoping she'd just bare her fangs again. I'm a patient guy, but for the first time I felt a weird awkward and hard to explain discomfort about this all. This girl was extremely sweet and caring, and I knew deep down that was nothing but a façade. A shallow part of me actually wanted to believe her, which made me most sickened. I kept on pushing forward, and lost track of when she first struck, but eventually she did it again. She brought up the exchange and asked me what I thought about it. I decided to investigate further into the matter, and casually let her tell me about it. She introduced to this shifty guy called Makler on WeChat. Satan's used bog roll flag I spoke to the guy faking interest and got an website address out of him. I Google Searched the domain, lo' and behold: Screenshot There were many other hits, but these alone were definitely the most interesting hits. I've read through it and my heart sank as I read tales of lonely men so desperate they fell for this surface level scam. Curiosity got the best of me and I decided to take a look at the website. I had to see with my own eyes. Screenshot Considering all the money they were making from these poor souls, I was floored that a website this dodgy looking was actually being successful at ripping off people like this. This sad excuse of a website, a waste of bits if you will, did not even have an SSL certificate going for it. The NFA certification was a clear bait and switch for anyone willing to do the most basic of researches, and simplest understanding of how a FOREX works. Yet here we were. Note: I gave up on pointing out red flags at this point. Every single line after the first red flag should be considered a red flag actually. Anyways. I was not done. I was not letting this end here. I was going to waste more time. This person on the other end was going to waste her time. I was not going to let this end easily. Having a hard time not letting my complete disgust show, I said I was going to consider it later, as I had more pressing matters, but we could discuss about it later. Without a beat, and with an angelic smile she says that's totally fine and changes topic. I mentioned I was feeling a bit sick and tired, and said I was going to rest. I ended the video call. Had I not, I would have laid all this effort to waste. I was not doing that. I went out for a bike ride and see if some fresh air would make the washing machine in my stomach go away. A day went by and she messaged me "worried", asking if I was ok, and how was I feeling. I came up with the ploy that I had caught a flu, and was resting. I'll spare you folks the details, but for a while I distanced myself a bit from it, without letting it show. Eventually we went back into our daily tirade. As if nothing had happened. I have to give it to her, she was really good at coming up with topics to talk about, and to make matters worse, she was clearly smart and well read making talking about anything usually a pleasant time. (Except for every other minute where I'd remember this creature in front of me was playing with it's prey, me.) Another month went by. We're 7 months in now. Today she tried again, possibly running out of patience? I decided to end the façade. I had her confirm the website, and then shown her what I had found regarding the site. She faked being in shock, and suggested the possibility of it all being a smear campaign. I could not help but laugh. I asked her why was she doing such a terrible thing. She started to cry. A tear ran down my cheek. I realized I let this person into my life thinking nothing of it, and before I knew, I somehow deep down felt bad for this person. 7 months, where I let this person into my day to day. We'd chat about anything and everything. Almost like an actual relationship between friends. Even tho I knew from the very beginning she meant to harm me, and that nothing of this was real, this hit me like a truck. I disconnected. Turned off my phone, left it to charge and pulled my notebook, where I'm currently typing this. I know how to proceed from here. This sadness will wear off. But what have we humans became?
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Hello and welcome to The /Forex Trading Community!
Please do not post a new thread until you have read through our WIKI/FAQ. It is highly likely that your questions are already answered there. All members are expected to follow our sidebar rules. Some rules have a zero tolerance policy, so be sure to read through them to avoid being perma-banned without the ability to appeal. (Mobile users, click the info tab at the stop of our subreddit to view the sidebar rules.) Don't forget to join us in our live trading chatroom! *Finally, *the two most commonly posted questions by new members are as followed: What is a good broker to use? We have some great info on brokers listed in our wiki:
What just happened in the markets? - You must follow an economic calendar if you're a currency trader. This will explain many events and snap market moves. You can find links to resources and calendars here. - Again, questions of this nature will be removed. If you have any questions regarding our policies, rules, etc.. please message the mods. Be friendly and professional toward each other and enjoy your stay! :)
The Importance Of Choosing The Right Forex Broker And How to Do It
One of the most common ways of getting started with Forex trading is through a Forex broker. When you are a beginner Forex trader you are most likely to opt for the same alternative, but the mistake that most rookie traders make is choosing the wrong broker. If your first step does not go right then you can merely depend on luck and in a competitive field like the Forex market, being lucky is very rare. The best alternative is to have the right information and also use it well. If you are thinking that how a Forex broker can be so important, here it is. The broker you choose will be the one that will be keeping your invested money in the account. Apart from this, a good broker will also be providing you their expertise about the changes happening in the market. This expertise comes with a fee but it is a small amount to pay for the information that can help you not just earn profits but also convert a loss into no loss. Elite Trading Strategist Choosing The Perfect Broker A good broker will be transparent regarding his fees, commissions, etc. but mostly it is not the case. If you have not done your research on a broker, well you might have to face some unwelcome surprises. So you do not have to face all these unpleasantness, here is a guide to choose the right broker. Hafizzat Rusli trading masterclass
1. Figure Yourself Out As An Investor
Different brokers offer different kinds of services and you will have to figure which kind of service will suit you the most. Whether you are going to invest big or small, how often you would like to invest, these are the things that can help make a final choice but that is not it. Choosing the right broker takes a lot more than this.
2. Figuring Your Affordability
The brokerage companies charge you a transaction fee. If you are a beginner and invested a small amount just to try your luck or to gain initial experience. Turns out you earned the profit, but what if the brokerage fee is 2 times more than what you earned. This will be the kind of shock that will leave you feeling humiliated for not choosing wisely. As a beginner choose the broker with less fee but also make sure if the account being provided is secure. The next point is about all that.
3. Always Choose A Regulated Broker Firm
A regulated is important to choose because that will automatically take care of the various security issues. If you are choosing a broker in the United States of America, he will be regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). Similar organizations are present in France, Germany, United Kingdom, Austria, Canada, and Switzerland. The presence of regulating organizations does not mean that all the brokers are regulated so pick wisely. If you want to be sure if your broker is actually registered under the NFA, you can visit the website of NFA and cross-check to be sure and safe.
4. Be Thoroughly Informed About The Terms And Conditions Of The Brokerage Firm
The rules and regulations of a brokerage firm can be tricky to understand at times. If you do not take your time to understand these terms well and choose the broker just like that, there will be times when you will want to change the past but will not be able to. For example, some brokerage firms do not allow you to withdraw your investment or trade it instantly. In situations like these, you will be at a major loss. Although such terms also come with benefits, but that depends on the kind of investor you are. With some brokers, the rules are as such that closing your account will be a tedious task. The broker does not want to lose you as a client and he/she can try various things for this. So, if you are willing to withdraw back you might have to waste a week's time or more with unnecessary things like filling lengthy forms, speak to the company's representative, take surveys, etc.
5. Find Out If You Will Get 24/6 coverage
24/6 means that you can consult your firm's customer service anytime between Sunday afternoon and Friday afternoon. Before you finally invest, put your broker through a small test. Give a call and see how quick and relevant are the responses from the broker's end. Apart from choosing the right broker, you will also need to have a mentor to learn more about currency analysis and other factors responsible for Forex trading. You can always look up for a trading course online but if you want the best then Ha is your answer. to know more about his Forex trading course click here.
Interactive Brokers is halting US Retail FX on September 1st!
They sent out a notice to all of their US clients that they will be shutting down their retail fx offering to all NON ECP clients. Basically, if you do not have a net worth of $10 million you will no longer be able to trade with them. And then there were 3.
[Forex Broker Exposure] GPAK Has Been Investigated by the Police
As the financial market with the most frequent transactions, the Forex market is favored by global investors due to its high efficiency, liquidity and flexibility. However, many illegal brokers also lurk around on this lucrative market, attracting investors with appealing yet misleading advertisement such as “starting trading with only US$5” and “speedy deposit and withdrawal”, or promising investors so-called “bonus” for successfully inviting others to open account at the platform. But behind the attractive “high profits” claimed by brokers, there are often great risks or even traps. As one of the victims suffering such broker scams, Mr. Wang reported GPAK to WikiFX and shared his experience of being defrauded to warn other investors against the illegal Forex broker. Complainant: Mr. Wang Forex broker: GPAK Broker website: http://www.gpakcn.com/ Time of opening account: February, 2019 Time of withdrawal: June 20th, 2019 Withdrawal status: in process Customer service: no response Website status: inaccessible Event Recap I opened an account on GPAK in February, 2019 under the recommendation of a friend and made 2 deposits through Alipay. From February to June, I managed to make some profits which added up with the initial deposit to US$3,503.62. I once contacted the customer service in April to withdraw, but was advised to wait, as he claimed my request won't be processed during the May Day holiday. On June 20th, I was informed that my application had been approved. But strangely enough, my trading account showed the application remained in process and I still didnt receive the money a week later. When I tried to log in my GPAK account, I found the website was no longer accessible and the customer service didn't reply any more. Case Study First persuade investors to deposit through “acquaintance's recommendation” , and then postpone their withdrawal applications to prepare for escaping, which is an old trick of illegal brokers. In Mr. Wang's case, GPAK first got Mr. Wang to deposit through the marketing strategy of “acquaintance's recommendation” and further lured him into making more investments with attractive profits. When Mr. Wang tried to withdraw, the customer service began to pull up all kinds of excuses such as withdrawal can't be processed during the holiday in order to postpone withdrawal and perhaps win themselves more time for running away. Case Summary As more Forex scams have been exposed, the illegal brokers also become more sophisticated in their tricks. We conclude the following tips based on Mr. Wang's case:
Investors should always check a broker's qualification and stay prudent about the recommendations of others, even from your friends.
Think twice when you seem to be profiting and want to double down your deposit, as no investment comes without risks.
Asset safety should always be your priority. Only deposits made through UnionPay or in escrow are under the regulation of the People's Bank of China, and there's still a chance of getting the money back even if you' re defrauded. However, if the deposit is made through Alipay, WeChat Pay or personal transfer, investors risk suffering great loss.
Conclusion According to the information on WikiFX App, the licenses from FCA(UK) and NFA(US) which GPAK claims to hold are suspected to be cloned, while its AR license from FCA(UK) has been revoked. Currently without valid regulatory status, the broker is rated at only 1.93 on the WikiFX App and bears significant risks, please stay away from it.
I sell an indicator and that's it. I don't give financial advice or anything. I'm a developer who works out of my house and I have been selling this indicator for years. 100% of all my ads are banned when I add the word Forex in them. Google told me I need to get a special license in order for my ads to be approved with the word Forex in my ad. The license they are referring to is this https://www.nfa.futures.org/registration-membership/index.html I don't sell anything related to futures but they told me I need to get a futures license. So the guy from India somehow knows what I'm required to have to operate my business. Clearly they have no clue what your talking about. So essentially Google has banned anything to do with Forex or Cryptocurrency and they tell you to get licenses that doesn't even apply to your business and you have no business applying for anyways. Google please have a department in the US that is knowledgeable on American laws that knows what they are talking about. Telling some guy who works from there home selling a piece of software he needs to register with a futures license is ridiculous. Google controls 98% of the worlds search volume. When they ban a product or service they are essentially banning that product from existing. Theirs literally nowhere where I can get enough traffic to sustain my business. You might see a few ads still left on Google related to Forex but they will all be removed eventually. It will take some time to remove them all
The NFA, National Futures Association, acts as an independent self-regulatory authority that oversees the regulation and supervision of all Forex brokers in the US. NFA is the sole authority responsible for regulating the derivatives markets and products such as ETFs, OTCs, and currencies. FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosure. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Forex Transactions: Regulatory Guide. September 2020 revisions: Updated to incorporate the amendments to NFA Interpretive Notice 9053 – Forex Transactions regarding supervision obligations relating to on-site branch office or guaranteed IB inspection requirements. (See Forex Transactions: Regulatory Guide Revision Notes for more details.). The Commodity Exchange Act (CEA or Act) gives the ... NFA - USA Regulated FX Brokers. The National Futures Association (NFA) is the regulatory authority in the USA. Probably the most well-known authority worldwide due to the restrictions imposed to regulated Forex Brokers and the importance it holds as the watchdog and protector for the USA traders. The NFA is the sole regulator of Forex brokers (FX brokers)in the U.S., meaning all U.S. based Forex brokers must be licensed and regulated by them. As well, U.S. Congress has required that other financial companies including SWAP dealers, hedge fund managers, signals service providers, and every other similar financial entity to be regulated ...
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