A buddy at my local trading desk told me to switch brokers and I wish I listened sooner

So I was using this one broker for about 6 months, getting killed on spreads and slow execution. My friend Jake who trades forex full time kept telling me to move to a different broker, but I figured he was just pushing his own preferences. Finally switched last month after losing $200 on a single EUR/USD trade due to slippage. Has anyone else had a friend give them broker advice that actually saved them money?

2 comments

2 Comments

reed.ray13d ago

Yeah, I had a very similar thing happen. My buddy Tom kept telling me to dump my old broker for months and I finally did after a bad GBP/JPY trade cost me like $150 more than it should have. Wish I'd listened way sooner too, it's a real kick in the wallet.

lunawilson8d ago

Yeah "real kick in the wallet" is dead on @reed.ray. The worst part is it's not even the money, it's knowing you could've stopped it if you'd just trusted the person who told you. Makes you second-guess every call after that too.