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Frase del día: Los Casinos pueden ser Grandes Negocios, hasta que los jugadores se quedan sin dinero
Casinos can be great businesses—until the gamblers run out of moneyLa frase es de un artículo del WSJ que hace referencia a FXCM, pero creo que es aplicable a muchos de los nuevos brokers que ahora abundan ofreciendo forex, CFDs y otros productos. Necesitan forzosamente un flujo constante de nuevos clientes o incrementos en cuentas para mantener sus profits. Así que cuidado en donde y con quien depositáis vuestro dinero Cuelgo el artículo:
Casinos can be great businesses—until the gamblers run out of money. The same may be true for FXCM, a foreign-exchange broker that mainly serves retail customers. In each of the last four quarters, more than 70% of FXCM's U.S. accounts were unprofitable for those trading them. As a broker, FXCM earns money each time customers trade, so there is no upside in seeing them end up in the red. Why so many losing hands? The answer may lie in the large amount of leverage that FXCM customers can employ. Limits vary by country, but FXCM offers leverage of up to 50 to 1. That means a customer with only $20,000 could take $1 million in exposure. In such a trade, a modest market move could quickly wipe out all of an account's equity. But even customers who trade successfully need to overcome significant transaction fees. FXCM says it collected $98 in trading revenue per million dollars traded in 2011. Those fees could mount quickly. In the example of an account with $20,000, levered 50 to 1, each trade costs about half a percentage point of the customer's equity. The average active account made 2.7 trades per day last year. The bottom line for FXCM is it probably needs a steady stream of new customers, or people refilling their accounts, to generate profit growth. One way is to acquire other foreign-exchange brokers, as the company has done recently in the United Kingdom and Japan. But again, some of those customers may not last long. That leaves FXCM under pressure to spend more on marketing and pay other brokers referral fees. With FXCM shares at 14 times this year's consensus earnings, investors should look for better trades elsewhere.http://online.wsj.com/article/SB10001424052702304177104577303550013156554.html
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