The competition in the retail foreign exchange market is fierce, and it is enough to select the right broker from all available brokers.
If you do n’t know what to look for, choosing a cooperative broker will be a very challenging job.
Protect one’s own interests
In front of big and bad brokers, you may feel like a dwarf, but this does not mean that you should endure their abuse! If you are upset because the broker seems to have all the advantages, rest assured that there are a few simple ways to offset the disadvantages.
Compare price information
Suppose the blind rides a horse. The horse can only see what is in front of it. If there is a bar in front, the horse has no choice but to jump over. What a sad horse.
If you only use the price information provided on the trading platform, you want to trade like a blind horseback rider.
You do n’t know what is happening elsewhere in the Forex world, because you limit yourself to the price information provided by your broker. If your broker widens spreads, manipulates prices, and manages your stop loss, you cannot know whether the trend of changes is similar to the market.
You don’t want to be an unfortunate horse. Because you are a smart trader, you want to understand the market situation as comprehensively as possible.
The best way is to customize the second, third or fourth price information. In this way, you can understand the market from another angle. You will also have the opportunity to determine whether the price is really moving in that direction.
Record detailed logs and track all your transactions! Always, always, always! Just like in court, you need evidence to close a case. You may feel cheated, but if you do not have any evidence to support it, then the feeling is just the feeling.
The easiest way to record is to take a screenshot, every commission, transaction and suspicious broker activity, such as strange price information.
Not only is this a good way to record transaction logs, but it will be used sooner or later. By properly tracking your transactions, you can ensure that in the event of a dispute with a broker, you always have evidence to support yourself.
File a legal action
If you cannot resolve the conflict with the broker, you will have to file a legal action. Most brokers will choose to make concessions when facing litigation, but if they do n’t, you can contact the Commodity Futures Trading Commission (CFTC) or the National Futures Commission (NFA).