Here is some info with background also:
Fast about me: I'm FX trader for about 6yrs. I'm doing it on full-time. Before I was investing on stocks exchange and regulated futures markets.
4yrs ago I made bigger money (not millions
and that was time when my problems with brokers have begun. I was skalping with buy/sell stops with very shorts Stop Losses and EA moving SL in direction of transaction (non-profit trailing stop) - and that is something that brokers don' like. After 4months of trading without any problems - huge slippages had begun (10-20pips on pending orders without news).
For all those years I have tried almost all top brokers - MMs, STPs, ECNs - some of them were very good, some worse - but the biggest problem is - there is no place where You can find information about brokers. On forums many opinions are from:
- brokers - just advertising themselves
- people trading there - but not looking on slippages, not using buy/sell stops (and that's the kind of order which shows in easiest way quality of broker)
- competitive brokers - telling lies.
Of course You can find some good opinions but they just disappear in this noise.
There are some brokers compare webs - but they advertise brokers who pay most, they don't trade there, they don't show facts.
Here is idea - and I want to see opinions about it, ideas to make something from traders to traders.
Portal which compare brokers - just like others do - so spreads, regulations, minimum deposit but what is most important:
- firstly some easier real compare: support compare. Trying them with easier and harder questions. Compare speed of answering, polite etc.
- interviews with important persons from brokers, show how brokers work, what is easy in their work and what is hard - and I hope many other ideas from our community
Most important idea:
Compare in real trading. For example lets take 5 best ECN. I will make account there, connect them to myfxbook and show real trading with skalping etc. So everyone would be able to see how orders really behave there. Where there are many slippages, where are real costs high, how execution looks like etc.
Such examinations would be make few times each year - because brokers often change their executions, Liquid Providers, commissions etc.
And many more ideas: ECN vs STP vs MM, showing how top robots doing in few brokers etc, etc.
This can only be made of course when portal will grow a little bit because money is needed to make account in 20 or so brokers, to make new account on someone else (when broker discovery that it is portal account) and there will be losses during test also.
Dream is to get to such point that when new broker comes I will make account, rate account making, support and show trading just after I will get information about new broker.
And what can be most important after it grow portal would be able to fix some bigger problems with brokers: such as big slippages/account closing/unable to withdraw money etc, etc.
Only money that can be made by such portal is becoming IB of every broker. No money from traders and other users. And no money from brokers to show them better than they are.
Please tell what You think about such project - what ideas can be use here, will You personally use such portal.
Its huge amount of time and work, money of course too. I'm almost not trading for over a month working on it (and trading is my only source of income) and I don't really know if someone is going to use such portal.
