Need the Fx Basics

[Sledge]

Not wanting to stir the pot- just provide backup to the slimy tactics of RETAIL spot brokers. This VERY scary flyer was discovered some time ago and is making its rounds on the web. Do you all see why you almost are scared to trade with any of these people?

Credit to "Burgerking" on the "Forex Factory" Forum
(Thread here http://www.forexfactory.com/showthread.php?t=70582)
metaQuotesVirtualDealer1.jpg

[Anna-Maria]

	Quote:	Sledge
	Thank you for your post & links. I will be sure to look at the sites you gave and look to making some phone calls! Yes this helps, this helps a lot! Thank You!

Ok, cool & you're very welcome.

Right, we've had more than enough of all this paperwork for one day, time to shut up shop & go slug a few beers

Enjoy the extended w/end....

[smwinc]

	Quote:	Sledge
	Not wanting to stir the pot- just provide backup to the slimy tactics of RETAIL spot brokers. This VERY scary flyer was discovered some time ago and is making its rounds on the web. Do you all see why you almost are scared to trade with any of these people? Credit to "Burgerking" on the "Forex Factory" Forum (Thread here http://www.forexfactory.com/showthread.php?t=70582) Attachment 5579

Sledge, I wouldn't trust retail brokers as far as I could throw them, however that flyer is 100% fake (although pretty amusing).

[Sparrow]

The 888 account is very similiar the 88888 account Nick Leason used, maybe just a coincidence or a hoax .

Trading non retail would be very interesting however I'm a few bucks short of 5M non leveraged.

[Sledge]

	Quote:	smwinc
	Sledge, I wouldn't trust retail brokers as far as I could throw them, however that flyer is 100% fake (although pretty amusing).

How do you know that it is fake?
Sledge

[Sparrow]

Since MetaQuotes is so widely used, I can see a lot of their customers requesting such a 'feature'. However faking a screenshot like this doesn't need advanced photoshop skills.
Doesn't make a difference to me I have no intention trading with them anyway, although some of them are FSA regulated
which makes them more reputable than the rest. As far as I know the CFTA hasn't much to say when it comes to FX.

[Sledge]

	Quote:	Anna-Maria
	Ok, cool & you're very welcome. Right, we've had more than enough of all this paperwork for one day, time to shut up shop & go slug a few beers Enjoy the extended w/end....

Anna-
Do you know if London Capital is an ECN or a MM?
Sledge

[Anna-Maria]

LCG are a 2nd tier prime broker Sledge. They're a conduit into multi-bank portals.

Have you contacted them to explore your options & requirements?

You're going to need to speak to these characters (including any other engines) to get an idea of their offerings. They'll also want to guage the type of business you're looking to transact too, as commissions & costings will be directly dictated by the volumes you intend trunking.

[Sledge]

Anna-
Hmm.. a new twist on the plot. Can you tell me more? If not publicly, PM me and we'll talk out of public viewing. I can give you details of my trading amounts and lot sizes.. something I would rather discuss offline.

I actually have not contacted them yet, I was able to do some digging on them on the net today though. That is always where I start. Presently, I am interviewing two brokers right now and running their demos, I like to speak with the broker themselves, as well as, get my hands dirty with the platform. 9 times out of 10 the scenario goes something like this:
1. Have a referral to a broker.
2. I contact them or as referred they contact me.
3. We have some discussions about my style, interests and what I am looking for in a platform.
4. They send me links to DL the platform.
5. I thank them and tell them I'll evaluate it and get back with them, or ask questions along the way.
6. I take my notes on broker, platform etc. and add it to the "yes or no" pile.

And I look at it all. The brokers response to me initially and throughout the process, the platform of how friendly it is to use, how it "flows" on its charts if it has any, my fills, my exits etc. I punch it through the wall when I test drive. Some places it is easy- I open the door, the door sounds cheap, I take off and the car sputters, I get to the stop sign realize this is going no where, take it around the block, pull back in, thank the salesman for his time and move along.
:-)

I'd like to speak with you if you are able to do so.
Thanks
Sledge

[milliard]

Don't make this process any more complicated than it needs to be. You're seeking a relationship with a supplier who can offer you access to streaming, variable prices for which they'll expect to receive a commission.

If you're laying down a wedge less than $1-2mio for starters then your supply will be limited. If you're seeking high grade service facilities, you gotta pay for the privilege. It don't come at a premium, not in this business.

Entry level ECN from the retail sector is something we don't have any familiarity with whatsoever, so I'm afraid Anna or myself can't assist on that score unfortunately.

But just do like she suggested, ask the awkward questions & extract the relevant information. It's your business after all. If you were negotiating a deal with a potential customer, what type of stuff would you require to close the deal out?

There's got to be flexibility from both sides. If they don't offer what you require then look elsewhere till you get most of what you need.

Sledge, check your p.m