Now, I created this thread sequel to a couple of misconceptions flowing around this thread - https://www.nairaland.com/1191858/forex-trade-alerts-season-13/267

I quite find it hard to believe that some of the acclaimed forex traders on here don't understand the workings of the Foreign Exchange Market, the Participants or the Brokers (and how they operate).

This is going to be a couple of long posts and I may miss out a couple of points, so feel free to ask questions or share your views.

I don't plan to go type a long lecture on Forex Trading as a whole. But I will shed on light on Individual retail traders and the brokers.

Just go to - https://en.wikipedia.org/wiki/Foreign_exchange_market

And this - http://www.investopedia.com/articles/forex/11/who-trades-forex-and-why.asp

AND get some insight on how the foreign exchange market works as a whole, the several levels of access (which in the real sense is determined by your capital) and participarts.

I will clearly state here - there is NO central Forex Exchange. I've seen several posts that seem to suggest that every market participant is trading in "one big pool". Click up the links and read it thoroughly, it explains certain things you need to know first.

I would need to type several long posts to explain everything here.

I'll post advantages of both models and other information.

Subscribing.

aboard

Good post here. Ride on bro.

space booked.

Nice thread. As long as Money Makers forex brokership, I guarantee traderxp is best, great insights and customer support. See my signature

I'll answer those two questions above. However, let me chip in something. I dug out an email I received last year sept from a "panicked" trader.

He was on Silver, 12 Sept to be precise. Notice the sharp drop in price to below 33.35? I confirmed on my end that day and told him there was no such spike - even confirmed from a couple other traders.

Most of you can shift back in time on your MT4's (simply hit "Enter" on the chart and type in the time to go to i.e DD.MM.YY, you can also type in DD.MM.YY HH:MM to jump to the exact hour and minute) and confirm.

Screenshot he took attached. (I've blanked out his account number for privacy)

Compare to this second shot. [Attached Below]

Now you tell me what would have happened supposing you had a stop loss in there?

I think that happened with Instaforex, I had that kind of case before.

(2) Could you name 5 brokers each that are ECNs and MMs? Let me contribute a little. Talking about ECN brokers, DUKASCOPY, HOTSPOTFX, FXCM, FXPRO and XEMARKETS. There are lots of other good ones!

XHTML: I'll answer those two questions above. However, let me chip in something. I dug out an email I received last year sept from a "panicked" trader.

He was on Silver, 12 Sept to be precise. Notice the sharp drop in price to below 33.35? I confirmed on my end that day and told him there was no such spike - even confirmed from a couple other traders.

Most of you can shift back in time on your MT4's (simply hit "Enter" on the chart and type in the time to go to i.e DD.MM.YY, you can also type in DD.MM.YY HH:MM to jump to the exact hour and minute) and confirm.

Screenshot he took attached. (I've blanked out his account number for privacy)

To support your claim, I have similar experience back in the early years. My micro account was liquidated by a single spike but fortunately I took the screenshot of the chart on 15min timeframe. Then over the weekend I was backtesting and studying my 15min timeframe startegy at that time and to my greatest surprise I couldn't locate this spike that took my account out again. After thoroughly searching and checking with other broker's chart I was convinced of feed manipulation by my broker and took it up with them. I mailed them the screenshot I took as well as the screenshot of the account statement to show them the exact time my position was closed which correlated to the time of the said spike.

Two days or so after, they got back to me appologizing and blaming the anomaly on "wrong data" from their feed source and they refunded the exact money I have left in the account prior to that last trade. I withdrew that money out and of course that was the last time I funded that brokerage. Now imagine if I had not taken the screenshot at that time, how on earth would I have been able to buttress my point and win my claim with that broker. Another saving grace was the fact that the screenshot was taken on a 15min timeframe which makes the said spike clearly visible otherwise had it been taken on a higher time frame (e.g 1hr, 4rh), it might be dificult to track down to the exact time.

The above and similar manipulations which are not visible but only to the trained eye clearly explains why one can be succeeding on a demo account but it is a different ball game entirely the moment you go live especially with the market makers and deal desk brokers. The broker in question was even a well rated broker at that time. These things happen and experince they say is the best teacher. Nowadays, I compare my chart on three different brokers and automate the taking of screenshots with EA especialy when my orders are opened and closed so I can have a reference point just in case issues arises.

Since broker gimmicks is a hot debate among traders, I don't really have the time to be convincing people about these things that happen in the forex world but just decided to present the above here seeing a good platform to do so. Quite a lot of traders only focus on trading strategies and does not bother with the kind of broker they commit their fund. Clearly the odds are in ones' favour when trading with honest brokers while it is difficult or almost impossible to succeed with the crook ones.

.....very insightful!

@ XHTML and profitlift thanks for d info,pls can you proceed by telling us those honest/riht broker(s)?

kasonud: @ XHTML and profitlift thanks for d info,pls can you proceed by telling us those honest/riht broker(s)?

Pls can u guys still continue ur tutorial....u're touching destinies here. Kudos 2 u all.

kasonud: @ XHTML and profitlift thanks for d info,pls can you proceed by telling us those honest/riht broker(s)?

I will rather want to advise you to go for brokers that are strogly regulated. You may also want to consider those that have good ratings across forex trading forums. Also, any broker that can provide you with their historical data since the beginning of their operation is signalling honesty and transparency.

@profitlift could you mention the name of the broker above to avoid others suffering same fate

I'll be completing my post shortly. Takes a bit of effort to type lengthy posts.

@XTHML....still waiting to hear more

XHTML: I'll be completing my post shortly. Takes a bit of effort to type lengthy posts.

Haba oga mi y dey do lik ds u no want make we learn frm u again,pls we are waiting.........