Top Tips on Finding The Best CFD Broker
The Forex market is analogous to a gold mine as just by excavating the market deploying wit and knowledge anyone can earn an incredible fortune out of it. Historically, there is not any evidence of a source of money which hasn’t attracted thieves and impostors. These thieves and impostors earn money by making fools out of ordinary people. The Forex market is also not out of their reach, even the presence of such bad people is increasing with time in currency trading field. They entrap a new Singaporean trader in every way possible to fulfil their own interests which is robbing money.
Protecting Yourself from Forex Broker-Scams
By gathering enough knowledge and trading with your own wit, you may dodge all other types of scams and spams. But a broker scam is a whole different issue. You cannot enter a trade without taking the help of a broker. So, the possibility of confronting a fraud will not be unexpected at all.
Here, for our readers, we have planned out some ways to prevent impostor Forex brokers form cheating you. Make sure you follow the tips since it will allow you to find great brokers like Saxo. Once you have a premium broker, CFD trading will become easier.
1. Consider comparing different price feeds
As an instance, you may fancy a pony with blinders. This pony’s vision and perspective of something kept in front are limited. If there is an obstacle in front, the pony will have no choice but to apply its additional yet necessary effort to jump over the obstacle. That is now a story of a very disheartened pony.
Like this pony, if you walk into blinders and use only your platform’s price feed, it will bring about the same luck. You cannot recognize what is happening in the rest of the market if you limit yourself only to your price feed. To prevent yourself from becoming a sad pony, you should step out smartly, and you have to develop the most comprehensive view of the CFD trading world. Stop looking at the market in a generic way. Think outside of the box and look for the best signals by using simple logic.
2. Record Everything
Learn to keep a scheduled and detailed journal to write down all the subtle aspects of your trading activities. Think of you as a record keeper of a courtroom and make it a responsibility to write down all the data like the evidence which you will be in need of to develop a case. At first, you may feel like you have been fooled and cannot find anything to come up with to mitigate it and then it will shape into a constant feeling.
You can keep necessary records easily by just taking some screenshots of every order you place, every trade you enter, and to record all other suspicious activities of your broker such as an odd price field.
Trading journals are not only good, but they even comes in handy to stand back after being hit by an errant trade.
3. Take legal action
By any means, if a person cannot settle a confrontation with his middleman, he should not hesitate to go legal. Most of the fraudulent brokers and scammers have a tendency to give in after being threatened of legal action. Even if they cannot give in, get out of your own fear and go straight to CFTC or NFA.
Both groups have their own way of resolving a dispute, and they are often more helpful than you expect.
4. Form a good trading habit
A trader should practice as much discipline as possible. He needs to discover other professionals’ effective habits that help them to reach the place where they are today. These habits should be incorporated into a new market trader from his earliest days of trading. Thus, he will be able to employ those habits in the most effective way.