Check out this interesting article by Felix from the Forex Peace Army Forum:
This is Felix writing. One of our “well-known” subscribers got banned by Oanda just a couple of months ago, because they felt like he was taking advantage of them.
Indeed, according to the guy, in the last 14 months, he made around $250,000 by using Secret News Weapon on them.
It’s a common thing that forex brokers ban our Secret News Weapon users more than anyone else. They call this activity “sniping”, and they claim that we take advantage of their “price feed”.
In reality what’s really happening is that most of these forex brokers do not pass traders’ orders to banks, and when hundreds of our Secret News Weapon users get in 2 or 3 seconds before the price spikes up or down, and then few seconds later, they exit with 20, 30, 40 pips or more of profit, the brokers get pissed, because they are the one who have to cover these gains out of their pockets.
We’ve been using Secret News Weapon on them since 2006, and back in 2006, it was really easy to take advantage of these brokers, because at that time, most of them had no idea what was happening.
In the middle of 2007, they really caught up to it, and started massive actions against our traders by banning their accounts, and by sometimes even refusing to pay their profits.
But then…something interesting happened…I think many of these brokers realized that the traders that are making money with Secret News Weapon do not have the discipline to withdraw their profits, so instead they hope to make more, and they go around and piss away their profits on other “regular trades”, and basically the broker gets these profits back that were stolen from them, and most of the times even more than just these profits.
Oanda has actually been one of the most honest forex brokers among all of them. They’ve banned accounts of quite a few of our “big” traders, but they have always paid out the profits.
If you want to read more about Secret News Weapon and try it with no risk for 25 days, go to www.SecretNewsWeapon.com
The real key is not to get greedy, keep your trading lots under 1,000,000 ($100/per pip), and keep your profit withdrawals to under $5,000. And of course, BE PATIENT, BE PATIENT, BE PATIENT, wait for the right opportunities, grab the spike, get out, and withdraw your profits.