[forextrdr]

Forex broker has a big role to play in the world of foreign exchange and more or less acts like a bridge between the buyers and sellers. Today there are a large number of forex brokers in the retail forex market and you won't be surprise to see each of them touting their services as the best and reliable in the entire market. You should know about various important tips that may help you in selecting a right broker.

Forex broker can be the key person that may help guide and help you earn great profit from right deals. Here are few important tips that may help you in selecting a right broker-

1. Verify the Qualification of Broker
2. Verify your Broker's Capital Requirements
3. Check the Trading Platform Offered by the Broker
4. Find Out the Minimum Deposit Requirement to Open an Account

Apart from all these considerations, one big quality that you must look in for a good Forex trading broker is the temper. Have a preference to select a broker who is cool headed and gracious in his approach. Besides this, always try to be clear about all the charges, also ensure that your FX Broker has good customer service before you sign up with them.

[noak]

It is also important to contact broker before you open an accound and deposit some money. Send them an email, ask something you would like to know. You will learn lot about them from their response. Also, always trade at least a month on demo with an broker before you decide to invest real money.

[david wood]

Whatever broker you choose, I recommend you protect yourself in case he is stop hunting. There are software like "broker nightmare" etc.

[bossxero]

Originally Posted by david wood

Whatever broker you choose, I recommend you protect yourself in case he is stop hunting. There are software like "broker nightmare" etc.

This software just use an invisible stoploss... the set stoploss at the broker is very far from the order which the real hidden stop loss can be very tight. However, the broker cannot see the hidden stop loss and would not hunt it down. However, I do think that broker does not hunt these stops individually, they just do it as a habit in random fashion at price levels where there is high probability of traders stoplosses being there... so, with the software or without it, you will be screwed.

[therumpledone]

If you are NOT trading on an ECN then you are giving your money away.

THERE IS NO FIXED SPREAD IN FOREX.

[david wood]

Originally Posted by bossxero

This software just use an invisible stoploss... the set stoploss at the broker is very far from the order which the real hidden stop loss can be very tight. However, the broker cannot see the hidden stop loss and would not hunt it down. However, I do think that broker does not hunt these stops individually, they just do it as a habit in random fashion at price levels where there is high probability of traders stoplosses being there... so, with the software or without it, you will be screwed.

You're incorrect in your assumption. Brokers specifically target customers, no matter if the broker is looking to intercept a certain price level. In other words if you're "blacklisted" by your broker he will monitor your account, and specifically intercept your stop loss orders at the price levels he wishes to. If you don't have a stop loss with the broker than he can't do anything: his monitoring shows nothing for your account, so he'll go for the other selected customers who are volnerable.
My experience with this product speaks for itself: 1 month of using broker-nightmare, I had half of the trades go out at stop loss compared to previous month. Without these surprising results, I wouldn't probably tell about the product in first place.
Moreover, I was able to insert pending orders 3 pips from the market, and stop loss of 4 pips from the market, which is impossible to do without the broker-nightmare.
It does more then you know.