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Forex brokers love them or hate them you have to deal with them. Many traders think their broker is out to get them and see them as the enemy - but what is the truth about forex brokers? Well, I worked in the back office of one for ten years so let me share my story.
My job was in the margin department and my job was to look after client balances and make sure no one had a debit or even got the chance to give us one.
It was my first job and I was intrigued by the world of fast cars and millions made and lost each day.
On my first day, I was called in to see the director, a big man by the name of Declan.
He chain smoked continuously and drank whisky all the day and the day I went to see him was no different and it was only 10am!
He invited me to sit down, fixed me with his eyes and said - Kelly remember this:
"No debit balances, everyone on your run is going to blow up at some point, so watch them like a hawk and
close before margin call"
He thumped the desk and barked - the rule here is:
"If in doubt close them out!"
"What about the ones who win?"
Was my naive reply.
He just chucked "the ones who win" and shook his head and laughed loudly.
What I was of course going to discover is very few traders win and most lose but this was not the due to the brokers
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3.22 Copyright (C) 2007 Alain Georgette / Copyright (C) 2006 Frantisek Hliva. All rights reserved."
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