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Pick a Broker or a Platform?

Discussion in 'General Forex Talk' started by Eric Alyea, Nov 10, 2009.

  1. Eric Alyea

    Eric Alyea Master Sergeant

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    Which is better? To pick a standardized Platform (MT4 as an example) or a broker and learn the Platform they have?
    I’m think I would rather learn and master one system/Platform and then have that as a requirement from my broker. The brokers may change but the knowledge of and how to use the platform remains the same.
    Please give your opinions.
     
  2. Ricex

    Ricex Sergeant

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    For me the most important thing is to find a broker who you are happy with, that in itself is not an easy task I admit, but even so it is the foundation stone in our trading experience. It is a business relationship don't forget, and you must feel that you can work together with at least a minimum of trust otherwise it will end in tears, as unfortunately it so often does.

    The platform that you use is a different matter and entirely up to you except if you like EA's. I personally use MT4 as I find it very simple to use, versatile, open, and I know it well. I do all my technical analysis on this platform, but I then place trades with my brokers who don't have MT4 accounts. This is not a problem for my way of trading, but a scalper may prefer using a brokers platform where he could for example automaticaly change his stop just by moving the stop line.

    Some brokers platforms are very good, it's a shame sometimes that the brokerage itself isn't up to the job.

    Just as an aside, as I believe your a military man Eric, my thoughts today are with the unknown soldier and all those that layed down their lives in the great war, on this day of commemoration.
     
  3. Lhar_fpa

    Lhar_fpa Private, 1st Class

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    I second the motion with you ricex. But anyway, that's your opinion. :p
     
  4. Eric Alyea

    Eric Alyea Master Sergeant

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    Newbie’s = platform, Old head’s = broker

    I liked what Ricex said, know it was right, but it might not apply to myself and others that haven’t gotten or crossed the trust line with a broker yet.
    #2 under original post
    Ricex (paraphrased) 11-11-2009, 06:15 AM
    "The foundation of your trading experience is a business relationship with a broker who at least YOU minimally trust, and are happy with, it’s not an easy task."
    Now that is quotable, Ricex gets the credit.

    For newbie’s, finding a broker is still a trial and error pain in the b**t. When you don’t have the experience all you have is a 30 day demo time line. If you are distracted by real life those days are gone and you have to learn a differant platform, so:

    "The trick to any trap is always the bate".

    You have to open a $300 micro-mini account so you can have access to a (broker’s) training program for that (brokers) platform.
    Small business owners that study their demographic costumers profiles know that it takes 5 times the energy and money to get a new client vs. keeping one that is already enrolled.
    From a customer standpoint if you get 3/4 of the effort they used to enroll you, to keep you (i.e. customer service) they may be OK.
    This means that when you will get those calls to establish an account with real MONEY (this ain’t a game, but it is) so you can have unlimited access to training. You are putting your real Trust (currency) in their pockets to draw interest on and from. Knowing that any time you want to access those funds you will be charged for the manipulation of your own funds.

    "Test the trap"
    Can you get your $300 back when you are done with the demo, like it or not.
    Can you ask your broker for your money and get it. (Make them prove you can ask for a withdrawal or leave their service with your money without question.)


    [/QUOTE]Ricex 11-11-2009, 06:15 AM
    Just as an aside, as I believe your a military man Eric, my thoughts today are with the unknown soldier and all those that layed down their lives in the great war, on this day of commemoration.[/QUOTE]

    Thanks for the side note. I was a USMC Para-Scuba Recon (Force Recon) and a Scout/Sniper Instructor
     
    #4 Eric Alyea, Nov 14, 2009
    Last edited: Nov 14, 2009

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