Is my broker trying to make me loose

Beginner Questions
21

Well thank you for that valuable piece of information. I’m glad you told me that.

Blackduck

2 Likes
22

Sorry for your losses but please start learning price action and keep simple indicators like moving averages and Stochastic and macd . Learn abou their concept and try to trade with brokers who doesn’t trade on micro pips as in that trading system SL gets hit very fast . In normal pips system i think one can do better set up trading .

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23

Ah ok so not me broker. I chat with an Analyst twice a day

24

Thankyou for your input guys. I have a basic account. I open and close my own trades on the site but like I said my Analyst (not broker) gives me advice. Today iv opend 3 @ $25 each and closed 2 so far with a profit of $46. I do have a very simple strategy (I like KISS) I’m am learning what I can. No not a million air. Wouldnt have started with $250 if I was. I am considering closing the usdcad at a big loss as dollar is weak.

25

I am still learning all the terminologies sorry for confusing broker with analyst. I guess u could call the chap I speak to me mentor aswell

26

No need to apologies we all make mistakes. You say you analyst is also a mentor. If that is the case and you have confidence in him then be guided by him. Who is he and what is he’s track record??

Cheers

Blackduck

27

Thanks for your latest updates on this thread. I guess you would have to ask some questions about your advisor/mentor.

  • do they have a professional forex career history? Eg worked or working for a bank or hedge fund?
  • can they show you proven verified results?
  • what maximum drawdown do they promise to stick to?
  • what return can you expect?
  • add any other questions of your own.
    Then based on the answers you get keep trusting your advisor/mentor or never get trading advice again from them.
    All the best with your investing.
    Finally, try and learn trading yourself using a demo account.
28

Given this topic has touched on the trader broker relationship I thought I would post some information that I believe is important to all traders.

If you trade electronically and I believe that is 99.9% of traders today then I suggest the following in the event you lose internet connection or your computor dies and that is:

  • Have at your disposal the Phone Number of your broker.
  • Have you account Name and Number at the ready.
  • Check with your broker what positions are open what stop losses you have and if in doubt about anything ask your broker to clear all your trades. It is better to take a small loss than have an open trade that you cannot manage wipe out your account.

The internet and technology are both not infallable.

Cheers

Blackduck

29

We all know that broker is an essential term in the forex market. You can lose all your investment if you choose a wrong broker from this market. Because fake or scam brokers can put you in great danger. So, always be careful about broker choosing.

30

Only if you have full trust in your broker, then you can take into consideration his advice. My concern is that your broker has advised you to double your loosing position, which is absolutely one very bad advice. Be more careful next time.

31

IG take many minutes to answer phone, however, they do offer a guaranteed stop/loss.I do wonder sometimes if it is worth taking this option as I only use hard stop and seldom let things run to stop. In the event of a black swan their switchboard would be jammed for hours !
Their guaranteed stop only incurs 1.5pips if triggered.

32

Is your analyst situated with any particular broker or is owing its own company to provide advises? If its a private person I would like to connect with them.