Bash Guard
Are Forex Brokers The Antichrist or is Broker-Bashing Giant witch hunt?
In this article we would like to address the other side of the argument presented in our piece "The choice of the right forex broker." This article focused on broker malpractices, but do we the right to place the blame on these companies or are our expectations of them unrealistic?
"It is fashionable to blame the Realtor?
There are a few scattered sites across the Internet (including ours) that give you the opportunity to review your broker and it seems that there is a growing trend towards the negative. What I mean is that there are a number far more negative than positive comments. There are several reasons for this: There is a tendency to jump on the bandwagon of bad reviews, if you have lost money in the market and have negative feelings associated with it. You may also want to consider that human nature seems to be attracted to the negative when you turn on the news of the amount Negative news reported in comparison with the positive? Is it because bad things happen more or because we find these stories more "entertaining"? I believe much of this "hit intermediary" is due to the fact that at present there is a greater number of "bad" corridors "good" them but also I think some of these tests are not entirely fair because our expectations are unrealistic in the first place. Let's look to and evaluate some of our common complaints.
Glide
Slip is the difference between the price at which establishes their order of execution (in the case of a suspension order) or the price of trying to have an executed order (in the case of a market order) and the price is really full. Note that the stop-loss or stop orders entry made orders become market, ie, once activated once the specified price, so you do not keep you from slipping. This is one of the biggest complaints against common agents by furious traders who see potential winners turn into losers and losers become big and small.
One loss is an unpleasant experience at best and if you feel that your broker is the reason for it, or the size of it, they are obliged to direct your anger toward them (Note: Business and Management Psychology of emotions come into play here.) This is where we have to check our expectations and put any complaints into context.
The slip is generally associated with periods of either very high volatility or low volatility. As an ingredient added to your order size also can contribute. The most common time of high volatility in currency markets are the major news releases and not by chance that this is also the time that traders experience the greatest amount of slip. This is because economic announcements generate a large amount of interest and everyone is competing for the same position long.
Traders work around this time means that a little seed here and a little seed can do all the difference between closing the day a profit or loss. A filling can be bad enough to make a difference and when you experience a course to blame your agent for being too slow or being dishonest and bank your money for themselves. But the reality is that sometimes the news slip is very common and in some cases almost inevitable but not only blame the staff there are steps you can take to minimize or eliminate the bad fills, such as:
Please note the times you trade: If you are not a merchant news then you might want to avoid the most anticipated news releases in total. In this way you will not be trading in times of massive volatility and your chances experiencing slippage are greatly reduced. If you are a press operator, then there are some precautions you can take (see below).
Between limit orders: a limit order will only run at the specified price or better thus eliminating slippage. However, orders traditional limits can only be placed above or below the market forced them into a retreat. This is an advanced technique and requires a good deal trade experience. A limit order only solve the problem of slippage on your entries and removes the threat of slipping on his way out if you want to cut their losses or take benefit without using a fixed target.
Enter after the initial climb: The first movement after the release of data is extremely explosive oven creating what known as a peak in prices. If we expect this move to play then it is giving the market time to digest the news and that is preventing the face of volatility. This gives you time to plan their own business based on the data released, possibly catching a retrace using a limit entry.
Choose your broker as a result: If you use a broker with an operating table, then it is more likely (in theory) to the experience that if you slip style uses an agent REC. It is likely that a real human being matching and ordering on an operating table, leaving open the added delay, especially in peak hours. A REC broker does not have this limitation and the fraction of a second saved can make a big difference. In short, if you are operating actively at times tip then a REC broker is probably more suited to your needs. Moreover, if trade infrequently or have a small account and can not pay the commission fees that ECN brokers charge then a broker with an operating table may be adequate.
My agent is negotiating with me
This is a very common complaint that led to the theory of the conspiracy that most riders really want to lose your money because they are in across its operations. Let's pass this theory at the moment and consider the fact that there is always someone on the other side of their operations. For you to go to someone else must go from short to long and vice versa so someone somewhere always wants you lose! Now, some brokers say that match customer orders in dealing desk while others use the operating table to counter the operations of its customers with its own global position on the market, known as hedging. If a runner is well covered then just pick up the pay distribution (it is larger than the spread they pay in the interbank market) and that is your gain. The theory of the conspiracy came from the notion that most traders lose and it would be more beneficial to brokers in the opposite direction to their customers instead of going in the same direction and coverage. Experiences of late orders, slippage and stop hunting have lit this fire because they can be easily explained as brokers stealing your money rather than potentially legitimate problems incurred when negotiating busy.
Conclusion
In this article we have tried to bring to you an alternative to broker malpractice theories and a few ways you can minimize its effects. If you are a firm believer that your broker is trading against you and wants you to lose then, is developing a potentially self-destructive frame of mind. That belief can prevent identifying problems closer to the psychology of commerce and home, such as inadequacies strategy. But the fact is that if you are unhappy with your broker or you suffers from the excessive slippage, multiple quotes again poor customer service, possible stop hunting, platform freezing and orders then corridors should be changed. At the end of the day the reasons for poor service are of secondary importance behind the effect it has on your business. Perhaps your agent is honest, but technologically inept or it may be that you are the victim of a bucket shop, but try to keep their complaints within the context of market dynamics. If none of coping strategies listed above some positive difference, then it is definitely time to find a new broker.
About the Author
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