How to examine a broker?
Successful use of scalping is directly depending on your broker. Experienced traders choose brokers very carefully with consideration of many factors.
The first factor, is the spread on the traded currency pair . Most of the brokers give the information about spreads on traded currencies on their websites, but I would recommend to check the spread before you start the trade. I would check the spread on a real account ( you have to open real account, but you can quickly close it and therefore check how quickly you can withdraw money). For a spread checking I would recommend the advisor developed by BJF Trading Group Inc. You can download it here: /go?link=http://24fx.us/viewtopic.php?f=15&t=10[hash]p1097 for free.
Also, if your broker is ECN, check all the commissions in order to make sure that a broker won’t “eat” all your profi
Than I recommend to check the execution speed. In order to do this you have to place your advisor to trade with minimum lot and estimate the time interval between the starting time of sending order and it’s ending time. Go to the folder of log files C\Program Files \metaTrader\logs\ and look on the log file.
Example :
00:56:26 '1003718': order sell market 0.20 USDJPY sl: 0.000 tp: 0.000
00:56:27 '1003718': request was accepted by server
00:56:27 '1003718': request in process
00:56:27 '1003718': order was opened : #1635944 sell 0.20 USDJPY at 91.180 sl: 0.000 tp: 0.000
We can see that advisor made it’s request for opening 00:56:26 and order was opened at 00:56:27 – good wor
You have to also analyze all the teaks around particular order. It will help you to discover manual intervention. Broker can “throw” quotation in the stream of quotations in order to beat your “stoploss” or to give you maximum worst price. That’s why exploring of teaks will make everything clear. Analyze 10-20 ord
In the future, when you will pick a broker and start the state, I would recommend you to analyze every order. On the website BJF Trading Group Inc. (section Tools) , you can find an instrument AuditTool, that will help you a lot in analyzing orders. And an instrument was created from the will of brokers’ company and was tested by chief dealer.
So analyzing of spreads ,speed and teaks around a order, will give you the full understanding of your broker. I recommend www.MT4.ca– this is Canadian partner FXOPEN picked by me for the scalping. The only disadvantage of it is that the broker is not registered in NFA, even though most of USA brokers transfer their clients to other jurisdictions to escape NFA regulatio
agree
What you have said is correct, but one thing though is the fact that most of these broker don't show you everything on their site. There might be hidden charges somewhere, so it's best we read through client's agreement before we do anything. I made sure I read through Profiforex' agreement terms before I opened an account there. I found out that they don't hide anything, their commission for the whole deal is 0.3pips.
agreeWhat you have said is correct, but one thing though is the fact that most of these broker don't show you everything on their site. There might be hidden charges somewhere, so it's best we read through client's agreement before we do anything. I made sure I read through Profiforex' agreement terms before I opened an account there. I found out that they don't hide anything, their commission for the whole deal is 0.3pips.
When it comes to transparency, this broker is a good choice! But man, Have you noticed their execution speed, very fast.
When it comes to transparency, this broker is a good choice! But man, Have you noticed their execution speed, very fast.
Yes I have, it is very similar to their demo. This is among the few brokers that have same speed with that of their demo account. Over all, I can say their platform is worth using!
agreeWhat you have said is correct, but one thing though is the fact that most of these broker don't show you everything on their site. There might be hidden charges somewhere, so it's best we read through client's agreement before we do anything. I made sure I read through Profiforex' agreement terms before I opened an account there. I found out that they don't hide anything, their commission for the whole deal is 0.3pips.
Everyone knows that they are a very good broker with a very favorable trading condition. Their platform is fitting for any type of trader, whether new, old, scalper, news trader or Long term trader. I have seen all sides of profiforex and they have no serious flaws
you need to check the every single responsiveness of the broker. it is also necessary to know about his trust and market reputation....
When you say trust and reputation, how do you measure that? Please don't tell people about regulation in a good country, because this does not work anymore. The best way to check a broker's trust and market reputation is to look at its records in the past.
When you say trust and reputation, how do you measure that? Please don't tell people about regulation in a good country, because this does not work anymore. The best way to check a broker's trust and market reputation is to look at its records in the past.
You have spoken well, traders are just being blind folded by this, while it promises security it does almost the opposite.While a friend was telling me about Profiforex, among the many things I came to appreciate was their transparency, their being regulated is just a plus. We should check for their history like you have said, if they have had good records over the years, that would be a good cue!
you need to check the every single responsiveness of the broker. it is also necessary to know about his trust and market reputation....
All this we can know from their previous dealings with others, or you choose to test them out yourself over a period of time!
Too many brokers you have to examine today. Just ask your friends who have many years experience in trade in brokers. I recommend to trade in Liteforex, Mayzus, FirstBinaryOption, and Fxpro. These are great broker and have great credibility
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
Successful use of scalping is directly depending on your broker. Experienced traders choose brokers very carefully with consideration of many factors.
The first factor, is the spread on the traded currency pair . Most of the brokers give the information about spreads on traded currencies on their websites, but I would recommend to check the spread before you start the trade. I would check the spread on a real account ( you have to open real account, but you can quickly close it and therefore check how quickly you can withdraw money). For a spread checking I would recommend the advisor developed by BJF Trading Group Inc. You can download it here: https://www.mql5.com/go?link=http://24fx.us/viewtopic.php?f=15&t=10[hash]p1097 for free.
Also, if your broker is ECN, check all the commissions in order to make sure that a broker won’t “eat” all your profi
Than I recommend to check the execution speed. In order to do this you have to place your advisor to trade with minimum lot and estimate the time interval between the starting time of sending order and it’s ending time. Go to the folder of log files C\Program Files \metaTrader\logs\ and look on the log file.
Example :
00:56:26 '1003718': order sell market 0.20 USDJPY sl: 0.000 tp: 0.000
00:56:27 '1003718': request was accepted by server
00:56:27 '1003718': request in process
00:56:27 '1003718': order was opened : #1635944 sell 0.20 USDJPY at 91.180 sl: 0.000 tp: 0.000
We can see that advisor made it’s request for opening 00:56:26 and order was opened at 00:56:27 – good wor
You have to also analyze all the teaks around particular order. It will help you to discover manual intervention. Broker can “throw” quotation in the stream of quotations in order to beat your “stoploss” or to give you maximum worst price. That’s why exploring of teaks will make everything clear. Analyze 10-20 ord
In the future, when you will pick a broker and start the state, I would recommend you to analyze every order. On the website BJF Trading Group Inc. (section Tools) , you can find an instrument AuditTool, that will help you a lot in analyzing orders. And an instrument was created from the will of brokers’ company and was tested by chief dealer.
So analyzing of spreads ,speed and teaks around a order, will give you the full understanding of your broker. I recommend www.MT4.ca – this is Canadian partner FXOPEN picked by me for the scalping. The only disadvantage of it is that the broker is not registered in NFA, even though most of USA brokers transfer their clients to other jurisdictions to escape NFA regulatio