You know the story of David and Goliath, right? If you don’t, Google it! Today reminds me of that story. Let me explain…
Everything started well. Profits were good, the sun was shinning, the sky was clear, and then…without warning…Goliath reared its ugly head. The account was disabled!
Yes; after 10 AM New York time, WHAMMO! See the screenshot from the trader’s computer (in a new window).
Why do these things happen when I’m out of town?
I spoke to someone at FXLQ and was told that one of the “counterparties” (banks) complained about our style of trading: quick in – quick out (a.ka., “scalping”). FXLQ said that they could not jeopardize their relationship with their counterparties and that’s why the account was halted.
As I was being told this on the phone, I wondered, “What; are we making too much money?” Freaking, greedy banks!
I was totally shocked by the entire ordeal. We made FXLQ aware of our “need for speed,” from day 1 and no one had a problem with it. Even with all the limitations we have had and problems we have encountered, we are still generating pretty good trading volume – something that should make banks and brokers happy.
I requested to speak to the top guy at FXLQ to see what they want to do going forward. He’s supposed to call me back.
I know this is not good news, but just in case we can’t day trade anymore at FXLQ, our programmer should finish a customized order entry application that works with Currenex in a few weeks. I will keep you informed about this.
This is why it is important to diversify across different firms. We have something good going and there will always be resistance. We can’t let that stop us though – and need to keep pressing forward. I believe there is a much higher power behind our efforts.
I thank you for your prayers and support during difficult times like these.