On this occasion I will share in full about the world of forex brokers.
There are too many assumptions, opinions and negative perceptions that are already believed by many people. But all of that is just a MYTH.
I explain this not because it is endorsed by any broker but purely from my own heart. I have no intention of DEFENDING or HARMING the broker. I share based on my experience and knowledge so far.
I will answer some of the most frequently asked questions. If you still have more questions, please write them in the comments column.
Q : IS THE BROKER A BANDAR
A : YES.
The term city is not always negative. If the city has clear and FAIR rules, it's a good city.
In my experience, all forex brokers are bookmakers. I've never had a serious problem, so far it's smooth and fine.
Do not be too afraid and allergic to the term city.
We as traders also have to understand the rules so as not to do any practices that violate. Every broker has different rules. Broker A cannot be equated with other brokers.
Sometimes there are cases where the trader's profit is not paid because of an indication of a violation. And uniquely the trader is not aware of having committed a violation.
Then he easily shouted on social media accusing "broker A is evil, fraudulent, my profit is not paid ...".
My advice if you read / hear information like that, don't believe it! Because we don't know the details of the case. Many incidents when examined further turned out to be the wrong trader.
Therefore, be a mature trader. Want to understand and learn all the rules that exist. Don't be a selfish trader, want to win yourself, want to be right yourself.
Brokers are looking for profit, traders are also looking for profit. So we have to respect each other and have a win-win solution. If the broker is cheating, the trader just needs to move to find another broker. There are still many FAIR AND PROFESSIONAL brokers.
Q : WHAT BROKERS CAUSE TRADER LOSS
A : NO.
The trader suffers a loss due to his own fault. Ignorance and inability to trade. It could be due to wrong analysis, wrong strategy, wrong lot setting, etc.
Brokers are like suppliers. The success or failure of our business is in our own hands. If we can't manage it well, we will fail.
If our supplier is good, it will certainly help increase the success of our business. But if our supplier is bad, we just have to look for another better supplier.
Q : DOES THE BROKER PROFIT WHEN TRADER LOSS
A : YES.
Brokers can live and operate well because they get income from several sources. For example, spread fees, swap fees and commissions from each trader who trades.
Including traders who lose, where does the money go? Yes to the broker's pocket.
This is reasonable because the mechanism is like that. The losses experienced by traders become one of the sources of income for the broker.
But remember, BROKER DOES NOT INTENTIONALLY make traders lose. Please re-read the previous point. The trader failed due to his own fault / inability to trade.
Q : WHAT IS THE POSITION OF THE BROKER AGAINST TRADERS
A : YES.
The reason is to speed up transactions (filled orders).
The explanation is this, when a trader opens a Buy position, the broker must find a partner (ie a sell position). This condition usually takes a long time.
So instead of waiting for a long time, the broker opens a sell position to speed up the trader's transaction.
In other terms, the broker "eats" the transaction (order) so that the trader can immediately open a buy.
This is the condition that many people say "the broker is against the trader". Brokers open reverse/opposite positions in order to speed up transactions. Not so that traders fail or lose.
This is the BIGGEST MISCONCEPTION AND MYTH that many people believe
Q : HOW TO MAKE SURE THE BROKERS DO NOT CHEAT TRADERS
A : THIS IS THE KEY QUESTION !
Instead of busy accusing and thinking negatively about the broker, it's better to ask questions like that.
In the past, when the internet was not as open as it is now, brokers had a very large opportunity to cheat traders because those who had very limited market movement data.
But in today's era, there are lots of websites that provide market movement data. We can compare them. Very open, clear and transparent.
So the opportunity for brokers to MANIPULATE / FRAUD to traders is getting smaller.
The easiest advice is that you trade at 2 different brokers and then pay attention to the charts / charts of market movements. I can confirm 99% is almost the same. If there is a difference between the difference of 1-2 pips is very reasonable.
So INFORMATION / DATA about current market movements is very open, very difficult to manipulate.
Another suggestion is to choose an old broker (more than 10 years). The older the broker, the more evident it is that he is not an arbitrary broker.
FBS, InstaForex, OctaFX, XM, Hotforex are examples of quite popular online forex brokers.
Q : CAN TRADERS CAN TRADE WITHOUT A BROKER
A: CANNOT.
Precisely the existence of a broker is to facilitate us as RETAIL / INDIVIDUAL TRADER to be able to trade in the forex market.
CONCLUSION :
Brokers and traders alike want to make a profit. Brokers need traders, traders also need brokers.
The relationship needs each other / mutualism symbiosis. The most important thing is that we can ensure that the transaction mechanism that occurs is FAIR and PROFESSIONAL.
Don't be baper and negative thinking. Trading must prioritize logic over emotions and feelings.
If you still have thoughts "brokers can do / cheat on me". The question is : WHO ARE YOU ?
How great is your trading strategy? How big is your capital? So that the broker has a reason to bother and make you fail? Maybe you are the GR yourself, even though the broker doesn't really care.
Brokers have thousands/millions of clients. It is impossible for a "fad" broker to just work on you. There are millions of transactions every day, all running according to the system and can be accounted for fairly.
The market data is REAL and can be confirmed from various sources. For example ForexFactory, Investing, Tradingeconomics, etc
So, have a mature mindset and attitude. Trading requires knowledge. If you still fail often means you still have a lot to learn. Find the best mentor and keep practicing until you succeed. NEVER NEVER GIVE UP !
CONSISTENT AND OPTIMAL PROFIT GREETINGS.
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