Comments on: GFT Forex http://www.currencysecrets.com/2006/07/14/gft-forex/ Mon, 06 Sep 2010 12:30:18 -0700 hourly 1 http://wordpress.org/?v=3.0.1 By: mike http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-34357 mike Fri, 18 Sep 2009 08:55:50 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-34357 If you make money on a consistent basis, they will hedge against you. The fiduciary responsibility of any financial institution is to protect the capital of account holders. I have years of experience and thousands of trades under my belt. DO NOT TRADE CURRENCY. It is the only non-regulated fiduciary entity. Their dealing desk uses your money to hedge thier positions. Many of the time, they aren't even in your currency position. They are a market maker and use your postion in order to avoid losses of their own currency positions without ever placeing your trade. It is absolutely legal for them to do this. So if they've taken on a position that turns bad on them, they can stomp out your position to cover their losses. They never loose money while you loose everything. If you make money on a consistent basis, they will hedge against you. The fiduciary responsibility of any financial institution is to protect the capital of account holders. I have years of experience and thousands of trades under my belt. DO NOT TRADE CURRENCY. It is the only non-regulated fiduciary entity. Their dealing desk uses your money to hedge thier positions. Many of the time, they aren’t even in your currency position. They are a market maker and use your postion in order to avoid losses of their own currency positions without ever placeing your trade. It is absolutely legal for them to do this. So if they’ve taken on a position that turns bad on them, they can stomp out your position to cover their losses. They never loose money while you loose everything.

]]> By: Mini Killer http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-34339 Mini Killer Wed, 19 Aug 2009 21:06:26 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-34339 ANd I've never saw anything about GFT being ECN EVER! They are a dealing desk operation.Period.And yes they bet against you,Why? to protect themselves.Basically hedging.Like you never bet aginst yourself hedging?If you know how to beat them you will prevail at thier game.I have! ANd I’ve never saw anything about GFT being ECN EVER! They are a dealing desk operation.Period.And yes they bet against you,Why? to protect themselves.Basically hedging.Like you never bet aginst yourself hedging?If you know how to beat them you will prevail at thier game.I have!

]]> By: Mini Killer http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-34338 Mini Killer Wed, 19 Aug 2009 21:02:52 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-34338 Anyone who says you need 50k or your throwing a dart at the board is Insane.I opened an account with them for $400 and traded my strategy.I now how over $5,000.I don't care if you start with 250 dollars or 250,000.If you don't have a plan for a smaller time frame then forget it,otherwise I'm just fine.If my strategy entails a 20 pip Stop Loss and a gain of 2 to 1,with 1 dollar I either lose $20 or gain 40.I've been getting that 40 consistently.I still use just $1 90% of the time unless I see a trade thats a no brainer .Then I may throw 2 at it. Anyone who says you need 50k or your throwing a dart at the board is Insane.I opened an account with them for $400 and traded my strategy.I now how over $5,000.I don’t care if you start with 250 dollars or 250,000.If you don’t have a plan for a smaller time frame then forget it,otherwise I’m just fine.If my strategy entails a 20 pip Stop Loss and a gain of 2 to 1,with 1 dollar I either lose $20 or gain 40.I’ve been getting that 40 consistently.I still use just $1 90% of the time unless I see a trade thats a no brainer .Then I may throw 2 at it.

]]> By: trinka http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-34290 trinka Thu, 30 Apr 2009 22:56:44 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-34290 They are like big fat leeches sucking out my lifeblood. They have stolen 937.00 from me and am now broke. Don't do it! They are like big fat leeches sucking out my lifeblood. They have stolen 937.00 from me and am now broke. Don’t do it!

]]> By: trinka http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-34289 trinka Thu, 30 Apr 2009 22:05:36 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-34289 Risk is one thing. Theft is another. GFT will close your account, they will cook the books and you will go online and see they have stolen your equity. Risk is one thing. Theft is another. GFT will close your account, they will cook the books and you will go online and see they have stolen your equity.

]]> By: traders india http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-34260 traders india Thu, 26 Mar 2009 13:56:02 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-34260 The Forex market is a non-stop cash market where currencies of nations are traded, typically via brokers. The Forex market is a non-stop cash market where currencies of nations are traded, typically via brokers.

]]> By: Mike Jones http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-34111 Mike Jones Thu, 06 Nov 2008 19:36:58 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-34111 Bottom line GFT is a market maker which means they for the most part take the other side of most of there transactions. GFT will not take risks on trading volume greater than 10 lots, 20 lots, who knows what there minimum requirement is at there desk. When you start making successful trades they will take you out of automatic fill and put you through there desk on manual fill which takes longer because they dont want to take the other side of a successful trader. Knowing this is a market where more than 90% lose they have a pretty good gig. This shouldn't discourage anyone from trading with them because they do have a decent platform. If anyone has been to casino and you win 10 straight hands in a row the pit bosses start paying more attention because there money is at risk. I have made money with them on a smaller account if your trading volume is big I would go elsewhere if your looking for fast executions. Bottom line GFT is a market maker which means they for the most part take the other side of most of there transactions. GFT will not take risks on trading volume greater than 10 lots, 20 lots, who knows what there minimum requirement is at there desk. When you start making successful trades they will take you out of automatic fill and put you through there desk on manual fill which takes longer because they dont want to take the other side of a successful trader. Knowing this is a market where more than 90% lose they have a pretty good gig. This shouldn’t discourage anyone from trading with them because they do have a decent platform. If anyone has been to casino and you win 10 straight hands in a row the pit bosses start paying more attention because there money is at risk. I have made money with them on a smaller account if your trading volume is big I would go elsewhere if your looking for fast executions.

]]> By: Alex Findlay http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-34100 Alex Findlay Tue, 28 Oct 2008 09:47:48 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-34100 Check this email from GFT Dear Alex Findlay Please cease all communication attempts to GFT. GFT has made the firm business decision not to reactivate your account due to several issues. This decision was made for our own business reasons, based on our business objectives, and should not be viewed as an adverse comment on your personal qualifications to maintain an account. Compliance Team Leader - Risk Management Global Forex Trading, a Division of Global Futures & Forex, LTD. Toll phone 800.465.4373 ext. 10039 International phone 616.956.9273 THE FACTS GFT UPDATE Global Forex Trading shows it’s ugly, vindictive and childish side. Is it coincidence that GFT should take the action in the following email after I made their trading policy public and notified the NFA and CFTC.GFT’S message was civil but they still have my money and are blocking me from my account and preventing me form completing a thorough audit. GFT admits in this email that I have done nothing wrong other than challenge their authority to play GOD. Here is the definitions of a closed trade in the Forex Dictionary....A transaction which offsets a previous open position. In the case of having bought, selling the exact number of units so that one's exposure in the market is zero. The definition on the CFTC website confirms this definition. If GFT were an ECN and placed all client orders with Interbank Bank member bank they could claim that the trade did not close till the Settlement Date. GFT removes the money from the trading account immediately upon closure and then makes adjustments at later dates. If GFT qualified as an ECN, GFT has the fiducially obligation to protect the client by using a Continuous Linke Settlement which is a means of settling foreign exchange transactions between major banks so as to eliminate settlement risk. Summarizing GFT wants the best of both worlds and that is not possible. They have to choose whether to be a Market Maker, Bucket Shop or a legitimate ECN. I invite you to contact the NFA and CFTC and prove me wrong. If you know a better way to proceed without playing dead please let me know. Alex Findlay Fxcompliance@comcast.net Check this email from GFT

Dear Alex Findlay

Please cease all communication attempts to GFT. GFT has made the firm business decision not to reactivate your account due to several issues. This decision was made for our own business reasons, based on our business objectives, and should not be viewed as an adverse comment on your personal qualifications to maintain an account.

Compliance Team Leader – Risk Management
Global Forex Trading, a Division of Global Futures & Forex, LTD.
Toll phone 800.465.4373 ext. 10039
International phone 616.956.9273

THE FACTS

GFT UPDATE Global Forex Trading shows it’s ugly, vindictive and childish side.

Is it coincidence that GFT should take the action in the following email after I made their trading policy public and notified the NFA and CFTC.GFT’S message was civil but they still have my money and are blocking me from my account and preventing me form completing a thorough audit.

GFT admits in this email that I have done nothing wrong other than challenge their authority to play GOD.

Here is the definitions of a closed trade in the Forex Dictionary….A transaction which offsets a previous open position. In the case of having bought, selling the exact number of units so that one’s exposure in the market is zero. The definition on the CFTC website confirms this definition.

If GFT were an ECN and placed all client orders with Interbank Bank member bank they could claim that the trade did not close till the Settlement Date. GFT removes the money from the trading account immediately upon closure and then makes adjustments at later dates.

If GFT qualified as an ECN, GFT has the fiducially obligation to protect the client by using a Continuous Linke Settlement which is a means of settling foreign exchange transactions between major banks so as to eliminate settlement risk. Summarizing GFT wants the best of both worlds and that is not possible. They have to choose whether to be a Market Maker, Bucket Shop or a legitimate ECN.

I invite you to contact the NFA and CFTC and prove me wrong. If you know a better way to proceed without playing dead please let me know.

Alex Findlay

Fxcompliance@comcast.net

]]> By: Alex Findlay http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-34088 Alex Findlay Thu, 02 Oct 2008 21:48:12 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-34088 RE: Dealbook 360. It is decent and the charting is good. I opened an account with GFT because they promised Stratedy Runner at cut throat rates. I am addicted to Currenex but Strategy Runner is just about as good. It takes one click to close a 5 dollar million trade and open a new 5 million dollar trade in less than 40 ms. GFT promised me Strategy Runner to get an account from me and then came up with every excuse you can think of to delay delivery. If you are using dial up look for problems. It is not fast enough. You will still get errors with DSL. I do not understand but I have had to disconnect and reconnect even with a DS3. Their computer tells me I have a bad connection but I can ping them and receive a response in 30 to 40 ms. A DS3 is equivalent of about 70 dial ups. An ATT tech ran tests and could not see any connection problems when I received a message to log out and back in because of a poor connection. Draw your own conclusion. If you think connections are not important read the Deutsche Bank agreement. I do not know if it has changed since they hired FXCM to run their retail but when I read it a few years ago they did not mince their words about poor connections. In simple English don't be penny wise and pound foolish. A one second delay can cost you $1000.00 Alex Findlay RE: Dealbook 360. It is decent and the charting is good. I opened an account with GFT because they promised Stratedy Runner at cut throat rates. I am addicted to Currenex but Strategy Runner is just about as good. It takes one click to close a 5 dollar million trade and open a new 5 million dollar trade in less than 40 ms. GFT promised me Strategy Runner to get an account from me and then came up with every excuse you can think of to delay delivery. If you are using dial up look for problems. It is not fast enough. You will still get errors with DSL. I do not understand but I have had to disconnect and reconnect even with a DS3. Their computer tells me I have a bad connection but I can ping them and receive a response in 30 to 40 ms. A DS3 is equivalent of about 70 dial ups. An ATT tech ran tests and could not see any connection problems when I received a message to log out and back in because of a poor connection. Draw your own conclusion. If you think connections are not important read the Deutsche Bank agreement. I do not know if it has changed since they hired FXCM to run their retail but when I read it a few years ago they did not mince their words about poor connections. In simple English don’t be penny wise and pound foolish. A one second delay can cost you $1000.00

Alex Findlay

]]> By: Alex Findlay http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-34086 Alex Findlay Thu, 02 Oct 2008 10:54:22 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-34086 Alex Findlay, USA Review: I have never come across this and wonder if you have. It involves GFT FOREX FX FDM aka GLOBAL FOREX TRADING BROKER uses DEALBOOK 360 not equal to Currenex. Dukascopy Mann Financial Propfx division FXCM Dollar Euro pound GBP JPY trading. 1. I liquidate my position and it displays a profit or loss. 2. The settlement date is 2 days from the date I liquidate. 3. GFT claims I am liable for any loss they incur from the time I liquidate my position to the settlement day. 4. GFT uses a trading desk so my orders do not reach the Interbank. My profit or loss shows immediately. 5. GFT Charged me for pip movement between the time I liquidated and the date set for settlement by the Interbank seems most unfair. 6 I pay GFT in advance and GFT takes my money on the spot therefore the settlement day should not affect my transaction. 7. GFT took money out of my account without notification to cover their loss because they chose to take advantage of the two day float. I will give them the benefit of doubt here because I really do not know if they placed my trade or not, but I do know GFT uses a balancing engine and hedges against your trade. Simply put GFT trades against you but you will never get GFT FOREX to admit it. If you are curious how their game works HERE IS THE FORMULA… 55% are long and 45% are short. They only have to trade the difference or 10% give or take a few pips for safety. If you think the bank gets all the spread think again. 8. Test this if you wish… Ask Wayne McDonald and or FXbootcamp or GFT’S internal sales team then go to your dentist and have a tooth pulled…. COMPARE THE TWO Has anybody come across a Broker with this policy? I have not. Thanks Fxcompliance@comcast.net Alex Findlay, USA

Review: I have never come across this and wonder if you have. It involves GFT FOREX FX FDM aka GLOBAL FOREX TRADING BROKER uses DEALBOOK 360 not equal to Currenex. Dukascopy Mann Financial Propfx division FXCM Dollar Euro pound GBP JPY trading.

1. I liquidate my position and it displays a profit or loss.

2. The settlement date is 2 days from the date I liquidate.

3. GFT claims I am liable for any loss they incur from the time I liquidate my position to the settlement day.

4. GFT uses a trading desk so my orders do not reach the Interbank. My profit or loss shows immediately.

5. GFT Charged me for pip movement between the time I liquidated and the date set for settlement by the Interbank seems most unfair.

6 I pay GFT in advance and GFT takes my money on the spot therefore the settlement day should not affect my transaction.

7. GFT took money out of my account without notification to cover their loss because they chose to take advantage of the two day float. I will give them the benefit of doubt here because I really do not know if they placed my trade or not, but I do know GFT uses a balancing engine and hedges against your trade. Simply put GFT trades against you but you will never get GFT FOREX to admit it. If you are curious how their game works HERE IS THE FORMULA… 55% are long and 45% are short. They only have to trade the difference or 10% give or take a few pips for safety. If you think the bank gets all the spread think again.

8. Test this if you wish… Ask Wayne McDonald and or FXbootcamp or GFT’S internal sales team then go to your dentist and have a tooth pulled…. COMPARE THE TWO

Has anybody come across a Broker with this policy? I have not.

Thanks

Fxcompliance@comcast.net

]]> By: chris gregg http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-34003 chris gregg Thu, 24 Jul 2008 04:13:34 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-34003 I do like their trading platform a lot. I have a demo account and have trippled my money in three week period. I am afraid of opening account with them because of very bad reviews. I don't know the reality. I do like their trading platform a lot. I have a demo account and have trippled my money in three week period.

I am afraid of opening account with them because of very bad reviews. I don’t know the reality.

]]> By: Gina http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-33948 Gina Sat, 05 Jul 2008 23:30:09 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-33948 GFT Forex has just launched a new forum for there members and clients to talk about different trading methods and tricks to making faster money on there deal books this is the link to the new forum: http://www.gftforexforum.com/ GFT Forex has just launched a new forum for there members and clients to talk about different trading methods and tricks to making faster money on there deal books this is the link to the new forum: http://www.gftforexforum.com/

]]> By: JM http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-33606 JM Mon, 07 Jan 2008 22:52:05 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-33606 I have made several thousand dollars with GFT. Each and EVERY time I request funds the request is honored. When I make a request for funds a response is provided within 24 hours (usually faster) then a check is sent within hours of the response. Good luck. I have made several thousand dollars with GFT. Each and EVERY time I request funds the request is honored. When I make a request for funds a response is provided within 24 hours (usually faster) then a check is sent within hours of the response. Good luck.

]]> By: BG http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-33542 BG Sun, 18 Nov 2007 04:58:56 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-33542 Please let me know how this works out... Have used gft from the beggining... love the capabilities, and going full live soon. Please let me know how this works out… Have used gft from the beggining… love the capabilities, and going full live soon.

]]> By: JC http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-33482 JC Tue, 25 Sep 2007 08:35:55 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-33482 Be careful with GFT, they do not always honour your profits, I am in the process of reporting them. More details to follow. Be careful with GFT, they do not always honour your profits, I am in the process of reporting them.

More details to follow.

]]> By: dave t http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-33353 dave t Wed, 13 Jun 2007 21:38:40 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-33353 if you dont have 50k minimum to deposit with a non market maker...its like throwing darts at a board....period if you dont have 50k minimum to deposit with a non market maker…its like throwing darts at a board….period

]]> By: Steve Piphunter http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-27091 Steve Piphunter Wed, 27 Dec 2006 00:32:06 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-27091 A great platform - that is, when you get used to its complexities and the abundance of trade entry/exit setups that is available on Dealbook 360. I only have dial-up due to being in a country area and apart from extremely slow loading of my charts I seem to have very few stability issues.I found it a bit daunting at first, especially after coming from a simple no frills system like FXCM's Trading Station 2. The amount of tools and indicators and the user mods available for GFT's charts are just great. I have to say, most of the complaints I see appear to be about slippage - and GFT is the same as any other Broker during major announcements. Although, I must admit, being a "mini-account" trader I don't have an issue as to whether or not I miss out on 10 pips or so. In any case, I tried to trade the Fundamental Announcements and have put it down to pure luck on being filled at your correct price - no matter what the platform used. Therefore, I took the simple way out - I just don't trade the news. One can still make a good living. Remember the fable of the tortoise and the hare? Quick and fast does not always make a winner....... My only wish would be that GFT paid interest on some of the position trades I have had. Currently, I believe that holders of mini accounts do not receive interest, unlike some of the other Brokers out there. A great platform – that is, when you get used to its complexities and the abundance of trade entry/exit setups that is available on Dealbook 360. I only have dial-up due to being in a country area and apart from extremely slow loading of my charts I seem to have very few stability issues.I found it a bit daunting at first, especially after coming from a simple no frills system like FXCM’s Trading Station 2. The amount of tools and indicators and the user mods available for GFT’s charts are just great.
I have to say, most of the complaints I see appear to be about slippage – and GFT is the same as any other Broker during major announcements. Although, I must admit, being a “mini-account” trader I don’t have an issue as to whether or not I miss out on 10 pips or so. In any case, I tried to trade the Fundamental Announcements and have put it down to pure luck on being filled at your correct price – no matter what the platform used. Therefore, I took the simple way out – I just don’t trade the news. One can still make a good living. Remember the fable of the tortoise and the hare? Quick and fast does not always make a winner…….
My only wish would be that GFT paid interest on some of the position trades I have had. Currently, I believe that holders of mini accounts do not receive interest, unlike some of the other Brokers out there.

]]> By: Tom http://www.currencysecrets.com/2006/07/14/gft-forex/comment-page-1/#comment-22563 Tom Mon, 11 Sep 2006 19:21:27 +0000 http://www.currencysecrets.com/2006/07/14/gft-forex/#comment-22563 I also tried the GFT platform and I got to say it outperformed all the other platforms I tried. I plan to open an account soon with them. If anyone has had a bad experince with GFT I would like to know about it. Thanks. I also tried the GFT platform and I got to say it outperformed all the other platforms I tried. I plan to open an account soon with them.

If anyone has had a bad experince with GFT I would like to know about it.

Thanks.

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