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Thursday, November 6, 2008

You know what I hate about forex trading?

COMMISSIONS! Yes, I know that forex companies
say there are no commissions and that is true but...

The bottom-line is that you still pay the spread on the
trade. If the spread is 3 pips, on average your account
will immediately be debited $30 and you will see a
$30 open loss on the trade. What this means is the trade will
have to climb 3 pips in your favor just to breakeven.

Say you make 100 trades in a month. This means that the
brokers pocketed $3000. That is $36,000 a year! And, that
is assuming you only trade a 1 lot. Think how much you are
giving away if you trade a 5 lot? Now you know how people
at the brokerage firms pay for their Ferraris! :-) That is
a lot of money and something I think you would rather keep
for yourself.

IT'S TIME TO STOP MAKING YOUR BROKER RICH! Haven't
all the big financial firms gotten away with murder as
demonstrated in the current global financial melt down?

So what's the solution?...

I have discovered a company called Fx Rebates that will pay you
$4.11 on every trade you place with a full size forex contract.
For exapmple, if you make 100 trades in a month then they will send
you a check for roughly $400. They also give rebates on mini
accounts as well.

I think that is really amazing as I have never had a broker give me
anything before.

You may be thinking how can this be, they must be doing something
unethical like widening the spread?

No that is not the case at all because... This firm only acts
as the middleman and has no control over the spread. The spread
you pay is determined 100% by the brokerage firm you use. So say
you are currently paying a 3 pip spread on the euro/usd, this
will remain exactly the same after you have signed up to receive
the rebates.

So how does this work exactly?

When an Introducing Broker(IB) signs you up for a trading account
they usually get paid 1 pip out of the 3 pip spread. So,
they are making $10 every time you place a trade for 1 full sized
lot.

What this company does is give you $4.11 out of their own $10.
They do this because they know they will make enough money by
doing a lot of volume. By the way... This applies to all
currencies.

The best thing is you don't have to use some unknown risky forex
firm. You can trade with 15 firms including FXCM, FX Solutions,
ACM, Saxo, PFG Best... Just to name a few.

Just as a heads up, you will not get this rebate by approaching
these companies directly. Why? Do you think those greedy little
buggers want to give up their Ferrari money? :-) Anyway...

To be honest, I can't see why anyone would not want to
get on board with this. There is no down-side on your part
and it is the only guarantee you will ever get of actually
making any money when you trade.

Even if you don't trade much, what would an extra $100, $200,
$500 in your pocket mean to you each month?

For me personally the rebates will pay my utilites and fuel
costs for the month. That is a truly sweet deal in my book!

Just to recap...

***Fx Rebates does not affect the traders trading what so ever.
No widening of the spreads no interference of any kind from having
an account under us

***Fx Rebates gives back $4.11 on every round turn standard lot
traded

***There is no charge for the service, it is f.r.e. e. for the
trader to sign up and immediately begin receiving rebates

***There is a helpful experienced staff on hand to answer any and
all questions you may have relating to forex brokers, forex rebates
or forex in general.

Anyway, here is the place to signup and start receiving
your monthly rebate checks.

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