The Forex Noob

I have brokers on my mind. I have activated a live account … with real money! My money, not demo bucks! So of course I’m wondering if I made the right choice in brokers, should I have bought  FAPTurbo and Forex MegaDroid (it is fun testing and writing about them), should I even be doing this……

Yea, I believe I can be profitable at trading forex. Besides, I enjoy it and once I get a few days under my belt with my own money I’ll settle in. But did I go with the right broker? I didn’t get everything I wanted in a broker but I did get many if not most. And after all when reviewed the top rated forex brokers only get favorable ratings in the 40 percentile. Now I find out that not all forex brokers are really forex brokers!!!

If Rick is correct places like ForexMeta and others using a clearing house are NOT FOREX BROKERS. They are instead a type of affiliate. Look at Rick’s comment:

Hey Noob,
“ForexMeta” is not a broker — it is nothing more than a rebate tracking program set up by FXDD — FXDD has tried to make it appear as if “ForexMeta” is an independent broker, but that is a deception — the reality is that ForexMeta functions more like an “introducing broker” program — it is just a way for FXDD to know who to send the spread rebates to….”

“If the FAPTurbo guys introduced you to ForexMeta, they are the ones who will be receiving the spread kickbacks on your trades — you noticed that the MegaDroid guys “recommend” ForexMeta as well…”

Now it makes since why FAPTurbo and Forex MegaDroid recommend ForexMeta (FAPTurbo also recommended FxPro and FX Solutions I believe) their robots don’t necessarily work better with those brokers they’re just getting a piece of your trading action through an affiliate program! I don’t have a problem with making money or affiliate programs, Introducing whatevers or anything like that. I take issue when it is done deceptively or not disclosed upfront in an easy to understand manor.

I’m glad I got that off my chest. Is this common knowledge? Do I not know these things because I’m a noob or is this something most are unaware of?

For the record, I am not unhappy with my broker. I have had no issues but have just been with them  a little over a week. I’m just surprised at the level of what I view of deception and cohersion in the forex world. You guys and gals who have stuck it out for a few years or more deserve a cheer.

Oh, links to any broker are for your convience. I have no affiliation with and make no money from any. Some of the product links are to items I have affiliate programs with. Even so, i’ll tell you about my experiance with a product good or bad.

Thanks for your time,
The Forex Noob

Next week should bring a more regular schedule to my life and better posting. I’m just glad the weekend is here although that means soccer, yard work and all that fun stuff. I should have time to finish getting my new office arranged and my computer done. I did have all of the accounts running last night and had fun with one trade myself. I just want time to learn a little each day. This one day on, two days away from forex only confuses things. Oh well, that’s life.

As you may be aware I have had Forex MegaDroid is loaded on four demo accounts with different forex brokers and on one live account. Yesterday I replaced MegaDroid on my live account with the EURUSD long term strategy of FAPTurbo. My live account is the only one currently running FAPTurbo I just haven’t had time to load it on the rest and since Friday and the weekend were close I decided to wait and do it so it’s ready for the new week.

In any case Forex MegaDroid has made no trades on any of hte four demo accounts since the two initial trades on 4/22 (Morning Forex Update 4/22 – FAPTurbo & Forex MegaDroid). If you remember those trades were within minutes of the Droid being set up on the account. Nothing since on any account.

Last night FAPTurbo turned on for a bit. In the image below you’ll see the EURUSD long term strategy trade for $-3 and two USDCAD trades, $10.62 & -$3.27. The USDJPY trade was mine done while playing with an indicator I have loaded. Looks like it took me an hour to make $8.

All in all FAPTurbo was positive although just $4.35

At this point I am uncertian about forex robots. We all are looking for an automated way to trade that makes money. That’s not an easy with something as unpredictable as the forex market. My feeling is that settling in on a system that fits your time and life may be a great way to trade. Work that one system and forget all the hype about AI and hands free trading.

Now, where do I buy that system…….

Thanks for your time,
The Forex Noob