By this time, you have known that Forex market is much larger than the stock market. It is very common in forex the broker’s scam. Brokers will try to manipulate you and money from your trading. In this article, we will not try to help you to choose the right broker, but we will help you to select the evil brokers of forex. They will try to scam you and may provide false price feed on your software to make their money from your money.
Here are some tips to stay alerted from brokers scam
By all, we literally mean all. Record every single trade of your on the forex market. Record every single price feed and even took a screenshot of the pip movement. As pip are very important in making money, always take a screenshot of them. These screenshots will be used as evidence in the future. The recordings will be helpful to find out yourself if your broker is scamming.
Check Price feed with International FX market
The reason fast-food shops have a display of their burgers and sandwich and pizzas are nobody wants to order anything without watching the real thing. The same here for forex. Without comparing your price feed, you cannot know what is happening with the price market in the world.
The broker can easily scam you by providing a false signal on your trading platform. Always compare the signals of your price feed with the other markets. Do not trust your forex broker like a scam. It is not a charity and everybody is trying to make money. One dollar you make in the forex means another person loses one dollar. Do not be the loser person. Be smart, compare the price feed with the other markets and see if it is really the price feed of the market or it is just a data made by your broker.
If you think you are being cheated by your broker, it is time for you to file a legal complaint. There are many high authorities for solving online trading problems on the legal basis. The screenshots that you take, the recorded things, all will come handy in legal action. The more evidence you have, the more chance you get on the court.
Build and follow a solid routine
There are thousands and thousands of scamming brokers are waiting for newbies like you to scam you in the Forex trading. Build your own routine that you will follow every day. Do not make a profit on some trades and loses so much on one single trade, your account becomes zero. Build a trading habit, so can still make money even if you lose. Place 10 trades on forex and build the routine that, only 3 trades of your will be successful. 7 trades will cost you 1 dollar each and that is 7 dollars you lose total. 3 trades will give you 3 dollars each that is 9 dollars your profit. When you follow these routine, your profit will be 2 dollars, though you have lost 7 of your 10 trades! That is the power of building and following a routine.
Summary: If you follow these steps, you can protect yourself from forex scamming. Don’t forget to use your common sense in trading. If something seems too good to be true, it might be fishy.