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Forex Trade Alerts - Season 2 - Business (46) - Nairaland

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Re: Forex Trade Alerts - Season 2 by Nobody: 10:53pm On Oct 05, 2011
naijababe:

Aguiyi, eeeyah! Pele o, how are you holding on ?

Made some enquiries and this broker appear to open accounts for non UK residents. I suggest you try their demo account first

http://www.worldspreads.com/en/home.aspx
am humbled,tnx
Re: Forex Trade Alerts - Season 2 by frenchman2: 11:04pm On Oct 05, 2011
HURRAY

This day 5th oct is a day i've been dreaming about. It is finally here.

After 4years 9months and 27 days i have finally tasted forex money.

The forex dream has eluded me all this while. My never say die attitude kept me on.

I've emptied countless accounts yet it didn't deter me.

At last i've joined the so called exclusive 5% forex traders that make money.

Pls for all those who have been eating forex money, a standing ovation for your new member.

THANK YOU JESUS
Re: Forex Trade Alerts - Season 2 by Akins02324(m): 11:09pm On Oct 05, 2011
Frenchman keep rolling.We will soon join you as well.
Re: Forex Trade Alerts - Season 2 by stagger: 11:52pm On Oct 05, 2011
A few hours ago, FPA member mgeorges emailed in a link to a story about the New York Attorney General suing the Bank of New York Mellon. The suit is to recover nearly 2 billion dollars ($2,000,000,000) that is claimed to have been improperly taken from clients as a result of giving bad prices in forex trades.

Rather than quote the news article, I caught Pharaoh online and asked him to find the original source. He gave me the links to where it's all covered on the NY AG's website.

Here's what it says,

A.G. SCHNEIDERMAN & NYC SUE BANK OF NEW YORK MELLON FOR DEFRAUDING PENSION FUNDS, OTHER CUSTOMERS IN FOREIGN CURRENCY TRADING

BNY Mellon Promised Customers “Best Rate” On Foreign Currency Exchange Transactions – Instead Gave Worst & Pocketed Difference

A.G. Seeks Nationwide Recovery of Nearly $2 Billion

NEW YORK – Attorney General Eric T. Schneiderman and the City of New York today filed a lawsuit against the Bank of New York Mellon (BNY Mellon) for defrauding clients in foreign currency exchange transactions. The lawsuit seeks to recover the profits BNY Mellon illegally earned by deceiving its customer. The victims include both public and private pension funds, including those of the New York City Employee Retirement System (NYCERS) and the State University of New York.

Over a 10-year period, BNY Mellon consistently misrepresented to customers the rates it would give foreign currency transactions. Instead of providing the best interbank rates– as it promised – BNY Mellon gave the worst or nearly the worst rates of the trading day. The Bank made nearly$2 billion from these trades, accounting for over 65 percent of its foreign exchange revenues.

“This landmark case uncovered a fraud committed against both government and private pension funds,” Executive Deputy Attorney General Karla G. Sanchez said. “This office will continue to commit its full resources to hold those responsible accountable, seek restitution for the victims, ensure that our markets are fair and transparent, and uphold one set of rules for all market participants.”

New York City pension funds were among the most impacted of BNY Mellon’s clients and lost tens of millions of dollars as a result of its fraudulent rates. In addition to NYCERS, those funds include the Teachers Retirement System of the City of New York, the New York City Police Pension Fund, Subchapter 2, and the New York City Fire Department Pension Fund, Subchapter 2.

Therefore, the Attorney General’s Office worked with the New York City Corporation Counsel and the Office of the New York City Comptroller.

“As we've demonstrated many times, we will use litigation to ensure that our pension funds are not shortchanged, now or in the future,” New York City Assistant Corporation Counsel John Low-Beer said. “We have therefore brought this suit to recover the damages we are entitled to under the law.”

“Banks are expected to provide a reliable and honest service to their customers. Unfortunately, this does not seem to be the case as it relates to the Bank of New York Mellon and their foreign exchange services provided to the New York City Pension Funds,” Deputy Comptroller for Legal Affairs / General Counsel Ricardo Morales said. “We remain confident that New York City’s pensioners and taxpayers will recoup what they are rightfully owed.”

The lawsuit follows a lengthy investigation during which the Attorney General’s office uncovered extensive evidence and sworn testimony that revealed BNY Mellon’s elaborate scheme to lure customers with promises it did not intend to keep. The Bank guaranteed customers of its Standing Instructions program that they would receive the “best rate of the day” or the “most competitive/attractive FX [foreign exchange] rates available to us.” It claimed to monitor exchanges agents completed “to ensure that the best rate is attained for our clients,” and advertised that the Bank netted buy and sell orders for the benefit of clients and that Standing Instructions execution was “free of charge."

The Attorney General’s investigation found that BNY Mellon’s statements were false. Far from giving clients who used the Standing Instructions program the “best rate of the day,” or “best execution,” the Bank provided the opposite: the worst or nearly the worst of the pricing rates available to the Bank that day. BNY Mellon employee testimony admitted the Bank neither sought the best rates for Standing Instructions customers nor provided best execution. BNY Mellon concealed its pricing practices from its clients, and made its profit by pocketing the difference between the worst price of the day, which it charged its clients, and the actual market price at the time of the trades.

BNY Mellon profited enormously from its deceptive conduct. The currency exchange trades through its Standing Instructions program were seven times more profitable to it than foreign currency transactions that were directly negotiated, earning it an average additional 15 basis points per transaction. While the Standing Instructions program accounted for only 20 percent of BNY Mellon’s foreign currency exchange transactions, it equaled 65 to 75 percent of its foreign exchange sales revenue.

The case began when a whistleblower filed a complaint with the Attorney General’s office. The whistleblower action was originally filed by FX Analytics in 2009. In compliance with the New York False Claims Act, the whistleblower’s complaint was filed under seal while the Attorney General had the opportunity to investigate the matter.

By filing the current complaint, the Attorney General has superseded the whistleblower in the action, and added new claims. The new claims uncovered by the Attorney General’s office include securities violations under New York’s Martin Act. This lawsuit represents the first time that the Attorney General’s Office has applied both its False Claims Act and the Martin Act in the same case. The complaint also asserts that BNY Mellon violated New York Executive Law sections 63(12), and 63-C; committed common law fraud; and breached the Bank’s fiduciary duty to clients who utilized the Standing Instructions program. The City and City Comptroller have joined the State in this action, adding claims for breach of contract and breach of the New York City False Claims Act.

For these violations, the Attorney General seeks to force BNY Mellon to return its profits, restitution, damages, and with respect to the False Claims Act violations, triple damages and penalties of $12,000 per violation. A full copy of the complaint is available here.

The case is being handled jointly by the Attorney General’s Investor Protection and Taxpayer Protection Bureaus by Senior Enforcement Counsel Roger Waldman (IPB), and Assistant Attorneys General Shmuel Kadosh (IPB) and Deputy Bureau Chief John Carroll (TPB) under the supervision of Bureau Chiefs Marc Minor (IPB) and Randall Fox (TPB) and the Executive Deputy Attorney General for Economic Justice Karla G. Sanchez. For New York City Corporation Counsel’s Office, the case is being handled by Affirmative Litigation Division Senior Counsel John Low-Beer.

BACKGROUND

The New York State False Claims Act provides incentives for whistleblowers to report matters where governmental entities, such as pension funds, have been defrauded. The provision allows whistleblower to recover between 15 and 25 percent of the recovery made on behalf of New York.

As a state senator, Attorney General Schneiderman authored amendments to strengthen the False Claims Act. These enhancements, known as the Fraud Enforcement and Recovery Act, allow the state to collect triple damages and penalties from corporations or people who defraud the government, or violate their obligations to pay government entities.

Attorney General Schneiderman created the Taxpayer Protection Bureau in January 2011 specifically to handle whistleblower cases and cases where the government itself has been victimized.

The Martin Act empowers the Attorney General to protect investors from fraud occurring from or within the State of New York.


This was in my email today. Seems brokers are on a scamming spree.
Re: Forex Trade Alerts - Season 2 by smithereen: 12:24am On Oct 06, 2011
blackgucci:

am shorting eu now, based on the last 4h candle close, retest of 3363, down trendline retest

Went short an hour ago @ 1.3341. Glad to see someone else is also/already on this.
Re: Forex Trade Alerts - Season 2 by blackgucci(m): 1:35am On Oct 06, 2011
^
hopefully if the fundamentals do not interfere today, tp must hit.
Re: Forex Trade Alerts - Season 2 by pippimp(m): 1:55am On Oct 06, 2011
i seriously doubt eu will fall. it just broke divergence.
Re: Forex Trade Alerts - Season 2 by blackgucci(m): 3:07am On Oct 06, 2011
^
wat divergence?
Re: Forex Trade Alerts - Season 2 by Nobody: 7:08am On Oct 06, 2011
Woo, cant believe EU have not followed up GU, lucky me, just sold now at 1.334
Re: Forex Trade Alerts - Season 2 by Instafx(m): 7:35am On Oct 06, 2011
[size=22pt]GBP/USD Daily trading Signal for 06/10/2011[/size]

Selling (Short) Order Signals

Sell = 1.5430, TP= 1.5400 SL= 1.5460

Sell = 1.5517, TP= 1.5485 SL= 1.5547

Buy (Long) Order Signals.

Buy = 1.5465 TP= 1.5485 SL= 1.5435


Buy = 1.5344 TP= 1.5380 SL= 1.5314


[size=22pt]EUR/USD Daily trading Signal for 06/10/2011[/size]

Sell (short) )order signals
Sell = 1.3458 TP= 1.3425 SL= 1.3488

Sell = 1.3315 TP= 1.33290 SL= 1.3335

Buy (long) order signal


Buy = 1.3202 TP= 1.3235 SL= 1.3182

Buy = 1.3348 TP= 1.3380 SL= 1.3325


THE PENDING ORDER METHOD IS THERE FOR YOUR USE.

IT IS ADVICABLE TO USE TRAILING STOP TO CAPTURE SOME PROFIT!


NOTE
This signal is provided as is by Insta Forex Nig ( www.InstaFxNg.com ) and though we have taken utmost care and used the best available tools to generate these signals, by using it you agree to release us from every liability arising directly or indirectly from the use of same signals.Although the source of the signals has been producing about 85% accurate signals, we will advice that you should try it on your demo account before you use them on your live account. Remember Online Forex carries a degree of risk so do not use borrowed or money you cannot afford to lose to trade Forex. Always make sure you apply money management, high lot (volume) can be dangerous. Never enter a trade with more than 10% of your account size.

Don’t forget to meet with fellow traders at www.chatnownow.com

Have a nice trading day

Re: Forex Trade Alerts - Season 2 by smithereen: 7:42am On Oct 06, 2011
Guys, any thoughts on AJap short and UCad long?
Re: Forex Trade Alerts - Season 2 by Nobody: 7:59am On Oct 06, 2011
Woo, am out of EU, GU flying up, afraid EU may follow, back to stalking Gold grin
Re: Forex Trade Alerts - Season 2 by Nobody: 8:12am On Oct 06, 2011
So na me EU take dey play uh?? i run with little pips, now e know say he go fall? e go hear shae-ge today grin grin grin grin
Re: Forex Trade Alerts - Season 2 by blackgucci(m): 8:13am On Oct 06, 2011
^
you sure say gu no go follow eu for this one so, i don dey sell am since yesterday afternoon
Re: Forex Trade Alerts - Season 2 by smithereen: 8:15am On Oct 06, 2011
odiaero:

So na me EU take dey play uh?? i run with little pips, now e know say he go fall? e go hear shae-ge today grin grin grin grin

Make u mercy am o. grin
Re: Forex Trade Alerts - Season 2 by blackgucci(m): 8:15am On Oct 06, 2011
anyword on ecb rates/
Re: Forex Trade Alerts - Season 2 by Nobody: 9:23am On Oct 06, 2011
See confusion everywhere, everypair  grin
Re: Forex Trade Alerts - Season 2 by pippimp(m): 9:23am On Oct 06, 2011
blackgucci:

^
wat divergence?


on 30min chart. . . .it shows divegence but it was broken upwards to confirm long. . . . .i just dont get why usdchf wont fall. . . . . which kain thing be this sef?
Re: Forex Trade Alerts - Season 2 by stagger: 9:25am On Oct 06, 2011
What just caused the EURUSD surge?
Re: Forex Trade Alerts - Season 2 by pippimp(m): 9:34am On Oct 06, 2011
blackgucci:

^
wat divergence?


dont get me wrong though. . . i still believe the eu is still in a strong downtrend technicaly. . . but i think it is is retracing to probably as high as 13595. . . , 13495 minimum. . . . . if only usdchf will obey the same rules. . . . . i am already 150 pips negative. . . .
Re: Forex Trade Alerts - Season 2 by Nobody: 10:18am On Oct 06, 2011
Are we there yet?
Re: Forex Trade Alerts - Season 2 by Nobody: 10:21am On Oct 06, 2011
pip love-vendor:

dont get me wrong though. . . i still believe the eu is still in a strong downtrend technicaly. . . but i think it is is retracing to probably as high as 13595. . . , 13495 minimum. . . . . if only usdchf will obey the same rules. . . . . i am already 150 pips negative. . . .
were u adjusting ur sl or u never had any, holding a losing position too long is one way to lose money in fx trade.
the bulls are on top of that pair for now
Re: Forex Trade Alerts - Season 2 by honeric01(m): 10:23am On Oct 06, 2011
pip love-vendor:

dont get me wrong though. . . i still believe the eu is still in a strong downtrend technicaly. . . but i think it is is retracing to probably as high as 13595. . . , 13495 minimum. . . . . if only usdchf will obey the same rules. . . . . i am already 150 pips negative. . . .

thought you would have cut your losses by now, maybe you should enter short around 0.93 for 0.91 to make back your 150 pips. (just an advise.)
Re: Forex Trade Alerts - Season 2 by pippimp(m): 10:28am On Oct 06, 2011
^^^^i always use 200-250 pips as stop loss on every trade. i dont know how to scalp. . . . .i tried it years back and failed woefuly. . . .
Re: Forex Trade Alerts - Season 2 by stagger: 10:56am On Oct 06, 2011
The comments by the Swiss State Secretary Marie Gabrielle Ineichen-Fleisch on the EURCHF peg being ideal at 1.30 to 1.40 for Swiss exporters has already put a bearish bias on the Swiss Franc.

Why would anyone still hold on to what is obviously a losing trade, already at -150 pips? Cut your losses now!
Re: Forex Trade Alerts - Season 2 by Nobody: 11:14am On Oct 06, 2011
pip love-vendor:

^^^^i always use[b] 200-250 pips as stop loss on every trade[/b]. i dont know how to scalp. . . . .i tried it years back and failed woefuly. . . .
dont u think that is way too much for currencies. if it was indices or metals,fine but for currency pairs, i think 150 pips should do

if i may ask, wat is ur expected tp in pips?
Re: Forex Trade Alerts - Season 2 by Nobody: 11:21am On Oct 06, 2011
pip love-vendor:

^^^^i always use 200-250 pips as stop loss on every trade. i dont know how to scalp. . . . .i tried it years back and failed woefuly. . . .

  shocked shocked shocked shocked shocked shocked shocked Na Gold?, abeg 40 to 50 pips is mine and may even exit if i sense the market will hit the stops, only Gold i use 300 pips for
Re: Forex Trade Alerts - Season 2 by namdo(m): 11:30am On Oct 06, 2011
blackgucci:

anyword on ecb rates/

in 30mins time.
Re: Forex Trade Alerts - Season 2 by honeric01(m): 11:42am On Oct 06, 2011
pip love-vendor:

^^^^i always use 200-250 pips as stop loss on every trade. i dont know how to scalp. . . . .i tried it years back and failed woefuly. . . .

well i have advised you on what to do, its left to you bro, uchf is not the type of pair u wait for, i got burnt from 0.77 down to 0.85 because i thought it was going to come back, 800pips loss, even if na 0.01 i take sell am, just imagine how much i lost lol, kept shifting corner kick until i couldn't take it anymore. even when it got to 0.85, it hasn't looked back yet.
Re: Forex Trade Alerts - Season 2 by cristog120: 12:00pm On Oct 06, 2011
just set my eur/usd sell position to 600pip tp. from my wave count strategy this is the beginning of the second wave of 4hrs chart. in a broader picture daily chart just showed that its second wave is on course and will make a strong move. i follow trend
Re: Forex Trade Alerts - Season 2 by Nobody: 12:01pm On Oct 06, 2011
Woooooooooooooooooo GU 200pips grin

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