and you don’t want your broker as an enemy.
These are the words of Dr. Alexander Elder in a workshop he gave to his class, which is available on Youtube. He doesn’t really trade Forex, and he gave this as one of his reasons.
So, how do we combat this ? How do we make sure our broker, despite being our enemy, can benefit us ?
Thanks for any advice.
Watch the broker’s spreads from their quotes. Don’t just look at the chart price trace - this is almost always set to the Bid Price only, so tells you nothing about spread. Do not assume their advertised spread is constant 24/5.
Don’t set entry or exit orders or hold across high spread volatility.
If you think the broker is spiking prices, set an entry order where the spike will get you in at a fantastic price advantage: e.g. if you’re seeing massive downward spikes in consistent uptrends - set a limit buy order way below your current long position.
Above all, don’t try to beat the broker on 15-minute time-frame trading - they see you coming…
Much obliged.