Tearing Up the Forex World

I will constantly mention how important it is to associate yourself with someone you trust in the Forex world. You must have a broker you can trust. If you think that he/she is pulling tricks in the back office to give you bad fills on your entries or exits...if you think they are running your stops just to take you out of trades, you're going to have a hard time pulling the trigger to actually do your trading!

Having a broker you trust is essential.

I have heard horror stories of brokers who have done the very things that I mentioned above. I have had brokers that I believed were doing that to me. But it is a legally dangerous thing to go around accusing people of something you can't prove, just because of a hunch or anecdotal evidence.

So rather than give you a list of the brokers who I feel are unethical, let me extol the virtues of the ones I really, really like. And for you who already have a broker, skip on down to the bottom of the blog for a special treat. You'll be glad you did!

Hopefully this will get you started. If you already have a broker, that's fine. You may at some point wish to have a second. Especially now that in the US you are no longer allowed to hedge your trades. Hedging can be easily accomplished by performing offsetting trades at different brokers. It's not as hard as you think!

Also, you may want to try out the speed and accuracy of fills for various brokers. At any rate, here is a list of my top three. I do not get any compensation from any of these brokers.

MG Financial---This is where I made my first profit in the Forex. They are excellent to deal with, the set-up and paperwork is smooth, and I never had any trouble with what I thought were underhanded tactics to separate me from my money. But, I no longer have an account with them.

Why?

Because after my initial profit, I steadily ran my account into the ground through carelessness and stupidity. No matter how good your broker is, they won't be able to offset those shortfalls.

FX Solutions---Another class act. Their trading interface is wonderfully easy, and they offer accounts for US citizens who want to trade in the UK and Australia. Again, if you want a legal and simple workaround for the non-hedging policies adopted here in the US, or not be forced into the FIFO rule, this is great way to do it. bI also like them because their spreads are fixed. They ARE NOT the narrowest in the industry. But in times of volatility, they never have widened since I have been with them, which is going on several years now. This allows you to trade around news announcements (if you like) and not worry about huge spreads entering or exiting your trade.

FXCM---Just because I list them last does not make them least in my book. I still have an account with this broker also. They offer the smallest spreads that I know of in a large company. And if a firm is holding your money, you want them to be a large company! Let me warn you...spreads will widen under times of volatility, so be careful around news times. But for scalping, and for a supreme news website, they cannot be beaten.

Finally, for those who already have a broker that they just love to death, here's another little something for you...someone else you can trust...OmniForex. You'll see a link to their company and their product on the upper right side of the blog. Just $5 bucks and you can try them out. They are not a robot, but an AI (artificial intelligence) product worthy of your try and trust. For those just getting started, you'll like the ease of their signals, their multiple time frame analysis, and customer service. (I do get compensated for showing them to you, but once you try them, I don't think y0u'll mind!)

Happy Trading!