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An Ultimate Guide, how to Become a Successful Forex Trader
Forex Trading is really amazing, appealing, & educational. It is also a fact that it provides several great opportunities for forex traders. Despite having all that it has been seen that majority of traders’ experience loss in trading due to the fact they don’t bother to learn “How to Become a Successful Forex Trader”.
As a result, they kept losing their valuable money. That’s why today in this comprehensive guide, we are going to discuss bit by bit information about “How to Become Successful Forex Trader”.
Learning Forex Trading generally can be difficult but there is nothing wrong with the saying that efforts in the right directions are very crucial. Through this guide, we will unveil some successful practices of forex trading for all including beginners & professionals.
I assure you that if you are reading this guide then you are very much in the right direction to become a great Forex Trader. Because the guide is full of great financial advice for the beginners & professionals. Without waiting a while let’s get a start.
Forex Traders & Their Roles
Categories of Traders
There are a number of forex trader’s categories totally depend upon the market in which they are trading.
Among all of these markets, the most appealing, thrilling, and beneficial is forex exchange or Forex.
Why Forex is more beneficial than others
Traders in Forex
As we have mentioned earlier, there are two generic kinds of Traders:
- Those who do forex trading with the interest of customers i.e “Brokers”;
- Those who do forex trading on their personal accounts.
Those kind of forex traders who work for the others like banks, financial institute sell and purchase the stock share based on the interest of their clients or boss not with the money they own. In this way they don’t make profit or loss from the trading for themselves but as a reward they get monthly salary or commissions from the employers.
They are just the tools to their clients or customers who want to sell or purchase.
The customer of the broker might by anything or anyone either people or organization & they don’t own their own forex trading room.
The second type of trader are those who do trading for their very own by utilizing their own cash to acquire profits for themselves on every individual trading. These forex traders are supported with their own assets, and all kind of forex trading is executed through internet trading. As internet forex trading is proceeding on a daily basis with the OTC (Over the Counter) market. The rate of success for such traders in their own personal accounts is just their own estimates.
There is nothing wrong with the saying that the sums forex trading is done by traders who are at home are a lot littler than those of an expert broker.
What is Success for the Forex Traders?
Up to now we have done with the answer to the following questions
- Who are forex Traders?;
- What are their Jobs, Roles, & Responsibilities being an independent or being a representative of an institute?
But now the question you may ask is “What is the success for the forex traders?”. I believe it is the right time to define success in the Forex Trader.
The primary thing that you have to do with regards to become a successful Forex trader is to comprehend
- What do you need to accomplish?
- How you characterize forex trading achievements?
- What would you like to accomplish? An Action plan?
In choosing what you need, you must be reasonable. Set yourself a practical and quantifiable objective. This could be something like:
Whatever you choose, your objective or aim ought to likewise be anything but super easy to measure your rate of success. What is also crucial for being a successful forex trader is to define an objective/aim/goal that must be achievable in the long run. It is recommended to all forex traders is to set a yearly objective to accomplish as opposed to a month to month objectives.
When you have defined your primary goal or aim of trading for the year, it is time to begin figuring out how to accomplish it with a maximum rate of success. The most ideal path is to distinguish which assets or resources are accessible to you.
This may also involve the size of your initial deposit, and the measure of time you are eager to spend on forex trading, and overall capital of your that you are happy to spend on forex trading related issues.
When you are done with the objectives of your trading, it is the best time to make a plan of implementation. This implementation ought to comprise of a pair of currencies in which you are willing to execute your trading and the quantity of trading you will focus on.
This can feel somewhat overpowering for new forex trading learners, so fortunately right now we feel it is the best time to share our top 10 best secrets with you that can help the beginner to enjoy the successful trades.
10 Steps Ladder for Beginners Forex Traders
Don’t Set High Expectations in Trading
Issues emerge when new brokers become tensed on pursuing the high trade targets, and this tension can lead to become the cause of losing their valuable assets in terms of money.
So the main step or rule to become a professional for beginners is to overlook ridiculous objectives or goals. The possibility of winning cash in Forex with only a couple of speedy forex exchanges is incredibly far-fetched. Working in a risky environment and by overlooking the facts and figures can lead you to lose your capital.
Normally most of the traders set high aims or objectives in front of them that ultimately leads to having high states of emotions. And it is a fact that emotions in business lead to the biggest human errors, especially in forex trading’s. We have discussed this situation of feelings later on in the tips section of the guide.
For the most part, most experienced or expert brokers center around a solitary idea:
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In contrast to concentrating just on the fast way to acquire great money in Forex, attempt to concentrate on learning and forex Trading techniques and inquiring about all the trading devices & tools. This will assist you with building up an enduring forex trading strategy so you can become a Successful Forex Trader with the passage of time.
Must Get Familiar with the Trading Risk Capability
Before you proceed to set any kind of objectives for yourself it is necessary to get the basic understanding of the latest flow of the market. Must understand your capital in hand and read other reviews so you have reasonable expectations of ROI (Return on Investment). And the most important thing is to research and select the pair of currencies you are willing to do trades.
On the off chance that you don’t feel good with the any of the trading elements, don’t put your valuable money into forex, regardless of whether it’s beneficial. This is a universal rule and generally applicable to any of the market.
Regardless of what might be expected, if you think that your approach of investing money is purely according to the market flow then must proceed. But! Remember the following!
- Invest just what you can bear to lose without influencing your way of life;
- Diversify your all capital, it is highly recommended that never ever invest more than 20% of your total capital;
- You must be familiar with your risk capabilities & must have a trading action plan;
- Always ready to lose. after a progression of fail trades, you are still eager to continue with the trading, then I must say that forex is your market!
Define the Most Effective Trading Strategy
When you have decided to adopt the trading as a profession, the very next level is to decide one of the best trading strategy to become a successful trader. There is no set in a stone manner to enjoy forex trading, the main thing is that you come up with the best trading techniques that you will be going to use under various circumstances.
Most of the time you will observe that a particular strategy of forex trading works fine for a particular pair of currency in a particular market but the same strategy is not suitable for others and vice versa. That’s why learning is the best & most effective strategy to become a successful forex trader. Always keep on learning from behaviors & experience.
If you want to become a successful trader, the key rule is to
Keep on exploring the latest trading tools that are easy to assess for you. Keep on learning some new & great trading techniques & must try to do things out of the box. Don’t follow others strategies blindly. Learn how market behaves & works in particular situations.
Last but not least under this tip is keep on test your trading capabilities, keep an eye on updates, keep yourself busy in making new strategies for you.
Keep your Emotions Far Away from your Tradings
This may sound straightforward; however, it is vital. Emotions & Feelings are the most terrible things in trading but if you want to be a professional trader then don’t involve your emotions & feelings.
A few brokers attempt to consider Forex Trading a childish thing & think that they can easily beat the market, and afterwards when they begin losing, they feel defeat & ends with dissatisfaction.
Feeling like down, excited, overconfident, confident, and others have no meaning in trades. Before starting if you have any of such kind of feel it is highly prohibited to trade in these feelings.
Above all, Forex exchanging is certainly not a game, and never ever try to attempt it like a game. Forex is purely related to the finance and it is the fine mixture of discipline & deep analytical knowledge of the market. If you lose some of your money while having the bad trades, then never ever blame the market it’s you who didn’t do his homework in a better way.
You should completely understand the mechanics of forex, trust your strategy, and follow the guidelines and procedure you set for trading. This is the complete key of receiving the rewards in terms of profit in forex. Feelings can destroy a trader completely, so it is indispensable to save them and not include them in forex trades.
Probably the most ideal approaches to set yourself up for the feelings is by trying your abilities on a free demo account. A number of Exchanges are offering a free demo account with virtual credits of 10,000$. For example, you can check on IQ, IQ is offering a free demo account with great credit for learning purpose. First, learn & then start your Trading.
Trade with Stop Loss to make Max Profit & Avoid Risks
Regardless of what your strategy of trading you are using; you must constantly do trades with the stop loss in order to get maximum benefits. By using this approach, you can easily get familiar with the ending price of your forex trade.
Once the price of the stock reaches to its value you trade will close automatically even though you are away from your system. At the end of the day, usage of the stop-loss option will give you the true serenity of not losing more than the breaking point you identified for your trades.
You must also know the fact that stop-loss option is not any kind of assurance because it may happen that market acts sporadically and suddenly big price gaps start appearing. So, under these circumstances, the setting stop-loss will not help you but it will execute when the stock price arrives at that level. This overall behavior of the market is known as “Slippage”.
The approach of taking profit on each trade is the most regularly used practice. In this way, the traders always use to trade close to the pricing level & take their profit once the market reaches to that value.
Always Stay Aware of the Trading Market
Through this extensive forex trading guide, we are trying to answer the question “How to Become a Successful Trader?” One of the best practice & most important step of the later is “Stay Aware of the Current Situation of Trading Market” via news and other important sources.
It has been commonly seen that most of the market developments are driven by news, national bank declarations, political occasions, or the desire for any of these. This is why they are called key elements of Forex Trading.
Regardless of whether you are a technical analyst of the market, which means somebody who makes currency exchange by doing graph investigation of a market, you should, in any case, give close consideration to the basics, since such occasions are a key factor in the development of the trading of Forex.
For instance, if you are utilizing the confident strategy of trading & few special market indicators that show trading in the long run. Check the forex schedule, in any case, to ensure your trading order exactly matches recent news and other events.
No matter your trading strategy is perfect but the news & other events of social & political lives can make a big difference in results.
Don’t Trade Too Much
Trading Too Much is the consequence of seeing chances to bring in money in forex where there truly are not anymore. A few people who need to become successful traders search for chances to achieve their objectives, but most often, they could conceivably acknowledge they are beguiling themselves, and this unrealistic reasoning is putting their assets in danger. They could experience a great loss.
Throughout our experience, we have seen the following 2 situations of too much trading.
- Trading too as often as possible, and;
- Trading with an excess of volume.
Doing trading too regularly by staying out of scalping techniques, is a certain method to lose more capital than making more profit.
At the point when you are making your efforts to become one of the best & successful forex trader, it bodes well to follow this rule “Don’t Trade Too Much” no matter what either you are making trades in the forex or in the Contract for Difference market.
A ton of blindly trades to make money are not fruitful, Simply, you have to make rational & right trades to enjoy the maximum profit.
If you are using your live account in order to make some trades, then you must define the trading with predefined rules & conditions. You define the market entry points & market exit points. Always follow your rules, don’t get it on your nerves and enjoy the forex trading.
Every Trade is not a Winning Trade
Must Make a Trading Action Plan
Till now, we have a lot of discussion of rules, regulations, & discipline, but now it is the time to talk about the action plan. You must have some routine to perform some trading but casual action plan will not work to become a successful trader. You must come up with the best & strict action plan of trading that is capable enough to cover each and every aspect of your trading activities. Trading action plan will help you a lot to mitigate the risk of unforeseen events that going to disturb the market.
It has been commonly seen that most of the beginners make some bad habits of trading as we mentioned above the “Habit of Trading Too Much” is one of the bad habits that most of the new traders adopt.
It has been seen that some of the time traders luck make a profit for them but this way to trading achieve enforce & develop the negativity in them. And as a result, it becomes very difficult for them to get rid of this negativity.
That’s why it is essential to become a successful trader that you should work on your good habits. Instead of considering luck behind every trade achieve your objectives with good Trading Action Plan.
Select a Trader Who Matches Your Risk Profile
Are you worried or stressed about the market reputation of your Trader? If so, then mate I must say that it would be very difficult for you to keep on focusing your trades. While if you are confident about your trader then it will definitely bring you the peace of mind & you will get a chance to spend more time in the analysis of market & developing the new forex trading strategies that could be beneficial for you.
Research before investing your valuable money about different traders. This behavior can improve your chances of being a successful trader in the online forex trading market.
Who is the best broker?
The qualities of the best broker include the one who is always ready to help you! Who is 24/7 open to answer your questions related to trading? For example,
- Will your cash be protected and insured?
- How do they provide customer care service once the client is done with the opening of an account with them?
- Are they a decent Forex Trader for new learners?
- Do they have any decent forex Trading platform?
If you get the answers to all above-mentioned questions, then you must go with them. There are a number of brokers/Traders available in the market but it is always good to do homework before opening an account with anyone. Go through customer reviews and their support rating. Such elements can help you to select the best trader who matches your risk profile.
Forex Trading Tips for Professionals
Build up your Own Forex Trading Action Plan
Don’t Trade Too Much on Demo Accounts
Switch to Live Trading Account to Become a Successful Trader
If you feel that you have to grab enough while using the demo trading account & it is the best time for you to trade on live accounts. Then proceed & switch to Live Trading Account. Only live accounts can give you money! Don’t afraid of fail trading! Because the percentage of successful trades for expert traders also not exceed 40% out of 100. Stay Calm & stick to your trading strategy.
If you like this article, you might also be interested in this Forex scanner
Educate yourself before entering the real forex market otherwise, you will put your valuable money on high risks. Here we summaries the recipe of “A Successful Trader in Forex”.
- Come up with Trading Action Plan & Always stick to it no matter what;
- Use the option of stop loss & take profit for every trade;
- Take the risk of only 2%. Not more than 2%;
- Always keep your feelings & emotions far away from trading;
- Never ever trade to cover your trading loss;
- Do trade when you feel it is the right time;
- Don’t let the trades to get on your nerves;
- Try to have a maximum rate of profit in trades.
As I mentioned in the start, the efforts in the right directions matter a lot! So, hopefully, till now you have your direction to become a Successful Forex Trader.
Trusted Forex Broker Reviews
Not even legends in the calibre of a Larry Williams or a Martin Schwartz will have much luck in currency trading if the broker is unwilling to cooperate – it has an overwhelming role in determining what type of experience you will have as a forex trader. The lack of clear rules and precedents creates great opportunities, but also huge risks for the unprepared.
But aren’t there always two sides to a story? To help our visitors avoid the dark side of forex, we have carefully screened the best offers in the online brokerage business, and prepared a selection of some of the most reputable and efficient brokers for your exclusive benefit. If you have any plans to explore the exciting world of currency trading, we are sure that you will find our list an invaluable guide in the crowded and sometimes shady world of the forex brokers. We recommend reading our listed brokers’ review pages for user reviews, e.g. OctaFX or FXTM review page.
Safest Forex Brokers 2020
|Broker||Features||Min Deposit||EURUSD Spread|
|75% of clients lose money. Capital at risk. US Clients: Yes Regulated : Yes||– Trusted Global Market Leader – Online FX & CFD Trading – 180+ Global Markets, 84 FX pairs, 65 shares, 17 popular indices and more – Forex, Indices, Commodities, Equities & Bitcoin – Available to US traders||$250||1 pip|
|Your capital is at risk US Clients: Yes Regulated : No||
– Trade 15 cryptocurrencies
*Broker offers variable spreads which are subject to fluctuating market conditions. Spreads tend to be tight during times of deep liquidity but can also widen significantly during times of low liquidity.
Want to be featured on this broker list? Use our contact form here.
More country specific forex broker listings:
Finding the Best Forex Broker – FAQ
Finding the best forex broker for your needs takes some research. Hundreds of online brokerage firms now compete for your account, so plenty exist to choose from. Check out our recommended top list above, or read our FAQ below with excellent points to consider before choosing your broker, or see this extensive five step guide on how to choose a forex broker.
Finding the best forex broker that has a fast execution capability, a reliable trading platform and which can be trusted with your account deposit might be the first things you will want to assure yourself of. Other sweeteners can include account opening bonuses and other features like mobile trading and SMS market alerts.
Basically, you want a forex broker you can trust to handle your money and your trades so that you can get on with the business of trading forex without worries. Anyway, to make the process of finding a broker simpler, the list above covers most of the key comparison points between forex brokers so that you can be better prepared for a successful search.
In the end of this page you will find many more brokers that did not make the top list, you can still read our reviews of them and give your comments on them or share your experience from them.
But first we will go through some of the criteria and features you should look for when searching for the best forex broker for you.
Most reputable online forex brokers take the step of submitting to regulation by one of the main financial regulatory agencies operating in their home country. Sometimes, they will even be regulated by more than one agency. Such regulation provides you with the security of knowing the broker’s operations are being overseen by an independent authority with the goal of keeping the business honest.
Is there a benefit to where a broker is located?
Location can make a big difference, especially if the regulatory regime in the country is top of the line. The most advantageous location has to be reserved for UK brokers, since London is the center of the foreign exchange business.
Forex Trading in the UK
Early in the last century, nearly 50% of the world’s foreign exchange was conducted using the Pound Sterling. Today, daily forex trading turnover in the London market represents 41% of the world, more than double that of the United States at 19%. If you choose a reputable UK broker, then you can be assured that the firm can draw upon a broad pool of experienced and professional staff in the UK.
From a regulatory perspective, UK forex brokers must also comply with one of the strictest regulatory bodies around, the Financial Conduct Authority (FCA). Once again, the pool of UK staff will be very aware of best business practices and related compliance issues, another reason to choose a UK broker, if at all possible. One must, however, be due diligent when choosing a broker that claims to have offices in London, since the marketing aspect of this location has caused many overseas brokers to set up a “shell” presence in the UK to gain your trust, but without the benefits listed above. If you prefer a UK broker, then make sure that they are headquartered in London and have a significant presence there.
Forex Trading in Australia
The Australian Forex/CFD/Cryptocurrency landscape is an intricate one, where at least three different types of brokerages peddle their services. There are unlicensed, unregulated brokerages with a global reach, whose services may indeed be accessible to Australian traders too. Then, there are financial service providers who are not based in Australia, but who are licensed by ASIC to peddle their products there. Finally, there are Australian born-and-bred operations, firmly under the authority of ASIC.
If you are looking for a forex broker in Australia or that offers services for Australians then make sure to go here.
When you either enter or store vital personal information online, it can be subject to falling into unfriendly hands that may use it for their own personal gain. Accordingly, a top priority when choosing a broker is that they encrypt all data entered into online forms using industry standard SSL-encryption or better.
Another key issue involves the safe storage of data so that it will not be lost in case of disaster. Many online forex brokers use duplicate data farms with high security to assure the safety of your account information.
Many day trading strategies become unsuccessful over the long term if your account does not have access to competitive dealing spreads. The spread is simply the difference between the bid price and the offer price for a particular currency pair and should be no greater than five pips in the majors and major crosses, with wider spreads often seen in the minor crosses and exotic currencies.
Commissions and Fees
Sometimes brokers are not content just to have you dealing on their spreads. In this case, they might charge a commission or fee for each transaction. Sometimes these are calculated on a per transaction basis or on a volume dealt basis. Additional fees might be involves in making withdrawals or deposits, so be sure to check that information to minimize your transaction costs.
Most forex brokers handle the basic market, stop and limit order types. Nevertheless, some brokers also offer support for OCO (one-cancels-the-other) and trailing stops. If either of these more specialized order types would be suitable for your trading plan, then be sure that your chosen broker supports them and make sure that you fully understand the limitiation of these different order types.
Since more currency pairs often means more opportunities to profit, you will want to make sure that your forex brokers offers all of the pairs you might be interested in trading. Some traders also like to have access to precious metals like Gold and Silver, in addition to oil, especially if they will be trading the commodity currencies like AUD and CAD whose exchange rates can depend on commodity price fluctuations.
Unless you are just interested in opening up a demo or practice account with the forex broker, they will usually require a minimum deposit to be made for you to get started trading forex. Often, the more money you place on deposit, the more features you have access to or the tighter your dealing spreads become. Make sure that you research the broker thoroughly before sending a deposit.
Account types vary considerably between brokers, but most offer demo accounts for practice trading, mini accounts for newer traders with a low minimum initial deposit, standard accounts for more experienced traders with a moderate deposit, and finally VIP accounts for larger initial deposits. Here is a list of forex brokers that offers demo accounts.
Also, the features offered with each account type vary quite a bit among the various forex brokers, so be sure to see which reputable broker will offer you the best deal for the initial deposit you have available to you.
Leverage refers to how much of a position you can control with a certain amount of funds allocated to it. Forex brokers currently offer leverage rates of as high as 500 to 1. What this means is that you can control a $50,000 trading position with just $100 allocated from your portfolio. Note that in the U.S. the maximum leverage is 50:1 for majors and 20:1 for minors.
Naturally, amplifying your risk by using leverage can result in larger gains, as well as larger losses, so be sure to use leverage wisely and avoid trading beyond your means.
Even though forex transactions are exchanges and not purchases of an asset like a stock or commodity, when the exchange rate moves, it creates credit risk for the counterparty showing a gain on the transaction. As a result, most forex brokers require that their clients place a certain amount of funds on deposit to cover such potential losses. This is known as the broker’s margin requirement.
Since margin requirements vary among brokers, you will want to make sure that the broker you choose has guidelines you can live with. Also, some brokers automatically close out trading positions when the amount of margin in your account is exceeded by trading losses, or according to other criteria, so be sure to understand such the implications of such policies for your trading business.
Most of the better forex brokers offer their own proprietary trading platforms for you to use to execute forex transactions with and to keep track of the market. These usually either take the form of web-based platforms that use access via your Internet browser or client-side platforms that you download to, install and run on your personal computer.
In addition, some brokers support independent trading platforms like the popular MetaTrader 4 platform that can be obtained free of charge and which many commercial forex trading robots are designed for.
Some forex traders require the convenience of trading and keeping in touch with the forex market via their mobile phone or other mobile device. Many brokers provide such services, so if this is important to you, check out what each broker offers in this regard and whether their software will work with your device.
Forex traders increasingly wish to automate their trading plans or algorithms to free up their time for other endeavors. They often do this by using a programming language to write down their decision process in an algorithmic format that can then automatically be executed by forex trading platforms that support this capability.
If you think you might want to automate your trading plan, check to see with brokers you are considering to see if they support this type of trading and how they do so.
ECN Brokers are brokers who use an Electronic Communications Network to provide price quotations and trading opportunities to their clients. The best way to picture an ECN is as an Exchange. Through an ECN, the broker puts various market participants into touch, directly. What that means is that it matches up trades so a seller will always find a buyer and vice-versa.
CFDs – Contracts for Differences
These days, CFDs are all the rage as far as online trading is concerned. These Contracts for Differences offer traders (and brokers) several advantages, which make the setup a very attractive one indeed.
A CFD is in essence a futures contract arrangement, between a broker (the CFD provider) and a trader (the client), the object of which is the difference between the current value of a traded asset (which can be just about anything, given the impressive market coverage of this financial derivative) and its value at the end of the contract. Find more information about CFD brokers here.
Many brokers offers SMS or other types of market alerts to their customers. If you think this might be important to your trading business, look for this feature.
Those new to forex trading will want to have better access to both dealing support and technical support. See what services each broker under consideration provides and whether it will suffice for your purposes.
Newer traders often require educational materials about the forex market and trading in general to get started trading forex on the right foot. If this is important to you, research what the brokers you are considering have to offer in this regard.
Also, many brokers provide sophisticated news feeds, like Reuters for example, as well as proprietary market commentary and other timely information.
Dealing Desk Access
Some traders like to speak to a personal dealer or advisor at the broker in order to obtain inside market information and advice. Others like to be able to make transactions over the telephone in a pinch. If either of these options makes sense for you, inquire with your potential brokers whether dealing desk access will be available to someone with your anticipated initial deposit.
Managed Forex Accounts
There are three types of managed forex accounts, Individual, Pooled and PAMM accounts. Here is a list of recommended managed forex accounts that offers this kind of forex accounts.
FxGlory.com Review Visit site
November 2020-May 2020: Large numbers of fake and highly suspicious positive reviews submitted. The FPA considers this another reason to use a high level of caution dealing with FxGlory.
March 2020: There is an FPA Traders Court GUILTY verdict against FxGlory. The FPA recommends a high level of caution dealing with this company if the issue cannot be resolved.
FxGlory is a forex broker. Fx Glory offers the MT4 and WebTrader forex trading top platform. FxGlory.com offers over 35 forex currency pairs, gold, silver, other metals and oil for your personal investment and trading options.
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PLEASE Do not post bad reviews because you didn’t follow or know your client agreement. This doesn’t help anyone.
If you open and close any trade within 7 minutes, they will NOT let you keep your profit. However, if you lose, they will keep your loss.
This broker has some really, really tough to follow rules and they suck for day traders. Use another broker if you can’t hang. If you are a position trader, they seem to be pretty darn good.
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Length of use: 0-3 Months
If you want deposit everything is ok, it’s really fast. But if you want to withdraw, then it all starts! You have to verify your account (strange you don’t need to verify it when depositing). To verify my address, I sent them:
It’s all clear now: they do NOT want you to withdraw and they do EVERYTHING to keep your money!
I opened up several GPBUSD sell orders between April and May last year 2020. The trades are still running and the account is 174,000$ in total profit @ 1.2675 (GbpUsd)
I closed one of the trades 31st of April 2020. And made a withdrawal. A week later that withdrawal is still pending. And my account was disabled. Furthermore I’ve received some weird and disturbing communication from people that say they are representing FXGlory accounting department. No title, position, real phone number or full name listed in the communications.
The disturbing communication I received from Andrew in accounting :
But the trade closed down immediately at the right price and the funds went straight into the account.
This sounds like the exact reason they’ve used in the past to take clients profits. Their support/technical departement confirmed that ofc that kind of error would never escape them. Or else they would lose money as a broker. So no technical issues, yet it is being brought up to some kind of board vote.
Rather than waiting for the same thing to happen to me, i contacted ForexPeaceArmy and opened a scam alert immediately and left this review.
Then point blank this person that claims to be “defending my account” to board members sends a message asking me to write an email on my view on the following . scalping, trading as third party, trading with negative balance, hedging. None of which applies to me.
Holding my account hostage, i was then told the fastest way for my account to be re-enabled is by giving my consent to remove any illegal trades it might find! It follows:
Oh my! Is it just me or does it sound like they are trying to remove my profits before enabling my account.
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