I’ve gotten so used to using Think or Swim by TD Ameritrade, but I don’t think I’ve ever seen someone talk about using them as their FX broker. My main concerns are, is my money safe with X broker, and are they giving me competitive spreads or are they ripping me off? Also how can we be sure they aren’t fudging the numbers to stop me out etc? Like, the real market might be doing one thing, but could their dealing desk virtual market be showing me their own make believe numbers that guarantee I lose?
Also a Think or Swim specific question, how do I know what their current spread is that they are offering? I’ve been studying trading and charting etc for months but I’ve spent virtually no time actually learning how to properly execute and manage trades, and their software is very intense in that regard…
Hi there. Not sure if Think or Swim also deliver their service through MT4?, if so you can use the MyFx trading console to both manage trades and monitor spreads.
if their platform support live data feeds, you might want try exporting prices from the demo and live account and comparing them; but you’re right the lack of central exchange does allow for price manipulation by non ECN brokers.
Anyway you have come to the right place, so ask around and i’m sure one the long time members will get back to you with more info
You are actually using a Dealing Desk Broker? That is interesting! I would not even dare to do that for now. I think you should switch to a straight forward broker that gives you direct access to the market. In this case, you won’t have a question of whether they are hunting your stop loss or not. Brokers that offers STP, NDD and ECN accounts are by far the best (Depending on the broker though). I made sure Profiforex are not Market Markers before trading with them, it’s good for trading.
I’m only paper trading at the moment, but I was under the impression that most retail traders on the forums are using dealing desk brokers… I thought they were kind of the most common type of broker, and that you had to have more capital than the average forum poster in order to use a broker that allows you to make direct deals with the market.