TradeProfits

FXCM Labs

Posted on 05. Aug, 2010 by Moderator.

Just like Oanda has a lab site, FXCM has now started their own Lab site which you can check out right here. This is basically a site where you can follow the progress of new releases from FXCM (which currently entails FXCM Mobile, Trading Station Gateway and their new Strategy Trader). This is a great place for people who would like to be beta tester of new forex related products before they actually hit the market. They also have a suggestion box where you can share ideas with the people from FXCM. I love Oanda´s lab site but it hasn’t been updated for a long time, so I was hoping that FXCM can keep this thing going with lots of great new stuff for all their members. Check out FXCM Labs here, become a beta tester and give them some feedback.

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King of Micro Trading Contest – FXCM

Posted on 27. Jul, 2010 by Moderator.

Every single month FXCM Micro is hosting a contest named King of Micro Trading where you will be able to show your skills as a true forex trader. At least that is probably what they want it to look like, but when we take a closer look on the returns made in recent months from the winners, it is obviously more of a contest in gambling than actual trading, or to put it in more diplomatic terms, a strong motivator for extreme use of leverage and over trading. The winner of the King of Micro Trading contest in last month (June) had a return of 833% , and back in May the winner returned 3100%! Needless to say that this is a holy grail for FXCM. However if you are looking to win the contest you should probably forget everything you ever learned about money management and simply go crazy. When that is said, you now have the possibility to join the King of Micro Trading contest for August. The rules are rather simple; you need to have a real micro account with a minimum balance of $500 at the beginning of the month and then trade the best you know for the entire month. Read more about the rules here. Obviously you will be paid a fair return for your effort if you join the top three traders: 1st place: $25,000, 2st place: $10,000 and 3st place: $5,000. Good luck!

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Easy Forex faces Lawsuit from Employee

Posted on 24. Jun, 2010 by Moderator.

Any other day, this would be a typical story from the world of currency trading. Brokers are being accused with fraud in several different ways, all the time. Easy Forex is a Middle Eastern broker and they have been around for a long time. I signed up with them as one of my very first choices, when I started my journey in the world of forex trading. However, it only took me about 3 days before I closed my account and started a new account with another broker. I found their trading platform to be annoying in all possible ways. Since then I have never really thought about them. Then yesterday I read this blog post from Michael Greenberg over at Forex Magnets. This one guy called “D” claims to have lost somewhere around $125.000 trading through Easy Forex. Now instead of simply filling a lawsuit he decided to approach this in his own unique way; namely by applying for a job at Easy Forex. He got hired and became aware of the way in which Easy Forex operates their business. With this knowledge and multiple voice recordings “D” now filled a lawsuit and obviously this isn’t pretty. You can read the entire story here. If you thought about signing up with Easy Forex, you probably want to read this first.

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Forex Scam of the Year Award

Posted on 22. Apr, 2010 by Moderator.

The guys over at Forex Peace Army have started a new section – Forex Scam Award. Since it is a little too early to vote for the scam of 2010, they have decided to start with 2008 and 2009, as there are a lot of confirmed scams to choose from. Currently the scam award section is split into two parts, namely a broker scam and a non-broker scam. Go over and throw your vote and read the thread.

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ForexBonus – Compare Forex Bonuses

Posted on 14. Apr, 2010 by Moderator.

It is no secret that there is a high level of competition among all the different forex brokers. Because of this they all strive to have the best platform, high leverage, free news services, VPS hosting, etc. or at least try to differentiate themselves in one way or the other, in order to attract new traders. Just like the gambling industry, forex brokers have also started to give incentives in form of percentages of your initial deposit as a welcome bonus and similar methods. Now you can check where you can get the best bonus before you sign up with a new broker. The site is called ForexBonus and so far it looks pretty good.  Read more... (228 words, estimated 55 secs reading time)

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The bankruptcy of GFX Markets

Posted on 26. Jan, 2010 by Bryan.

This is a guest post by Bryan from www.forexfraud.com

Forex trading has more than its fair share of scandals, yet the average newcomer is hardly knowledgeable about the great dangers involved in the process of choosing a broker. In this article we take a brief look at the case of GFX Markets in order to remind you how bad things can go in this flourishing business.  Read more... (470 words, estimated 1:53 mins reading time)

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The End of Retail Forex Trading – Part 2

Posted on 22. Jan, 2010 by Jakob.

Yesterday I wrote a post about the new regulation proposal from the Commodity Futures Trading Commission, which you can read here. Today I stumble upon two posts related to this topic, one of them from John Forman, the author of The Essentials of Trading; he basically states that leverage on retail forex trading will not be cut down to 10:1, due to the following: (take a look at his post here)  Read more... (546 words, estimated 2:11 mins reading time)

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Random Noise

Posted on 31. Dec, 2009 by Jakob.

It’s the last day of 2009 and probably the last post of the year. It’s been an interesting year with a lot of new things taking place in the trading environment. In one of the upcoming days I will write more about what has been happening here at TradeProfits and some of my plans for the upcoming year. For now, I just want to share a few interesting topics with you guys.  Read more... (310 words, estimated 1:14 mins reading time)

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36 Pips Move in a few Seconds

Posted on 27. Dec, 2009 by Jakob.

I am not talking about profit here, unfortunately. Take a look at the two pictures below. The first one is on the 1-minute time frame and the second one is on the 30-minute time frame. Both the pictures are from my Oanda account, earlier this evening. The first move since the holidays was a whipsaw down and back up within a few seconds, in a total range of 36 pips. When you look at it from the 30-minute time frame, it is nothing but one long candlestick shadow. I have seen this in Oanda before; crazy spikes which are not similar on other broker platforms. Hence it seems reasonable to question why this happens on Oandas platform. One might first assume that if this spike is a mistake, your trade (in case you got one running over the weekend), will not be affected by such a spike, but you would be wrong. I have been stopped out by similar movements before. At this moment I have a long trade on the EUR/USD, but luckily for me, my stop loss was further down, so this time I was not affected by this spike, but I am sure some traders out there did. Although I am very satisfied with Oanda, this is one aspect which you might want to take into consideration, before signing up with them.  Read more... (226 words, 2 images, estimated 54 secs reading time)

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FXIntel.com – Compare Broker Spreads Live

Posted on 24. Nov, 2009 by Jakob.

FxIntel is a new site which lets you compare several different spreads from various brokers. The data can be tracked in real time, or you can look at the minute, hourly or daily average if you prefer. The great thing about this is that most brokers’ state “spread from”; this is at times very misleading, as the majority of brokers tend to increase spreads tremendously around fundamental news releases. One example is Oanda and their 0.9 pip spread on the EUR/USD; around news releases, the spread on EUR/USD is often increased to some 10 pips or more. Now you check it out, without the need to sign up with a broker first, and then get disappointed afterwards. The best (lowest) spread on FxIntel is highlighted in green, so you can easily get an overview. FxIntel currently tracks 13 different brokers, and the site is still in beta. My guess is that they will add more brokers in the upcoming days. Obviously you need to be aware that spreads is not the only aspect which you need to take into consideration when choosing a broker. The forex industry is stuffed with scammers, and new brokers come and go all the time. Proper due diligence is needed before you throw money into an account balance. Check out FxIntel here and rate the site below the comment field.

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