Are you one of the many Forex traders out there who are being ripped off by their Forex broker? Honest, dependable and customer-focused Metatrader 4 Forex brokers are the basis of every successful Forex trading operation, especially if you use Forex robot traders to profit from the Forex markets. The majority of Metatrader 4 Forex brokers are guilty of fluctuating spreads, costly requotes and downright frustrating trade rejections. If you’ve suffered through one or all of these issues during your trading endeavours, then by the end of this article you’ll know how to quickly recognize the recommended Forex brokers to take you to Forex robot trader profits.
Here are the three fundamental characteristics of a Metatrader 4 Forex broker you should do business with to guarantee satisfaction and maximize trading profits:
1. Straight Through Processing & Direct Market Access
Straight Through Processing is another way of saying that your broker doesn’t act as a market maker, and more importantly does not ever take the opposite side of your trades. If they do, they are essentially betting on you to lose. It will surprise you that many so called top Forex brokers are guilty of this, which gives rise to the unsavoury practice of stop hunting by your Metatrader 4 Forex broker.
Direct Market Access guarantees instant execution to the market for all of your trade orders. This eliminates the possibility of costly requotes and rejections that can make or break your Forex robot trader.
2. Highly Competitive Fixed Spreads
Even though your Metatrader 4 Forex broker still has to make money from your spread to stay in business, how do you know if your broker is just plain ripping you off? Well, if you’re being charged any more than a 2 pip spread on the EUR/USD and USD/JPY, that’s unacceptable. The majority of recommended Forex brokers can and will give you a lower spread that is fixed regardless of market liquidity or trading times.
Competitive fixed spreads are vital for the long term profitability of your Forex robot trader, because the pip savings you make on the spread will quickly add up over time. It’s your choice whether you want to keep that difference of tens or even hundreds of thousands of dollars in spread savings for yourself, or ‘donate’ it to an uncompetitive Metatrader 4 Forex broker.
3. Supports Forex Robot Traders
If you check the small print of many of the top Forex brokers out there, you may find that the terms and conditions prohibit you from trading with Forex robot traders. When the time comes that you want to withdraw your funds, your broker is perfectly entitled not to honor your Forex robot trader profits, because of this policy alone.
When choosing between Metatrader 4 Forex brokers, be sure to select recommended Forex brokers that allow and fully support the use of Forex robot traders. Be sure to make sure that they also allow scalping and hedging, as many Forex robot traders strongly rely on these trading techniques.
Finally, the best recommended Forex brokers will offer an unlimited demo trading account. This is ideal for anyone who wants to perform live testing on their Forex robot trader before trading it with real money.