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Choosing the Right Broker
Členom od Feb 12, 2016
507 príspevkov
Jul 24, 2018 at 12:18
Actually, this is not too hard. You just have to spend some time to make the needed comparisons between trading conditions of the preferred brokers. You have to compare their execution & agency models, account types, spreads, commissions, minimum deposit, leverages, and etc... When the comparison finishes, select the brokers with the best looking trading conditions and open demo accounts with them to try their systems. Additionally, you have to find some opinions for the preferred brokers in the internet / forums. Finally, qualify the broker with best trading conditions + best received opinions and keep trying it on demo. When you feel enough familiar with the broker, try it on live :)
Členom od Feb 12, 2016
394 príspevkov
Aug 03, 2018 at 06:52
Exactly my point. Forums like this one are very helpful to gather opinions for the broker... very necessary part of the broker research on my opinion, not the last instance of course, but still a certain source of some reliable info..
Accept the loss as experience
Členom od Jul 21, 2018
11 príspevkov
Aug 03, 2018 at 07:27
BaldoN posted:
Actually, this is not too hard. You just have to spend some time to make the needed comparisons between trading conditions of the preferred brokers. You have to compare their execution & agency models, account types, spreads, commissions, minimum deposit, leverages, and etc... When the comparison finishes, select the brokers with the best looking trading conditions and open demo accounts with them to try their systems. Additionally, you have to find some opinions for the preferred brokers in the internet / forums. Finally, qualify the broker with best trading conditions + best received opinions and keep trying it on demo. When you feel enough familiar with the broker, try it on live :)
Good points, and also when you decide your broker then before going live with them it is a better idea to test them on their demo account.
Členom od Aug 03, 2018
10 príspevkov
Aug 05, 2018 at 05:46
After demo test on live with very small Lots size. Sometimes the demo and the live accounts can behave totally differently
Členom od Aug 06, 2018
13 príspevkov
Aug 06, 2018 at 12:49
BaldoN posted:
Actually, this is not too hard. You just have to spend some time to make the needed comparisons between trading conditions of the preferred brokers. You have to compare their execution & agency models, account types, spreads, commissions, minimum deposit, leverages, and etc... When the comparison finishes, select the brokers with the best looking trading conditions and open demo accounts with them to try their systems. Additionally, you have to find some opinions for the preferred brokers in the internet / forums. Finally, qualify the broker with best trading conditions + best received opinions and keep trying it on demo. When you feel enough familiar with the broker, try it on live :)
This is just a perfect way to choose the best one. You don't have to trust someone to trade for you unless you know them as your own. I think the age of frauds has increased rapidly in this generation but you gotta follow this @BaldoN advice. Can't add anything better.
Členom od Feb 12, 2016
507 príspevkov
Aug 09, 2018 at 12:56
DFisher posted:BaldoN posted:
Actually, this is not too hard. You just have to spend some time to make the needed comparisons between trading conditions of the preferred brokers. You have to compare their execution & agency models, account types, spreads, commissions, minimum deposit, leverages, and etc... When the comparison finishes, select the brokers with the best looking trading conditions and open demo accounts with them to try their systems. Additionally, you have to find some opinions for the preferred brokers in the internet / forums. Finally, qualify the broker with best trading conditions + best received opinions and keep trying it on demo. When you feel enough familiar with the broker, try it on live :)
Good points, and also when you decide your broker then before going live with them it is a better idea to test them on their demo account.
Indeed, but when you start testing them on demo, it is important to be patient and consistent. Many people, when see some profit at the last 2-3 days says: "Omg, I am ready. I am starting on live now..." :D
Členom od Apr 07, 2015
52 príspevkov
Aug 09, 2018 at 13:56
BaldoN posted:DFisher posted:BaldoN posted:
Actually, this is not too hard. You just have to spend some time to make the needed comparisons between trading conditions of the preferred brokers. You have to compare their execution & agency models, account types, spreads, commissions, minimum deposit, leverages, and etc... When the comparison finishes, select the brokers with the best looking trading conditions and open demo accounts with them to try their systems. Additionally, you have to find some opinions for the preferred brokers in the internet / forums. Finally, qualify the broker with best trading conditions + best received opinions and keep trying it on demo. When you feel enough familiar with the broker, try it on live :)
Good points, and also when you decide your broker then before going live with them it is a better idea to test them on their demo account.
Indeed, but when you start testing them on demo, it is important to be patient and consistent. Many people, when see some profit at the last 2-3 days says: "Omg, I am ready. I am starting on live now..." :D
Guys, in general I agree with you. But there are a few conditions that MUST be present for a demo test to be successful and to actually help with the learning.
1. Demo account MUST have the same trading conditions as live
2. Leverage and starting equity must be the same as you'd use once you move to a live account.
3. Strategies must factor in the slippage.
Členom od Jul 27, 2018
15 príspevkov
Aug 10, 2018 at 07:31
Indeed, but when you start testing them on demo, it is important to be patient and consistent. Many people, when see some profit at the last 2-3 days says: "Omg, I am ready. I am starting on live now..." :D
Lol, I can relate to this, that was long back.
I agree with Carlos. Pretty good advice.
I feel that some brokers provide demo account which is very easy to make profits. Is that true?
Členom od Aug 27, 2017
875 príspevkov
Aug 12, 2018 at 05:50
davidwatson posted:
Indeed, but when you start testing them on demo, it is important to be patient and consistent. Many people, when see some profit at the last 2-3 days says: "Omg, I am ready. I am starting on live now..." :D
Lol, I can relate to this, that was long back.
I agree with Carlos. Pretty good advice.
I feel that some brokers provide demo account which is very easy to make profits. Is that true?
Making profit in a long run is always difficult in everywhere (including demo).
keeping patience.......
Členom od Jan 28, 2013
38 príspevkov
Aug 12, 2018 at 06:39
Becarefull of the jungle or brokers....
By the past majority of them was only pure bullshit as they were playing in full b-book (all the little one did it) . Means they pushed you to lose all your account and did not send any trades to the real market.
A lot of them now are using Hybrid Model, means that some of your trades go the real market, other stay ln the black box of their tools like a "demo".
1 - Do their offer bonus?
If they offer bonuses: just go away. It's mean that they won't sell your order to the market. Do you believe that someone will give you money to trade ? are you a joker ? If you are naive. Just stop here. Naive wolf is a future dead one.
2 - Are they in or do they operate with a valid licence in USA, Switzerland, Japan, Singapore, Australia or in any WESTERN European country outside Malta and Cyprus and UK *?
If they are not in the list of the question 2-, don't even think to deposit money for a live account. Just go away. There are thousands of brokers - and serious ones - in the countries above, no reason to go anywhere else. Just avoid any small lost island as grenadine, san xxx or other exotic names. If you don't know the country, avoid, go away.
3 - How long the company is existing?
Take only companies with, at least, 5 years of existence with the "TOP COUNTRIES" (Switzerland, USA, Australia, Japan, European outside Malta and Cyprus)
(* ) Malta and *Cyprus could be considered because they are "MiFid" (European Regulation) but you need to have a strong proof of the existence of the company and ask for probe of assets. This companies, for me, needs to be in the market with 10 years of existence to have a level of security "acceptable". But if you have the choice, pick more outside Malta and Cyprus.
(*) UK was the country where binary options were born - more or less - and binary options is only gambling with the false promise of gain. You can't win. It's not done for that. Also UK has a very weak protection of customers. If you have the choice, prefer Swiss or European based companies or US ones or Australian's ones. Avoid New-Zealand ones which is an "heaven" for small companies with very low cash-flow.
Never start with a young company in forex. NEVER !
By the past majority of them was only pure bullshit as they were playing in full b-book (all the little one did it) . Means they pushed you to lose all your account and did not send any trades to the real market.
A lot of them now are using Hybrid Model, means that some of your trades go the real market, other stay ln the black box of their tools like a "demo".
1 - Do their offer bonus?
If they offer bonuses: just go away. It's mean that they won't sell your order to the market. Do you believe that someone will give you money to trade ? are you a joker ? If you are naive. Just stop here. Naive wolf is a future dead one.
2 - Are they in or do they operate with a valid licence in USA, Switzerland, Japan, Singapore, Australia or in any WESTERN European country outside Malta and Cyprus and UK *?
If they are not in the list of the question 2-, don't even think to deposit money for a live account. Just go away. There are thousands of brokers - and serious ones - in the countries above, no reason to go anywhere else. Just avoid any small lost island as grenadine, san xxx or other exotic names. If you don't know the country, avoid, go away.
3 - How long the company is existing?
Take only companies with, at least, 5 years of existence with the "TOP COUNTRIES" (Switzerland, USA, Australia, Japan, European outside Malta and Cyprus)
(* ) Malta and *Cyprus could be considered because they are "MiFid" (European Regulation) but you need to have a strong proof of the existence of the company and ask for probe of assets. This companies, for me, needs to be in the market with 10 years of existence to have a level of security "acceptable". But if you have the choice, pick more outside Malta and Cyprus.
(*) UK was the country where binary options were born - more or less - and binary options is only gambling with the false promise of gain. You can't win. It's not done for that. Also UK has a very weak protection of customers. If you have the choice, prefer Swiss or European based companies or US ones or Australian's ones. Avoid New-Zealand ones which is an "heaven" for small companies with very low cash-flow.
Never start with a young company in forex. NEVER !
Clever and Smart Trading
Členom od Aug 27, 2017
875 príspevkov
Aug 12, 2018 at 12:32
thirdbrainsa posted:
Becarefull of the jungle or brokers....
By the past majority of them was only pure bullshit as they were playing in full b-book (all the little one did it) . Means they pushed you to lose all your account and did not send any trades to the real market.
A lot of them now are using Hybrid Model, means that some of your trades go the real market, other stay ln the black box of their tools like a "demo".
1 - Do their offer bonus?
If they offer bonuses: just go away. It's mean that they won't sell your order to the market. Do you believe that someone will give you money to trade ? are you a joker ? If you are naive. Just stop here. Naive wolf is a future dead one.
2 - Are they in or do they operate with a valid licence in USA, Switzerland, Japan, Singapore, Australia or in any WESTERN European country outside Malta and Cyprus and UK *?
If they are not in the list of the question 2-, don't even think to deposit money for a live account. Just go away. There are thousands of brokers - and serious ones - in the countries above, no reason to go anywhere else. Just avoid any small lost island as grenadine, san xxx or other exotic names. If you don't know the country, avoid, go away.
3 - How long the company is existing?
Take only companies with, at least, 5 years of existence with the "TOP COUNTRIES" (Switzerland, USA, Australia, Japan, European outside Malta and Cyprus)
(* ) Malta and *Cyprus could be considered because they are "MiFid" (European Regulation) but you need to have a strong proof of the existence of the company and ask for probe of assets. This companies, for me, needs to be in the market with 10 years of existence to have a level of security "acceptable". But if you have the choice, pick more outside Malta and Cyprus.
(*) UK was the country where binary options were born - more or less - and binary options is only gambling with the false promise of gain. You can't win. It's not done for that. Also UK has a very weak protection of customers. If you have the choice, prefer Swiss or European based companies or US ones or Australian's ones. Avoid New-Zealand ones which is an "heaven" for small companies with very low cash-flow.
Never start with a young company in forex. NEVER !
Other tips here :
http://www.thirdbrain.ch/how-to-choose-a-forex-broker-being-alone-wolf
I agree on the bonus issue; that’s the reality! Actually, market maker brokers offer such kind of trading bonus.
keeping patience.......
Členom od Dec 04, 2017
6 príspevkov
Aug 13, 2018 at 06:46
Hello have a nice day, this is my first time here write, please i am with tradeview markets, is good to me, spread and more thinks, but if you have any comments please tell me about Tradeview like broker
Členom od Feb 12, 2016
507 príspevkov
Aug 13, 2018 at 15:01
My7book posted:BaldoN posted:
Actually, this is not too hard. You just have to spend some time to make the needed comparisons between trading conditions of the preferred brokers. You have to compare their execution & agency models, account types, spreads, commissions, minimum deposit, leverages, and etc... When the comparison finishes, select the brokers with the best looking trading conditions and open demo accounts with them to try their systems. Additionally, you have to find some opinions for the preferred brokers in the internet / forums. Finally, qualify the broker with best trading conditions + best received opinions and keep trying it on demo. When you feel enough familiar with the broker, try it on live :)
This is just a perfect way to choose the best one. You don't have to trust someone to trade for you unless you know them as your own. I think the age of frauds has increased rapidly in this generation but you gotta follow this @BaldoN advice. Can't add anything better.
Thank you mate :) Yes, there is no better advice for a trader from that "what he will see with his own eyes". Internet is the best advisor, you just have to spend some time to take them correctly :)
Členom od Feb 12, 2016
507 príspevkov
Aug 16, 2018 at 14:39
davidwatson posted:
Indeed, but when you start testing them on demo, it is important to be patient and consistent. Many people, when see some profit at the last 2-3 days says: "Omg, I am ready. I am starting on live now..." :D
Lol, I can relate to this, that was long back.
I agree with Carlos. Pretty good advice.
I feel that some brokers provide demo account which is very easy to make profits. Is that true?
Indeed, I am sure that there are such brokers...
I think before start testing on demo some broker, it is important to ask their customer support, if their demo and live conditions are the same. If they confirm that, it will be good reason for start testing on demo. Then only the slippage will be the different factor, because there is not a slippage on demo :)
Členom od Jan 28, 2013
38 príspevkov
Aug 16, 2018 at 15:17
You can validate your own strategy in demo account , to see if your behaviour is right.
After you need to test in live condition the same strategy. In any case live will have a different behavior than demo.
Also live account if you are investing few (< 1'000 USD) has a big chance to be ful b-book, means that your trades will never be sent to the real market and the broker wil bet on your loosing power....even push you to lose by sending you alert on news for example or giving you high leverage...
After you need to test in live condition the same strategy. In any case live will have a different behavior than demo.
Also live account if you are investing few (< 1'000 USD) has a big chance to be ful b-book, means that your trades will never be sent to the real market and the broker wil bet on your loosing power....even push you to lose by sending you alert on news for example or giving you high leverage...
Clever and Smart Trading
Členom od Aug 17, 2018
4 príspevkov
Aug 19, 2018 at 07:22
The difference between demo and really doesn't really matter unless you are scalping. No broker can argue that price didn't reach 1.3555 when it is currently at 1.3600!
Členom od Apr 07, 2015
52 príspevkov
Aug 22, 2018 at 06:37
PrincetonBoy posted:
The difference between demo and really doesn't really matter unless you are scalping. No broker can argue that price didn't reach 1.3555 when it is currently at 1.3600!
Really?
So, you develop a strategy that works on the demo conditions set by the broker by their own algo - make it profitable, then open a live account and use the same strategy - it loses because the conditions and algorithms are different.
You should always test your strategies with brokers that have same conditions on demo as on live. Otherwise, you're just wasting your time, and eventually money.
Členom od Aug 11, 2017
870 príspevkov
Aug 25, 2018 at 10:00
The trading spreads is a big deal when choosing a reliable broker , we can choose the broker which for all time make sure best trading environment by providing lowest trading spreads which is very supportive to make profit with certainly by using any kinds of trading strategies in particularly the scalping that brings profit in a short time. That’s why when choosing a broker we have to looking for better trading spreads.
Členom od Jan 25, 2016
39 príspevkov
Aug 29, 2018 at 06:35
Mohammadi posted:
The trading spreads is a big deal when choosing a reliable broker , we can choose the broker which for all time make sure best trading environment by providing lowest trading spreads which is very supportive to make profit with certainly by using any kinds of trading strategies in particularly the scalping that brings profit in a short time. That’s why when choosing a broker we have to looking for better trading spreads.
A broker with tight spreads is good. But a regulated STP broker with tight spreads, positive and negative slippage and fast order execution is best.
Členom od Aug 22, 2018
9 príspevkov
Sep 02, 2018 at 07:09
Mohammadi posted:
The trading spreads is a big deal when choosing a reliable broker , we can choose the broker which for all time make sure best trading environment by providing lowest trading spreads which is very supportive to make profit with certainly by using any kinds of trading strategies in particularly the scalping that brings profit in a short time. That’s why when choosing a broker we have to looking for better trading spreads.
For a scalper no doubt spreads matters a lot but we can not ignore the commission charges also. So i think a scalper will be looking for both in a broker.
