Door Chin Up Bar

Well, finally I want to touch on the subject about different brokers and currency trading platforms. In this article I will show why and how some brokers are don’t let their traders make profit. I will describe some maneuvers used by some Market Maker brokers, applying them only on real accounts.

1. No market quotations. For example you are using an online trading software where your broker provides you with a candle of 300 points, which pulled down your stop loss, then the rate went back to the former level. And investigating another brokers’ prices, you don’t find such candle there.

2. Slippage. This is another very good way to trick a trader. Just for instance, you set aside an order to buy the GBP at 1.4400, and the broker provides you a deal on 1.4410. Ten pips you are already abandoned. Well, it’s still half of a problem. Look at another example: you add a buy order at 1.4400, and immediately show a profit of 1.4430, calculated to take 30 points. Here, for example, a sudden movement is in your benefit. But when you are about to open or close your trading position the prices changes for 50 pips in a second the wrong way. While in demo you open a trading position at 1.4400 and close it at 1,4430 taking a income of 30 pips. Yeah, sounds excellent. On the real you can open a buy position for 1.4450 (50 pips slippage), but close to your profit at 1.4430. Due to this fact, instead of 30, you have -20. Believe me, how it is awful and frustrating. And above all, you can not prove that you are right.

3. Getting rid of the history. Happily, I’ve never come across this issue, but discussing with other Forex traders and participating in different forums I have encountered the description of such situations. For example, you have two weeks of a series of profitable trades. And then sooner or later you log in to your trading account commonly on Monday, and OH, you see that all the net income you made during the last two weeks is gone and when you check the history for this time period it is clean. As if your trading didn’t exist. If you open your log file, you see that everything is there, but not in your trading account. When these traders wrote to the support team of the brokers to get the profits and report the problem, they got a response that they didn’t trade during the last weeks at all. It is complicated to prove to the broker that he is wrong and you are right. The last think you are left to do is to take your remaining money and leave such an unfaithful company for another legitimate, regulated and certain Forex broker.

We have created this article basing on the personal knowledge and on the experience of other traders trading with the market maker brokers, who use many bluffs in order to cheat the traders and get their funds. Usually such companies are barely regulated or not regulated at all. We cannot name them here as some of the facts are based on the words of other traders and we cannot take a responsibility for their honesty. On the other hand we can suggest you the list of the best trading software and brokers who we belief and had a good experience with.

Tags: currency trading, forex platforms, forex software, forex trading, trading software

This entry was posted on Saturday, February 11th, 2012 at 4:50 pm and is filed under Door Chinup Bar. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.