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

I finally took the leap and opened a live account with a forex broker. After over two months of demos, testing customer service, reading reviews and checking out sites I funded an account.

Here’s what I’ve learned:

1 – No matter what the broker someone hates them and someone loves them.

2 – Be careful and read each brokers info thoroughly. Some brokers are registered with NFA, CFTC or others but read and see if their forex division is registered or if it is other divisions that are. You’ll be surprised. Also, pay attention to what accounts may or may not be ECN. Some forex brokers advertise that they are ECN brokers then when you read their ECN accounts require larger initial deposits, $3500, $5,000, $10,000, etc.

3 – You will not find the perfect forex broker so go with one you are comfortable with. Have your priorities on paper and rate each broker.

4 – Setting up an account and funding it is not as easy as they lead it to be. And it shouldn’t. If you can be signed up and trading in 5 minutes I’d be sceptable of the broker.

5 – Customer service is extremely important. Test them out. We all hope to never need help but in case you do you want a quick response from a knowledgeable person.

6 – Once set up remember it’s now REAL MONEY. No more playing. The demo’s are gone and if you lose your money it’s gone.

Now to get down to business. Not sure if I will be installing either FAPTurbo or Forex MegaDroid on it or not. Their preformance has left me underwhelmed.

Thanks for your time,

The Forex Noob

With a dealing desk broker when you open a position they take the opposite side, correct? You and they are trading against each other. This human involvement along with the opposing position element has raised accusations of brokers cheating.

I’ve read stories about unscrupulous dealing desk forex brokers who artificially spike a pair to cause you to lose. But my question is do they cause only your chart to spike or does anyone trading with them realize the spike?

If they can only spike one traders chart causing that person to lose it seems that would cause a control nightmare. How many thousands of traders would they have to watch and manipulate?

If all traders experience the spike wouldn’t it make since that some traders would benefit from such an event and so the broker would, in the long run, break even?

I admit I don’t fully understand how this works but it seems that accusations about dd broker spikes to cause traders to lose is a bit hard to swollow.

I was asked about my reference to the spreads for the two demo accounts I’m running, FastFX & FxPro. Here’s what I have showing.

Screenshot of FastFX chart running Forex MegaDroid

Screenshot of FxPro chart running Forex MegaDroid

Am I incorrect when I say the spread for FastFX is 2 and FxPro is 20? I’ve been confused before so help me understand if that’s the case this time.

Thanks,

The Forex Noob

I appreciate good customer service. I love good marketing practices and when a company asks like thay want my business. Better yet when they act like they want to keep my business.

FXCM has by far the best followup of any forex broker I have contacted. They appear to want my business. They even offer system building!

Forex System Selector (FSS)

Automated Systems Trading

Build Your Own Automated Trading System Using the Best Parts of Over 40 Backtested Systems.

FXCM has professionally designed email followup as well as a very good snail mail followup process. No other forex broker has worked as hard to earn my business. And I would consider them: no dealing desk, MT4, good spreads, above average customer service….but no spot Gold. That is a must for me.

I have read numerous reviews about FXCM both pro and con (seems you either love them or hate them) and would open an account if they offered Gold.

This weekend I choose a broker. Right now it is between two but I’m open to others.