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Home Page > Finance > Currency Trading > Forex Capital Markets Wiki - How Forex Brokers Defraud Retail Forex Traders Forex Capital Markets Wiki - How Forex Brokers Defraud Retail Forex Traders
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Forex Capital Markets Wiki - How Forex Brokers Defraud Retail Forex Traders
By: Forex Advisor
According to wikipedia "A forex scam is any trading scheme used to defraud individual traders by convincing them that they can expect to gain a high profit by trading in the foreign exchange market. Currency trading 'has become the fraud du jour' as of early 2008, according to Michael Dunn of the U.S. Commodity Futures Trading Commission." There are many ways to prove that the brokers and market makers makes the poor retail brokers swim against the tide.
Wikipedia quoted "The forex market is a zero-sum game, meaning that whatever one trader gains, another loses, except that brokerage commissions and other transaction costs are subtracted from the results of all traders, technically making forex a "negative-sum" game. These scams might include churning of customer accounts for the purpose of generating commissions, selling software that is supposed to guide the customer to large profits, improperly managed "managed accounts", false advertising, Ponzi schemes and outright fraud. It also refers to any retail forex broker who indicates that trading foreign exchange is a low risk, high profit investment. The U.S. Commodity Futures Trading Commission (CFTC), which loosely regulates the foreign exchange market in the United States, has noted an increase in the amount of unscrupulous activity in the non-bank foreign exchange industry."
According to wikipedia again there are many ways/reasons retail forex traders lose their money. "The foreign exchange market is a zero sum game in which there are many experienced well-capitalized professional traders (e.g. working for banks) who can devote their attention full time to trading. An inexperienced retail trader will have a significant information disadvantage compared to these traders. Forex Capital Markets Wiki
Although it is possible for a few experts to successfully arbitrage the market for an unusually large return, this does not mean that a larger number could earn the same returns even given the same tools, techniques and data sources. This is because the arbitrages are essentially drawn from a pool of finite size; although information about how to capture arbitrages is a nonrival good, the arbritrages themselves are a rival good. (To draw an analogy, the total amount of buried treasure on an island is the same, regardless of how many treasure hunters have bought copies of a treasure map.)
Retail traders are - almost by definition - undercapitalized. Thus they are subject to the problem of gambler's ruin. In a fair game (one with no information advantages) between two players that continues until one trader goes bankrupt, the player with the lower amount of capital has a higher probability of going bankrupt first. Since the retail speculator is effectively playing against the market as a whole - which has nearly infinite capital - he will almost certainly go bankrupt. The retail trader always pays the bid/ask spread which makes his odds of winning less than those of a fair game. Additional costs may include margin interest, or if a spot position is kept open for more than one day the trade may be "resettled" each day, each time costing the full bid/ask spread.
According to the Wall Street Journal (Currency Markets Draw Speculation, Fraud July 26, 2005) "Even people running the trading shops warn clients against trying to time the market. 'If 15% of day traders are profitable,' says Drew Niv, chief executive of FXCM, 'I'd be surprised.' "Paul Belogour, the Managing Director of a Boston based retail forex trader, was quoted by the Financial Times as saying, "Trading foreign exchange is an excellent way for investors to find out how tough the markets really are. But I say to customers: if this is money you have worked hard for - that you cannot afford to lose - never, never invest in foreign exchange." Forex Capital Markets Wiki
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Article Source: http://www.articlesbase.com/ - Forex Capital Markets Wiki - How Forex Brokers Defraud Retail Forex Traders
Forex Capital Markets WikiAccording to wikipedia "A forex scam is any trading scheme used to defraud individual traders by convincing them that they can expect to gain a high profit by trading in the foreign exchange market. Currency trading 'has become the fraud du jour' as of early 2008, according to Michael Dunn of the U.S. Commodity Futures Trading Commission." There are many ways to prove that the brokers and market makers makes the poor retail brokers swim against the tide.
Wikipedia quoted "The forex market is a zero-sum game, meaning that whatever one trader gains, another loses, except that brokerage commissions and other transaction costs are subtracted from the results of all traders, technically making forex a "negative-sum" game. These scams might include churning of customer accounts for the purpose of generating commissions, selling software that is supposed to guide the customer to large profits, improperly managed "managed accounts", false advertising, Ponzi schemes and outright fraud. It also refers to any retail forex broker who indicates that trading foreign exchange is a low risk, high profit investment. The U.S. Commodity Futures Trading Commission (CFTC), which loosely regulates the foreign exchange market in the United States, has noted an increase in the amount of unscrupulous activity in the non-bank foreign exchange industry."
According to wikipedia again there are many ways/reasons retail forex traders lose their money. "The foreign exchange market is a zero sum game in which there are many experienced well-capitalized professional traders (e.g. working for banks) who can devote their attention full time to trading. An inexperienced retail trader will have a significant information disadvantage compared to these traders. Forex Capital Markets Wiki
Although it is possible for a few experts to successfully arbitrage the market for an unusually large return, this does not mean that a larger number could earn the same returns even given the same tools, techniques and data sources. This is because the arbitrages are essentially drawn from a pool of finite size; although information about how to capture arbitrages is a nonrival good, the arbritrages themselves are a rival good. (To draw an analogy, the total amount of buried treasure on an island is the same, regardless of how many treasure hunters have bought copies of a treasure map.)
Retail traders are - almost by definition - undercapitalized. Thus they are subject to the problem of gambler's ruin. In a fair game (one with no information advantages) between two players that continues until one trader goes bankrupt, the player with the lower amount of capital has a higher probability of going bankrupt first. Since the retail speculator is effectively playing against the market as a whole - which has nearly infinite capital - he will almost certainly go bankrupt. The retail trader always pays the bid/ask spread which makes his odds of winning less than those of a fair game. Additional costs may include margin interest, or if a spot position is kept open for more than one day the trade may be "resettled" each day, each time costing the full bid/ask spread.
According to the Wall Street Journal (Currency Markets Draw Speculation, Fraud July 26, 2005) "Even people running the trading shops warn clients against trying to time the market. 'If 15% of day traders are profitable,' says Drew Niv, chief executive of FXCM, 'I'd be surprised.' "Paul Belogour, the Managing Director of a Boston based retail forex trader, was quoted by the Financial Times as saying, "Trading foreign exchange is an excellent way for investors to find out how tough the markets really are. But I say to customers: if this is money you have worked hard for - that you cannot afford to lose - never, never invest in foreign exchange." Forex Capital Markets Wiki
Retrieved from "http://www.articlesbase.com/currency-trading-articles/forex-capital-markets-wiki-how-forex-brokers-defraud-retail-forex-traders-2652321.html"
(ArticlesBase SC #2652321)
Forex Advisor - About the Author:
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Forex Tips & Daily AnalysisFriday, 10th Sep 2010: ForexHint
Archive
Economical News | Technical Analysis | Wild Card | Market Trend | Indicators
Encouraging US News Leads to Renewal in Risk Taking.
Riskier currencies made significant jumps in overnight trading, as positive news from the US economy led to renewed optimism in the global economic recovery. The most recent US Trade Balance and Unemployment figure both came in better than expected, and led to gains for the Canadian and Australian dollars. Still, the news was not enough to help the euro, which took some losses against the US dollar.
Economical News
USD
The greenback has been slowly moving away from the 15-year low it recently hit against the Japanese yen. The USD/JPY pair has gone up over 65 pips since yesterday morning, and was largely helped by the positive US trade balance and unemployment figures. Currently the pair is trading around the 84.25 level. The positive news also helped the dollar gain on the euro. The EUR/USD pair has dropped close to 90 pips from yesterday's high and is currently trading around the 1.2675 level.
As we close out the week, traders can expect heavy volatility from the GBP/USD and USD/CAD pairs. While there is no US news scheduled to be released today, the UK PPI Input figure and the most recent Canadian employment data is likely to affect their respective dollar pairs. The USD/CAD in particular could see heavy volatility, following yesterday's trading. The pair dropped over 80 pips throughout the day, before bouncing back to its current level of 1.0326.
Next week, USD traders will want to prepare themselves for a batch of significant news that is likely to impact the dollar. This includes the latest retail sales report as well as the PPI and CPI figures. Whether or not the dollar can maintain its small gains on the euro and yen is yet to be seen, but significant market movements are assured.
EUR
The euro was not able to take advantage of the return to risk taking yesterday, following a batch of positive news from the US economy. Analysts attribute this to persistent concerns in the euro-zone banking sector. Still, it seemed odd that the return to risk taking did not help the ailing European currency.
EUR/USD has continued to drop in overnight trading, while EUR/JPY has remained relatively steady since yesterday afternoon. Furthermore, the EUR/AUD pair has dropped close to 160 pips since yesterday, and is currently trading around the 1.3710 level.
Today, traders will want to pay attention to the news coming out of the UK and Canada. Both are forecasted to show marked improvements in their respective economies, which may further fuel investor risk taking. This would typically lead to gains for the euro, but with pessimism in the euro-zone still dominating the market, that remains to be seen.
JPY
The return to risk taking did not help the yen yesterday, as it decreased sharply against the UK pound and US dollar. USD/JPY has been slowly moving up from its record lows and is holding steady around the 84.25 level. GBP/JPY has gone up close to 100 pips in trading since yesterday afternoon, and is currently at the 129.70 level.
Today, in addition to the news being released from Canada and the UK, yen traders will want to pay attention to any indication that the Bank of Japan may be moving in to limit further yen growth in the forex marketplace. Recent yen gains have hurt Japan's export based economy, leading to increased speculation that the government will move in to devalue the currency. Should this occur, traders can assume that the JPY will see heavy losses against its main currency rivals.
Technical Analysis
EUR/USD
The EUR/USD has gone increasingly bearish yesterday, and currently stands at the 1.2670 level. The daily chart's Slow Stochastic supports this currency cross to fall further today. However, the 4-hour chart's RSI signals that a bullish reversal will take place today. Entering the pair when the signs are clearer seems to be the wise choice today.
GBP/USD
The pair has recorded much bearish behavior. However, the technical data indicates that this trend may reverse anytime soon. For example, the daily chart's MACD signals that a bullish reversal is imminent. An upward trend today is also supported by the hourly chart's Slow Stochastic. Going long with tight stops may turn out to pay off today.
USD/JPY
The pair has been range-trading for a while now, with no specific direction. The Daily chart's Slow Stochastic providing us with mixed signals. The 4 hour charts do not provide a clear direction as well. Waiting for a clearer sign on the hourlies chart might be a good strategy today.
USD/CHF
The typical range trading on the 4-hour chart continues. The 8-hour chart RSI is floating in neutral territory. However, the pair currently sits near the bottom border of the daily chart's RSI, suggesting an upward correction may be imminent. Going long with tight stops may turn out to be a good strategy today.
Wild Card
CAD/CHF
This pair's sustained upward movement has finally pushed its price into the over-bought territory on the 4-hour chart's RSI. Not only that, but there actually appears to be a bearish cross on the Slow Stochastic pointing to an imminent downward correction. Forex traders have the opportunity to wait for the downward breach on the hourlies and go short in order to ride out the impending wave.
Market Trend
EUR/USD GBP/USD USD/JPY USD/CHF AUD/USD EUR/GBP
Daily Trend
Weekly Trend
Resistance 1.2765 1.5495 84.80 1.0240 0.9300 0.8310
1.2745 1.5475 84.60 1.0220 0.9280 0.8290
1.2715 1.5445 84.30 1.0190 0.9250 0.8260
Support 1.2655 1.5385 83.70 1.0130 0.9190 0.8200
1.2625 1.5355 83.40 1.0100 0.9160 0.8170
1.2605 1.5335 83.20 1.0070 0.9140 0.8150
Indicators
Date Time GMT $€£¥ Event Period Prev. Forecast Imp
2010-09-10 06:45 EUR French Industrial Production m/m -1.7% 0.8%
French Industrial Production
This is a report which measures the total value of output produced by factories, mines, and utilities in France. A rising trend has a positive effect on the EUR because high levels of production are a sign of a healthy economy.
2010-09-10 08:00 EUR Italian Industrial Production m/m 0.6% 0.4%
Italian Industrial Production
This indicator provides a general measure for the value of all output produced by factories, mines, and utilities in Italy.
2010-09-10 08:30 GBP PPI Input m/m -1.0% 0.2%
PPI Input
The Producer Price Index's (PPI) Input report is a measure for the inflationary rate incurred by manufacturers when purchasing goods and services.
2010-09-10 08:30 GBP PPI Output m/m 0.1% 0.1%
PPI Output
The Producer Price Index's (PPI) Output report evaluates the inflationary rate incurred by manufacturers when selling their goods and services.
2010-09-10 09:00 GBP CB Leading Index m/m 0.5% -
CB Leading Index
This index measures consumer confidence based on a number of leading economic indicators. Its impact is usually very low as these indicators are released individually at another time.
2010-09-10 11:00 CAD Employment Change -9.3K 30.8K
Employment Change
This report measures the number of jobs created during the previous month. It is one of the most important indicators of the economy's health since individual consumption makes up a significant portion of a country's GDP and has a direct correlation with employment.
2010-09-10 11:00 CAD Unemployment Rate 8.0% 8.0%
Unemployment Rate
This figure represents the percentage of potential workers that are currently unemployed and actively seeking a job. This report is typically overlooked as its information is derived from previously released indicators.
2010-09-10 14:00 USD Wholesale Inventories m/m 0.1% 0.4%
Wholesale Inventories
Alteration in the value of goods, which are stored by wholesalers in the U.S. The data release is published monthly.
2010-09-10 15:55 CAD BOC Gov Carney Speaks * *
BOC Gov Carney Speaks
Bank of Canada (BoC) Governor Carney is due to speak. These speeches often carry clues about future monetary policy decisions and can affect the market during their delivery.
Disclaimer: Investment in the currency exchange is highly speculative and should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This and any analysis published or received from FOREXHINT.COM is for informational use. Accordingly we make no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in the analyses. While we try to ensure that all of the information provided is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. FOREXHINT.COM will not be held responsible for the reliability or accuracy of the information available. The content herein is provided in good faith and believed to be accurate; however, there are no explicit or implicit warranties of accuracy or timeliness made FOREXHINT.COM or its affiliates. The reader agrees not to hold FOREXHINT.COM or any of its affiliates liable for decisions that are based on information from this website. FOREXHINT.COM highly recommends that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources. Archive
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