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.
