What is the biggest secret in forex?

in LeoFinance3 months ago

Direct from the desk of Dane Williams.

What is the biggest secret in forex, you may ask?

Obviously I’m once again coming at this question from the point of view of a trader, but knowing how the internal dealings of forex brokers work.

So, let's get straight into it.

In the domain of forex trading, the dream scenario is often painted as you and your forex broker working hand in hand.

In perfect symbiosis if you will.

But, I’ve gotta be brutally honest here.

You and I already both know that's rarely the case.

Whether you like it or not, the unspoken truth is that, as a forex trader, you are fundamentally alone in this journey.

I’m sorry to burst your bubble, that’s just how it is.

There's no broker in metaphorical shining armour, waiting to rescue you from the treacherous swings of the market.

No everlasting partner in crime.

Nope, it's just you, your trading and risk management strategies, and your wits against the world.

Now, here's the kicker.

You can't ever fully trust your forex broker.

That's the real secret in forex.

The forex trading industry is rife with brokers, each claiming to be there fore you, your trusted partner as you build your account, together.

But reality paints a different picture.

So, what should you do?

Well, the first step is to do your due diligence on any forex broker you are even intending to open an account with.

Investigate that broker's business model and method of execution.

This is vital because the forex industry is a constantly shifting landscape of moving regulations and licences.

As such, you need to always stay ahead of the game.

ECN forex brokers are the closest thing you'll have to a partner whose interests align with your own.

But market makers?

Well, let me just say they should be out of the question.

No matter how enticing their marketing may be!

It turns out that profiting at the expense of their clients pays rather handsomely.

I mean who would have thunked it, right?

And believe me, their marketing can be quite persuasive.

They'll make you believe that they're there for you, that your success is their success.

But, in reality, they are no different to a bookmaker who makes money only when you lose.

That’s not a partnership, that’s as good as a scam.

In this vast forex wilderness, you must be a vigilant lone wolf when it comes to choosing your forex broker.

Trust your instincts, do your research and don't be swayed by flashy promises.

Remember, the biggest secret in forex is that no matter what your forex broker says, you're in this alone and you must protect your interests at all costs.

So, keep your eyes on the market, stay informed and always keep up to date with what your forex broker is doing.

ECN brokers might be your closest ally, but ultimately, the responsibility for your success falls squarely on your shoulders.

It's a tough world out there.

Yet with the right knowledge and mindset, you can make trading work.

Don’t give up!

Best of probabilities to you.

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It sounds like a tough world. If you are a large account and placing a large trade, then I imagine your broker could easily be your biggest nightmare if they go against you.

Just little things like adjusting their price feed by a few pips to stop hunt you.

Compare price feeds of market makers and ECN brokers and you'll see areas on a chart where they obviously stop hunted for their own benefit by manipulating price just a few pips.

You always have me friend, lol. But yes, this is a lonely game, and why I am trying to build up something with the Logical Trading Academy. It would be nice to build up a community if people trying to battle the market and learn from each other.

Thanks fren! 💚💚

How is the community side of things going for you?

Nada at the moment. But I haven't been pushing for it really either. I am waiting till I get moved to really start trying to push things again. Too much going on until I get settled in my new location in a couple of weeks.

I will say one of the biggest secret in forex is, you can still be successful in forex no matter what

With the right mindset, anything is possible!