Can Forex Brokers Make a Difference in Your Trading (follow up)?
14 Years ago | October 23, 2014 9/30/23, 12:00 AM
In response to our latest Ask Your Advocate article, I got the following reply from a highly respected trader. The reason I am doing this follow up is the reply brought up some good points and highlights the difference between brokers. Any broker can give good fills in a quiet market. It is in active markets that quality brokers can make a difference. See why.
The following are posts from the Global-View Forex Forum in response to Ask Your Advocate: Are Forex Brokers to Blame for Traders Losing Money?
london red 19:49 GMT October 22, 2014
Ask Your Advocate: Are Forex Brokers to Blame for Traders Losing Money?: Reply
Jay, I would say this to people on brokers.
Buckets have their uses so let’s not bash them too much. You don’t have to trade with them but beginners choose them as lots are small. But they do you no favours outside of static markets. So if you are trading data events, you will find delays, requotes, excess slippage, scalping bans and even system outage coming into play.
These days there is no excuse for not using a one click instant execution broker with liquidity provided by major banks and other institutions. minimum account sizes are about 10 grand upwards.
london red 20:03 GMT October 22, 2014
Ask Your Advocate: Are Forex Brokers to Blame for Traders Losing Money?: Reply
thanks Jay but not looking to switch as v happy with the ones i have but in that case id suggest anyone frustrated with their broker to contact Jay. it really is a v important part to trading. you are going to lose money, hopefully less than you make, but when you do lose, let it be down to your stop being hit and not poor service from your broker
Red's comments raised a good point and that is any broker can execute in a quiet market but the time you need liquidity is in a volatile market. This is most important in times when you are looking to exit a trade but also when trying to enter one at a fair market price as well. In this regard, a quakity forex broker can make a difference.
Where I differ with red is that there are quality brokers who quote with insitutional type pricing, one or two click instant executions with very good liquidity, no restrictions on the type of trading (e.g. scalping), modest minimum account size and no dealing desk. We are not soliciting for brokers but offering suggestions that we think could improve your trading experience in our role as an advocate.
If you would like details on some of these brokers, send an email to jay@traderesadvocate.com
Jay Meisler, founder
Global Traders Association
