Does your broker offer a forex blog or analysis section?

Discussion in 'Forex Brokers' started by TheLastBear, Jul 17, 2012.

  1. TheLastBear

    TheLastBear Banned

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    I was wondering if your brokers runs a forex blog or analysis section and if you read them or even trade based on their recommendations?

    I saw a few brokerages doing so and other do not and I would like to get my fellow traders' opinion on this matter. I would not make it a decisive factor when I chose a broker, but I do think it is a nice feature to have and shows your broker does not mind going the extra mile to offer you more than the competition. I do value those extras if they are of good quality.

    What are your thoughts?
     
  2. Enivid

    Enivid Administrator Staff Member

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    Surprisingly enough, but none of the three Forex brokers I currently use for live trading offers a Forex blog or analysis section. One broker (Interactive Brokers) offers free webinars, but they rarely concern Forex market as IB is a multi-market broker.
     
  3. Easy Trader

    Easy Trader Master Trader

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    Don't ever take trading advise from a broker period! No trade signals, market bias, trading education, nothing!....Its not their occupation, there occupation is to provide you a service and make a commision or spread when you use their service (placing a order to the market). Their goal is to have you using their service as much as possible which is a conflict of interest. Your goal is to place the right trades successfully their goal is to get you to place trades and keep placing them. They don't mind if you place 1 trade a week or even a month but they make money every time you click that button and thats the only reason they are in business.
     
    Last edited: Jul 18, 2012
  4. TheLastBear

    TheLastBear Banned

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    Who do you use besides IB?

    I am with PaxForex as my main broker and they started to offer recommendations as well as a blog. So far their recommendations have been rather accurate and I plan to monitor their trades a bit more.
     
  5. TheLastBear

    TheLastBear Banned

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    Yes and No. True, a broker is there to provide you access to the markets and allows you to execute your trades. True, they earn each time you place a trade regardless if you record a profit or a loss.

    Having said that, each valid brokerage has their in-house prop trading team where they put those earned spreads to work and make more money. I do not view it as a bad service to traders if they pitch one trade a day for their clients to follow if they so choose.

    I look at it more like an additional service offered. You do not have to act on it, but it is nice having it. I would not follow it blindly with all my capital, but if I monitor their recommendations and like their success rate I would not mind placing some part of my money on trades they recommend.

    It is definitely better than following a 'pro' on amateur platforms like etoro or zulutrade. Nothing beats your own strategy!
     
  6. Enivid

    Enivid Administrator Staff Member

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    I also use AGEA and EXNESS.
     
  7. Easy Trader

    Easy Trader Master Trader

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    Yes they do have a prop desk and maybe there are some "up-and-comer's.
    But most of those guys/gals are prop trading because they aren't good enough of traders to grow an account of their own or earn a book of business. Don't let the nice suit fool you they don't know where price is going anymore than you do.
    As far as it being a "bad service" well thats for the trader to determine. But you can get your information from a million other sources. Trading is a business, it may not feel like it sometimes but the tax man will remind you. Being a business owner it would be a crazy practice to allow such a conflict of interest to occur in such a key business relationship. I wrote my first post in a manner that would catch the attention of the new trader reading it. These brokers are way to happy to offer alot of helping services these days, especially in the Forex market. All you should ever want from a broker is a good price feed, low slippage, resonable spread, and to pay you your money. That is it!
     
  8. TheLastBear

    TheLastBear Banned

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    We can agree to disagree on that topic :). Thanks for your input.
     
  9. Fxpipper

    Fxpipper Master Trader

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    Yes, a few brokers do offer a trade analysis and usually post the same to a blog. But more often than not, these brokers use any blogs or webpages as a marketing medium rather than post a blow-by-blow analysis [pun intended] for their clients..which says a lot, if you know what I mean..
     
  10. TheLastBear

    TheLastBear Banned

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    I know what you mean and I agree that a lot use them as a marketing gimmick, but we should not throw the baby out with the bathwater here. There are some really good ones.

    I can recommend to just follow their recommendations for a while and see if they are right. Does not hurt to spend 15 seconds on their blog to see what they recommend and make note of that. You never know.
     
  11. Fxpipper

    Fxpipper Master Trader

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    True and feel free to post a few blog urls here, will check them out later.
    For what its worth, there are a *few* websites that do provide good analysis of daily movements. To any beginner reading this thread, do note that the analysis posted by these companies are not dead certain or accurate, rather they reflect that broker's opinion on market movements for the near future, that's it. Just a cautionary note!
     
  12. TheLastBear

    TheLastBear Banned

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    As far as blog urls are concerned I currently only follow my brokers daily recommendation and see if it holds true and if it would make sense to add it to my trading arsenal. I don't follow any others. Do you have any you follow?
     
  13. Fxpipper

    Fxpipper Master Trader

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    Nope, I do the same and of course, I check out some of the online forex analysis for additional review of the market movements. As it stands, have no blog to suggest except to suggest a few online forex related news websites..usually the info they provide is sound and dependable.
     
  14. TheLastBear

    TheLastBear Banned

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    Alright, sounds good :).
     
  15. Fxpipper

    Fxpipper Master Trader

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    You are welcome..actually a few brokers do provide detailed analysis but the jury is still out on whether they are for real or just a marketing gimmick. The things you come across in this market sure makes for fun reading..
     
  16. TheLastBear

    TheLastBear Banned

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    That's true, but it is always worth to follow the recommendation and see if it works out. You never know, there may be a hidden gem out there. I would definitely follow them for a while before I would act on them.
     
  17. nicolejames

    nicolejames Trader

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    It is impossible for me to trade in forex without reading forex analysis, calendar, and some recommendations. But I think almost all brokers offer these services.
     
  18. gorban

    gorban Banned

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  19. TheLastBear

    TheLastBear Banned

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    True, but how good are they at it?
     
  20. SamForexTrader

    SamForexTrader Active Trader

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    I trade IFC Markets and they provide daily market overview and technical analysis. I sometimes make trading decisions based on that analysis, though I think that you better rely on yourself in any situation.
     

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