Is it possible to beat the broker?

Broker Discussion Forex Brokers
1

During a recent 5 week period I had a succesful month. I used a signal provider and their result for this time was + 338 pips. My result however was + 252 pips. I missed out compared to the signal provider on 2 trades because of the following:

  1. First trade - my stop loss was ‘spiked’ out by the broker, and

  2. Second trade - the broker did not hit my take profit which was hit by other charts.

So if we are to loose out on average on 2 trades a month (my trades are 4/6 weekly), then what hope is there as this can amount to approx 1,000 pips a year. A lot of pips to make up considering other factors such as slippage, spreads,etc.

I think this is a difficult business in which to make profits and as far as I see the odds are staked against you by the brokers, whom in my opinion are mostly operating against us.

2

There’s very little to go on in the way of specifics regarding your 2 dropped trades unfortunately. Could be any number of reasons why they failed to pan out as anticipated.

I assume you’re referring to a retail spot broker?

If you’re adamant the spurious occurances were primarily attributed to the broker, then why not simply switch from cash to futures & trade out of the cme?

Depending on the pairs traded, spreads & costs are tight (during London business hours), you got full transparancy & you’re transacting on a fairer play field.

There are maybe a couple decent ECN’s you could do business with if you really had to trade the cash, but I wouldn’t piss on 99.9% of the typical retail shops out there if they were on fire.

You pays your money & you takes your choice in this game I’m afraid.

3

Jimmy has a point, although 99.9% maybe a little high…:wink:

My retail spot broker isn’t bad when it comes to fills, but is far from perfect. I don’t feel they’re so much gunning for people to lose (most people manage that without any help), as they’re lax on quality control.

I’ve been stopped out twice by spikes which were clearly from rogue ticks. I’ve pointed them out and had my positions instantly reinstated. But for everyone who complains, they’ll be a pile of people who don’t notice/don’t call.

Use them by all means, but keep an eye on any losing trades. And do your homework on user feedback (forexbastards.com is useful).

4

Awww, go on then. I concede that number was maybe a little harsh.

I’ll down scale that to 95% :slight_smile: