If you are new in forex trading and feeling yourself a smaller trader before giant brokers, then it does not mean that you can’t defeat them. There are various things that you can do to be a smart trader in competition with expert forex brokers. These important things are as follows.

Check Different Price Feeds

If you are only relying on the price feed on your trading platform then you are like a horse rider who is blind. It is because you are trading without knowing about the forex market as you have restricted yourself to the price feed of your broker. If your broker decides to widen spreads, run your stops and manipulates rates then you will never know if the move resembled the general forex market. In order to be a smart trader, you have to view the market. The best way to view the market is to subscribe to the second, third or fourth price feed. This gives you another view of market that will enable you to find out if the price really moved the way it did or not.

Keep a Trading Journal

To be a smart trader, make sure you always keep a trading journal to record all of your transactions. A trading journal will help you to identify your mistakes, weak points and strengths. The best way to keep records is to take screenshots of all the trade orders that you put, all trades that you do, and suspicious activities of other brokers such as odd price feeds. This is not only a good trade journaling but also it can back you up if you feel being victimized by a mistake fill. When you keep a proper track of your trades you actually assure yourself that you will always have proof that you may need to support your case if you need to file a dispute with your broker.

Take Legal Action

If you are not able to settle your conflict with your broker by yourself, you can take legal action in this case.

Most brokers started behaving well when they face the threat of legal action, but if they don’t then you have the option of approaching either the National Futures Associations (NFA) or the Commodity Futures Trading Commission (CFTC).

The Commodity Futures Trading Commission (CFTC)

The Commodity Futures Trading Commission contains Reparations program that ensure the provision of expeditious, inexpensive, fair and impartial forum for handling customer complaints and resolve their disputes.

The National Futures Associations (NFA)

Just like the CFTC, the NFA also contains Mediation/Arbitration program that provides assistance to FCM’s and their customers to resolve their disputes.

Adopt Good Trading Habits

You have to adopt good trading habits in order to succeed in forex trading market. The only way to defeat clever brokers is to become a smart trader. You have to be expert enough to understand all the things in forex trading. Make sure you are well apprised of handling even the most complicated trading system.