tag:blogger.com,1999:blog-261268132012-01-16T08:48:23.818-08:00All you need to know about the global currency exchange market.Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comBlogger601100tag:blogger.com,1999:blog-26126813.post-58457469508596029542012-01-16T07:51:00.002-08:002012-01-16T08:38:22.965-08:00

Learn how to take center stage perfecting your skills as a standup comic or public speaker. Sign up for the newsletter and you'll receive instant access to the only the industry's best stand-up comedy ebooks -- over 100 pages -- FOR FREE! Just Click Here!

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-72289239055205147462010-02-07T06:31:00.001-08:002011-03-08T09:01:09.645-08:00

Just thought I’d let my readers know that the NDD forum is active again. If you enjoyed the dealing vs non-dealing desk debate, you’re really going to love the in-your-face challenge we’re dealing with now. The issue? Gypsy programmers selling bogus forex robots. I know you’ve seen them and they all look and sound alike. Here are but a few illustrations.God awful testimonials that read something

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-75256912657651696002009-12-31T11:44:00.000-08:002010-01-06T10:40:56.527-08:00

If you’re thinking about buying a forex robot to automate your trading activities, you would be well advised to do a little homework. Here is a list of the top ten, surefire signs the robot being offered probably isn't worth the time that went into developing it. 1. The robot isn’t offered on a free trial basis. If the developer isn’t willing to allow you to back and forward test it using a demo

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-41658752038778776042009-10-19T14:57:00.000-07:002011-06-07T08:30:14.110-07:00

My readers have known for some time that I'm not a big proponent of Metatrader, a forex trading platform that I have contended for some time was originally designed for the benefit of the forex dealer, not the trader. It's by far the most popular trading platform in the forex dealer community and for one very good reason. The plaform provides dealers the means to skew markets to their own

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-55842007133252853452009-09-18T14:36:00.000-07:002009-09-20T07:59:22.282-07:00

Regardless of the asset class traded, there are basically two types of traders - technical and fundamental - and neither group predicted the financial collapse, let alone its aftermath last Fall. The reason they didn't can be attributed to a shared lack of awareness. They failed to take into consideration a phenomenon Hassim refers to as "The Black Swan". If you are a trader and aren't familiar

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-86672812770154471312009-09-05T07:50:00.001-07:002009-09-05T08:19:40.257-07:00

As most of my readers know, my blog and the NDD Forum have been inactive the past few months largely because I came to the conclusion several months ago that they had pretty much outlived their central purpose - to educate traders and help bring about much needed industry reform. In the past year and a half we’ve witnessed a great deal of change. A number of forex dealers have moved to at lease

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-71861874532997931172008-04-26T10:50:00.000-07:002008-11-12T19:37:17.473-08:00

Not surprisingly, a federal judge finally got around to sentencing a forex scam artist to nine years in prison yesterday. In doing so he rejected the defendent's request for home detention so he could try to pay $11 million in restitution by speculating in the foreign currency market. If you aren’t aware of it, the defendant, Garland E. Burrell, Jr., was the brains behind Learn: Forex, Inc., an

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-29104808940385907512008-04-19T09:40:00.001-07:002008-11-12T19:37:17.583-08:00

I can't help but wonder if the Commodity Futures Trading Commission (CFTC) will pursue the principals at FXLQ, a forex dealer that was put into receivership early this year, for fraud. I’m no lawyer, but in reading The Report on Temporary Receiver’s Activities, there certainly appears to be a case for fraud because it appears the principals repeatedly misrepresented the company’s financial

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-70272848993276487982008-04-19T09:06:00.000-07:002008-11-12T19:37:17.694-08:00

The jury is in. While of little consequence to the thousands of traders bilked by the principals at Refco, all of their trader clients must be getting some solace from the knowledge that Tone Grant was finally convicted on all charges at the U.S. District Court in Manhattan this week. After months of testimony, it only took two days for the jury to return a verdict that found him guilty of

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-55772791137807076042008-04-10T18:38:00.000-07:002008-11-12T19:37:17.888-08:00

As conspiracy theories go, the one you’re about to read about could provide one of the screen writers I talk with on an irregular basis fodder for a real thriller. In this story a geek develops a fool proof and virtually undetectable way to skim profits from his clients. Whether you are a forex trader, knowledgeable programmer, or devotee of creative conspiracy theories, you’ve got to love the

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-74257282412196361152007-07-05T11:51:00.001-07:002008-11-12T19:37:17.993-08:00

FXCM (Forex Capital Markets) on July 3, 2007 issued a press release to announce that 99% of all their clients are now trading with “No Dealing Desk” execution (not to be confused with non-dealing desk trading). I'm guessing the shift didn’t happen because traders necessarily wanted it, but because FXCM decided that it was in FXCM’s best interests to put everyone on it. Up until a few weeks ago

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1167839802184606432007-01-03T07:55:00.000-08:002010-01-25T10:24:40.497-08:00

Just thought I’d let my readers know that the NDD forum is active again. If you enjoyed the dealing vs non-dealing desk debate, you’re really going to love the in-your-face challenge we’re dealing with now. The issue? Gypsy programmers selling bogus forex robots. I know you’ve seen them and they all look and sound alike. Here are but a few illustrations.“I turned a profit of $50,212 in just one

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1162847581940803952006-11-06T13:02:00.000-08:002008-06-05T21:14:01.034-07:00

I received an email today from an experienced trader who made me realize that a lot of what I’ve been writing about lately probably goes over the head of the prospective and/or inexperienced trader. I thought I’d share it in hopes that it will encourage you do to stick around a while. Dear Phil,A fellow trader sent me an email the other day talking about Forex non-dealing desk brokerage and cited

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1162170777610424472006-10-29T17:04:00.000-08:002008-07-30T09:45:36.522-07:00

The following is a complaint I registered with the National Futures Association last week in hopes it will take action to require Forex brokers to provide a full and accurate disclosure when they offer "commission free" trading. As it stands today, their disclosures are misleading if not wholly inaccurate. A broker's source of income is not limited to the quoted spreads traders see on their

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1161466336897205452006-10-21T14:28:00.000-07:002008-07-30T09:46:00.040-07:00

An on-going discussion on the forum has highlighted an issue that I’m sure is close to every trader’s heart. Just how secure are the funds the trader has on deposit with a Futures Commission Merchant (FCM) here in the United States? Here’s a summary I hope will not only be informative but put this concern in its proper perspective. With respect to the security of one’s funds, there are at least

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1160934993328002772006-10-15T10:37:00.000-07:002008-07-30T09:46:22.730-07:00

The following story by Laura du Preez appearing on a South African financial services website, Personal Finance, published just yesterday makes interesting reading in light of FXCM's recent initiative to help Refco traders recover their losses. Was (Is) the Leaderguard Recovery Unit interested in assisting defrauded traders or just protecting their own bippies?October 14, 2006 - Personal Finance

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1160430436747090282006-10-09T14:28:00.000-07:002008-07-30T09:46:44.233-07:00

The following story appearing on Bobsguide today paints an interesting picture. Apparently, not only is the foreign exchange on its way to becoming a legitimate asset class all on its own, Towergroup believes that Electronic Communications Network (ECN) platforms are going to inevitably replace the "take it or leave it" platforms offered by traditional dealing desk brokers. Bobsguide - October

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1159824660207658692006-10-02T14:27:00.000-07:002008-07-30T09:47:05.140-07:00

A recent Associated Press (AP) story reveals that Refco Inc.'s retail foreign-exchange customers have teamed up with Forex Trading LLC (FXCM) in a new lawsuit that seeks the return of at least $10 million from the company, which declared bankruptcy on October 17, 2005. What makes this interesting to me is that trader plaintiffs were joined in the lawsuit by FXCM, a former business partner of

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1159294623389935702006-09-26T11:14:00.000-07:002008-07-30T09:47:26.403-07:00

When the Chicago Mercantile Exchange (CME) and Reuters announced they were putting their heads together to provide a standardized, anonymous and transparent Forex trading platform, I was excited by the prospect because, at least conceptually, such a platform would eliminate a lot of the game playing that goes on at the broker level. I was somewhat taken aback, therefore, when I came across the

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1158428583966426072006-09-16T10:42:00.000-07:002008-06-05T21:16:52.481-07:00

Pupkinus, a member of The NDD Forum, sure is making my work a lot easier. He posted a commentary today about a post by an Australian dealing desk broker who gave Forexfactory members a look into the inner workings of the brokerage community. It's a real eye-opener and well worth republishing. Broker: We also were a marketmaker with our clients. In fact most major Investment Banks are. Contrary,

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1157831991973879662006-09-09T12:50:00.000-07:002008-07-30T09:48:17.418-07:00

The following was posted by Pupkinus, one of The NDD Forum's more active members. I'm reposting it on the blog because it offers a lot of useful advice to prospect traders. If you would like to comment, you'll find the original post in the Dealing Desk Broker forum. Thought some tips & tricks derived from my personal experience and experience of other traders may help somebody. I promised

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1157227595752563402006-09-02T13:00:00.000-07:002008-06-05T21:17:46.223-07:00

For those unfamiliar with the practice of stop hunting, I thought it might be helpful to distinguish between global stop hunting and targeted ones. One is a function of the free market, the other constitutes unadulterated manipulation. Banks who feed quotes to FCMs don't target specific trader positions unless the trader has signed up to trade through the bank's dealing desk. For the most part

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1156199032764906672006-08-21T15:19:00.000-07:002008-07-30T09:48:36.363-07:00

This morning I published a post to the NDD forum this morning and I think it bears repeating so I’m republishing it on the blog this afternoon. I hope visitors find it useful and informative.Non-Dealing Desk Trading: The Primary AdvantageAfter reading a number of posts to the forum and a recent article in the Wall Street Journal (WSJ) I’m having to step back to re-examine the advantages /

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1155936569330442142006-08-18T14:22:00.000-07:002008-06-05T21:18:39.750-07:00

Visit any Forex forum and you’ll see a thread or two about stop hunting (stop fishing) but little or nothing ever gets done about it. Why? First, most traders wouldn’t recognize a stop hunt if they saw one. More importantly, when individual traders do recognize they’ve been stopped out they do little or nothing to call the broker to account for its actions beyond making a demand for personal

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1155495402903194822006-08-13T11:42:00.000-07:002008-06-05T21:19:09.589-07:00

I woke up this morning to a half hour infomercial hyping a “new” Forex trading program and I couldn’t help shake my head and smile when I realized that it’s really 4xMadeEasy in drag - a new name (Premier Trade), a slick summer dress and a new pair of shiny shoes. How do I know this? 1. The company’s spokesman is none other than James Dicks, the “founder” of 4xMadeEasy. Be sure to read the

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1155068921920418932006-08-08T13:23:00.000-07:002008-06-05T21:19:34.538-07:00

Just when one would think the industry is starting to wise up, along comes another FCM with an offer to supposedly “bailout” the unfortunate traders who took it in the shorts when Refco went belly up. The offer, of course, is no more inviting than the one offered by Gain Capital Group, an offer that collapsed a few days ago. And it’s not one that’s restricted to Refco traders either. It’s

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1154708273326841482006-08-04T09:09:00.000-07:002008-06-05T21:20:01.320-07:00

The other day I came across a comment from a trader on a forum who stated in no uncertain terms that traders should avoid Forex brokers who aren’t registered with the National Futures Association (NFA) and it got me to thinking. What has the NFA done for traders lately? So I spent the better part of a working day examining the complaints they filed against various Futures Commission Merchants (

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1154482779002576732006-08-01T18:33:00.000-07:002008-06-05T21:21:00.127-07:00

It’s unfortunate that a lot of new traders are under the impression that the placement of a stop loss enables them absolutely control their losses. Such is not the case. There are times when the market is moving so quickly that a stop loss cannot be filled and this can spell financial disaster for the trader with limited resources.Am I suggesting that one shouldn’t trade the Forex? Certainly not,

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1154027468927532172006-07-27T11:41:00.000-07:002008-06-05T21:21:33.287-07:00

Refco announced today that the deal they had worked out with Gain Capital Group “has been jointly terminated.” I suspect the decision has less to do with the purchase agreement, than it did the adjournment to allow ... objecting parties more time to assess the so called “benefits of the transaction.” Here’s the formal announcement.Refco Inc. (OTC: RFXCQ) said today that the proposed agreement

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1153863939696378402006-07-25T14:42:00.000-07:002008-06-05T21:21:56.920-07:00

This morning I received an email from a trader in Arizona and I thought I’d share it with everyone. The writer recounts a trading experience that brings up a fascinating question.“Last month I was helping my younger brother trade the payroll data for the first time. [To make a long story] short he got in late ..... and ended up putting in a market order to buy at ... 1.8510..... three seconds

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1153262151753615442006-07-18T15:28:00.000-07:002008-06-05T21:22:22.189-07:00

The past two weeks I’ve received several emails from Trader Dan asking me what I think of the initiative being take by the Chicago Mercantile Exchange (CME) and (Reuters) to create a global clearing house that promises to provide greater transparency and anonymity to the foreign currency exchange market. Here are the initial announcements that peaked his interest and mine. The $50 million

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1153150619698861082006-07-17T08:36:00.000-07:002008-06-05T21:22:47.896-07:00

I received a fascinating email yesterday from a reader who belongs to a trader group whose moderator took some time to relay the substance of a prolonged conversation with the CEO of one of the better known Forex brokerage firms. From that email I gathered an interesting note, a twist on a common analogy between the Forex trader and the gambler. Dealers, like casinos, are in the game for the

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1152821075635363762006-07-13T12:52:00.000-07:002008-06-05T21:23:12.406-07:00

Those who have been following my blog and conversing with me via email know that I’ve been reluctant to provide specific guidance with respect to non-dealing desk brokers because I wanted to preserve the blog’s non-commercial nature.. Since it went public I’ve received a significant number of emails from traders wanting more information and have avoided giving specific advice. Clearly, I am not

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1152127788038058642006-07-05T12:23:00.000-07:002012-01-16T08:48:23.844-08:00

A couple of months ago I posted a warning to traders to be wary of FCMs offering non-dealing desk brokerage services to mini and micro-mini account holders. It appears my suspicions have been further validated by an insider who talks about the inner workings of InterbankFx, a brokerage firm that claims to be running a non-dealing desk. If you are trading currencies - especially trading mini’s or

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1151780296743852372006-07-01T11:41:00.000-07:002008-06-05T21:24:15.576-07:00

According to Reuters, Refco, the forex brokerage firm that filed for bankruptcy last October, reported yesterday that it has reached a preliminary agreement to sell its retail foreign exchange customer accounts to Gain Capital Group for $2.5 million. The deal which would bring an estimated 15,000 additional traders to Forex.com, Gain's dealing desk subsidiary, is subject to a bankruptcy judge’s

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1151183296169544552006-06-24T14:06:00.000-07:002008-06-05T21:24:52.841-07:00

A few days ago I received an email from a reader who is participating in a 4x Made Easy® (4xME) trading group in Los Angeles. For those unfamiliar with the company offering 4xME, GlobalTec Solutions, represents itself as a Forex software, trading and training provider. Judging from the number of people who belong to Yahoo’s 4xMadeEasy eGroup (8,846 members and counting), the company has

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1151106122433115882006-06-23T16:36:00.000-07:002006-06-24T05:52:54.293-07:00

Last night I found myself chatting with a few folks online about the comparative merits of Forex non-dealing and dealing desk brokerage when the conversation turned to a discussion of stop losses - whether to use them or not. One trader asked those in attendance if anyone was trading without using them. Another responded in the affirmative. The exchange that ensued was quite informative so I

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1150755461665421972006-06-19T15:14:00.000-07:002006-06-20T04:31:31.473-07:00

An email I received from an unsuccessful trader yesterday got me to thinking about the daily losses spot traders are suffering so I did a little research. Admittedly, I’m no statistician so if anyone can help quantify these loss projections, I’m all ears. Drop me an email and I’ll do my best to correct the numbers and assumptions I’m about to blither on about. Please cite authoritative sources if

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1150501775538130342006-06-16T16:31:00.000-07:002006-06-23T16:47:24.430-07:00

I received an email a few days ago from a reader who thought it was unfair to paint one of the dealing desk brokers listed in this blog with the dark color being used to paint everyone else. To that I will simply say this. If any dealing desk broker is concerned about being lumped together with the unscrupulous, then it’s that broker’s responsibility to start educating their trader clients

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1150226724637500842006-06-13T12:24:00.000-07:002008-04-19T11:47:44.017-07:00

Since I continue to get requests from traders wanting to know who is offering a non-dealing desk trading platform, the thought has occurred to me that I could be making millions as an introducing broker but that creates a bit of a dilemma. When I decided to publish this blog, I made a promise to myself to create a non-commercial platform traders could rely on to get the straight skinny. As it

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1149862755087397472006-06-09T07:15:00.000-07:002012-01-16T08:45:43.581-08:00

Cruising a number of forums today I discovered the following post by a senior member of a forum (I suspect a broker or principal of the forum’s sponsor) named Pipster. It could have been written by me late last summer when I was still operating under the illusion that trading through a dealing desk brokerage house like FXCM, FxStreet, or Oanda, I was actually trading the Forex. That malady was

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1149683472051133812006-06-07T05:30:00.000-07:002008-04-19T11:48:08.728-07:00

I'm not posting this today because I think most Forex traders are taken in by the nonsensical propostion that there is such a thing as "commission free" forex trading, but the National Futures Association (NFA) seems to think that a large enough number of Forex traders are being taken in by the appeal because it has disciplined at least one dealing desk broker who used and continues to use that

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1149540985941419732006-06-05T13:55:00.000-07:002006-06-23T15:07:39.453-07:00

In what could be the first of many more determinations, Charles Pillai, the Ombud for Financial Services Providers in South Africa, has ruled against a broker who sold investments in Leaderguard, a Forex managed account service provider, to a pensioner. The ruling which held the referring broker liable for the misdeeds of the broker they referred this particular client to could very well be the

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1149350936521153152006-06-03T08:55:00.000-07:002006-06-23T14:59:56.406-07:00

I stumbled on the following description of corporate thinking and thought I'd share it with everyone. It really doesn't have anything to do with foreign exchange trading but the author, Peter Gooch, a broadcast journalist, has a rye sense of humor. The story first appeared on ABC Queensland July 26, 2002 and has been cited without attribution by traders on a couple of Forex related forums.

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1149092979694859022006-05-31T09:27:00.000-07:002008-04-19T07:23:07.239-07:00

Ran into a fellow day trader at the Farmer’s Market off Fairfax this morning and she joined me for breakfast. (Not a date or anything. She’s in her early 30s and I’m, well, old enough to be her grandfather.) Anyway, after an exchange of pleasantries and family news, we got to talking shop and the discussion turned to my blog, specifically the study I alluded to regarding trader behavior which

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1148317809976030802006-05-22T10:08:00.000-07:002008-04-19T11:48:52.102-07:00

Every other day or so I get an email from a trader (or prospective trader) requesting the name or names of one or more non-trading, non-dealing desk brokers. Those who have read through my entire blog know that providing that information would turn this blog into a commercial project and that’s just not something I’m going to allow to happen. To my way of thinking there’s even a better reason not

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1147894632407663452006-05-17T12:35:00.000-07:002006-06-11T18:21:07.766-07:00

Visiting an Indian casino to eat dinner and play a little blackjack the other night, I got to thinking that a lack of education isn’t the only challenge facing Forex traders. Maybe, just maybe the biggest problem is human frailty - the abiding, perhaps genic disposition in some to believe there’s an easy way to riches, that the accumulation of wealth is a matter of good luck rather than hard

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1147730630896656572006-05-15T14:56:00.000-07:002006-06-23T14:50:59.496-07:00

Last week I received an email from yet another Forex provider but didn’t get around to visiting the company’s website until this morning. Believe it or not, there’s a company out there that is actually promoting Forex as a simplified gambling venue, offering “members” the ability to “bet” on currency trends. Without mentioning the company which, of course, would violate the non-commercial nature

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1147288815498089652006-05-10T12:07:00.000-07:002006-05-15T17:37:46.903-07:00

As you may have noticed, I’ve disabled comments. The vast majority that have been posted lately have been flames which leads me to suspect there’s an organized effort on the part of dealing desk brokers to get me to feel bad about myself. If you have a comment feel free to drop me an email. It’s easier to manage an inbox delete button than editing comments from people who prefer to attack me than

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1147221831952149092006-05-09T17:41:00.000-07:002006-06-24T10:32:07.706-07:00

I’ve received a number of emails from traders wanting to know where they can go to take advantage of a non-dealing desk and realized that I have been remiss in mentioning that I have yet to confirm that any broker is offering mini traders access to the market through a non-dealing desk at least at this time. To trade through a non-dealing desk one has to trade standard lots and that currently

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1147139219120321292006-05-08T18:41:00.000-07:002007-02-21T11:30:07.963-08:00

According to our programming insider, about four months ago a couple of dealing desk Futures Commodity Merchants, specifically dealing desk brokers, conducted a joint, private study of Forex trader behavior. What they came up with only confirms what David Hannum, owner of the Cardiff Giant, one of PT Barnum's competitors said - "There's a sucker born every minute." 1. 98% of dealing desk traders

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1147034776339236182006-05-07T13:44:00.000-07:002006-06-23T14:48:56.553-07:00

During a conversation with a fellow trader last night, we got to talking about the emotional component of Forex trading and ended up agreeing that one’s temperament is a pretty good measure of probable success. In the course of the conversation he brought up an interesting question and it was simply this. Which of the characters in the comedy series Seinfeld would have a natural trading advantage

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1146945742748925022006-05-06T13:01:00.000-07:002012-01-16T08:46:54.749-08:00

Anyone who has been trading the Forex for any length of time can’t help but have heard rumors about “spiking” or “stop loss phishing”, but no one in the industry that I know of has been willing to come forward to clear the air, at least until now. According to at least one source, investor stop loss orders are frequently taken out not because the market has turned but because such takeouts serve

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1146588844532809432006-05-02T09:39:00.000-07:002006-06-23T15:04:55.713-07:00

I’d be hard pressed to imagine how any prospective trader, looking for educational materials, could avoid stumbling on to at least one website offering trading secrets and systems that will enable the small investor the means to amass an incredible fortune trading the forex in a very short period of time. The Commodity Futures Trading Commission and National Futures Association are trying to find

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1146274607561967222006-04-28T18:25:00.000-07:002008-04-19T11:50:35.601-07:00

Anyone taking the time to check the Commodity Futures Trading Commission’s (CFTC’s) website will soon discover that the Forex affords the unscrupulous a relatively easy way to take advantage of the unsophisticated investor, especially when it comes to managed accounts. The following CFTC findings are only a small sampling of the problem the CFTC has uncovered. Fx.unigma.com & Fx-world.comCarlos

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1145976834793792202006-04-25T07:37:00.000-07:002006-06-23T16:23:05.173-07:00

Today an interesting story entitled Conspiracy Theory appeared on 7days.ae, a United Arab Emirates website that details the problems investors have been having getting their assets unfrozen in a Swiss bank. Should the story be true (I have no reason to think that it isn't), it should make anyone think twice about dealing with a Forex broker whose accounts are held by a bank in Switzerland. You

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1145921870877669232006-04-24T16:34:00.000-07:002008-04-19T11:51:04.663-07:00

The United States Commodity Futures Trading Commission (CFTC), the federal agency that regulates commodity futures and options markets in the United States, has witnessed an increase in the number of Internet websites fraudulently promoting foreign exchange (Forex) trading systems and advisory services. Among other things, the websites they are concerned about lead prospective investors to

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1145632830400433722006-04-21T07:57:00.000-07:002008-04-19T11:51:19.810-07:00

In all fairness, I thought it would be a good idea to provide space for speculators to post the reasons they believe traders should use or continue to a dealing deak broker to trade the Forex. Anyone interested in modifying or making an addition to the list can ether drop me an email or post the recommendation in the comments section below and I'll be happy to post them.ADVANTAGES OF USING MY

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1145631146464376682006-04-21T07:52:00.000-07:002012-01-16T08:44:08.597-08:00

Over the past six months I've learned a lot about Forex trading platforms - the good and the bad. I hope this post, describing the advantages and disadvantages of non-dealing desk (non-trading desk) brokerage, will help clear the air. While certainly not comprehensive, I think the following hits the high points. ADVANTAGES OF THE NON-DEALING DESK1. No Inherent Conflict of Interest. Non-dealing

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.comtag:blogger.com,1999:blog-26126813.post-1145384814608873632006-04-18T11:25:00.000-07:002010-01-25T10:26:35.958-08:00

Just thought I’d let my readers know that the NDD forum is active again. If you enjoyed the dealing vs non-dealing desk debate, you’re really going to love the in-your-face challenge we’re dealing with now. The issue? Gypsy programmers selling bogus forex robots. I know you’ve seen them and they all look and sound alike. Here are but a few illustrations.“I turned a profit of $50,212 in just one

Phil Davishttp://www.blogger.com/profile/09855782247211994858noreply@blogger.com