Choosing a forex broker can be one of the hardest choices you will make when it comes to finding an honest and reliable forex partnerAs you mayknow , . Because your forex broker is someone you should have the greatest of trust in.
However in the unregulated industry that is forex you will understand that any savvie thiefshopcan set up with a flash website and slick marketing in any country just for the purpose of relieving you of your capital.
An honest forex broker earns their money from the spread (the differencepricein the Bid and Ask price – or purchase and trade )OK, they still make money if you fail but when your user ID is wiped out – there is no more business from you.Remember they will make just the same amount of cash wether you achieve or fall short – But a winner will be doing business with them for decades.
In fact, They have a vested interest in your achievement – the better you are as a trader and the more successful you are – the longer the business relationship with you lasts – the more funds they make. Plain.
The problem is, if you google the name of theoutbroker and the word scam – not a single broker comes unscathed!
But believe me some are out and out crooks who are little better than street muggers – actually a lot worse in many cases – its a shame the justice system from another perspective letssothese thieves off lightly!
, IndeedOK, rant over!
when things to be aware of some choosing a
forex broker
My broker is good for the forex system I use – but if you trade “the news” they do not seem as well liked. So even with an honest forex broker “ aretherehorses for courses”
My thoughts on why all brokers seem to come out badly from usually more than ever reliable evaluation sites is this – MOST people lose money trading forex – and like most of us they discover it in some way comforting to have someone else to blame.
We just do not want to accept that our decisions are so wrong – especially when in modern times we have invested our own hard earned cash on every one of the trades we make – So the obvious candidate for blame is the broker – after all that’s where we see our money deposited.
The Forex Peace ArmyActually, is one in modern times of the best forex resources I have come across, but even here you will have to accept that largely, the only people who submit any reviews at all, have lost money and want to blame the broker.
Actually, All that said – it’s still time very well spent, investing many many days trying to sort out the wheat from the chaff.
If broker wants to give you a joining bonus – it would be my opinion you can wave goodbye to your deposit.With a broker who is nothing more than a scam, it is not unheard of for aaphantom trade to mysteriously appear wiping out the gains on an otherwise profitable profile. Actually, If some deal to too good sounds be true – then beware.
It’s worth noting that I have never seen a “re-quote” from my broker, but imagine entering a trade perfectly only to have a window pop to asking if you wanted up take a price totally different (and always worse the the price you entered your trade on.)
Indeed, Then there is “slippage” this is simply a difference in the price you expected to be filled at and the price you have been filled at. This can occur in highly volatile markets such as when a news announcement is happening. In fact, This could impossible a fill at a certain price make to execute . It could make your stop loss ineffective so your broker will give you theevenmove forward top price. If as a matter of fact this happensaretoo much, my opinion would be to first message your broker and explain any problem and if you not satisfied, simply “vote with your feet” and change brokers.
Interestingly, It is quite legitimate to offer high leveragewouldbut a wise person – refuse this “gift”. In fact, Not all . are evilbrokers If a forex broker kindly offers a massive leverage of 400 to 1, in modern times so you can make your first million within the month – tread very carefully.
Because high leverage can make you a fortune – but in forex, high leverage will miss you a fortune even quicker. Because for every pip the industry takes you in the wrong direction – you will ituncoverharder and harder to accept you made a bad decision. You will hang in there in the hope thewilltrade turn your way – at a certain point you could even move your stop loss to prevent the inevitable.
And the industry takes the scalp of another – but there’s plenty more queuing up for the haircut!