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Forex news -forex broker review => Forex => : Alpari 16, 2020, 05:30

: While most retails traders felt cheated by these scandals, Dmitri Chavkerov
: Alpari 16, 2020, 05:30
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"While most retails traders felt cheated by these scandals, Dmitri Chavkerov, CEO of ForexPeaceArmy.com, one of the largest forex reviews websites in the world, thinks that these manipulations had almost no effect on the profitability of those forex traders that use fundamental approach to forex trading."
CitiGroup and JPMorgan FX Currency Rigging Fiasco Was Not As Negative to Fundamental Retail Forex Traders As Most People Think says Dmitri Chavkerov CEO of Forex Peace Army.
NORTH PORT, Fla., May. 14, 2015 /PRNewswire/ -- In November of 2014, the financial markets were shaken by articles from Bloomberg and other reputable news sources about the $4.3 billion fines in the fx rig cases, with CitiGroup and JPMorgan being the biggest and most fined players.
On Monday of this week, Fortune.com reported that US Department of Justice dropped its probe of CitiGroup's libor rigging scandal from 3 years earlier, which involved 6 banks, and which was tied to trillions of dollars in loans and that the US government had no plans to bring any criminal charges against CitiGroup in particular.
While most retails traders felt cheated by these scandals, Dmitri Chavkerov, CEO of ForexPeaceArmy.com, one of the largest forex reviews websites in the world, thinks that these manipulations had almost no effect on the profitability of those forex traders that use fundamental approach to forex trading.
"Either by accident or destiny, as soon as I graduated from high school, I was thrown into the world of big players and understood some of the ways of how big players make their money," says Dmitri Chavkerov, Founder and President of Forex Peace Army.
"When I was 18, I had the privilege of becoming 50/50 partner on a new venture with former owner of largest construction company in Russia, then one thing led into another and at 22, I became close friends with two retired bank traders, who explained to me the concepts of limited liquidity, price, access to client's order books and how someone in the position with power to execute trading orders for the bank with the combination of those things could easily manipulate even a multi-trillion dollar market like forex and make big bucks," says Chavkerov.
According to Dmitri Chavkerov, the mechanics behind manipulations in the November, 2014 $4.4 billion scandal are much simpler than most people think.
"Imagine that you are a bank and you get 100 orders to convert $800 billion dollars into euros (buy EUR/USD). You also get say 60 orders to convert $500 billion euros into dollars (sell EUR/USD). So you match the books internally at current market rate, thus having $300 billion to buy EUR/USD left over, so this order to buy $300 billion of EUR/USD gets passed down to traders to be executed on the open market. Of course, their job is to fill this order in small chunks, in order to get the best possible rate for bank's clients, because if they just submitted this order into the open market at market price, it would create a significant spike up in the rate of EUR/USD, and the average fill price on the order would be much more unfavorable than if they waited and filled the order in small chunks."
"So now imagine that EUR/USD rate is currently at 1.1320, you chat with some other traders you know from other large institutions and learn that they too have significant orders to buy EUR/USD, so what you do is you go to either your own private trading account or your bank's trading account, and place buy order on EUR/USD with take/profit at say 1.1340. Your buddies from other banks do the same thing, and now instead of working together to get the lowest possible price for your client, you instead submit a series of large buy orders into the market within very short period of time, in order to rapidly bring the rate of EUR/USD up to 1.1340 to ensure that your own profit target is hit," say Dmitri Chavkerov.
In response to why Dmitri does not consider such tactics as harmful to fundamental forex retail traders, here is what he had to say: "If you are a fundamental trader, your job is to remain on top of significant market moving news, and position your orders ahead of them. Say that RBNZ went from neutral to dovish on their monetary policy, so you bought AUD/NZD in response to that within minutes of the announcement. The banks will receive mostly buy AUD/NZD orders over the next few hours and days from their large clients in response to that piece of news, and if traders inside of those banks are making small manipulations up or down, it shouldn't matter to your position, because you as small and nimble trader went in ahead of all of them."
Forex Peace Army is a well known online platform that provides useful and reliable information on forex trading space for more than 8 years.
SOURCE: Forex Peace Army.
Dmitri Chavkerov - Be Extra Careful with Forex Trading Robots.
Dmitri Chavkerov, Founder of Forex Peace Army, says that he has been witnessing several instances of huge losses faced by traders who have relied exclusively upon forex robots alone for carrying out trading activities. It is not that traders should never use forex robots at all but they should use it more carefully by understanding the intricacies of automated trading busines.
Dmitri Chavkerov of Forex Peace Army Advises Traders To Be Extra Careful With Automated Forex Robots As They Are Likely To Eventually Blow the Trading Account.
NORTH PORT, Fla., Dec. 3, 2013 /PRNewswire/ -- Dmitri Chavkerov, CEO of Forex Peace Army advises traders to be extra careful with automated trading systems such as forex robots as all robots he ever saw eventually stopped working, and blew trader's trading account. Forex Peace Army has been a dependable information portal when it comes to forex trading. The website of Forex Peace Army provides many latest and advanced techniques for forex trading.
Dmitri Chavkerov has been instrumental in bringing about positive changes to the functioning of forex trading space via his website Forex Peace Army. He helps traders all over the world understand the concepts of trading in an in-depth manner.
According to Dmitri Chavkerov of Forex Peace Army forex robots lead to blowing up of the clients' accounts. If a trader sees some profit out of foreign currency trading by making use of robots, it is likely not sustainable long term. A forex robot is always an unreliable source for carrying on trading activities long term. If the forex robot did not cause loss now then it would, in the future.
"I know many people nowadays are trying to trade using automated forex robots. I personally do not use forex robots, but I can say with certainty from experience that any robot will eventually blow your account. It may happen in a month, it may happen in a year, or it may happen in 5 years, but eventually it will happen. But this does not mean that you can't make a bunch of money with it," says Dmitri Chavkerov of Forex Peace Army.
"The reason I know this is because 25% of our entire website traffic is from pages where we do live tests of forex robots. Forex robots have caused loss to many traders and has led them to lose their account in the end," say Forex Peace Army President Dmitri Chavkerov.
Dmitri Chavkerov, Founder of Forex Peace Army, says that he has been witnessing several instances of huge losses faced by traders who have relied exclusively upon forex robots alone for carrying out trading activities. It is not that traders should never use forex robots at all but they should use it more carefully by understanding the intricacies of automated trading business.
"Eventually every robot will blow the account. Yes, sometimes the robot will blow your account, before you can get your investment back, other times it will blow your account on the second double-run, so you simply got your money back, and made nothing, yet some other times, it will double your account several times before blowing up. I don't know almost anything about the forex robots business, but going from a purely logical standpoint, I think it's a viable business model, if you have proper money management system in place," says Dmitri Chavkerov of Forex Peace Army.
Forex Peace Army has garnered the support of forex traders all over the world with its exceptional insights on trading. Forex Peace Army, the brainchild of Dmitri Chavkerov, turns out to be as useful for beginners as it is for expert traders on a global level.
Forex Peace Army Chief Dmitri Chavkerov believes that traders need to be having efficient money management system in hand, and they should take out profits from their trading accounts systematically, with the initial focus of withdrawing their initial principle as soon as possible.
"If I were to use forex robots to trade my account, here is a money management plan that I would use. Let's say I had $10,000 on my account. I would first double it to $20,000, and as soon as it happened, I would withdraw $10,000, this way I got my money back. Then I would keep doubling this no risk $10,000 account, and keep withdrawing half. So $10K to $20K, withdraw $5K, then $15K to $30K, withdraw $7.5K, $30K to $60K, withdraw $15K, $45K to $90K, withdraw $22.5K, et cetera...," says, Dmitri Chavkerov.
Everything needs to be well-planned and systemized if a trader wants to see success through any forex trading approach, let alone an automated one, and it is necessary for traders to have a reliable money management system if they want to keep their trading accounts capital secure.
SOURCE: Forex Peace Army.
Forex Peace Army Believes in Thinking Big for Making Money - Yahoo Finance.
"If a person programs the mind to become rich then the subconscious mind will always think in that direction. This is where the importance of meditation comes into play. If we want to change the taste of the fruits that our tree bears, we need to alter things on the inside, and this is why it is important to be aware about the inner principles of money and success," says Dmitri Chavkerov CEO of Forex Peace Army.
Forex Peace Army CEO Dmitri Chavkerov Believes That The Ability to Think Big Attracts Different Money Making Opportunities.
NORTH PORT, Fla., Oct. 29, 2013 /PRNewswire/ -- Forex Peace Army CEO Dmitri Chavkerov believes that thinking big always brings different opportunities for making money, thereby leading one towards the path of success. Dmitri Chavkerov of Forex Peace Army is a leader in the forex trading space. He has introduced different productive techniques and systems for forex trading through his website Forex Peace Army.
Dmitri Chavkerov believes that by having bigger monetary goals in mind, it is possible to gain different, new opportunities that create the path for success. Thinking big does not mean unrealistic goals created without any backup support. Instead, it should be a realistic goal that has sufficient funds to back it up. This is why it is important to save money so that it can be used for development at a later stage. He also states that when there is enough money in the saving account, it automatically instigates one to think in a bigger way.
"Our savings account is a big part of our environment, and the more money we have in it, the bigger we are able to think, and this bigger thinking attracts completely different money making opportunities than when we have no savings," says Dmitri Chavkerov of Forex Peace Army.
Dmitri Chavkerov believes that many people are not able to earn money and become rich, despite the fact that they are talented and skillful. This is mainly because of the reason that they have a negative thinking pattern set in their mind. When the mind is programmed wrongly then the person will not be able to think positively which is crucial for attaining success.
"If a person programs the mind to become rich then the subconscious mind will always think in that direction. This is where the importance of meditation comes into play. If we want to change the taste of the fruits that our tree bears, we need to alter things on the inside, and this is why it is important to be aware about the inner principles of money and success," says Dmitri Chavkerov.
According to Dmitri Chavkerov from Forex Peace Army, saving enough money is the biggest strength that enables one to take wise decisions at appropriate times. Dmitri shares his knowledge about the Holy Grail system, which he learnt from a very wise man.
"The wise man who taught me the Holy Grail system told me about a certain rule, which applies to our time and age. It is called the Rule of 1000, and this rule is simply that the amount of money we make per hour is approximately equal to the amount in our savings account, divided by 1000. So if one has $100,000 in his savings account, he will probably be making approximately $100 per hour. This rule only applies to people who give 10% regularly. I do not know how he came up with this idea, but I noticed on myself and other people that it really works pretty darn close," says Dmitri Chavkerov, Founder of Forex Peace Army.
"Let's say you made $300,000 in one year, and your tax-deductible spending is $100,000. So you pay 40% tax on $200,000 net income, and you have $120,000 left over that you could put into savings. This money in your savings will allow you to think bigger and make more money next year. In addition to that, the difference between your high income and low spending will provide a cozy feeling of financial security," says Dmitri Chavkerov, CEO of Forex Peace Army.
Dmitri Chavkerov believes that the most important part of money making is to stay away from greed and be sensible and rational with the plans. When people get overboard and do not have control over their money management principles then it would lead to loss. He also suggests that people understand the importance of giving money to charity. Only by maintaining a rational system, people are able to save enough money which helps in thinking big and creating better opportunities.
"So here is how you use the Holy Grail system. First of all up to $1,000,000, you must donate 10% of your gross income to a charity of your choice. Above $1,000,000, you must donate 50% of your gross income to a charity of your choice. This is the way I was taught this system, and this is the way I am teaching it to you. Since in 2007 I was already a millionaire, I started donating 50% of my gross income, and I continue to do that," says Forex Peace Army President Dmitri Chavkerov.
Forex Peace Army is the largest database of forex companies, ratings and reviews. Forex Peace Army has been functioning actively for the past 8 years.