Why would seemingly normally intelligent people want to join the institutional participants of a market so huge, that their influence is insignificant?
I am talking about untrained people becoming retail forex traders, leveraging their hard-earned savings to take a punt on the US Dollar, Japanese Yen, Ozzie, or whatever.
Why do they join? is it the fear of missing out? Is it the dream of making quick easy money? I think it’s because online trading sites have made markets so accessible, with influencers selling aspirational lifestyles of material wealth, which are only measured by personal success in acquiring cash, houses, and sports cars.
Forex Brokers, Part of the Problem?
Most retail brokers are known as “B book brokers”, they don’t pass your order into the market. They bet against you, as they believe their customers get it wrong most of the time. Their model is based on the unfortunate fact that 80% of retail customers will lose part or all of their money.
This has to be the only business model in the world that wants its clients to lose everything. They actually pay a high commission to introducers to bring them inexperienced and untrained people so that they can empty their pockets. This has to be wrong, if not financially then morally.
What’s the Solution?
If you want to deal with a broker that respects its customers, you should use what is known as an “A book broker”.
This is a broker who actually passes your order directly into the market, that won’t bet against you. They want you to win and be a long-term customer. This is known as the Strait Through Process (STP).
A true STP broker such as http://www.8dcglobal.com has multi assets that include Forex, Crypto 24/7, Precious and Industrial Metals, Indices, and hundreds of individual stocks.
This is a broker that earns its income from commissions and spreads, not from your losses.
It is time you learned that there is no such thing as easy money. To trade, you need financial education in your chosen market. You need to recognize who has your best interests at heart, and you need to trust that your broker is not hoping you fail. http://www.8dcglobal.com also offers educational programs for you to become the successful trader you want to be.
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