I earn a living in providing forex education but for 12 years, I was a forex broker and can tell you the three forex broker myths enclosed, will damage your chances of winning at forex trading so here they are…

1. Forex brokers Hunt Stops

No they don’t they don’t need to.

Consider this most forex brokers are market makers – this means that they win when you lose. They know over time that an average of 95% of traders will blow their money and that’s great odds if you’re the dealer.

They don’t need to try and get the forex trader to lose; he can do that all on his own.

The story about hunting stops is put about by day traders most of the time. The problem is there not going to win anyway, because their stops are within random volatility and their bound to lose over time – so they pick someone to blame their broker!

It’s not true

I have never ever seen a day trader win and I traded in excess of 9,000 clients, it’s a mugs game. Instead of blaming their broker, the forex day trader should look at a more logical way of trading.

2. Demo Accounts are Great Way to Learn

Learn what exactly?

Maybe how the mechanics of orders work – but there of no use whatsoever in helping you trade, because the most important part of the trading experience is absent – Money!

Its trading money that creates pressure and you can’t get that from a demo account. Try trading real money and it’s a lot harder.

So when a broker tells you they can help you trade successfully with a demo account, don’t believe them.

95% of traders who make money with demo accounts, burn their money in real time trading.

3. A Broker Can Give You Advice

Never ever take advice from a broker and have a broker assisted account and the reason is obvious:

If brokers could assist you in making money, they would do it for themselves and wouldn’t need a salary! They would all be traders instead. Trading success comes from how you trade – your responsible for profits and your currency trading success – don’t let anyone tell you any different.

What Makes a Good Broker?

Very simple these 3 points

1. Tight pip spreads

These should be as low as possible why pay more when you don’t need to? Pay too much and that is subtracted from your profit and added to your loss hurting your bottom line profits.

2. Security

There is no point in having great services and fees and your broker goes bust! Check how long they have been in business, security of funds etc

3. Trading platform and support

Should be easy to use reliable and you should have 24 hour support.

The above is what a good forex broker should provide and if you want to be successful, avoid the forex broker myths enclosed and choose one based upon the above points.

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Help answer the question about Online Broker

What is the best online sub-penny stock broker?
I am looking to invest in stocks that are currently under $0.01 per share. Tradeking which is my current online broker states that it does not allow trades for stocks under this price and also adds a $0.01 fee per share for stocks priced under $1.00. I would like to know which broker people use to trade sub-penny stocks without outrageous fees. Thanks

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Kelly Price -
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What is an online stock broker that allows kids to get accounts with a cosign?
I am a 13 year old kid, but really want to invest in the stock market. My parents will cosign but I want to invest online. As far as I have looked, I have not been able to find an online broker that allows you to do this. If any one knows an online broker that allows this, please answer.

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Anil Kumar Raju Addipalli -
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You have a choice of lots of good forex brokers but most traders don’t really understand that many of the services they offer will see you destroy your account.

Let’s make a couple of points clear about the majority of forex brokers:

They are market makers this means when you lose they win as they take your account on there book – there interest is in you losing to make money. Now is this a bad thing?

No not at all it’s why they are able to offer you such a great service and the fact they win when you lose helps them provide a service.

Don’t fall for the myth that brokers hunt stops and try and make you lose – brokers don’t bother. They know that the trader will beat himself without any help from them, so they don’t need to.

95% of trading accounts get wiped out and that ends up in the broker’s pocket.

So they offer great services but most traders don’t know what to expect from a broker and misuse them and fail and keep in mind the broker is playing the odds of most traders losing and if you cannot use the services they provide properly that’s your fault.

Leverage

You can get up o 400:1 with most brokers today and that’s great but high leverage in a novices hands soon leads to wipe out just because you get given bi leverage doesn’t mean you have to use it all! 10 20:1 is enough for most traders especially novice ones.

Low Minimum

You can open an account with $50 online today and while this allows anyone to get involved trading $50.00 is pointless as you will get destroyed by random volatility and of course leverage if you use it. Sure anyone can trade but forex trading needs a capital base which can allow you to take a few losses so think in the 1 – 5,000 as a minimum and 10 – 20:1 leverage as the maximum you should use.

Forex trading is all about staying power you are going to lose at some point and have drawdown and you need to ride these periods out and you wont do that on 50 or 100 bucks. If that’s all you have, forget forex trading.

Broker Trading Guides and Research

Most of the critical info provided in the guides is nothing of the sort its stuff you can get anywhere online. Do you really need to be told to cut losses and run profits or you must be disciplined? Research is normally news stories and obvious technical levels – if you want to lose follow there research!

Demo Account

A good idea on learning the basics of the trading platform waste of time in seeing if you can win at trading. Many traders are good in demo account and then blow their accounts up in real time. Real time trading involves pressure and without it you don’t have an authentic trading experience.

When you get a broker keep in mind all you need to do is select them on the basis of pip spreads, ease and reliability of trading platform use and the security of your money and then all the services offered to you be careful of them as they are double edged sword.

Brokers don’t make you lose, they provide you with the base to win and offer excellent services but make sure you understand them and use them correctly.

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Which discount online broker is best for a beginning investor?
I want to start by investing a small amount of money, something around $1000. I want to use an online discount broker such as E-Trade or Sharebuilder with INGDirect. I was wondering which of these brokers is best for a beginner. I would like to avoid any large fees or commissions. Thanks for your help!

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Kelly Price -
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The popularity of option trading has grown over the past couple of decades, mostly due to everyone having easy access to the internet. Like penny stocks, options appeal to small investors because the initial cash outlay is smaller than actually having to purchase the assets. It is for this reason that many go swimming in the option pool without first learning how to swim. Before they know it, they are in the deep end,  treading water and going under. So before you venture into this high risk high rewards from of trading you really have to do your homework. In fact, many of the online brokers have their new clients show proof of option trading experience before allowing them to trade in options.

Like most things having to do with the market, options began as way that commodities could be assured of a future price. No one knows who came up with the concept, but to hedge their bets options were created. Remember, an option is a contract between a buyer and a seller that gives the buyer the right, BUT NOT THE OBLIGATION to buy or to sell a particular asset (the underlying asset) at a later day at an agreed price. What began more than 150 years ago at the Chicago Board of Trade, Kansas City Board of Trade, the Minneapolis Grain Exchange, and the New York Cotton Exchange, has evolved into the fastest way to make or lose a fortune.

The modern trader does not hold onto an option very long. In most cases the option gets sold the same day it was acquired. The secrets to finding the right asset to option are twofold. You must look for a stock or commodity that has a lot of movement, up or down doesn’t matter. Second, there must be higher than normal volume. If you are not properly trained or at least have some options market knowledge, you can lose your investment in an instant. I am of course referring to the American market where an option  may be exercised on any trading day on or before expiration. A  European option may only be exercised on expiration. There are several different styles of options available. This is just one of the many things you must know about to become a successful options trader.

Your Options Are Many

Types of options are
Exchange traded options which are:
1. stock options,
2. commodity options,
3. bond options and other interest rate options
4. stock market index options or, simply, index options
5. options on futures contracts
And…
Over-the-counter options:
1. interest rate options
2. currency cross rate options, and
3. options on swaps or swaptions.

I don’t profess to being an expert, but I do know of some. I obviously don’t have the time to go into all the details now, but at my site Market Mentalist you will find all you need to know about investing online. There is an abundance of articles and product information on Online Options Trading Offers a Great Future. There is access to some of the top trading systems available including software, books, newsletters, and Forums. Whether you are an inquisitive novice or a seasoned pro Market Mentalist offers the online investment resource you just might be seeking.

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What online broker settles funds the fastest?
What online broker settles funds the fastest?

I use scottrade and they take 3 days to settle.

Thanks.

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Avery Mann -
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Now in my late 50’s, I consider myself to be a Jack Of All Trades And Master Of a few things. I was a struggling actor for 25 years. During that time I learned a little about a lot of things, and would like to pass along some of that knowledge. As an experienced trader, I can tell you that this the time to take advantage of the market and Online Options Trading Offers a Great Future.

As a FOREX broker in the late eighties and nineties, I traded thousands of clients and as you will probably guess very few made money.

There were two groups that constantly lost and one group that won.

Let’s look at one of these groups in more detail.

In my first article on my broking experiences I discussed day trading and why you can never win at it.

Here I want to look at another type of losing trader – The Educated Fool.

I have taken the above phrase from Jake Bernstein (an excellent writer on trading psychology) and every broker comes into contact with him.

He is normally very clever, arrogant and, develops a complicated system, that promptly loses all his money.

The lesson here is:

Trying to be to clever when trading with an online FOREX broker will see you lose.

The Myth.

Today, we live in a world where we constantly marvel at the developments in science and technology, that are changing our world at lightening speed.

Some of the developments are truly staggering and we can only marvel at some of the developments.

Many traders see this appliance of science and believe that if they apply technology to the markets they can get a trading edge.

Think about it:

Your PC on your desk has more processing power than was available to Mission Control Houston, when they landed a man on the moon!

You have charts, the capacity to back test huge amounts of data and a vast amount of online news available to you with the click of a mouse.

So do all these tools increase your capacity to make money?

The Reality.

The answer is no and the facts support this:

Today 90% of traders continue to lose despite having better tools and FOREX education than ever before.

The fact is:

The appliance of all these new tools will not only not help you make money, they can also ensure you will lose.

The Educated Fool

The educated fool doesn’t understand that being clever and cocky is not a way to make money from trading FOREX markets.

Generally, this person thinks he is clever and as a consequence invincible, but he is in for a hard lesson.

I have seen numerous traders with masters degrees and incredibly clever, get obliterated in the markets.

What they don’t understand is:

Simple systems combined with discipline make money – not complicated methods and cocky attitude.

If you read about the great traders (and a good place to start are the excellent books by Jack Schwager- Market Wizards and The New Market Wizards) which interviews lots of different traders all making money and guess what?

They are all generally using relatively simple systems.

Why complicated systems fail

What the educated fool fails to understand is, that markets are essentially an odds game.

Cluttering a system with to many indicators means:

It is less robust than a simple system with few indicators.

Furthermore, the educated fool when his system is not working tends to think more is better!

So, he clutters his system with more and more variables and indicators and this ensures it fails.

In the markets you get your reward for being right – not being clever.

If you want to be right, a simple system (with just a few indicators) will in most cases beat a highly complicated system.

The facts of winners to losers supports this view.

Most traders who succeed use simple systems and are humble and they know the market can and will make them look stupid at times.

I remember one trader a very clever man, with a higher degree in maths saying to me:

“I can’t understand why my system doesn’t work, I will make it work”

My answer of:

“Why don’t you try getting a new system?”

Fell on deaf ears and another educated fool got wiped out.

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Sacha Tarkovsky

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