Introduction to Broker Descriptions
This section describes each broker we have traded with over the past approximately fourteen years. Here we describe the broker, whether they are reliable for deposits and withdrawals; whether we have had any issues with the broker such as price spikes or unusual activity including apparently strange price activity or unusual money management methodology; and, of course, whether we made money or lost money with this broker and, how relatively easy or difficult it is to recover profit from this specific broker.
Also discussed are:
- Our favorite EAs (Expert Advisors) which we have tested for this broker (either demo only; live only; or on both live and demo account trades).
- Whether there are obvious or not-so-obvious differences in the trading patterns or other trading activities, between this broker’s demo accounts and live accounts.
- Whether we used the web version of MT4 or the standard MT4 account with this broker
- Whether we used a ‘gateway’ MT4 account (for example, a different broker’s MT4 platform) to access the broker’s MT4 account (due to perceived, real or other limitations or reasons);
- Whether we recommend using the Bankers’ Nightmare methodology against the specific broker;
- Whether we had any specific real legal problems or other ‘authentication or other’ problems with the broker;
- What residential jurisdiction we were in when we operated the demo and/or live account with the broker (e.g., Canada; Singapore; China; United Kingdom;
- Profitability Index for this broker (a relative grading which, based on our experience, accurately quantifies how easily or how difficultly it is to make and retain profit from this broker).
Flat Earth Forex staff have a long history with Oanda. We first opened our account in 2013. This is an interesting broker in that it allows margin trading (leverage) up to 888% and allows full hedging. After losing quite a lot of money (more than 20,000 Euros) trying to trade profitably with XM, we discovered some techniques which, if used judiciously, will enable the average trader to become a reasonable trader and retain much more profit.
As a broker, we don’t recommend novice traders to trade with XM, because (in general) they will blow up their account very frequently, especially if they are tempted to employ leverage higher than 100:1. Second, novice traders are not experienced with hedging, which can be a useful strategy with XM and can help prevent significant drawdowns from becoming realized losses.