Hello everyone,
I was considering a broker (dealing desk) that allows you to become a top trader with hundreds or thousands of followers.
Let’s say that in 6 months I have 1000 followers and manage 1 million dollars. Then I start to get 5% monthly off my trading. This would mean that the broker is losing 5% of 1 million dollars every month, which is $50K.
How can they allow this? Will they let you have these results because the % of losers is still much higher of what a top trader produces every month? Will they try to push you out of market with the tricks that we all know a market maker can do?
This really isn’t how it works at all. “Brokers” who pay affiliate/introducing commissions pay a small fraction of their indroduced-customers’ turnover, and long experience has taught them that something like 80% of those introduced customers are losers. It’s hugely profitable for the “brokers”, collectively. These are not real brokers: they’re counterparty market-makers, making most of their own livings from their clients’ collective losses (i.e. not really just from the spreads, as they’d like us to imagine) while pretending to be brokers.
Not intended as a criticism, but as the saying goes, “good luck with that”. :8:
Broker may help you a lot in becoming a top trader but you must be willing to help yourself as well in achieving such success. Don’t just depend with them, you really have to be dependent with your knowledge!