Dear Friends
Hi
I am new to forex and have some very important questions regarding to choosing a broker.
i thank you for your attention.
1-if a broker makes prices itself based on outside sources as it said , well i think when you open a position the broker can make a price and most of your equity loose in a blink , this is a nightmare !am i right ?
2-i have heard that a broker can make a problem with withdrawal , how is that ?
3-what is the differences between Dealing Desk-Non-Dealing Desk and re-quot ?
4- imagine you open a position and place a Stop Loss and Limit Orders but nothing happen when the price is match with your stop loss or limit order , because your broker does Not Guaranteed Stop Loss and Limit Orders ! so is it true ? this is a nightmare too. if it is what is the solution to prevent the loss ?!
5-what happen if i open a position with stop loss and limit order then somehow suddenly my platform disconnected for a while ? will my position close if it reaches to its limits during this time or what ?
Regards
Robin
Well, it is really hard to answer that. Yes there is slippage sometimes especially weekends and under weird conditions, let’s say your stop loss is set up tp 100 pips, the slipage can go upto 110 or 120 in rare cases. If your internet connection is gon after you put your trade but before you put SL you are screwed, happenened to me twice, the first one connection came back and i had to close it inmediately accepting a higher loss and second one it came back quickly. For those cases you have to ask your broker if they accept phone call orders and haveing your broker phone in hand.
Requetes are done when prices are differen than you requested, it is an eufemism of course, another way brokers scam you instead of requote they delay the order so with Market Makars it is imposible to trade with charte less than 1 hr TimeFrame. Regarding withdrawal, all brokers has their issues but belive me forget about this for a while, you will not have the chance.
Once set stop orders you can close the platform is market order and is recorder at brokers server so don’t worry, start worrying when you do not use SL, oh pain, painful pain.
One advice from me, i wasted 4 years of my life with market makers, spare a little more cash and jump directly to an stp broker, is delussional to start with 100 USD unless you are convinced you are a swing or position trader.