Why you should sign up with Global Prime

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Why you should sign up with Global Prime

Postby SteveHopwood » Mon Feb 11, 2013 10:22 am

Newcomers to the shark-infested waters of Forex trading may not understand how vital it is to choose a reliable broker. Forex brokers are gradually attracting more regulation but this is still sparse. Brokers make up their own rules and traders have no control over their behaviour.

There are 3 kinds of Forex brokers, of which only the first can truly use the description with honesty and accuracy:

    1. Real brokers:
    • Firms like Global Prime, who send your trade directly to the liquidity providers via the ECN network and 'straight through processing'. ECN is the network which connects it all up and STP provides a faster method of transferring the information.
    • What this means is that your trade is sent direct to the liquidity providers rather than Global Prime being the counter party to your trade. As brokers between the individual trader and the liquidity providers, these true brokers make their money out of the commission they charge for brokering the deal.
    • They have a vested interest in their clients succeeding as traders; as the trader's account grows, so does trade size and consequently, commission. Characteristically, their spreads are much narrower than are available from the market makers and bucket shops. No conflict of interest here.
    2. 'Market makers' who can also be called, 'A and B bookers':
    • do not send your trade to the liquidity providers unless you are a losing trader - see below for an explanation. Instead, they take the opposite position and so have a vested interest in you failing. When you lose money with a market maker, they win your money. Huge conflict of interest here. I am given to understand that there are honest market makers out there, but I have never found one.
    3. 'Bucket shops'
    • both take the opposite side of your trade and invent the quote your platform receives. Said quote can be anything they want it to be. You may as well ask a Mafia boss for a sub as to try to get a live cash deposit back from them.

'Market making' sounds distinctly dodgy to me and possibly should be illegal. 'Bucket shopery' should be illegal. The dodgy market makers and bucket shops have a variety of nasty tricks up their sleeves:

  • 'stop hunting': the market is within hailing distance of your stop loss and when hit, the trade will be a loser. They will send a spike to your platform that will hit your stop. They can even manually adjust the spike candle to make it look even more convincing. View the Youtube video linked in Zennor's post at http://www.stevehopwoodforex.com/phpBB3 ... 12#p155212 - it will blow your socks off.
  • Widening the spread briefly when you take a trade. You do not notice.
  • Widening the spread during volatile periods.
  • Sending back 'off-quotes' errors when the market is moving quickly in one direction and you are trying to enter/close a trade.
  • Slippage – this is a real rip-snorter. This involves holding up accepting your trade until a few ticks have moved the market in a direction unfavourable to you. This is absolutely brilliant for them when you are trying to close a trade manually – they hold up execution and then send a few ticks that shave pips off your profit or add them to your loss.
  • Treating your tiny initial cash deposit well, then hitting you with every trick in the book once you are confident enough to make a much larger deposit.
  • 'A' book and 'B' book. The criminals profile their 'valued clients' <hollow laugh> and divide them into 'A' bookers and 'B' bookers. Both get different price feeds. Transfer from 'A' book to 'B' book and back again happens without the knowledg of the 'valued client':
    • 'A' book traders. These are the profitable traders whose trades are sent straight to the liquidity providers. The crims hate these. The only money they can make is the spread as they magnanimously do not charge commission on the trades. Mind, the spreads can be vast but noobs do not tend to know that.
    • 'B' book traders. The crims love these. They are the losing traders transferred from the 'A' book. The crims regard the traders' deposits as their own.
      • They do not want the traders losses going to the liquidity providers; they want these losses for themselves, so the crims take the opposite side of the trade and throw every nasty trick in the book at the trader to ensure the losses continue.
      • Once the account is blown, the crim has snaffled all of the original live cash deposit.
      • If, by any remote chance, a 'B' book trader still manages to be profitable then they are transferred back to the 'A' book to stop causing the crim problems. Here the different feed frequently destroys the system or EA the trader was using and turns him into a loser again. He is then transferred back to the 'B' book but without the confidence to continue using the system/EA that was originally profitable. End result? Blows the account trading unprofitably and the crim pockets the cash.
I once quipped that the market would instantly scream off in the opposite direction whenever I took a trade. If I took out simultaneous buy and sell trades, the market would grunge around for weeks going nowhere, and costing me a small fortune in swap. These days, I have a better understanding of why.

That is why you guys should sign up with Global Prime. The firm is a true brokerage and so will pull none of the nasty stunts some of the others will pull.

The added bonus is having GP run by Jemook and his two buddies. You will come to understand what a treasure Jem is, once you have been around here for a while.. Read the threads in this particular forum and you will see how responsive GP is to members requests for changes. We are soooooo lucky to have a broker we can actually trust.

:D

Subsequent update about the regulatory body GP operates under: read this post by Nufty http://www.stevehopwoodforex.com/phpBB3/viewtopic.php?p=64999#p64999
Read the effing manual, ok?

Global Prime is the official SHF broker. Click here to sign up for a live account with Global Prime and join the several thousand SHF members who wisely choose GP as their broker of choice.

I still suffer from OCCD. Good thing, really.

Anyone here feeling generous? My paypal account is always in the market for a tiny donation. [email protected] is the account.

To see The Weekly Roundup of stuff you guys might have missed Click here

My special thanks to Tommaso (milanese) for all the incredible work he does here.
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Re: Why you should sign up with Global Prime

Postby SteveHopwood » Wed Feb 13, 2013 1:00 pm

I have taken the liberty of moving the recent posts to Jem's introduction thread. You are asking questions that Jem might not necessarily see if we leave them here. Also, his answers will be of interest to other readers.

:D
Read the effing manual, ok?

Global Prime is the official SHF broker. Click here to sign up for a live account with Global Prime and join the several thousand SHF members who wisely choose GP as their broker of choice.

I still suffer from OCCD. Good thing, really.

Anyone here feeling generous? My paypal account is always in the market for a tiny donation. [email protected] is the account.

To see The Weekly Roundup of stuff you guys might have missed Click here

My special thanks to Tommaso (milanese) for all the incredible work he does here.
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Posts: 9146
Joined: Tue Nov 15, 2011 8:43 am
Location: Misterton - an insignificant village in England. Very pleasant to live in.

Re: Why you should sign up with Global Prime

Postby Jemook » Wed Feb 13, 2013 1:05 pm

Oh I see pretty much every post that goes through this forum ;) Midnight just rolled around and I'll be answering all Qs in the morning. Gnite all.
Global Prime Forex - The best broker in the world as voted by us! Click here to visit our website and join the 500+ Steve Hopwood members who choose GP as their broker of choice.

Forex Peace Army rated 4.7 out of 5 stars from over 200+ reviews - click here to view.
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Re: Why you should sign up with Global Prime

Postby SteveHopwood » Wed Feb 13, 2013 1:08 pm

Jemook wrote:Oh I see pretty much every post that goes through this forum ;) Midnight just rolled around and I'll be answering all Qs in the morning. Gnite all.

Okey dokey. I will leave stuff here in future. Sleep well.

:D
Read the effing manual, ok?

Global Prime is the official SHF broker. Click here to sign up for a live account with Global Prime and join the several thousand SHF members who wisely choose GP as their broker of choice.

I still suffer from OCCD. Good thing, really.

Anyone here feeling generous? My paypal account is always in the market for a tiny donation. [email protected] is the account.

To see The Weekly Roundup of stuff you guys might have missed Click here

My special thanks to Tommaso (milanese) for all the incredible work he does here.
User avatar
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Posts: 9146
Joined: Tue Nov 15, 2011 8:43 am
Location: Misterton - an insignificant village in England. Very pleasant to live in.

Re: Why you should sign up with Global Prime

Postby mrelectron » Tue Apr 09, 2013 2:48 am

Hi:

I have been using GP for some months now. The crew at GP are extremely quick, responsive and knowledgeable to any questions. I think they are a 5 star service and would recommend them with no hesitation to my family and friends. I can't fault them in any way.

Thanks
Mark
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Re: Why you should sign up with Global Prime

Postby Jemook » Tue Apr 09, 2013 1:17 pm

mrelectron wrote:Hi:

I have been using GP for some months now. The crew at GP are extremely quick, responsive and knowledgeable to any questions. I think they are a 5 star service and would recommend them with no hesitation to my family and friends. I can't fault them in any way.

Thanks
Mark


Thanks for the kind words Mark, really appreciate it. We hope to keep it this way :)

Regards,
Jeremy
Global Prime Forex - The best broker in the world as voted by us! Click here to visit our website and join the 500+ Steve Hopwood members who choose GP as their broker of choice.

Forex Peace Army rated 4.7 out of 5 stars from over 200+ reviews - click here to view.
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Re: Why you should sign up with Global Prime

Postby KevinT » Mon Apr 22, 2013 8:55 pm

Scanner has made a tool to analyze brokers (most are criminals)

"As you can see, we can find some interesting information as some big volume difference between... spread, or stop level (telling you that it is not an ECN..) and so on.

It is possible to recognize too that if a broker is a white label of another ( volume is exactly the same, but all the costs really are more expensive..)

I give in the zip file arround 30 broker screen shots as exemple, this has arround one year of data...

I add too the Global Prime stat of this month (we'll have to see other brokers data to be able to compare the volume etc ...) .

The results are good for Global, with no stop level, correct spread and volume. "


viewtopic.php?p=55879#p55879
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Re: Why you should sign up with Global Prime

Postby Jemook » Tue Apr 23, 2013 4:04 am

Thanks for posting that Kevin, looks like an interesting tool!
Global Prime Forex - The best broker in the world as voted by us! Click here to visit our website and join the 500+ Steve Hopwood members who choose GP as their broker of choice.

Forex Peace Army rated 4.7 out of 5 stars from over 200+ reviews - click here to view.
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Re: Why you should sign up with Global Prime

Postby Ryan.fx » Mon May 13, 2013 12:10 pm

PDS page 14, quote "Global Prime’s general policy is that it will immediately withdraw from the
Global Prime Trust Account all of the funds you deposit for your Trading Account , even if it is
more than the required minimum Margin. If it is not withdrawn from the Global Prime Trust Account, then... the credit cannot be posted to your Account.... "

So the client "security trust account" is irrelevant as all money will be transferred to Global Prime own funds when our deposit is posted in the Empty4 account. Any "Financial Services Compensation Scheme " available ?
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Re: Why you should sign up with Global Prime

Postby e-trader » Wed May 15, 2013 9:43 pm

Jeremy, just a quick question in regards to spreads. I understand slippage and spreads widening during news and this question is not about that. Its just about regular spreads. I noticed on my demo account that your spreads are quite low in comparison to my live account with a different broke. Are your live spreads the same in demo as live? this would be quite good.
Cheers,
Len
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