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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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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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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Help answer the question about Online Broker

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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Getting involved in the Forex market can be a very exciting time in an investor’s life. Even if you have never taken part in this type of trading before, it is a relatively easy thing for you to learn the basics, although there is always going to be something that you will be able to improve on. The Forex market is available five days a week on a 24 hour a day schedule so it makes it one of the most accessible forms of trading that is available. Even with all of this, however, many people don’t realize that the Forex market is not open to the public. In order for you to begin trading, you must go through one of the regulated Forex brokers that are available.

Choosing a broker is a very important part of making sure that the trades that you are going to make will be successful. Although many of the regulated Forex brokers are able to give you advice as far as the trades that you make, many times they are just there in order to help you to place the trades on the market. That is because there are a lot of software programs that are available which help individuals to be able to recognize trends and indicators within the Forex market that will identify successful trading patterns. Even so, it is still possible for you to talk to your broker in order to get advice, especially if you’re just starting out.

Even if you use one of the online Forex trading systems, there is still going to be regulated Forex brokers who are behind it all. These are the people that actually make the trades and have the authority to set up the systems which will allow you to buy and sell within the Forex market. Most people don’t give much thought to this entire process and they just use whatever system is available. Going with one of the regulated Forex brokers that is going to be around for the long term, however, can help you to avoid some sticky situations that may happen to you in the future. After all, the last thing that you would want to have happen is for your broker to decide to disappear on you or perhaps claim bankruptcy in the middle of making one of these trades for you.

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Christoffer X Altesino

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There are lot of differences between traditional brokers and online brokers. A traditional broker is a human who can give accurate guidance for selecting right market and asset to trade. These brokers study lot of resources available in the Forex market and make use of those documents for the advantage of their clients. They can help customers making a trading plan based on their emotions, and financial backgrounds. But they charge very high consultant fees and have slow trading process. Recognized investing firms and long-term investors get more benefits from their services.

Similar to traditional brokers, online brokers perform dealings in exchange for commissions. The basic difference is that the online broker provides internet-based (electronic) access to client accounts. They make use of different computer programs and communication networks. They can provide timely financial news, information, real-time quotes, charts etc.

Coupled with the elimination of direct human involvement, online brokers charge very low trading commissions compared to traditional brokers. They can provide access to electronic quotation services, which bypass the costs of dealing with the major stock exchanges. With the online trading, the trader is capable of getting more control over his money and purchased assets.

This article is written for Orient Financial Brokers (OFB), licensed and regulated by Central Bank of the UAE since 1997, to conduct brokerage in Foreign Exchange, Commodities, etc.