Morgan Business Trial Group Files Class Action Lawsuit Against Nation's Largest Forex Dealer -- FXCM
Federal Court Claim Alleges Fraud and Racketeering by Forex Capital Markets, LLC
ORLANDO, Fla., Feb. 10, 2011 (GLOBE NEWSWIRE) -- The Business Trial Group of Morgan & Morgan, P.A. filed a class action lawsuit today against Forex Capital Markets, LLC (FXCM) (NYSE:FXCM) alleging fraud and racketeering by the nation's largest Forex dealer.
The lawsuit, filed in the United States District Court for the Southern District of New York (Manhattan Division), alleges that FXCM has bilked thousands of customers out of hundreds of millions of dollars using deceptive and unfair trade practices, including falsely portraying its Forex trading platform as a fair, transparent and true foreign currency exchange, when instead it is a "rigged game" designed to systematically separate customers from their money.
The Plaintiff, William H. Sanders, of Muscogee, Oklahoma, brought the action on behalf of himself and all other similarly situated FXCM customers, accusing FXCM of fraud by misrepresenting itself as a trading platform that is free from dealer intervention or manipulation. Instead, Sanders alleges, FXCM uses a number of devices and tricks, including software applications, designed specifically to interfere with customers' trades.
The Complaint further alleges that FXCM engaged in a pattern of racketeering activity by collaborating with its software developers and programmers to develop a "diabolical" software application that provides FXCM with a myriad of tools and system commands with which to interfere with customers' trades, including routing trades to "slow" servers and sending false "error" messages when customers attempt to close out profitable trades.
Finally, Sanders alleges in the Complaint that FXCM lured thousands of customers to its trading platform by promoting a "demo account" which was touted as providing customers with a true market trading experience. Instead, he claims, once "live" trading commences, FXCM deploys specially designed software to manipulate customers' trades.
Lead Trial Counsel Tucker H. Byrd, of the Morgan & Morgan Business Trial Group of Orlando, Florida, stated, "We are proud to be representing Mr. Sanders in this action, which we believe will be an important step in bolstering accountability in an industry that has been largely unregulated since inception. We believe, as the Complaint alleges, that Forex Capital Markets, LLC has taken advantage of the trust placed in it by its customers, causing substantial financial harm to this group of people, and we are committed to working to recover those losses."
FXCM is the nation's largest Forex Dealer Merchant. The company recently went public and trades on the New York Stock Exchange.
Saturday, March 5, 2011
Free open source EA
Why most of the web today is running on Linux servers? Because Linux is reliable and free. It is open source and many enthusiasts can participate in its improving.
Because of the open source and GNU license we have great products like Open Office and hundreds of free and reliable programs.
After looking for good automated trading systems I found one great peace of work done free and open source by the Forex community. Blessing 3 EA is powerful MT4 tool with many possibilities and over 600 pages discussion in Forex-TSD forum
By the way the martingale based EA Robominer is for sell for impressive $500 price. I will not be surprised if they just forked the Blessing EA code as many others. Added some protection and started to sell it with great enthusiasm like most of the EA sellers.
By the way if you are real enthusiast and EA collector I have the Robominer and Fap Turbo V4.4 - ethernal versions and I can sell it for very competitive price ;) Lets say $20 each.
Many time I have asked myself why one will sell his own automated trade system with 100% monthly return for only $99 or will rent it for $50 per month
Yes, of course. Once you give your money your account will be wiped out and you will be mad that you have paid $$ for this stupid peace of software. Well, you can see the target group.
Because of the open source and GNU license we have great products like Open Office and hundreds of free and reliable programs.
After looking for good automated trading systems I found one great peace of work done free and open source by the Forex community. Blessing 3 EA is powerful MT4 tool with many possibilities and over 600 pages discussion in Forex-TSD forum
By the way the martingale based EA Robominer is for sell for impressive $500 price. I will not be surprised if they just forked the Blessing EA code as many others. Added some protection and started to sell it with great enthusiasm like most of the EA sellers.
By the way if you are real enthusiast and EA collector I have the Robominer and Fap Turbo V4.4 - ethernal versions and I can sell it for very competitive price ;) Lets say $20 each.
Many time I have asked myself why one will sell his own automated trade system with 100% monthly return for only $99 or will rent it for $50 per month
Yes, of course. Once you give your money your account will be wiped out and you will be mad that you have paid $$ for this stupid peace of software. Well, you can see the target group.
Thursday, March 3, 2011
Thursday, February 17, 2011
Great Forex resourse
I am daily following the great and free dayly analisys of http://piphut.com/freesignals/ and quite useful tools and tutorials.
This is one of my comments. LOL:
Hi all and good pipin:))
As I almost wiped out my mini account in blink of the eye with the FXCM Strategy Trader I followed the advice of Mark and moved to demo for a while. As the demo is $5000 and I do not know very well MT5 I just made two trades exactly the way Mark advised and now I have equity $5991 LOL. Now I am willing to have one EA that follows only Mark´s signals and gives me electric shocks when I start to play smartie. Then I can go kitesurfing and will get rich in the same time :)))
Monday, February 14, 2011
Morning / Evening Star SA 5 min chart
Stp 25 Limit 75 looks good to me. This SA will get demo testing, ye!
I will post my settings&test results of FXCM Strategy Advisors
Well, as it was proven several times my live trading was not neato so I am back in surch of a RoboPip who will make some pips for me.
Previously I was running some tests on MT4 and in particular cracked version of Fap Turbo but you know... too many monkeys on the same tree is no good.
So I desided to go in my own way. As i have FXCM account but not used it for some time I got surprised that there is powerful alternative of MT automated trading.
Now I am running some tests in stupid search of the hen with the golden eggs.
Today I am backtesting Morning/Evening star SA. So far best results I got on 1H with Stop 50 limit 150
Previously I was running some tests on MT4 and in particular cracked version of Fap Turbo but you know... too many monkeys on the same tree is no good.
So I desided to go in my own way. As i have FXCM account but not used it for some time I got surprised that there is powerful alternative of MT automated trading.
Now I am running some tests in stupid search of the hen with the golden eggs.
Today I am backtesting Morning/Evening star SA. So far best results I got on 1H with Stop 50 limit 150
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