Hi,
I hope this thread can lead to positive, constructive and useful conversation between a number of the wonderful minds here in forexintuitive.
This is not a thread to speak up /encourage or even post suggestions of ANY brokers' name. If and only if it is okay to theforexintuitiveprinciples shall we cite a real broker simply to use as an example of a service provided, gt;MODS please chime in if that isn't an acceptable way of notation.lt;
I intend and will be posting all my encounters with all three of these types of brokers.
Mostly ALL my posts with regard to this matter will be from LIVE trading, diverging to demo only in an effort to illue the
prior expertise, to dwell trading, with stated broker kind.
There are celebrities alongside certain terms which suggests that I will elaborate further in later posts
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What I would like to see at some stage - is an arrangement amongst traders here
of exactly what the best type of broker is for the independent, or for that matter any off exchange trading party. I also hope this thread can slice through a number of those smoke in mirrors that many brokers use as marketing egies to employ new found money in their shop.
Ideally, there'll be a conclusion in the end. I encourage everyone to donate, this is an effort to put a great deal of great knowledge in 1 place for the larger good.
To make things even more interesting, for those who may not feel as giving an impression in words, I ask you to PLEASE VOTE, at the survey will attach.
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Everything we're looking at here is trading FX, plain and simple, The simultaneous buying and selling of one currency against another, making both a long and short position at the desired pair (for those that don't know.) Or as I like to phrase to family and friends, It is just like going to the airport exchange office - Had I been an FX trader the last time I was in CDN! I would certainly exchanged my USD/CAD way ahead of the trip!
Additionally, unless you are a central bank, hedge fund, large multinational corporation, market manufacturer FX or alternative or somebody who's capitalized wealthy enough to give liquidity (ie: Warren Buffet) to the largest money market in the world ForeX, you are off exchange trading. Not within the inner group of (a quite little in global retrospect) central banks that include (trade with eachother) the real FX Interbank (this terms is to frequently thrown around at the retail market) Foreign Exchange has no centralized place place of exchange like additional EXs - ie; NYSE or NYMEX /ComEx -- etc..
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Therefore the choice here is simple. How do YOU / we the retail consumer/trader receive the nearest way to being on market?
Everything you/we need is easy - however - multi-fold:
-Transparency - In quotes, spreads, business practices. * (I'll return to this later)
-Tight Spreads with reduced commissions.
-Reliability - Client service that's THERE. Tech support
-A Platform - that packs YOUR NEEDS -ie(scalping? - news trading? Etc) not mine - maybe not the man next door - maybe not other members - YOU and only you're the one that matters.
-Orders Filled** TO WHAT THE MARKET DICTATES. Ie: Sunday open a true GBP/USD spread will be different from Sunday 5pm to Monday 3:AM
-NO re-quotes - NO odd messages preventing you from earning profit/ taking trades - ie trade circumstance busy
-Minimal technical shocks if any - ie; no host link, no access to trading host in high volatility (LDN/NY cross / Asia Close LDN open)
Etc. the list continues.
Seems like a lot? Not really this is the BARE minimum a broker that's profiting every time you trade needs to and can offer.
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I am having some difficulty with thinking prior market manufacturers, are currently NDD/STP. I shall explain my potential contradictions of a former MM broker truly offering NDD/STP. Where as an with an ECN - (NDD/STP) goes without saying.
And that I SINCERELY feel that MMs have made it TOO straightforward to exchange for the retail user using Far removed software Like MT4, for people to operate losing EAs (I do not use any EAs currently) along with other un-edued mass trader to get rid of money, like a drop in the bucket! LoL -bucket shops.
Sure MMs can provide other proprietary means to trade, nevertheless, even if the most prosperous card counter in a black jack table is KEPT playing against the house he also will LOSE. Forex should not be treated as a bet - rather a multinational startup firm to the freelancer CEO/CFO/COO all of that are YOO or YOU!
A couple of nuggets,
Why does MT4 generally have fixed spreads? = MM4
Why does MT4 or other prop MM trading never provide MARKET DEPTH? To show Actual orders occurring in REAL TIME by additional Traders, institutions and banks?
Why do Prop trading MM platforms not show WHO the liquidity Providers would be that are Quoting the prices you are taking? (SOme ECNs DO)
Why are spreads and transactions simple to take (4 pips) if the true market may have a 30 pip spread? At low liquidity instances on a pair such as GBP/USD?
Would these alone not make you Question Where your Hard Earned Money is Going?
I enjoy the Simplicity and Simplicity of use within an MT4 chart, nevertheless can't we do the same TA on others????? YES. I am not bashing the MT4 system, Just the ultimate pair of a MM using a too simple / not enough thickness software combo to the ordinary FX interested person.
Just wanted to get the thread started and hope many here inforexintuitivewill see, vote and donate.
Sincerely,
EDIT
Edit:WELL I WROTE A LOT HERE AND REALIZE NOW There's A STICKY ABOVE THIS ABOUT THE Exact Same TOPIC!!! LOL I THOUGHT that I READ IT.
Yet there are many differences and I have decided to leave the thread up.
PLEASE VOTE PEOPLE - THE CONCLUSION IS FOR THE GREATER BENEFIT OF THE MEMBERS HERE ATforexintuitiveAND YOU!!!! TOO! [/color][/b]