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Living a forex dream

  • #1
  • First Post: Sep 16, 2016 11:11pm Sep 16, 2016 11:11pm
So I started to get into forex a month ago. I like this idea of being your own boss and making all decisions by yourself and getting all the profits, not working for anyone else. I basicaly see forex as a bussines that takes a lot of time to learn (10k hours to become good as I read here).
Anyway im very disapointed in one aspect of forex. It almost kills my forex dream. And that is brokers. I did discovered soon that all brokers are not equal - some are cheating,being dishonest and so on. But now after long search for a broker I cant find any broker that wouldnt have a lot of bad reviews. Only ones with only good reviews are small and unpopular brokers. Anying recognizable have a big shade coming with it. Really there isnt a good broker on this broker list that you cant read a bad reviews about. It makes me feel like you cant make money or a living with forex.
So is there any broker that can be trusted 100%. A broker that dont have bad reviews about him?
Doubt kills more dreams than failure ever will.
  • #2
  • Sep 17, 2016 12:55am Sep 17, 2016 12:55am
Quoting pcmaster
A broker that dont have bad reviews about him?
Brokers are like any other things in life ... As an example, you will definitively find a bad review for your prefered smartphone ... Does that make it a bad phone ?

Don't get me wrong, there are plenty of bad brokers and you are perfectly right to ask and do your due diligence ... But everything in this world has its haters ... even the best things.
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Sep 17, 2016 2:45am Sep 17, 2016 2:45am
Quoting FerruFx
{quote} But everything in this world has its haters ... even the best things.
So what would be your top 5 brokers to deal with and top 5 brokers to avoid?
Doubt kills more dreams than failure ever will.
  • #4
  • Sep 17, 2016 2:45am Sep 17, 2016 2:45am
PC master , I have no idea that where you from, because if you are from USA you could only open account in USA regulated broker,, but if you are from any other part of the world i should recommend you to start your forex life with any FCA, UK regulated broker, because they are bit more trust able then any other brokers,
Check VALUTRADES,, i am working with them for the last 2 years and i am quiet happy with them
  • #5
  • Sep 17, 2016 2:52am Sep 17, 2016 2:52am
Quoting pcmaster
{quote} So what would be your top 5 brokers to deal with and top 5 brokers to avoid?
I don't have such list ... I trade with the same broker since many years ... and wish to not have the need to run into a tedious due diligence to find another one!
MT4/MT5 EAs/Indicators/Alerts coder
  • #6
  • Sep 17, 2016 3:33am Sep 17, 2016 3:33am
Quoting pcmaster
{quote} So what would be your top 5 brokers to deal with and top 5 brokers to avoid?
I have only ever used Hotforex but have had no issues.
XM have a lot of love @ aliens thread too. I think it depends on your account size.... If its large upwards of 50K then check your bank....When people loose however they will always look to blame.... Just nail your system, and trade small....Say $100 until you have doubled it....Perhaps then and only then should you consider depositing more.....Its hard to take such advice when your new to forex....So you probably wont take it.....Instead you will learn by your mistakes....But good luck in your venture.....
  • #7
  • Sep 17, 2016 3:52am Sep 17, 2016 3:52am
Quoting FerruFx
{quote} I don't have such list ... I trade with the same broker since many years ... and wish to not have the need to run into a tedious due diligence to find another one!
So who is your forex broker?

 

  1. faisalahmad

​Im from europe so will go for sure with FCA regulated broker. But still even about these brokers been hearing things about slippage and bad execution.

Sparkoz, I will for sure trade small. Plan is to start with 100 bucks on activetrades. My plan is to trade what I know the best - Facebook stocks. I think thats where the money is cause stocks are easly predictable and like Warren Buffed said - good bussines will be worth more over time.

Also I plan to withdraw whatever small amounds I can from my account once I start earning and Im not planning to compunding but to set a strick amount of funds I can trust myself with.

Doubt kills more dreams than failure ever will.
  • #8
  • Sep 17, 2016 4:14am Sep 17, 2016 4:14am
All brokers are the same.

They will give you slippage, reject orders , widening their spreads and cheat you to death with decimal quoting.

Most have plug ins ....designed to milk your account dry.

They will tell you that they do not trade against you as they are an ECN/non dealing desk broker. If that is indeed the truth then they will openly advertise all the "winning" EA's which are running on their platforms to attract more business. If they say they are ONLY making money from transaction costs ( spread) then why would they not make public the "commercially available EA's which are running on their platforms ( the profitable ones) and which could be purchased by any trader?? Why NOT?

Most traders are fooled by the ECN model which claims that they do not trade against their clients.
IT IS IN NO BROKERS INTEREST TO LOSE MONEY. THEY ARE HERE TO TAKE YOUR MONEY. PERIOD.

The only safeguard a trader has is protection of his capital in case of a broker going out of business for whatever reason.
Therefore you have a choice of proper "first world country" regulation such as the FSCS in the UK or you can trust all the bucket shop brokers who are mostly regulated in obscure "offshore" locations.

As a retail trader you are ALONE against the big boys. You are not only competing against your broker , but against banks and institutions who have unlimited capital and who loves to prey on retail traders.

Therefore:

Proper Reguation is Key.
Second to that comes your ability to outsmart your broker and other roleplayers with your trading skills. Your "edge" must be superior!

G.
Never Ever Give Up!
  • #9
  • Sep 17, 2016 4:51am Sep 17, 2016 4:51am
Quoting pcmaster
{quote} So who is your forex broker?
Dukascopy ...
MT4/MT5 EAs/Indicators/Alerts coder
  • #10
  • Edited 5:34am Sep 17, 2016 5:19am | Edited 5:34am
Quoting pcmaster
{quote} So who is your forex broker? faisalahmad ​Im from europe so will go for sure with FCA regulated broker. But still even about these brokers been hearing things about slippage and bad execution. Sparkoz, I will for sure trade small. Plan is to start with 100 bucks on activetrades. My plan is to trade what I know the best - Facebook stocks. I think thats where the money is cause stocks are easly predictable and like Warren Buffed said - good bussines will be worth more over time. Also...
My advice with brokers is you need to do intensive research before you hand over your money. One way is to compare charts . The cheating brokers run algorithms to either widen spread near stop losses and even spike price to take out stop losses. There was a confirmation on this in a FF thread not too long ago and hundreds of traders had their stops taken out when the rbnz cut rates. With communities like FF brokers are getting caught out. In this instance it was FXCM and was compared to a Pepperstone chart (who I use) and the spike difference was around 8 pips I have kept a screen shot for future reference . FXCM is a regulated broker in the UK and here in Australia so if the regulated brokers are doing this who can you trust?

FCXM is not a STP broker and go through a dealing desk, in comparison with pepper they are an ECN (stp) broker which means they cannot manipulate the price. I am currently setting up a blog where I will let the all the BS about forex trading out of the bag.

When we all start our journey into FX trading it happens to all of us we all have our dreams crushed but as time goes on and as you learn what its really about. The 1st thing is the love for it, if you dont love it its better to leave now because at the start you will loose all your money. The saying goes that 95% of traders loose is more like 95% of losers quit and the only reason why they fail is because they quit.

If you want the lifestyle you will get it. Forex trading has completely changed me from when I first set my eyes on a chart, you will discover thing about yourself that you never knew existed its like having therapy.

For me I love trading and will continue doing so and have made it my life.

Like you said its a business and has to be treated so.

Anyway here is the Pepperstone link https://pepperstone.com/en/

My blog http://www.forextradingforprofit.com.au Its in the very early stages atm only been live for a week still a lot of work to do but stay tuned

The fx market was and never has been set up to take pocket change out of the retail trader they are not out to take your money. Retail traders take up 4% of the total market its just a mere cup of water in the ocean. The fx market is almost impossible to manipulate like stocks are. Current price is just a reflection of the true value of a currency at that time and its value is determined by supply and demand.
20 Pips a day keeps centerlink away
  • #11
  • Sep 17, 2016 7:59am Sep 17, 2016 7:59am
Quoting Cobra
All brokers are the same. They will give you slippage, reject orders , widening their spreads and cheat you to death with decimal quoting. Most have plug ins ....designed to milk your account dry. They will tell you that they do not trade against you as they are an ECN/non dealing desk broker. If that is indeed the truth then they will openly advertise all the "winning" EA's which are running on their platforms to attract more business. If they say they are ONLY making money from transaction costs ( spread) then why would they not make public the...
Perfect
Never Gamble Forex
  • #12
  • Sep 18, 2016 9:29am Sep 18, 2016 9:29am
If you're concerned about brokers (which I would be in retail Forex) then try looking at futures. Centralized market, only main difference in brokers there is commissions etc. Yes, it will require more capital than the $100 you plan to start with, but well worth it.
  • #13
  • Sep 18, 2016 10:47am Sep 18, 2016 10:47am
If you are from Europe,there are plenty of good choices of brokers................It depends on your style of trading and amount to deposit...............I do not think that brokers should be a problem to herald your success...............The only problem that you should take care of 1st is yourself..................
atheer1
  • #14
  • Sep 18, 2016 11:09am Sep 18, 2016 11:09am
Unless you're a scalper who wipes his/her account upon a <1% movement in price the only thing you should care about with a broker is how fast you can take your money out of your account.

My approach has been to choose a broker who has a bank account in the same bank as me and who is from my home country. Thanks to this I receive my withdrawals within the day if I do them in the morning. So far I've stuck with 1 broker for nearly 10 years.

Even with the worst slippage and the worst stop hunting (things that are beyond the broker's control unless they are scamming) you will get results if you get good enough.

You can check if the broker is manipulating price locally by comparing price action with finance.yahoo.com (best reliable option I've found)
  • #15
  • Sep 18, 2016 11:27am Sep 18, 2016 11:27am
Thanks for advice FXrichard but I know how to trade FB stcoks.



Quoting atheer1
If you are from Europe,there are plenty of good choices of brokers................It depends on your style of trading and amount to deposit...............I do not think that brokers should be a problem to herald your success...............The only problem that you should take care of 1st is yourself..................
I have admiralmarkets in my country. Dont know how good they are but Im already starting with Activtrades.
Really I plan to start monday and have so much reding to do to be ready to trade with real money.

Thanks alexpi but speed of withdrawals are not so important to as I have enough money. I ussualy check price with CNNmoney.com
Doubt kills more dreams than failure ever will.
  • #16
  • Sep 18, 2016 7:37pm Sep 18, 2016 7:37pm
you will hardly find any bad reviews of brokers like global prime, rubixfx and jfd brokers. tallinex also really good


Quoting pcmaster
Thanks for advice FXrichard but I know how to trade FB stcoks. {quote} I have admiralmarkets in my country. Dont know how good they are but Im already starting with Activtrades. Really I plan to start monday and have so much reding to do to be ready to trade with real money. Thanks alexpi but speed of withdrawals are not so important to as I have enough money. I ussualy check price with CNNmoney.com
  • #17
  • Last Post: Edited 6:11am Sep 20, 2016 4:18am | Edited 6:11am
Quoting blamshakk
you will hardly find any bad reviews of brokers like global prime, rubixfx and jfd brokers. tallinex also really good {quote}
Thanks man. Global prime looks like best broker. Just the problem that non of your brokers seems to have facebook stocks.
Doubt kills more dreams than failure ever will.
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