I am new to forex & am researching tons b/4 I dive in. I am concerned about all the antics many brokers are accused of doing (hunting stops, putting account on manual followed by mysterious freezes, error messages etc when trying to get in/out of a trade) & am wondering what strategies you use to protect yourself. Any input is greatly appreciated!
Hi, look for a repuatble broker. i am currently dealing with gft.
To protect urself from those scams, stay as invinsible with them as possible.
As GFT is a dealing desk, their platform which had a sms alert could alert u when the price u wanna set reach to that level. This way u could normally log in and exectue your wins/loss.
Gd luck.
I haven’t run into any of these problems with my broker.
One time there was a slowdown, with my broker, and metatrader was ahead. I only scooped up a few pips, but I could of made killing. I’m talking like the market was 30 pips, 20 pips, ahead, I knew what was going to happen, the exact thing happened after the metatrader demo happened. That was when I started, never happened again. At the time I figured that it wouldn’t of helped me in the long run, so I decided not to take advantage. Tell me if anyone reads this, what they would of done (probably taken it, I know:o ). It ended up being on an important news release, but I don’t remember which one, since at the beginning, I wasn’t into fundamentals. Anyways just thought I’d share that with you, and I’m not doing it to say how much ethnicity I have, jeez if it happened now, I’d take it, then again, the broker might say something about it and trouble could happen. Take Care.
sorry, did I say ethnicity:eek:. I meant to say ethicity :o.
Oh boy, that isn’t even a word:mad:. Well, sorry about about this triple post, forgive me, I’m getting as bad as pipgod:p. Just Kidding!
These things can happen, but not if you’ve got a reputable broker, who can be recommended by a number of users. There are no special strategies - simply make a preliminary research, and don’t rush to plank down your money to a broker who promises you milliones in one click! - That is bound to be bull****. On my side I can recommend finotec.com - a broker I’ve been trading with.
happy trading!
for the info. what does it mean to “protect urself from those scams, stay as invinsible with them as possible.” How do I do that?
A dealing desk can modify your trade to go against u. Some brokers advertised low spread as low as 1 pip or lower, but when u close your trade, some “honest” broker will have some pips slippage meaning u pay more spreads instead.
To protect yourself which i always do, i use a sms alert to inform me the market price on the desired level i set and manually close my position.
gd luck.
got it icycloud, thanks for the input!
May I ask who you use?