Watching your Broker

Hello
I would like to know some tips on how to watch your broker to see if he/she is
dealing fairly. Thanks in advance of any responses given.

jase

The most obvious way of comparison is by opening a few accounts with different brokers, this way any price manipulation can be spotted. Also, some Forex websites bring in the price feeds of various different brokers to show the absolute difference within the market makers market place. In hindsight, trying to identify price manipulation is not easy, if it was then we could profit from this type of activity :slight_smile:

Hi,

I have no Idea to figure out if your broker deals fair, except maybe compare brokers charts and look for stophunts/spikes etc. Anyway, I would make sure the broker is registered and regulated by the goverment(dont remember what these are called :stuck_out_tongue: )

Good Luck :slight_smile:

In the past I’ve spent a lot of my time stressing about whether or not my broker was ripping me off. I think I’ve wasted too much time and effort on it! I think it’s human nature to assume that it’s someone else’s fault when things don’t go our way - I can’t prove it … it makes me angry and frustrated … and REALLY doesn’t help my trading outlook! I have several accounts, and tend to switch my favourites regularly. Sometimes I can’t help my double-check prices on different accounts, but I try to spend my time more productively.

I like Mrs M’s point of view.

The problem with most Traders is in the fact they Trade at all the wrong times and in all the wrong places on a chart. I think we would be amazed at how many Traders trade on their own schedule, rather than the markets. Meaning, they open their laptop at any given moment and start trading, expecting to be showered with profits. After losing, after a short fast “spike” they blame the broker. Whereas, the Professionals were awaiting the “spike” to allow them to enter their trade on a major short term support on resistance level.

FSK

i am very new forex trader and i read all replay of various experts which are really very essential for every newbie.

I also feel, even more importantly a Trader must understand how Professionals react to the Market movements in the heat of the moment. Anyone can have 20/20 hindsight, or even foresight. However it is the real traders that do what they actually said they were going to do.

Sounds like a simple concept, but it is astonishing how many Traders trade against their own plan in the heat of the moment.

FSK