Which Forex Brokers Do I Use & Suggest?
#364: Which Forex Brokers Do I Use & Suggest?
In this video:
00:24 – The brokers that I use and suggest
01:03 – What I look for in a broker
02:27 – List of brokers, including US brokers
02:52 – Other Forex products for you, including Echo Trade Copier
04:00 – TFTC client makes +4.5% gain this week
04:35 – Excellent trading conditions continue
Which Forex brokers do I use, and which do I suggest? Let’s talk about that and more right now.
Hey, Forex traders, Andrew Mitchem here at the Forex Trading Coach with video and podcast number 364.
The brokers that I use and suggest
Now, I want to talk about Forex brokers. I get asked about this all the time. So what I’ve done is I put together a page on my website, on the resources page, which lists all the Forex brokers that I use and suggest with links to each of them on there for you to go and make your own decisions. It’s really important that you do your own due diligence, but all I can do is suggest who I use and what I look for in a broker. And the aim of that is to help you to make your decision on who you’d best trust your funds with. Because, of course, like everything, there’s a few good brokers out there, and there’s a lot of quite ordinary brokers, so you’ve got to be really, really careful. After all, this is real money.
What I look for in a broker
So I look for a broker who has the MT4 or MT5 platform because that’s what I use with my trading software. I then look to see if the broker is regulated, if they have segregated accounts. And also the really important point from my point of view that you need to look for is to check that your broker has a 5:00 PM Eastern Standard Time start of day charts. So that means that they start their new week at 5:00 PM New York time on a Sunday. And the week goes right through to 5:00 PM New York time on a Sunday. But each new day starts at 5:00 PM, closes at 5:00 PM and opens at 5:00, effectively at 5:00 PM for the new day. The easy way for you to go and check that is to look on your charts, and if it’s 5:00 PM New York time, and the new daily candle starts and changes over, that tells you, you have a broker with the correct charts.
They’ll also have five full days within a week on the daily charts. If you see the six day, sometimes some brokers have a small Sunday candle, to me that’s not good because you start distorting indicators and price levels, et cetera. You need to have a broker that opens and starts at 5:00 PM Eastern Standard Time, New York time. So those are the criteria that I look for.
List of brokers, including US brokers
So as mentioned, what I’ve done is I put together a list of suggested brokers that I use and suggest. I’ve also put a list there for those of you who are in the U.S. Obviously I don’t have accounts with any of the U.S. brokers, but OANDA seems to be the broker that most of my Forex Trading Coach clients use who are based in the U.S., and they seem very, very good also.
Other Forex products for you, including Echo Trade Copier
So I’ve also put together on that page a list of other Forex products, VPS’s, interviews that I’ve done, trading software that would be useful for you. I’ve also put a link on there to a website called Echo Trade Copier, that’s our new trade copier service that went live this week. Right now as I’m speaking to you, we’re up 2.87% for the week so far with one day still to go, which is a very nice start. So the aim of that is to have obviously low drawdowns, high reward to risk trades. It’s a mixture between algorithm and trading that we’ve developed and manual trading, so have a look at that, if you’re interested. It’s called Echo Trade Copier. It basically means that you can have your account traded automatically with the same trades that is taken on the master account there for a monthly fee.
Once you set that up, which is really no more than a 10 minute process, all of your trades are completely hands-free. You don’t need your computer on, you don’t need to VPS or any of that, it’s completely automated. So you’ll really enjoy that. Have a look at that link on that page.
TFTC client makes +4.5% gain this week
Also, I’ve also received an email from a client who also posted this on our forum site today and he said, “Excellent trading conditions again today. I’ve just posted three trades on the four hour charts, all of them hitting their profit target and one trade on the 12 hour chart, franc, yen reversal. I’m up 4.5% this week on my trading account, trading only the four, six and 12 hour charts and the dailies.”
So again, it just shows what can be done, 4.5% With still a day to go from this client for just this week.
Excellent trading conditions continue
So trading conditions is still fantastic. Most of us around the world are still in some form of a COVID-19 lockdown. It really is a great opportunity, a great timing for you to learn how to trade and to be trading right now. But if you’d like to know about how to trade, come to us here at the Forex Trading Coach. If you’d like to find out more about the brokers that I use and suggest, plus the Echo Trade Copier link that I’ve mentioned, have a look on the resources page and I will post a link on this video and on this page, and you’ll be able to find that on my website.
So I hope that helps. I’ll see you this time next week. Bye for now.
Episode Title: #364: Which Forex Brokers Do I Use & Suggest?