In this Forex trading vlog, I share some secrets brokers (especially Forex brokers) use to trick you and get you to trade with them or what they don't exactly tell you. Vlog #555
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There's a pretty big issue when it comes to asking for broker recommendations.
Recently, someone posted this in the Facebook group:
Have you seen the number of comments?
That's 39 potential broker opinions!!
First I'll share with you what's flawed about broker opinions.
And in tomorrow's post, I'll share with you the brokers I use and why.
Here's why you shouldn't take random broker recommendations:
- Different brokers fit different trading styles
- The most attractive broker is usually the one to avoid
- Brokers change dramatically over time
1. Different brokers fit different trading styles
There's a huge difference between say Oanda and Forex.com.
Oanda has a generally higher spread. They have a Premium account (lower spread), but that's complicated to open.
Forex.com however, makes it Commission account very easy to open and is, therefore, a much better fit for scalpers & intraday traders.
2. The most attractive broker is usually the one to avoid
Over the years, I've seen many brokers come up with flashy marketing.
The rule of thumb is, if you see a Forex broker sponsor a soccer team, don't trade with them.
While these brokers have attractive offers, they're usually not well-regulated or have a shady structure.
For instance, the broker itself may be regulated, but your money is sent to another unregulated entity.
3. Brokers change dramatically over time
This is a the part I don't really enjoy talking about…
6 months is all it takes to change a broker.
For instance, I went to visit AxiTrader in Melbourne last year.
They were the kind of broker I was looking for.
Decent offers for new customers, awesome customer service, regulations, and good account types.
I traded with them for a while now.
But the people who gave great customer service recently left the company.
Now, my emails aren't responded to, new customers get shitty offers, and AxiCorp has been stuck in court for several non-compliance issues.
It's not critical yet, but something to be aware of.
That's how fast brokers can change
…especially when their good employees leave!
So that's why you should take every broker recommendation with a grain of salt!
And don't fall for those amazing offers you might see online.
Lastly, don't forget to check the blog tomorrow!
I will share with you the brokers I use and why.
I've also been able to get some special deals for you.
My name is Etienne Crete (from Montreal, Canada). I'm a swing Forex trader (who has the chance to travel the world anytime) and help aspiring Forex traders develop a trading method that works for them so they can produce income allowing them to live with more freedom.
You see, a lot of aspiring Forex traders lack the confidence to pursue their dreams. I'm there not only to help you develop your confidence but also to implement the tactics that are proven to give you results. You'll develop Forex trading discipline and the other skills you need in NO time!
Ultimately, you'll get to experience what a day in the life of a Forex trader truly looks like, but you'll also have to be consistent with your Forex weekly review!
I produce a traveling Forex trader vlog and host the Desire To Trade Podcast. I was fed up with the “fake” millionaire traders and the “get-rich-quick-trading guys”. That's why you can expect more free content from me than what other people charge for!
All Products Used In This Video
- Camera: Canon EOS M6
- Tripod: Sirui 3T-35K
- Editing software: Final Cut Pro (Mac)
Thank you for trusting me with my truthful and reliable opinion on any future purchase you may make. I always disclose this information when it is the case. As part of the Desire To TRADE family, you allow me to be able to use affiliate/referral links when suggesting items for purchase. As a customer of the products I refer, you help me sustain the time and resources to create content on this channel by generating revenue from your sales. This doesn't affect you in any way in the checkout process (I'm sometimes even able to arrange a discount for you that is special from other customers).
If you got value from this video, you might want to consider checking out the Desire To TRADE Academy where I’ll help you develop a solid trading strategy, implement the things successful traders do, and more! That's all going to be done while you build a lifestyle you love!
If you are wondering how to put together a solid trading plan for trading Forex for others, I recommend you grab my FREE One-Page Trading Plan Template. It will help you simplify your trading strategy on a single page!