FOREX Q&A PODCAST NOTITIES

EPISODE 10: Best forex trading broker

Make sure your broker is very large, heavy capitalized, and insured. You’re
going to have to do a little homework on this one.

You can be stuck in a bad broker. You can have a fantastic algorithm and
system in place but a broker can ruin everything.

Why do you want them to be large? And why do you want them to be insured?

In case everything goes sideways, in case the shit really hits the fan. Now you
might be saying well that doesn’t really happen. It does happen.

ACM Brokers are brokers that make their money of spreads that are SLIGHTLY
higher.

Their so-called advantage is that you will get your trades quicker than the
dealing desk companies do.

Your account balance can do below zero, AND THEN YOU OWE.

This can happen when a currency let’s say crashes, then the price would go
down soooo fast that it will just pass your stop-loss.

This is called slippery.

An ACM-broker is a bit faster so they are fasting are getting you in and out of
orders. But in like the crash of a currency I don’t think even they can help you.

You need a big, famous broker that would get bailed out instantly, if they got
themselves in financial problems. That means when shit hits the fan, you
probably will not lose your money.

Look at your broker, if nobody ever heard of them maybe you should re-
evaluate things.
Now number two, make sure they let you also demo trade.

And not just only for a short period of time. At some brokers of course you can
demo trade, but after three or six months they will say OK, it’s now time to put
in your real money.

You need to demo trade for a long period of time, you need to get
comfortable with the platform you’re on, you need time to put your system
together and see if it works. There is nothing worse than missing out on a great
trade or losing money because you are fumbling around on your platform.

Number three, make sure it allows an MT4 trading platform. Especially if you
want to trade forex the no nonsense forex way.

Meda Trader Four has by far the most options in terms of indicators and in
my opinion has some of the best indicators.

All indicators that I spoke about are MT4 Indicators.

You might get them on other platforms, but I don’t think you can get most of
them on other platforms.

MT4 is the place to be. If your broker doesn’t allow them you really can’t go far
with this channel.

And the last one, make sure you are happy with their customer service. While
you are demo trading with them, find a question you always wanted to know
and get a hold of them. See how they handle it.

I am using OANDA. They are very large. Their customer service I never had a
problem with. Only their customer service is taken over by telephonists in
another county. But I’m very happy with their services on live chat and phone.

Other brokers sometimes can’t help you with your problems, because they
don’t know the answer. OANDA has a demo platform that never expires.

A little note from episode 9: On my blog-post from episode 9 I’ve put down the
place where I can find my best indicators (that are under the radar).
There are a lot of places to do this, and you will need to find most of them on
your own, but I’ll give you the largest place you can go right now.

MQL5 CODE BASE

Link naar website:

https://www.mql5.com/en/code/mt5/indicators

TIP: Don’t concern yourself with those star ratings they have
showing. They’re really not that helpful in the end.

Start taking the steps to put your own algorithm

together. This will involve you going out there and finding
those under-the-radar indicators nobody else knows about.

In order to see if an indicator works for your system or if it

doesn’t, you need to test it first.

Backtest it to see how it would have done in different

market conditions.

Forward test it by plugging it into your demo account and

see how it works, and how well it plays with your other
indicators.

But with paid Forex indicators, you can’t do that unless you
buy them first. And in the end, you don’t need to.

Best of luck in your search for those golden indicators that

will one day take you to the top. There is much work to do.

Get to it.