Jul 23, 2018
Forex Broker Secrets & Tricks You Didn't Know About
In episode 153 of the Desire To Trade Podcast, I am joined once again by Trent Hoerr, the Head of Sales at Forest Park FX. You can watch Part 1 of his video interview (episode 151) here that was aired two weeks ago.
In this episode, I bring back Trent where he discusses some things Forex brokers do that you weren't aware of. Trent shares more on how Forex brokers work and operate to make it possible for you to trade. This will be useful since all aspiring profitable traders should understand the way their broker functions.
This is important if you have a problem with your broker or if you're not sure how they work. Knowing this can not only save you cost and ensure that you don’t get in a place where you're stuck and your broker doesn’t support you. Plus, you’ll learn tactics brokers use.
Topics Covered In This Episode
- Who Trent is, what he does, and why he’s here [2:25]
- Questions people have about brokers [3:45]
- How common it is when people enter a trade and they get stuck and they see other charts being different [5:38]
- Regulations in different countries and how brokers work with it [8:22]
- Worst case scenarios [9:37]
- Who keeps and stores the take-profit data, third-party database firms [11:07]
- What an ECN broker is [12:26]
- Advantages for traders trading smaller or bigger accounts [14:45]
- Dealing with brokers with bad reviews [18:46]
- Which brokers are through ECN brokers [21:02]
- The A book and B book [22:12]
- Minimum distance from the market price [23:57]
- Reasons to trade on the brokerage platform or not [25:22]
- How brokerage trading against traders is common [26:11]
- Easy ways to win against a broker [27:54]
- The brokers and stop-losses [29:51]
- What type of action or behavior could be considered harmful toward the broker [31:11]
- Brokers providing VPS services for their clients [33:00]
- Benefits people get when they sign up for brokerage firms and what to look for [36:04]
- If you lose any cashback [38:22]
- What Forest Park FX is about [38:53]
- Brokers that are good for the Caribbean [42:18]
Resources Mentioned
- SPONSORED: Shoot an email to Jerremy Newsome
- Pick Your Forex Broker: Interactive Map from Forest Park FX
DesireToTRADE Top Resources
- Desire To TRADE Forex Trader Community (free group!)
- Complete Price Action Strategy Checklist (free checklist!)
- One-Page Trading Plan (free template!)
- DesireToTRADE Academy (exclusive training program)
How To Find Trent Hoerr?
What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!