Selecting a Broker/Dealer

Selecting a Broker/Dealer
Selecting a broker/dealer is discussed in detail in Getting Started in Currency
Trading (GSICT). Since that book was written, we can all be grateful for a
number of happy occurrences. Many of the borderline broker/dealers are gone.
New capital requirement rules have taken effect, and all the major trading platforms
have become both more stable and more robust. In fact, so many features
exist in a typical dealing station that it sometimes becomes confusing.
Most of the major broker/dealers also have arrangements with third-party
vendors, which allows you a great deal of flexibility in selecting a toolbox.
However, I recommend starting with just the charting tools integrated into
your broker/dealer’s trading platform.
Your primary interest is in broker/dealers’ bar charts, because these are
the backbone of the codex trading approach.
The first criteria (beyond the due diligence covered in Chapter 5 of GSICT) are the look and feel. How do the charts look to you? What about the
overall feel of the platform? This is strictly a personal choice. Select a market
pair and a specific time range and time frame. Look at and work with this chart
from several broker/dealers. Remember that most trade stations allow you to
customize the look and feel of a chart.
You’ll be watching the screen for many hours, so make a good initial
choice and try to stick with it. Just changing chart color schemes midcourse
can be an enormous distraction. Spend some time here and try to stick with
your selections. Figures 8.1 and 8.2 will give you an idea how different parameters
can make charts look much different.