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Chapter 38, Part II. Things to Think About. Page 4

Discussion in 'Complete Trading Education- Forex Military School' started by Sive Morten, Dec 28, 2013.

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  1. Sive Morten

    Sive Morten Special Consultant to the FPA

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    Commander in Pips: Mostly it is. But you can get some odds on your side with simple action:

    1. Open 2-4 demo accounts with different brokers
    – may be even in different countries beyond your real trading account. This should be done even before you will enter your real account with some broker. This will not cost you any money, but with this action you will be able to compare quotes that you trade at with quotes from other brokers. You can control how real they are, do they move in the same direction without tangible deviation. So, you can see the market. It will be much better if you will be able to get exchange futures quotes also, say CME EURO FX quotes.

    2. Keep a trading journal and fix all trades and orders, even canceled there. Remember what we’ve said about this before? You must have 100% understanding and control over all transactions on your real account, you have to understand every number in the statement and every pip. Problems usually come along when you least expect them. And if this will happen you have to have some evidences to confirm that. If you will just say that you feel like you were deceived but have no proof– who cares about it? But if you fix every step – nobody will be able to deny your proof.

    By the way, the simple way how you can do it – is just make a screen shots. For that purpose press “CTRL + Print Screen”, then open any graph editor, say, MS Paint and press “Ctrl + V” (paste). The picture of your screen will be fixed as graph file.

    3. If this will not help – take a legal action. That’s why we’ve recommended to choose brokers that have a license issued by some government regulator of financial markets. In US they are CFTC and NFA. Very often brokers, if you will bulldoze them with law suit and risk of their license, since it is better to fulfill your complaint and fix things now, than to face the risk of license issues, fines, and more. Still if the broker is too obstinate – take legal action. Both the CFTC and the NFA have special tools for communication with brokers’ clients. CFTC has Repatriation Program, while NFA Arbitration & Mediation one.

    4. And finally, do not overestimate “Broker stuff”. Yes, there might be problems, and sometimes big problems from the broker, but whether you succeed or not depends personally from you, your diligence and discipline. You may to drop the whole thing into broker’s lap – but often this is just a run from real problems you caused. Be truthful with yourself!
     
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