Can Your Broker Be Trusted?
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Promotion of the brokers (discussion about the bro0kers, recommendation to use some brokers, etc) is prohibited on the forum.
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Thanks
I am not promoting any broker nor indicating any specific brokers I am relating my experience in my effort to evaluate the trustworthiness of brokers I am testing.
Thanks
I am not promoting any broker nor indicating any specific brokers I am relating my experience in my effort to evaluate the trustworthiness of brokers I am testing.
Members (who will reply on your thread) may be banned just because you opened this thread about the broker's discussion/evaluation to share the opinion and experience.
For information.
Members (who will reply on your thread) may be banned just because you opened this thread about the broker's discussion/evaluation to share the opinion and experience.
For information.
I understand what you are saying Sergey.
Obviously I am not looking to stir descent between brokers and traders.
There are legitimate and honest discussions that can be had by both Brokers and traders. Ultimately everyone is controlled and influenced by forces above them or outside of their control.
Based on comments of traders all over the forums they dont seem to understand some of the constraints of brokers.
When there are honest open discussions everyone wins....Is that a worthwhile goal?
I understand what you are saying Sergey.
Obviously I am not looking to stir descent between brokers and traders.
There are legitimate and honest discussions that can be had by both Brokers and traders. Ultimately everyone is controlled and influenced by forces above them or outside of their control.
Based on comments of traders all over the forums they dont seem to understand some of the constraints of brokers.
When there are honest open discussions everyone wins....Is that a worthwhile goal?
The owners of this forum do not want the discussions about the brokers (and admins told about it to all the moderators).
So, it is nothing about your opinion and my opinion.
It is something about the rules sorry.
Besides, the promotion of the Market products and the Signals (direct and hidden promotion) is prohibited on the forum as well.
The owners of this forum do not want the discussions about the brokers (and admins told about it to all the moderators).
So, it is nothing about your opinion and my opinion.
It is something about the rules sorry.
Besides, the promotion of the Market products and the Signals (direct and hidden promotion) is prohibited on the forum as well.
Thanks for the clarification.
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I am sorry to have to break the news to you but because you like your broker for all kinds of justifiable reasons is not the greatest reason why you should trust them and leave up all your future earnings entirely in their hands.
Trading is about managing risks and those who manage risks very well will be very successful in this business. Most of the risks being managed are as follows:
· Global Market Maker Risk
· Government/Political Risk
· Broker risk
· Trading Risk
· Asset Risk
· Behavioral/Psychological Risk
Each of these are different risks we must understand and develop a plan for in order to be successful long term. Most of the times when traders are struggling it is due to at least one or more of these factors not being under control or being ignored.
My focus for this post is Broker risk.
Broker risk is the risk that the broker will do something that will lead to us failing to achieve what we set out to achieve which is to make a load of cash for the next 50 years!
Brokers may go out of business, they may change their philosophy for example from being ECN to being in the pocket of the market maker. By the way this is huge as those brokers on the side of the market makers usually have bugs on their platform to influence the result of your trades which adds to the puzzle for many who simply don’t understand why an EA tests very well but cannot perform the same way in real or live environment.
Everyone need to do their research to understand the various type of brokers out there and observe carefully how close their performance on the demo matches the live environment. Of course there are justifiable reason for the difference between demo and live environment since there are realtime movement of funds between liquidity providers etc in live environment.
It is very important to test your broker before depositing massive amount of money with any of them.
My suggestion is to use small deposits such as USD100 and test 2 or 3 of them simultaneously in live as well as demos and you will see that the broker you thought or didn’t suspect is operating in ways not entirely in your interest. I have experienced where trade is taken in opposite direction on one broker where none was taken on others nor even on the demo of that same broker.
So I am saying it is not good enough just to do a demo test on a broker if you want to develop long term partnership with them.
Most traders don’t tend to notice this kind of details which is why brokers keep getting away with this.
We must start managing all our risk well since our success depends on it!