Neemsa both miike and debno have made some excellent...

Neemsa both miike and debno have made some excellent points.Number one in my books is "Money Management" as stated by miike if you can't manage your account properly using a demo, then a live account is probably not the go for you as yet i.e. don't rush into it straight away with a live account( i know the forex market is exciting) but imo i would spend alot of time reading books,researching and educating yourself by surfing the web for excellent sites and the one that debno has put up is actually one of my favourites "good work" for mentioning it debno i do often read your posts and have the feeling yourself and mike have been in the game a while including myself.

I remember when felix from forexbastards used to run their live trading room back a few years ago.I owe that guy a lot of respect as well as rob grespi as both were pioneers in my style of trading...

Anyhow neemsa probably get in profit first for say a good 3-6months But just to add a few other bits and pieces; i would say if you are scalping or using an EA via the mt4 platform which some traders use, make sure you look out for things like too much slippage(but keep in mind some slippage is just part of a fast moving market) also "dirty broker games" like platform freezing and the "broker's favourite i.e. ridicoulous spreads and a common one to look out for once you become real profitable is "invalid prices please verify operation parameters" one that i got a lot and not so long ago i've been banned for the first time having trading forex for sometime, the brokers reason was the price i clicked on was never there.

In other words my executions were to fast for them to hedge...This is an example of a broker asking you to leave his platform as he can't support your trading style i.e. to profitable because they are the one's who have to cover these gains out of their own pockets, so they continue to look for new inexperienced traders that keep on topping up their accounts frequently due to margin calls or big losses and they love updating you with their server upgrades and better spreads via their liquidity providers yes some of this might be true but it's all worthless if u continue to have problems with their platform i.e. dealing desk games.

Another good test is to watch your platform during non farm payrolls which is a news release on the first friday of each month 10:30pm melbourne time. Before you do this i would firstly download camtasia studio 6 and record the various platforms "currency pair spreads" and look out for platform freezing during non farm news, this way u can go back and review these things via camtasia and see where the "Broker is playing games and manipulating the spreads around news that isn't reasonable in comparison to brokers like dukascopy,mb trading or a pfgbest".

Also delaying the price feed which they can do as well.The above are dirty broker tricks but if you feel comfortable with this then you should disregard the above message.I think once you start to become profitable over as period of time then you'll really start having fun in looking for brokers that are willing to keep you on for more than 3 months then kicking you outdue to your success.

I love this debate as different responses from different people are always good for feedback, however i have come to the conclusion that the majority of forex brokers are book makers, your win is their loss and your loss is their win but some do have a hybrid type model and try to fool the beginner/novice trader by telling them they are ecn or stp broker.Imo there are very few totally 100% honest ecn or stp brokers and the majority that claim to be are only bucket shops and market makers.

The simple truth is that brokers know that the odds are in their favour and they'll get more losing trades than winners ...hence the sh#$ load of money forex brokers make as well as the mark up on spreads via their liquidity providers.That's why the forex market is covered with brokers left, right and center. It's all a money making exercise to them as they really don't care which way they steal your money just as long as you cant beat them at their own game.

As a general note if you can't withdraw money or having problems clicking all the time due to their games then move on to the next broker and when doing broker shopping make sure you look for one with some good genuine feedback and properly regulated..also note that the above mentioned site that debno put up would be a great start.


Cheers and happy forex trading.....

cheers