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honest broker

Discussion in 'Beginners Bootcamp' started by eli diamant, Dec 20, 2008.

  1. eli diamant

    eli diamant Recruit

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    Hi.

    I am an " old " trader ( stocks and futures ).Recently decided to
    start trading FOREX too.

    By reading some reviews and forum's messages - I became " bewildered " - so much scam in the FOREX markets .

    Can somebody senior in this field recommend an honest ECN or
    a no dealing desk broker - with a MT4 platform ( so I can incorporate a
    self developed or a purchased FAP.

    Can somobody recommend a good FAP
    with good support service.

    Thanks
     
  2. eli diamant

    eli diamant Recruit

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    No dd brokers and ECNs

    A no DD (dealing desk) brokers do not trade against the traders.

    ECNs do not trade against the traders.

    Are these statements true ?

    Is it realy important because the MM don't like winners ( it is their money ) .

    can some senior member tell me.

    Thanks
     
    #2 eli diamant, Dec 20, 2008
    Last edited: Dec 20, 2008
  3. pa18

    pa18 Recruit

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    You should do your research in looking for a broker. Since retail traders are losing their shirts these days, trading volume is getting smaller, well it's best that you're careful in choosing a broker as these companies depend on retail traders to lose money so they can make money if you know what I mean.

    I can tell you about my experiences with brokers:

    Choice 1: me being a newbite chooses a MM broker. Losses in 50% of account

    Choice 2: Again a MM broker, lose again

    Choice 3: Another MM broker, good fills but no profit

    Choice 4: Changed to ECN broker, made some money.

    Go figure!

    I'm not saying MM brokers are 'all' dishonest and whats to say that all ECN brokers are honest. I may have started out trading losing becasue I was a newbie and at choice 4 I'm a bit more wiser so I can make profits. The MM brokers have great platforms visually and good trade management directions but don't just choose becasue of the bells and whistles. Ask direct questions and get given direct answers. Its your doh.
     
  4. Janethjack

    Janethjack Private

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    there are many tips evaluating brokers. I have chosen mine because it belongs to several associations regulating this market. also because threads in forums (believe or not), it gives many facts, traders talking about experiences and supporting thoughts. Janeth
     
  5. Alan Kerr

    Alan Kerr Private

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    We would all like to think we are with an honest broker and all one can do is research. Hard enough to weed out the scams and now one has to worry about how financially secure these people are. Interested in seeing more replies to this.
     
  6. Christian Howard

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    for sure, as trader it is a important issue to keep in mind. I agree with Janeth, testing more than one could be a trustable source avoiding doubts about how safe is a broker. Let us know more Alan
     
  7. Janethjack

    Janethjack Private

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    if you checked out some brokers as you said, may we know what you got Christian?
     
  8. Pharaoh

    Pharaoh Colonel

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    Be paranoid no matter who or what your broker claims to be. Some no DD brokers just use an outside DD - thus, they don't have a dealing desk. Some Straight Through Processing (STP) brokers have very angular views of the word straight. Not all alleged ECNs really are.

    Some brokers will turn against you as soon as you become consistently profitable. Some good brokers go bad. Rarely, a bad broker will clean up its act and stop all the stupid broker tricks that are so common in the industry.

    Check your Daily Confirmation Statements that your broker should be emailing you. If your broker doesn't provide these, take screenshots (and complain about not getting them). The moment you start seeing anything suspicious, take a LOT of screenshots.

    If enough people expose the sleazier practices in the industry and warn others, then the bad brokers will wither and the few good ones will thrive.
     
  9. Michael Frisom

    Michael Frisom Recruit

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    Hi Eli!

    I´m new in Forex, I told you are an old trader, I Don´t know what is a FAP.

    May you help me please?
    Thanks!

    Michael Frisom
    Department of Statistics
    Iowa University
     
  10. Ritpip

    Ritpip Recruit

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    I guess he's talking about a robot to implement it on an MT4 platform offered by an ECN. About the ECN, have you checked with FXi?
     

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