- PPF Points
- 4,327
As one of your drill instructors, I have some orders for you.
1. Do not open fire until you see the whites of their eyes. In other words, if something seems a little questionable, don't scream "SCAM!" at the top of your lungs. Instead, make a posting about it in the Broker Discussion forum. Also see order #4.
2. Do not go off half-cocked. I.E. Just like above, but also, don't go giving rave reviews after only being with your new broker for 1 week.
3. Learn what is/isn't a scam. Almost all brokers widen their spreads, experience more slippage, and/or don't fill all orders during big news announcements. This is sad, but it is hardly shocking news that makes the broker out to be a scammer.
4. Investigate questionable items. Just because price spiked a little and nailed you to the pip one time doesn't mean they are hunting your stoploss. Look for a pattern. Check the broker's demo platform and prices with other brokers and see if your broker does this sort of thing a little too often. Sometimes it really is the broker. Sometimes, you just picked the exact wrong point for the stoploss. Some losses are from broker manipulation, but others are just a normal part of trading. Remember, time spent doing recon is seldom wasted.
5. If something really seems wrong, ask your broker about it. Brokerage houses can and do make mistakes. Good ones will correct their mistakes. Be polite (at first), yet insist on a full explanation (and preferably compensation).
And now, before you all go and start thinking I'm taking bribes from brokers to protect them from their victims, here's what to do when it really is a scam.
6. Make a posting here in the Scam Alerts forum. Ask if others here have similar problems with the broker and wait a bit to see if there is more information.
7. File a complaint with the NFA (or other agency/regulator that the brokerage is registered with. (You did check to see who they are registered with before opening the account and giving them your money, right? If not, DROP AND GIVE ME 500 PUSHUPS!!!)
8. Write a well crafted review and post it. If you need help writing it, post in the scam thread you opened and I or some other helpful person will assist you.
9. Always remember, the first and biggest sign of a scam is that they won't let you take your money out of your account. Always try to withdraw a little early in your relationship with your broker. If there is a problem, post here right away and ask for help.
10. Remember that we are a team. If all of us do our part, our reviews and ratings will be the most reliable ones out there. We'll take more and more accounts away from bad brokers and give them to good brokers.
1. Do not open fire until you see the whites of their eyes. In other words, if something seems a little questionable, don't scream "SCAM!" at the top of your lungs. Instead, make a posting about it in the Broker Discussion forum. Also see order #4.
2. Do not go off half-cocked. I.E. Just like above, but also, don't go giving rave reviews after only being with your new broker for 1 week.
3. Learn what is/isn't a scam. Almost all brokers widen their spreads, experience more slippage, and/or don't fill all orders during big news announcements. This is sad, but it is hardly shocking news that makes the broker out to be a scammer.
4. Investigate questionable items. Just because price spiked a little and nailed you to the pip one time doesn't mean they are hunting your stoploss. Look for a pattern. Check the broker's demo platform and prices with other brokers and see if your broker does this sort of thing a little too often. Sometimes it really is the broker. Sometimes, you just picked the exact wrong point for the stoploss. Some losses are from broker manipulation, but others are just a normal part of trading. Remember, time spent doing recon is seldom wasted.
5. If something really seems wrong, ask your broker about it. Brokerage houses can and do make mistakes. Good ones will correct their mistakes. Be polite (at first), yet insist on a full explanation (and preferably compensation).
And now, before you all go and start thinking I'm taking bribes from brokers to protect them from their victims, here's what to do when it really is a scam.
6. Make a posting here in the Scam Alerts forum. Ask if others here have similar problems with the broker and wait a bit to see if there is more information.
7. File a complaint with the NFA (or other agency/regulator that the brokerage is registered with. (You did check to see who they are registered with before opening the account and giving them your money, right? If not, DROP AND GIVE ME 500 PUSHUPS!!!)
8. Write a well crafted review and post it. If you need help writing it, post in the scam thread you opened and I or some other helpful person will assist you.
9. Always remember, the first and biggest sign of a scam is that they won't let you take your money out of your account. Always try to withdraw a little early in your relationship with your broker. If there is a problem, post here right away and ask for help.
10. Remember that we are a team. If all of us do our part, our reviews and ratings will be the most reliable ones out there. We'll take more and more accounts away from bad brokers and give them to good brokers.
