f-man
4Xangels Representative
- Messages
- 744
After being a member of FPA for a while and learning many things I never realized before, I see things from a different angle today.
Unexpectedly I found my self in an office of a manager of a Forex Brokerage. I did not know that I was actually visiting a Forex Broker, because we had a meeting with this person to discuss a totally different business deal in the line of my normal profession. It was a strange feeling to have all these monitors with MT4 terminals around me and I tried to hide my strange smile.
I pretended that I had no idea about this "Forex thing" and asked him a few questions after we finished discussing the other business we had together.
It is known that most brokers are your opponents and hedge your trades, but to actually see it happening was an interesting experience. He actually showed me a trade on a 400k account going wrong (for the trader) and was very happy about it. He also told me that the spread they are charging is just a fraction of their earnings.
This experience and the recent news with the court case filed against FXCM, are just further confirmations that Forex Trading is not at all fair for the average retail trader. We fight against the broker for the same piece of the cake, but while we have a plate, they have a plate and also the knife! They have the option to cut the cake how they prefer.
We have seen many cases, where traders have worked hard for long time to establish a profitable strategy and then can not cash out their earnings.
In my opinion, the most important step in entering the Forex market is to have the less dishonest Broker. You have to be 99% sure that if all their tricks will not work against your trading and at the end you are profitable, you will then get your money! Do not leave your money for long time with your broker. If you are profitable, withdraw money regularly. It might be bad for the growth of the account and you will end up with a smaller profit, but the money will be in your bank!
Read the thread of Pharaoh:
https://www.forexpeacearmy.com/fore...p/2333-how-select-forex-broker.html#post54964
And then read it again. Follow the recommendations. Read all the posts that were made in this thread. You will find information and one day you will be thanking FPA for it!
Happy trading to everybody.
Unexpectedly I found my self in an office of a manager of a Forex Brokerage. I did not know that I was actually visiting a Forex Broker, because we had a meeting with this person to discuss a totally different business deal in the line of my normal profession. It was a strange feeling to have all these monitors with MT4 terminals around me and I tried to hide my strange smile.
I pretended that I had no idea about this "Forex thing" and asked him a few questions after we finished discussing the other business we had together.
It is known that most brokers are your opponents and hedge your trades, but to actually see it happening was an interesting experience. He actually showed me a trade on a 400k account going wrong (for the trader) and was very happy about it. He also told me that the spread they are charging is just a fraction of their earnings.
This experience and the recent news with the court case filed against FXCM, are just further confirmations that Forex Trading is not at all fair for the average retail trader. We fight against the broker for the same piece of the cake, but while we have a plate, they have a plate and also the knife! They have the option to cut the cake how they prefer.
We have seen many cases, where traders have worked hard for long time to establish a profitable strategy and then can not cash out their earnings.
In my opinion, the most important step in entering the Forex market is to have the less dishonest Broker. You have to be 99% sure that if all their tricks will not work against your trading and at the end you are profitable, you will then get your money! Do not leave your money for long time with your broker. If you are profitable, withdraw money regularly. It might be bad for the growth of the account and you will end up with a smaller profit, but the money will be in your bank!
Read the thread of Pharaoh:
https://www.forexpeacearmy.com/fore...p/2333-how-select-forex-broker.html#post54964
And then read it again. Follow the recommendations. Read all the posts that were made in this thread. You will find information and one day you will be thanking FPA for it!
Happy trading to everybody.