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  1. #1
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    The importance of reputed broker in Forex trading

    Not all brokers are a good in Forex industry. There are a lot of brokers who are only trying to steal peopleís money from their pocket. It is very hard to know them as they are in the same cloth like you and me. There is one thing common in all types of false brokers. They will always tell you of high, extravagant promises only to steal your money from you later. The good and reputed brokers will not have a word with you about your return and they will more likely to focus on your risks and investment which is the most important part of trading and investing in this financial sector. As some traders have their own interest to make money by stealing from people, we think you should know how false brokers can steal your money from you without your knowledge. For this, the professional traders in the United Kingdom always trade with the reputed brokers like Saxo even though the initial deposit and charges are relatively high. But compared to their offered service the commissions and charges are negligible.

    Creating own market price
    The retail brokers of this industry are commonly called market makers. But have you ever wondered from where they have got such name? It is because they sometimes create their own markets to hide the real markets from the traderís eye. They show this market to traders, tell them it is the live market and they need to trade based on this market signal and trend. The traders believe the false traders and make trades. This is one way how they lose money. However not all market makers are bad. There is few online brokerage firm which offers market making trading account with a high level of transparency. So before you choose your trading broker to make sure that you do some online research so that you know your trading funds are in the safe hands.

    Real life example
    If we give you an example how traders lose their money in makeup market, it will be clear to you. Imagine the real price level of the EUR\USD is 1.5664/1.5668. Your broker has your own market and it is showing 1.5662/1.5664. It is 2 pips down and you will never know it. Every time you trade the market, you are always 2 pips behind making a profit. If you think you have made a 2 pips profit, you are always making a 4 pips profit and the broker is taking that 2 pips of profit into own pocket. But this not only the facts in the exchange traded funds community. Some brokers trading platform often gets freeze during the event of high impact data release. So if you are short term traders then you will really have a tough time to make a consistent profit using such broker.

    Your broker will also have access to your market data, information, entry and exit and also your stop-losses. The broker will make the market in a way which will make you exit the market with a loss and the broker can make a profit from your money. When most other traders can become successful by working hard in Forex, you will be only losing in your brokerís makeup market. You might be short time frame trader or positional traders yet you should always trade with a professional broker who offers their best to the client. Always remember that if you trade with a reputed broker then you will have to pay some high commission but at the end of the day itís really worth it.

    Summary: Find the best brokers in todayís world is a very challenging task. But if you do some vigorous research in the online then within a few days you can easily filter out the A grade brokers. Once you find the suitable broker doesn't get fully invested rather deposit a small amount of money and see how they actually offer their service to their clients.

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  3. #2
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    Word to the wise… just because you see a hammer form in a downtrend doesn’t mean you automatically place a buy order! More bullish confirmation is needed before it’s safe to pull the trigger. A good confirmation example would be to wait for a white candlestick to close above the open of the candlestick on the left side of the hammer.
    Recognition Criteria

  4. #3
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    The long shadow is about two or three times of the real body. Little or no upper shadow. The real body is at the upper end of the trading range. The color of the real body is not important.
    The hanging man is a bearish reversal pattern that can also mark a top or strong

  5. #4
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    resistance level. When price is rising, the formation of a hanging man indicates that sellers are beginning to outnumber buyers. The long lower shadow shows that sellers pushed prices lower during the session. Buyers were able to push the price back up some but only near the open. This should set off alarms since this tells us that there are no buyers left to provide the necessary momentum to keep raising the price. .

  6. #5
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    The inverted hammer and shooting star also look identical. The only difference between them is whether you’re in a downtrend or uptrend. Both candlesticks have petite little bodies (filled or hollow), long upper shadows and small or absent lower shadows

  7. #6
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    The inverted hammer occurs when price has been falling suggests the possibility of a reversal. Its long upper shadow shows that buyers tried to bid the price higher. However, sellers saw what the buyers were doing, said “oh hell no” and attempted to push the price back down. Fortunately, the buyers had eaten enough of their Wheaties for breakfast and still managed to close the session near the open. Since the sellers weren’t able to close the price any lower, this is a good indication that everybody who wants to sell has already sold. And if there’s no more sellers, who is left? Buyers.

  8. #7
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    The last thing I want to happen to me is to get scammed! Go for a reputable broker! No FX broker is perfect, but it's always advisable to trade with the right one.

  9. #8
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    Not all brokers are a good in Forex industry. There are a lot of brokers who are only trying to steal people’s money from their pocket. It is very hard to know them as they are in the same cloth like you and me. There is one thing common in all types of false brokers. They will always tell you of high, extravagant promises only to steal your money from you later.

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