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Choosing the Right Broker

Jignesh (JDavda)
Aug 17 2019 at 11:08
posts 8
I have traded with probably about 10 different brokers over the past 8 years or so. I think it comes down to what you're looking for in a broker.

Generally speaking, one of the most important things for me has been spreads. In my early days, this wasn't as big of an issue because maybe the broker offered something else that I was willing to sacrifice paying a bit more in spread for. I have now realized that commissions can add up in a real way. Many times have had months were my performance was just mediocre and then I find out I've paid more in commission than I have made in profit. Obviously this is even worse in losing months.

There is other stuff that is really important. A broker should be regulated and offer some kind of an insurance scheme. It doesn't happen often, but I've seen brokers going broke and in this case insurance comes in really handy.

Another thing to keep in mind. Just because a broker shows a low spread or is known to offer good commission, that is not always the case across the board. I have an account with IB for example, which among the lowest, if not the lowest, cost for trading stocks. Seemed like a great idea to open an account with them. Well, I mostly trade currency and I'm getting killed on the commission for that (you have to trade really large size in FX to make it worthwhile). Futures is ok with them cost wise.

I also have an account with Darwinex. I'm happy with them overall. The cost is very competitive across the board. Their customer service is excellent. But most importantly, they are licensed to handle investments. So if down the road you want to have people invest in your account, they can handle that part. This is not the same as copy trading. I wrote a blog post about my experience with Darwinex. You can have a look here - https://www.thegoldanalyst.com/gold/featured/trading-experience-darwinex/398/

I think they are a good broker. But of course each broker has its positives and negatives that is inevitable. As I mentioned it all comes down to your objectives and what you're looking for in a broker. If you plan to trade on your phone for example, some brokers have a much better app than others. Some don't even have one. If you don't have a good charting platform, some are really good. I've traded with Dukascopy before and, in my opinion, their charting platform is amazing. Very much underrated if you ask me.
If you don't stay humble, the market will make you humble
Mohammadi
Aug 19 2019 at 08:48
posts 886
sometimes we try to confirm brokers real performance by using demo trading , but in practical lots of difference there is between demo and live on a broker.
forex_trader_[565984]
Aug 19 2019 at 11:00
posts 144
Mohammadi posted:
sometimes we try to confirm brokers real performance by using demo trading , but in practical lots of difference there is between demo and live on a broker.
Correct..

In my experience, all most all forex brokers maintain A-Book and B-Book type of back end systems for live accounts to manipulate the clients based on trade history of that client. Many of them promote themselves as true ECN brokers or NDD etc, but they apply all sorts of techniques to make the client loose money..

The usual methods is by delaying the trade executions sometimes up to few minutes and not allowing the trader to notice these things by not leaving any trace in journals tab or experts tab of the mt4. Some brokers go even much deeper and apply much more sophisticated methods.

So carefully choosing few selective brokers and allocating funds and switching between them are very important things if anyone is trading big amounts in live accounts.
JohnSmithK
Aug 19 2019 at 11:30
posts 7
How much I have understood about the role of a broker is that the broker can help in giving Stock Recommendations, Trading Tips, Provides Liquidity etc. But I guess these things can be done by the individual itself having experience in trading in stock markets. What I feel is that Stock Brokers are required by the new traders or investors jumping into the stock market. I would suggest them to study the market thoroughly following various stock market news and stock market discussion forums along with getting free reports on various stocks they have invested in. I guess this will be much less costly than hiring a broker. If a newbie needs to help one can read here 'Understanding the Role of Stock Broker': https://kalkinemedia.com/2019/02/23/understanding-the-role-of-a-stock-broker/
Mohammadi
Aug 20 2019 at 18:46
posts 886
The broker can affects the result of our trading with certainly, so choosing a broker should be in cool mind , please don’t choose a broker in an emotional state, it would be great if we choose the broker which is more appropriate to the concept of trading that will be used , the traders who are particularly scalpers have to choose the broker which allows trading concept such as this.
Imamul
Aug 21 2019 at 06:22
posts 740
In Forex trading lowest spreads is a big deal when choosing a broker. From all trading elements in this market place spreads is mainly considered as an important financial tool which an investor should consider when choosing a broker. Lowest trading spreads is very much supportive to make profit with certainly by using any kinds of trading strategies in particularly the scalping that brings profit in a short time.
Idowu
Aug 21 2019 at 09:47
posts 11
It is also important to factor in commission costs. Many ECN broker offer very low spreads but the commission can build up to a lot. Larger than if used a broker with larger spreads
Adribaasmet
Aug 21 2019 at 14:33
posts 994
Idowu posted:
It is also important to factor in commission costs. Many ECN broker offer very low spreads but the commission can build up to a lot. Larger than if used a broker with larger spreads

If you are comfortable with a STP broker; no prb at all; but the point is; you need to trade with a transparent FX broker!
Mohammadi
Aug 22 2019 at 07:26
posts 886
It would be better , if we get real trading facilities from our brokers as like superior execution , security of funds at any kinds of investments , low transaction cost , easy withdrawal system without long time process, free demo trading , active customer services , exclusive educational facilities , lowest trading spreads , usable bonus offer and much more that are very supportive to lead a comfortable trading life with certainly.
Peter67
Aug 22 2019 at 07:32
posts 1
I have traded with many brokers and I can surely say that the choice of broker is a personal thing based on trader's strategy, preferences etc. For me the most important part is good fast execution without manipulations from broker side, reasonable spreads and fast payment methods. I don't advise to run for low spreads, usually when spread is very low there will be high commissions and not good execution of trades. I feel comfortable to trade with STP DMA broker with fixed spread and without hidden charges
Adribaasmet
Aug 25 2019 at 16:15
posts 994
Peter67 posted:
I have traded with many brokers and I can surely say that the choice of broker is a personal thing based on trader's strategy, preferences etc. For me the most important part is good fast execution without manipulations from broker side, reasonable spreads and fast payment methods. I don't advise to run for low spreads, usually when spread is very low there will be high commissions and not good execution of trades. I feel comfortable to trade with STP DMA broker with fixed spread and without hidden charges

Fast execution is also my priority! Actually; I think, trading with a regulated broker is obvious; since market maker brokers are the scammers mainly!
Mohammadi
Aug 28 2019 at 08:56
posts 886
The broker can affects the result of our trading with certainly , that’s why choosing a broker should be in cool mind, please don’t choose a broker in an emotional state, we the traders should choose the broker which is more appropriate to the concept of trading that will be used , the traders who are particularly scalpers have to choose the broker which allows trading concept such as this.
AmDiab
Aug 28 2019 at 16:12
posts 718
Vanquish posted:
pick a broker from iMetaTrade and you get free EA's, Indicators and Ebooks from their database!

What’s the value of free trading EA? Would you please explain……
Mohammadi
Sep 07 2019 at 08:04
posts 886
I could not recommend at any brokers which I have not used or verified. Because by and large are found to be scams. As a newcomer I think the traders who are particularly beginners have to choose the broker that is more appropriate to the concept of trading that will be used, we the traders who are particularly scalpers have to choose the broker that allows trading concept such as this.
Mohammadi
Sep 08 2019 at 06:17
posts 886
Broker is a big deal when it is time to make sure a successful trading life, because the broker can affects the result of our trading with certainly, we the traders can choose a broker which is more appropriate to the concept of trading that will be used, if you love doing scalping should choose the broker which allows trading concept such as this.
jaredtaylor
Sep 13 2019 at 04:58
posts 50
Choosing the right broker is an important decision while investing in the stock market. It is crucial to deal with the right broker in order to optimize returns. What i look for in a broker is that he must be providing a good interface. He needs to have a well designed interface that makes it easy to navigate the website and stable trading platforms to buy and sell stock.
Mohammadi
Sep 14 2019 at 11:16
posts 886
In Fx trading choosing a broker should in cool mind. Please don’t choose a broker in an emotional state because most of the brokers are found to be scams. And despite of good trading knowledge that’s not possible at all to make profit constancy without a reliable support form a reliable broker.
Roberto21
Sep 14 2019 at 11:33
posts 364
if you want to find a right broker, you have to move Forex Pace Army where people share their own trading experience. And myfxbook EarnForex and Babypips can be a great source to find a right broker nowadays.
Mohammadi
Sep 18 2019 at 17:14
posts 886
It would be better , if we get real trading facilities from our brokers as like superior execution , security of funds at any kinds of investments , low transaction cost , easy withdrawal system without long time process, free demo trading , active customer services , exclusive educational facilities , lowest trading spreads , usable bonus offer and much more that are very supportive to lead a comfortable trading life with certainly.
45656
Sep 20 2019 at 10:10
posts 65
With a leveraged position, a Forex trader magnifies the potential gains from any price movements, however, as we know, losses are magnified by the same degree. My broker ForexChief help their client to use leverage intelligently to earn big money. Therefore, the best time to trade is when the market is the most active and biggest volume of trades. They also providing their clients the right time to trade. They are the one who gave me every possible support to be a better trader.
They have several types of trading platforms also account types are so well to choose for. Also, they have free signals also their analysis charts and patterns are the best for predict the market condition. Love to trade with them.
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