Forex market is the most dynamic financial one on the face of this planet. It is so dynamic that there are no key controlling body to endorse rates and tick data. Could very phenomena has already been the back bone of forex, some brokers improper use it against theirown clients for the purpose of manipulating the market trends and conditions, simply because the average trader cannot confirm the authenticity of the data and signals provided by the broker. Do you still think yours is the greatest forex broker in the market?
It is true that the most important part of trading forex is not the trading strategy but a balance between all components involved in trading decisions. Even if you do have a holy grail of a system, it can be useless if you don’t have the best foreign exchange broker to go with it.
Therefore it’s preferable for you to learn the truth about so-called top forex brokers now, rather than later.
The questfor the Best Forex Trading Broker
Let’s face the fact. Everybody is present in business to make money, including the brokers. There are mainly two types of agents. Dealing desk and non-dealing desk. An important reality to know when you trade is, in a dealing desk environment there is hardly any win-win situation. So-called top foreign exchange brokers may even be trading against you.
ECN Brokers are Ideal
Now the question arises, how to get genuine non-dealing desk agents? Simple. Go and locate the best ECN brokers. Even though it sounds simple, there are few considerations around it too. For example, the ECN environment might not be offered with small size account holders such as ‘micro’ or even with ‘standard’ accounts below a certain deposit margin. So if you wish a real ECN broker, low minimum deposits may not be an option.
Some Agents Work Against You
It is also true that some agents not only may trade against you but also send some fake spikes and dips in rates to terminate your open profitable trades. It is a dirty tactic used by few so-called “best foreign exchange brokers” to capitalize on the unsuspecting novice traders’ innocence.
Do Your Research
Genuine time results in identical demonstration accounts and live balances of the same agent may highly differ. I personally did not need to know why, but think to show how much control a broker has over traders’ balances. Another experiment that is very easy is that you cannot simply trade using charts and data from a different broker unless they are genuinely non-dealing or ECN brokers. It does not matterin this business thatwhether you are an experienced investor or simply starting your foreign exchange career from scratch, thorough research about how precisely top forex agents operate and their genuineness are on the credit cards.
Make sure to perform proper research even before you open any demo accounts with any of the brokers. Since novice traders tend to stay with what they are familiar with, in substance, demo accounts get easily transformed into real accounts. Therefore open your demo balances wisely.