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Let's face it, you can't start placing trades unless you have a BROKERAGE ACCOUNT.
In today's world we have more than thousands of brokers to choose from? Have you ever wondered is this the right broker for me ? or
how well do I know the broker?
Choosing the right broker is no different than picking the right stocks or placing right trades that would ultimately give you profit and peace of mind at the end of the day.
We all want to win and succeed in life and it would be catastrophic to see our hard earned money sliding out of our pockets due to lack of common sense.
I strongly believe selecting the right broker should be the first step in FOREX TRADING JOURNEY. They are the ones who will be handling your money so why not waste some time in knowing your broker before you start building trading relationship with them.
BASIC THINGS TO CONSIDER : -
1. Regulated Forex brokers are always a safe bet.
2. Get an ECN broker -- There are mainly two types of brokers ECN And Market Markers. ECN brokers offers lowest spread than MM brokers however they do charge commission. I always prefer ECN broker as they usually never trade against clients.
3. Forex Broker with sufficient leverage
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isomorph avatar
isomorph 25 Dec.

an ECN environment.  the trader can go both on the bid or offer. this is different than buying at market (which price is the offer) and selling at market (which price is the bid).

3-spreads are never fixed and can shrink to 0 or widen to infinity.

4-execution at requested price can incur slippage depending on ticket (ie order) size and order can be broken up, ie executed at different price levels if that is where the available liquidity was located; NOTE:  it is not necessary for the system to behave this way;  it seems that all orders are treated as IOC orders by

isomorph avatar
isomorph 25 Dec.

Dukascopy system; but on institutional grade platforms orders can also be executed as FOK, which does not allow partial fills. 

finally, you have to deal with the problem of 'last-look' that most LPs reserve the right to use, meaning that even if you trade on an ECN, your order can be rejected by the LP. check out recent article on what Barclays does on its BARX ECN.  not good if you trade huge volume. but for retail traders and their tiny volume, that should not be an issue.

isomorph avatar
isomorph 25 Dec.

considering all this, i find trading FX on the CME Futures market more and more appealing. leverage is quite too even if ccy choice is poor.  but with a minimum of 500/USD you can get started and 1 broker even offers you a huge choice of platforms: more than 60!!  now that is good.  your counterparty risk is limited by the exchange who clears all your trades. exchange matches your trades against any other market participants. so no market maker BS and you get to see the real volume with a real Level 2 DOM (Depth Of Market) price ladder. 

isomorph avatar
isomorph 25 Dec.

so i am asking myself: what's not to like?

isomorph avatar
isomorph 25 Dec.

i want to conclude with 1 more thing, and that's for the broker, and i hope DC reads this:  re business model profitability of A- vs B-book model.  BE TRANSPARENT about it. if AxiTrader tells its customers that they will be B-booked but if they do well, put on the A-book and even offered the opportunity to manage funds provided by Axi, then DC could do the exact same. at least this way, everyone will be clear and know where they stand. and no more wasting chat support time, and potential client time having to read thru forums and fine print. just say it like it is.

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2/43
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If there's one thing that most traders are always looking for, is a set of rules or a system that allows them to trade the markets profitably. In this article I will describe a complete trading system used, in the past, by a very famous trader and the people he taught, and then later on by several hedge funds managed by his disciples. It can be used "as is", without any modifications, or you can use it as a basis to develop your own system, further enhancing the power of the original rules. ________________► The Turtle bet In the early-1980s, one of the greatest and richest traders of the 20th century, Richard Dennis, and his friend Bill Eckhardt, were having an ongoing discussion on the viability of teaching people how to trade. Richard was convinced that it was possible to teach ordinary people to become good traders, while Bill believed that great traders possessed a natural skill, some sort of sixth sense that could not be taught. In order to settle this discussion they made a bet: they would recruit a few inexperienced people for their trading company, C & D Commodities, teach them the rules of the system they already used, give them capital to trade, and then see if t…
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elvy avatar
elvy 31 Dec.

Nice article, all best for you +1

yadi avatar
yadi 31 May

nice article. that is the original turtle rules. the most difficult part of turtle trading is the position sizing and risk management. Even R Dennis said if you publish my rules on the newspaper, no one will follow. i just dont buy the market ranging for 80 % of the time. that doesnot seem right. The markets are played by people, if people dont know where to go, who will then? My mentor has been trading the markets for decades, he is exellent in trading. He only trades when trending moves happen. He can double his account easily each year.

yadi avatar
yadi 31 May

well, the trading results can be very ugly sometimes when the markets lack of volitility. some times for a month, there can be no winners (depends on the timeframs you choose). anyway, if you dont believe this system, look somewhere else. There are lots of strategies out there. by the way, if you trade on a 5 min chart in asian times, for sure 80 % of the time is ranging.

Jason_Lai87 avatar

"we are going to grow traders like they grow turtles in Singapore"

This words need to be corrected. Richard didn't establish the turtle traders based on what he found in Singapore. He was in Kapas's Island Terengganu, Malaysia with Bill when they got the betting idea. Singapore doesn't have any turtle survival centre unlike Malaysia. 

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