I experienced this issue, not once but twice. I was trading with a broker called FPG, and my Stop Loss (SL) position got hit even though it was too far away from the market price, approximately 1:3. When I checked the chart, a very long wick was created in the 1-minute time frame. At first, I thought it was a graphical error or due to low volume, so I didn’t mind it much.
But then, it happened again. The same scenario repeated itself, and my SL got hit even though there was no long wick candle shown on the chart. This time, I decided to investigate further. I compared FPG’s chart with other platforms and found that the long wick wasn’t present on other platforms.
I was confused and frustrated. Why was my SL getting hit when the chart didn’t show a long wick candle that caused my SL to trigger? And when I reviewed the history of all market prices of FPG and compared it to other platforms, some of their candlesticks had a very long wick. Evidently, FPG’s chart was manipulated, and I was losing money because of it.
I lost my capital without any justice. It was a scam activity that needed to be fixed. I felt cheated and powerless, unable to do anything about it. I reached out to FPG’s customer support, but they didn’t provide any satisfactory answers. Instead, they blamed it on the market conditions and claimed that their chart was accurate.
But I knew better. I had seen the discrepancies between FPG’s chart and other platforms’ charts. It was a clear case of chart manipulation, and I had fallen victim to it.
I learned a valuable lesson from this experience. It’s essential to do your research before choosing a broker and to monitor your trades closely. Don’t rely solely on one charting platform, and if something seems off, investigate it thoroughly. Trading in the financial markets is already risky, and you don’t want to add more risk by trusting an untrustworthy broker.
Then, I went on the internet to find a solution for that. The first thing I found, this broker is blacklisted in many report scam sites, but there were not many details about them except one website, Report Scammed Bitcoin. I found they have a detailed description of this broker, their red fags, their past history, everything. I felt sorry for myself that I did not have a look before I invested.
I also found they have detailed information for every such scam broker on their website. They have lists of scammers based on several categories. I found forex scammer lists, HYIP scammers lists, cryptocurrency scammer lists, etc.
Also, their blog section is full of helpful blogs and guides on preventing and identifying scams. They also have several real-life stories of scam victims and how this company helped them. I contacted them.
They provided me with a free consultation and they ensured that they received many complaints against this broker too. They recommend taking recovery services from some reputable recovery services and they promised that they will provide legal help too if I need it.
As I learned more about the financial markets, I realized that chart manipulation is not an uncommon practice. Some brokers try to manipulate the charts to trigger stop-loss orders, which results in more trading activity and profits for the broker. It’s an unethical practice, and it’s important to be aware of it to protect your trades.
I urge everyone to be cautious when choosing a broker and to report any suspicious activities to the appropriate authorities. Don’t let chart manipulation or other unethical practices ruin your trading experience. Stay vigilant, do your due diligence, and protect your capital. I would advise other traders to do the same. Don’t trust a broker blindly, and don’t rely on one charting platform.
After the incident with FPG, I decided to do more research before choosing a broker again. I read reviews, checked for licenses and regulations, and made sure that the broker I chose had a good reputation in the market. I also started using multiple charting platforms to compare the charts and ensure they were consistent. I suggest you do the same.