In this episode of Truth About FX, Walter sheds light on the things that traders should keep their eyes on when dealing with brokers. He shares some notes and resources about offshore brokers — including the dodgy ones — and some key insights about leverage and red flags.

Download (Duration: 07:16 / 8.31 MB)

In This Episode:

00:52 – pitfalls and hurt

01:39 – red flags

03:22 – best antidote

04:18 – blowing smoke

06:01 – microsecond gap

Tweetables:

Is the broker regulated? [Click To Tweet].

Never give the broker everything.  [Click To Tweet].

Choose your country [Click To Tweet].

Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.

Hugh: Hi, Walter. Somebody wrote in, I guess his name is Steve, and he says, “You guys are excellent. I just heard of my answer to the question that I had several months ago.” He just realized the answer on his own.

He was impressed with us and himself. He says, “It proves I’m on the right track and also that your teaching is sinking in”. Alright, thanks, Steve. We really appreciate that.

He also has a question though. He asks, he spent a lot of times on the pitfalls and hurt too as a trader. What are the most common broker red flags that we should be avoiding and before you state the obvious, I’m forced to go to an offshore broker. He says he lives in a nanny-state where, “We’re not considered adult enough to make our own decisions.” What do you think about that?

Walter: Okay. In the shownotes, Steve, we can link up — thanks for your comments, by the way. That’s great. I’m glad to hear that. I would go to the shownotes for this episode, Steve, and click on the link