Monday, August 24, 2009

How to find a right Forex Broker?

If you are wondering which broker is the best? I would say, everyone of them have their good and bad part of it. So it's up to you to choose which ever suit you the most.
There's lots of difference between them, even the price rate. Example, if you look at the chart above, the price where the arrow is pointing at, then compare with the price from chart below. This are 2 different broker and the price rate is 2 pips apart. How is that possible, which broker is out of range? There's never be an answer to it, if you ask me. I been through all the live chat with the brokers and non can give me a good answer. Everyone of them have their own excuse to it. I am using 3 different brokers so I know the difference from the comparison. Some offering me a 0.8 pip spreads. But there's more behind it that you might not notice. It say min 0.8 and not fix at 0.8 pips. Only the market off peak time you able to see 0.8 and when market started to move, it will open up to 1.6. Placing order also make a lot difference too. Some broker can offer min. 3pips apart for placing a pending order, and some of them are 50 pips apart, see the difference. I have a broker now with the offering of 2 pips spreads and it does stay at 2 pips most of the time. Unless during every news time, it will open up wide till it can reach from 2 pips up to 10+ pips of spreads. So if you are placing a buy pending order during news time, you really need to be cautious cos it will execute your order before the price reach your buy price target. You might not notice that some broker are using difference time zone. Most of them are GMT but some of them using their own server time. It does make a lot of difference too for your trading. Cos the closing time for the candle is different and the channel too will be different especially H4 time frame. So some of the brokers candle might show a doji and others might show a normal candle.
So, how to find yourself a right broker? EASY - which ever broker are paying you money is your right broker, is that simple.

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