About choosing a broker

Jorex

Recruit
Messages
8
What is exactly an ECN broker

You raise an important issue, which I had problem with on the beginning of the way (and still have some today) so I know how it feels. However, things have been much better over the years, especially in frauds and technology. I will answer your points in your order:
1. Connecting issues will probably remain many years, though internet providers made huge progress on that. It really depends on your internet provider and your location, and it has nothing to do with brokers. There are some plans that give you priority in international servers, such as gamers plans (though they cost more).
2. I agree. Trading during news is extremely risky. If you trade with a real ECN brokers and you are connected to the market- spreads can be widen by dozens. My advice to you is: DON’T TRADE NEWS.
3. When you are a beginner you should not think about big profits. Your only goal should be acquiring the ability to constantly making profits for at least six months. Then, you can increase volumes and play for serious money. Amateurs who try to make 1000$ per day right on the start- will not survive the forex market.
4. This issue has been discussed so many times and brokers realized in the past few years that even one withdrawal request that is not treated properly, can make them huge damage. So the serious brokers do not make problems with that anymore (ACM, Sunbird FX, FXCM etc.) .
5. As I mentioned, these issues are becoming less common, especially when it comes to the serious brokers. Do not tempt to put your money in new brokers that “promise” you bonuses if you just open an account. Stick with the familiar ones, or with the new ones that have good reviews (forums managers know how to eliminate - and things should be fine.
6. I also believe that trading with a real ECN broker is better (though it has both pluses and minuses). However, you don’t need 100,000 for an ENC account; you can open one with much less- about 10k.


Thanks this is helpful! What is exactly an ECN broker? Why do you prefer it than regular brokers?
 

joao panao

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Messages
5
boa noite e bons negocios

boa noite e bons negocios

gostaria de colocar uma questao simples aos traders mais experientes ; sou novato nestas andanças de forex tenho treinado em demos a actual e na DUKASCOPY e tenho ganho muito dinheiro diariamente ( em demo) ex: 70.000€ a 100.000€ dia com abertura em demo de conta no valor de 100.000 € ,com o mesmo tipo de tecnica que uso sera que e possivel ganhar este mesmo dinheiro em contas live ( agradecia comentarios sinceros e reais)
 

Pharaoh

Colonel
Messages
19,925
Jorex,

A real ECN broker passes your orders directly to the liquidity providers with no delays, dealing desk, or any of the other Stupid Broker Tricks. A true ECN broker doesn't care if you try to trade news or if you open and close your trades in 2 seconds.

Spread will vary. If you see a broker claiming fixed spreads on an ECN account, don't waste your money there. Note that some brokers offer both fixed spread market maker accounts and variable spread ECN accounts. Check the account terms carefully. Any true ECN account will have variable spreads.

Joao,

If you are doing that well on a demo, try a very small live account somewhere. If you continue to make a profit, then you can consider trying a larger live account.
 

joao panao

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Messages
5
dukascopy

boa tarde

alem da dukascopy que outros brokers existem com contas ECN e que sejam realmente ECN , se alguem tiver + informacao agradecia
 

WaveRider

Sergeant
Messages
305
caution

Joao,

Big gains very quickly can also be big losses very quickly. It means your leverage is very high or your risk is very high. Pro traders say a demo account is useful for getting to know the platform and some theory but it is not like being in the heat of the battle. Joe Dinapoli said you needto tak at least two months a year off from trading because the stress will kill you. A small live account at first is the only way to know how your mind can handle actual losses. Fear, remorse, greed, revenge, frustration, self-doubt, exilaration. We'll feel that a little in a demo account but the volume on that emotion turns up very loud on a live account.
 

joao panao

Recruit
Messages
5
Joao,

Big gains very quickly can also be big losses very quickly. It means your leverage is very high or your risk is very high. Pro traders say a demo account is useful for getting to know the platform and some theory but it is not like being in the heat of the battle. Joe Dinapoli said you needto tak at least two months a year off from trading because the stress will kill you. A small live account at first is the only way to know how your mind can handle actual losses. Fear, remorse, greed, revenge, frustration, self-doubt, exilaration. We'll feel that a little in a demo account but the volume on that emotion turns up very loud on a live account.
boa tarde

muito obrigado pelo conselho ,e sempre bom ouvir os mais experientes (a alavancagem a que me referia e de 1:100 , será muito! e na realidade a demo tem menos tensão do que a conta real , mas a questão que me intriga e se depois os brokers pagam esses valores a que me refiro 70.000€ a 100.000€ dia sem desculpas e sem argumentos falsos
 

Pharaoh

Colonel
Messages
19,925
A reliable broker will pay without any issues. Never start off by depositing huge amounts with a broker. Start a little above their minimum, make a few trades, and then try to pull some money out and see how simple or hard they make it.

If they call and ask why you are making a withdrawal, don't tell them you are testing the withdrawal system. Just tell them that you have requested a withdrawal and expect the money. If they complain about you withdrawing money, then that broker is one to avoid. Close your account and let everyone know about it.

If the broker processes withdrawals quickly and easily, then you can at least consider trading larger amounts with them.
 

joao panao

Recruit
Messages
5
obrigado pelo conselho estarei atento a esse promenor

A reliable broker will pay without any issues. Never start off by depositing huge amounts with a broker. Start a little above their minimum, make a few trades, and then try to pull some money out and see how simple or hard they make it.

If they call and ask why you are making a withdrawal, don't tell them you are testing the withdrawal system. Just tell them that you have requested a withdrawal and expect the money. If they complain about you withdrawing money, then that broker is one to avoid. Close your account and let everyone know about it.

If the broker processes withdrawals quickly and easily, then you can at least consider trading larger amounts with them.

obrigado pelo conselho estarei atento a esse promenor
 

joao panao

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Messages
5
correctoras ECN

bom dia

alguem tem referencias sobre a correctra DUKASCOPY se nao cria problemas, se alguem tem experiencia com outra correctora ECN que seja de confiança por favor indique-me essas correctoras
 

Karl Jensen

Recruit
Messages
4
Basically, you should study the Avafx vs Abdul Ghafoor case in the scam alerts folder. Avafx is a regulated broker in Ireland, but I found out lately that they offer 2 contracts. One is with Ava Capital Markets and is offered to EU citizens ( Ava Capital Markets is the regulated entity in Ireland ). To clients from elsewhere in the World, they offer a contract with Ava Financial that is a separate entity located in the British Virgin Islands. Clients from your country then might find out they cannot appeal to the Bank of Ireland for arbitration if they have a dispute with Avafx.

Unfortunately, lots of brokers work in this way. You should read brokers' contract carefully if you want to avoid problems in the future.
 
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