Forex Brokers - Tales From the Back Office How Brokers View Clients

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 whiskey 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 they were already assuming that, in fact it was in the P & L Of the company that they all did!

Despite this, the brokers on the desk did everything they could to help but most traders we had were like gamblers, and simply traded all the time.

Most had no logical method and when they lost, they got frustrated and traded even more. I can vividly remember one day trader who was seeking reassurance from one of the brokers.

Why dont you see my point of view the yen is going up cant you see it? He yelled.

Sir the broker pointed out

Why dont you change your point of view, as the price is telling you youre wrong?

Which I thought was a good answer but the phone was slammed down, as the trader cast doubt upon the traders mothers origins.

What surprised me about our traders was the way they refused to accept they were wrong, even though it was staring them in the face. The brokers would give advice when asked but were ignored and got blamed when the trader lost.

The fact was the brokerage I worked for was not out to get their clients, the brokers were generally decent guys, trying to help but as Declan observed about traders...

They cant help themselves and they couldnt.

Are things different today?

No human nature never changes and the vast majority still lose, still get emotional and still blame anyone they can but themselves.

After a few weeks my naivety had gone and I was trying to keep the clients from going debit and it was a full on job.

After one obnoxious day trader wiped himself out, Declan had a broad smile and whiskey in hand and as he strolled out into the dealing room and shouted Tommys wiped and this happened regularly to the bulk off the clients.

Did we hate our clients or set out to make them lose?

No, Tommy wasn't popular because he was rude, arrogant and a know it all but most clients were nice people.

We provided a great service, good fills and impartial advice if asked - its just.

They cant help themselves and I still remember Declans words today as clear as 20 years ago.

Who Won?

There were of course some traders who won, not many but a few and what struck me about them was they were focused, courteous and took their losses cheerfully without moaning and ran their profits.

They were from all walks of life and many to my surprise were women. They knew our role and treated us with respect, in return (like all clients) we gave them a good service and were happy when they won.

Today I have moved on and teach people to trade and have traded myself for 20 years and am still surprised at how many people still let their emotions run wild and lose but you can obtain discipline and trade successfully you just need to learn the basics, take responsibility and trade in a disciplined fashion.

If you blame your broker, then you really dont understand they transact trades and the rest is up to you.

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Factors To Consider When Taking On A Mortgage Deal

Buying a house can be the most expensive financial commitment you will make through your entire lifetime. Before house hunting, it is important to consider what mortgage you will be able to obtain.

So you are fed up of being a tenant and want to manage your own property. Managing your own property can be difficult, repayments and other important commitments have to be made. Always work out if you can afford to run a flat or house before deciding to go see anybody.

A mortgage lender will lend you between three and four times your gross salary, there are lenders out their who will lend you much more, with this, you have to consider the interest rate as it would be a much higher rate. If you get other source of incomes from bonuses or commission, explaining this to your mortgage broker should be another personal factor.

When first-time buyers want to get on to the property ladder, affordability is one of the main concerns. A lender will look at your bank statements and your regular outgoings, after they would calculate how much you are able to borrow. If you are already 'on the limit' with credit cards and personal loans, you may not get offered as much.

When you have exchanged contracts and have successfully agreed upon a mortgage deal, at this stage you would have gone through a huge financial crisis, it does not end here. You have to value all factors from moving costs to furniture costs. If the house needs renovating then this could be another cost. Always plan how much money you will need, to go through the whole process;

1. Obtaining a mortgage
2. Fees
3. Commissions
4. Transport (moving)
5. Home improvements

Stamp duty is payable on a property valued at over 125,000. Yes, it's a tax which has to be paid.

Below is an example of how it all works!

Property Value
125,000 or less: Nil
125,001-250,000: 1%
250,001-500,000: 3%
500,001 or more: 4%

For a Mortgage Quote please visit www.mortgagequotes.me.uk

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