Jemook wrote:Captain Jack wrote:If you were going to war, would you buy your guns and ammo from your enemy? Easy answer - NO! Unfortunately, in the forex wars, that's exactly what we have to do. The very terminals we use and the tools provided with them are given to us by the brokers, whose money we are trying to take. They set on the other side of the glass and they "see" everything we do. They know our habits and nature much better than we know theirs, or even our own. They know all the "tricks" in the book. They know all the tools we use and they use those very tools against us.
Not to turn your thread into a broker discussion but from what I've seen brokers out there are slowly moving away from market making because traders are becoming more profitable and making too much money from the brokers.
I believe Global Prime is one of the only brokers
in the world that does not run a book (market making) and is completely transparent in the Direct Market Access approach.
I consider the thread "wide open" to any opinions, ideas or discussions Jeremy. It's always good to see an "insider" offer up some valuable advice. The only problem is, not many will say what you just said. I'm sure you guys run a good ship at GP, otherwise Steve wouldn't put forth the faith he does in you. It's not always who takes the other side of the order, there are other ways to tip the scales a bit.
When I open an account at a new broker, it's usually a small account, $5K or less. The reason for doing this is that I've found the broker to be "at his best" at this time. Feeds are reliable, slippage is almost non existent and trades are filled quickly. The true test comes when that $5K account hits $10K, then $20K then.... sometimes, things will change. Things like delays in order fills seem to happen quickly. Spreads "seem" to widen a bit. Re-quotes are common. It's not hard to figure out but little can be done except moving on to another. I've actually found Cowboy IBFX, Oanda and FXCM to be suitable for me and I'll keep larger accounts with them.
HotForex was a blast while I could still trade overseas. Can't say they were always a happy bunch, but the checks kept coming! At least till I got the notice I wasn't welcome anymore.
After PFGBEST, safety of funds is now a big concern for me. Tradestation/Cowboy IBFX offers some good setups where your funds are kept in an insured account and only your margin money is at risk. No US brokers offer or are required to insure our accounts.
Feel free to add anything to the thread at anytime.
CJ