Tweet

Take a look at your Forex Broker

Guest post by: James Dicks

Article Overview: I have spent a tremendous amount of time over the last few months researching the forex brokers. I want to share what I have learned and how to better combat some of the tactics that brokers take to help them insure a better bottom line. The Forex market is still the largest financial marketplace in the world. To help insure that you are one of the successful traders in this marketplace you will need to start considering some positive steps.

Take a look at your Forex Broker

I wanted to take some time and create a series of blogs that will help Forex traders better navigate the "shark infested waters" of the Spot Forex over the counter marketplace. I have spent a tremendous amount of time over the last few months researching the forex brokers. I want to share what I have learned and how to better combat some of the tactics that brokers take to help them insure a better bottom line.

Let me just say, that I still love trading the Forex market. I think it is a great place to build a profession. The Forex market is still the largest financial marketplace in the world. To help insure that you are one of the successful traders in this marketplace you will need to start considering some positive steps.

I would first start out by calling your Broker, ask them if you are on STP, Straight thru Processing. You want to make sure that your broker is not trading against you. I would send them an email to make sure that you have whatever they tell you in writing. What you will more than likely get from your broker is Bla Bla Bla-meaning "We don't have a dealing desk" - Well all you have to do is call your broker tell them you would like to talk to the dealing desk to place a trade. Guess what? Bet you get the so called nonexistent dealing desk.

Just because they say they don't have a dealing desk doesn't mean they don't have one. You just have to ask them to put it in writing that they have your account on STP, if they won't find a new broker. When I Was introducing customers to the Forex Brokers I asked that my customers be put on STP, I even had the broker put in writing that my customers were on STP, Again not to beat this point to death, but you can only do what you can do, just get in writing that your broker is using STP for your account. You do not want to be associated with any sort of aggregated orders.

Also take special note when you are trading as to latency-How slow your order is filled, slippage, whether you get the price for your buy or sell that you executed the trade at, or error messages. Any and all of these and others could be an indication that something is wrong, that the broker could be trading against you. Even if they tell you that your account is on STP. Even if the Broker says they don't have a dealing desk. They could have just simply removed the vocabulary word dealing desk and replaced it with a "server" automation of sorts.

To not sound so negative you can still trade this market and find good brokers, there are lots of traders that make money trading Forex. If you want to be one of those traders then you need to become aware and understand the Forex market place, recognize that the Forex brokers are in business to make money. Then arm yourself with all the knowledge tools and strategies you can to place solid trades.

Watch for my next blog on more strategies to help you place better trades and beat your broker.

Happy Investing-James Dicks

Related Articles
  How start trading FX in 3 steps
  Top Forex Trading System
  How to choose MQL4 Live trading result for automated Forex Trading
  5 Things you need to know before start online forex trading
  Forex Trading and You?
  Why choose MT4 for Forex automated trading?
  Use Forex Trading to Provide a Hedge for the Demise of the USD
  Leverage And Forex Trading
  Work at Home Business Entrepreneur: Forex Trading Made Simple
  Mentoring, An Essential Part Of Forex Success
  The FOREX and the Recession
  Practice Effective Money Management in FX Trading
  Best Automated FX Trading System
  How To Install Expert Advisor Onto MT4 Automated Trading
  FRANCHISE BROKERS vs FRANCHISING CONSULTANTS
  How to earn 1 million dollars using currency trading
  3 tips to better your currency trading results
  From the Desk of James Dicks
  Choosing a Broker
  Equipment Suppliers - Can You Offer Finance Options To Your Customers?

Article Tags: Financial, Forex, Forex Brokers, FX, FX Brokers, James Dicks, Limits, Spot Forex, Stops, STP, Trading



Related Forum Posts
Re: Hi - Welcome to the Forum. Join in on the group discussions. Not sure there is much on Forex. Do you trade Forex daily and make a living on it? Maybe you can write up a review of your day to day to give us a glimpse of a Forex Traders lifestyle.
Re: Internet Users Hbk http://www.internetscamsanonymous.com - As to your Binary Options question, certainly looks interesting. However, at a glance on the subject, I note that the broker fees can range up 15-20% of the trade, while Forex, the fee is gained from the spread. Forex operates 24 hours per day for 5.5-6.5 days per week, and is the largest market in the world don't remember which it is. Again at a glance, Forex may offer more controls over your buy sell options. It appears the you can still employ some hedging schemes with Binary, while some Forex brokers have stopped that capability. Many Forex brokers are moving off shore to help keep the spirit of the trading floor open, which make it more risky for you, but give you more room to trade as you wish. I see some of the same type of promises made here with Binary and I pointed out for Forex. Picking a broker is very important. I didn't not any demo accounts for binary trades. Best to you, I will still with Forex for now. Take advantage of all the free information that you can find on the internet
Hi - Hello people, I hope to be able share a lot of experiences and strategies in this group. I will be reviewing all your opinion on Forex. Well that’s about it word to the word be extra wise about your investments.
Great To Be Here With You - Hello New Friends Fellow entrepreneur, dozen boot strap companies, grew last from $137 to $15m plus Chairman, President and CEO, Founder, ..... Retired Mentor and international business adviser to 100's of CEO's/MD's start-up and growth companies, Business models, business, financial and marketing plans Large scale international real estate development project financing, sales and investment Forex Trader Writer Thanks, enjoy yourself
Re: Don't Quit. - Thanks for the post Don't Quit is a great message even when the mother-in-law says "why don't you get a real job" The lonely entrepreneur sound like an interesting email or thought. Was never lonely at the beginning, to excited about the challenges and busy learning new things. but as time progressed, it can get boring looking at Forex charts, research and writing. Now my social business networking and forums easily remove any thoughts of loneliness. Now, sometimes look forward to some quiet times As to mastermind groups; perhaps when I grow up I will be invited - smiles


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Work Life Balance: Adding White Space

Inspiration for troubled times

WHAT IS MANAGEMENT CONSULTING

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.