Trading with FXCM? Wondering if they practice stop hunting? If you ask Stephen Story he might suggest there’s a strong possibility. If you ask me, well, I am trading with FXCM and I have been noticing a funny little thing going on. I laugh about it although, considering I am losing my money it really isn’t funny. There appears to be a little monster that lurks around and waits for you set a stop loss, and once you set it, the monster stealthily creeps towards your stop and gobbles up your money.
As I prefer to believe FXCM doesn’t need to steal every little $25 bucks they can get their hands on, I’d rather think of it as merely coincidental, but there is certainly reason to wonder why, no matter which direction you go in, buy or sell, no matter how the market is moving, that little monster turns and heads after your stop 100% of the time.
FXCM is a no dealing desk operation. At least this is what they swear; and they are a huge company. You want to think they don’t need your money so they won’t cheat you. And I am certainly not accusing them of cheating me out of my money; but I do find it very peculiar how nearly impossible it has proved to be to make any kind of profit even now after I have calmed down from all the nerves and crazy mistakes I was making when I started trading.
It leaves me inclined to wonder if the accusations made by Stephen Story in his video Forex Trading #1: Retail Market Makers … Beware have more than a little grain of truth.