When it comes to dealing with the Forex market, you will find that it can be quite easy to get into a scenario where you’re simply in cruise control. This is especially true when it comes down to dealing with brokers that are aiming to rely on this aspect. For those that hire a broker and hope that all is well, things may very well work out, for a short time. However, what will seem like a great investment option will turn sour in a matter of time, and if you’re not vigilant about how to exploit and stop your “MT4 broker” from stealing money from you under the radar, you’ll definitely miss out on the opportunities that are available to you to make money. |
Making money with currencies is a great alternative to the stock exchange in the in traditional sense. In fact, you’ll find that even with platforms like MT4, there are great gains to be made. However, some opt to have a broker step in and do the heavy lifting, and that’s fine, for some. The issue manifests into a problematic state when money starts to slip by you without even notice. You may receive returns on your investments, but when dealing with spreads, you’ll start to see slight discrepancies and that’s when you’ll start to lose money more often than gain.
If you suspect that you’re getting fooled by a broker, consider a few quick notes that will help you catch on to whether or not you’re getting played.
The Spread – First and foremost, you’ll have to get out of the notion of cruise control. Do not stay stagnant at all, instead, watch your investments carefully and monitor information about the spreads, if your broker is slipping fees through opening and closing accounts and you spot inconsistent postings, you’re losing money. Spreads are easiest to cheat for brokers, so do not allow your money to go into spreads that you’re not serious about allowing to properly mature.
Slippage – Watch the slippage ratio closely. You’ll find that there will be discrepancies that are ever so slight at times, and things will not make sense. Ask about this and make sure that you match up what the broker tells you and what the data truly states.
Quality of Returns – Monitor the returns that you get, if any, very carefully. If you start to see that there are percentages missing from where you assume they would be, then inquire about what’s going on and move away from using a broker if you find there is missing data.
The above things that you can do in order to figure out whether or not you’re getting exploited are simple tips to consider, but they are not everything. The best bet is to look into a mock Forex trading console and mimic the trades and investments being made on your behalf. This will take a little work but it will illustrate for you a set data range that you can compare to what your broker is telling you, there you will see whether or not you are getting taken advantage of, and can stop your broker from taking money under the radar. Many times the plot to steal money is subtle and not large sums, which are hard to detect.
If you are looking for ways to stop MT4 brokers from stealing your money, you can click on the link. Or visit http://www.mybrokerstats.com/ to find the best way to avoid your broker from cheating you.
Related Articles -