Learning More About the Transparent Dealing Model
Monday November 14, 2011
If you are involved in the forex market it goes without saying that you will want to make the best possible profits from your trades.
This is why transparent dealing is important for the forex market. The idea of transparent dealing is to ensure all the information required to make a confident trade is available to you at any time. With every trading decision you make, you must have all the information at your disposal. Some companies do not provide you with all this information, which means you may make an unsuccessful trade or take a lower profit as a result. Being well informed is crucial to forex trading so you must find a broker who will give you every piece of information you need.
Choosing the right broker
In this sense you can see that it is very important to select the right forex broker for your trading needs. If you opt to go with the first company you see you may not be able to take advantage of a fully transparent service.
A revolutionary transparent dealing service is used by the company MIG Bank. If you look at the process you will see how advantageous it can be for those who choose the service.
Firstly the bank works with many liquidity providers to receive the best price for each order. The transparency model enables the trader to see the same list of prices that MIG Bank receives from its pool of liquidity providers. This is unique among brokerage services today, and it puts you in total control of your trades.
The combination of our price aggregator system and the high tech IT infrastructure we have in place enables us to receive, analyse and find the best prices. But you’ll never be in the dark about our prices – that’s the difference.
When you go through a broker like this to make a trade, it is important to be able to find out what the prices are that are going to be used. If you choose the right broker you can get access to these prices simply by asking. A lot of brokers do not operate in this way, so you have no way of knowing whether the best price was used. When you choose correctly you will see that you always get the best price – and the relevant information to prove it as well.
This will give you confidence in your transaction. It is also good for newcomers to the forex market as well. With more information at your disposal and the knowledge that your chosen broker is being transparent with the prices they receive, you can be sure the broker isn’t trading against you.
You can also be confident knowing what the dealer is adding on by way of a mark-up for the services rendered. Instead of being hidden in a barrage of figures you may not understand, it is indicated below the price for your order. This means that you will always know where you stand, no matter which currency you are buying or selling.
As you can see this is a smart way to make your trades. The transparent nature of this form of trading makes it much easier to evaluate your position. The best price is achieved in milliseconds, saving you time and money.
The more you explore the transparent dealing model, the more you will realise it is the reliable way to trade. It can be done automatically via your Metatrader trading platform and provides the best possible prices for every deal you make, whichever currencies you buy or sell.