Convincing reasons as to why you should be trading with more than one forex broker ~ fxcm forex trading demo
If you are trading a live accountit is my hope that after reading this article you will have courage enough to open another live forex trading account with a broker different from the one you are trading with now. I am not suggesting that you ditch your current brokerbut simply advising that you get another broker in addition. Think of this like engaging in an extra marital affair- keeping your marriage partner while maintain an affair with another man or woman. Extra marital affairs are of course illegal and frowned upon by those that believe in the institution of marriage. Trading with more than one forex broker is not illegal. And if at the end of this article you think that there is need to ditch your current broker, then go ahead.The reasons I am trying to sweet talk you into opening another forex trading account are pretty obvious. No forex broker is perfect and whereas a broker can claim to be good at one thing he may be performing below average on another aspect essential to your trading. The true nature of a forex broker can only be determined after opening a live account and depositing money with him. It’s more like the tough realities of marriage when the honeymoon is over and familiarity has bread contempt. Once you’ve come to a conclusion that your current broker is not the best for you, there is no need to create a window of compromise by sticking to a relationship that is not working out.
Think of the following- Your forex broker’s trading platform could be freezing a lot during crucial hours of trade. There are dozens of brokers out there with trading softwares that rarely freeze and it will be worth while to try them out. Your current broker may be in the habit of arbitrarily widening spreads to levels considered abnormal even by his brokerage peers. Again there is no need to stick with such a broker when others exist with fixed spreads. Slippage might be a constant and normal thing with your broker so that you are always filled in a trade at the less desirous point. The execution might be the worst in the industry. There are forex brokers out there with much better execution rates so do not suffer in silence.
Another important reason why you should be opening an extra trading account with a different broker is to safeguard against the dangers of losing all your eggs when the basket falls. Do not have all your eggs in one basket. Capitalism is good, but one thing it has been unable to solve is the existing possibility that once in a while corporations might go under or file for bankruptcy. If it happened to Lehman Brothers and AIG it could very well happen with your forex broker. And it will be sad to discover that after the bankruptcy your name is way below the ladder in the list of creditors.
It is always a brave and noble thing to walk out of an abusive relationship. Testing waters is a way of getting to know whether there is more than what your broker currently offers. And I bet you there is more. Do not leave negative reviews about your current forex broker on those review sites while at the same time sticking to him like your contract has no exit clause. If that defines you then you are only comparable to a battered woman that reports an abusive husband to the police but still takes him nicely prepared meals in his jail cell. I hope this short article has opened your eyes on the need to have more than one trading accounts with different brokers or on the necessity to ditch your current broker all the same.
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