I invited my subscribers to create a Forex brokers list of questions in a survey where I asked:Â What are the most pressing issues you would like to ask a Forex Currency Broker? See the post on April 5th where that invitation was extended.
There was a lot of interest and I received hundreds of questions!
My promise was to get a Forex currency broker to answer that Forex broker list of questions, but after I saw the questions, I wasn’t sure a broker would be willing to do it.
Some of the questions are very basic ones about the Forex market and how to trade currencies. So if you’re new to FX trading there will be a lot of good stuff for you in this interview.
There are other questions which get into the proposed legislation and further regulation of Forex trading and even the ethics of Spot Forex currency brokers! So there’s a lot of good stuff for you more advanced traders … and some controversial topics too.
Thankfully, Josh Lampel was willing to rise to the occasion. To be fair I showed the questions to him first because I didn’t want him to feel blind-sided. I also wanted to allow him to provide you with the best, detailed answers possible.
Even though Josh’s firm, Global Futures, and I partner on some educational and marketing endeavors, I wasn’t sure he’d be willing to tackle these questions because some of them were very pointed and controversial.
I told him that if he was going to do this he had to take the hard questions too, not just the easy ones. Josh agreed without hesitation. He’s a brave soul, and did a great job.
I’m proud to share this interview with you because Josh answered all the questions very candidly and provides excellent educational material in a clear, concise and honest manner.
I recorded the interview and put it in video format so he could share some slides as well.
Unfortunately I had a lot of trouble with the video after it was done and it was almost impossible to use … but after several days of wrestling with it and buying some new software, I was able to break it down into small chunks of about 10 minutes each and share it with you. The audio and video quality was salvaged (though some parts are better than others) and now it’s presentable. However I wasn’t able to add any fancy editing (so nothing “pretty” is added) – all I could do was chop it into smaller pieces to make it viewable.
Because the interview was so long, I’m posting half of the videos now and the other half will be posted in about a week.
Here are some of the questions in the interview:
- What is Forex?
- What is the ideal capital requirement for a beginner?
- What are the most important fundamentals?
- Where to get news?
- Do the insiders manipulate the market?
- What is the difference between equity, margin and free margin?
- Why do currency prices differ between brokers?
- Why do I frequently find a difference between the prices quoted and the price I get filled?
- Discuss the proposed legislation to reduce Forex margin to 10:1. Will this apply to overseas markets also?
- What’s a segregated account and is it important to have one?
- What time of day is considered the open and close for the Forex market?
- Does a Forex currency broker ever “stop hunt” my positions?
- How can I look at a Forex brokers list and tell a good currency broker from a bad one?
- Explain “First In, First Out” and how that impacts me.
- Are all trades put through the interbank market?
- Why trade spot Forex currencies rather than Futures or ETF currencies?
- Should one use an ECN broker or a broker that is a dealing desk?
Click on each of the links below to view the videos and listen to the interview.
Josh Lampel is a Series 3 and 34 futures and Forex broker with Global Futures. Whether or not you’re a client of Global Futures, he welcomes you to follow up on this interview and contact him with any other questions you may have.
You may contact him at:
(877) 367-3177, ext. 126 (Toll-free US/Canada)
(818) 728-0415, ext 156 (International)
jlampel@globalfutures.com
www.globalfutures.com
VIEW THE INTERVIEW VIDEOS HERE:
- Forex Broker Interview, Part 1
- Forex Broker Interview, Part 2
- Forex Broker Interview, Part 3
- Forex Broker Interview, Part 4
- Parts 5, 6 & 7 are coming soon!
These videos are in Windows Media Format and should be viewable with Windows Media Player.
If you don’t have it, you can download it by clicking here.
If you have trouble viewing the videos, I recommend using GOM Player as most everyone has been able to view our videos with it … and it’s free. You can download GOM Player by clicking here.
WHAT DO YOU THINK OF THIS INTERVIEW? PLEASE LEAVE YOUR COMMENTS AND RESPONSES BELOW.
Very informative and thanks again to Dr. Burns for sharing so much with his subscribers. I am looking forward to the second set of videos. I’ve found that yhe forex market is not a cash cow as other claim but provides very good returns ONLY for those who take the time to learn how to trade it effectively. The learning never stops.
As always, very informative, well presented and educational… your videos are fabulous!
Thank you for the recent videos on the FOREX. I personally do not trade the FOREX but was able to download them and for my daughter. She is a fledgling FOREX trader with a lot to learn.. Thany you once again, Mike
Thanks again, Barry,
This starts out at the beginning and it’s always a good thing to keep the basics fresh in mind. Patience and basics always pay off, that must be a part of why you are always revisiting them as well. As always, a pleasure to receive your material.
Barry:
He commented in video 2 that liquidity was not great in the Forex. I thought it was the most liquid of all the markets?????
John
Hi John,
I don’t recall him saying that. I think you might have misunderstood.
Barry, Im always impressed by the way you market yourself.. The videos were great! Did you say that there were more? I use your indicators daily.
Eventually Id like to purchase your auto fib indicator. Keep up the great work… Rick Keyser
Thank you Barry. I’ve been trading for the Forex for five years (two and one half of them have been very profitable for me). The CFTC’s proposed actions are biased against the retail trader, and it was good to hear that my negative opinion (STRONG NEGATIVE OPINION) is shared by Josh. I’ve written numerous letters to the CFTC Secretary, as well as the Director of the SEC, imploring them to pursue alternative methods of market regulation. The interviews to date are helpful in terms of psychological support. Your hard work and willingness to share are admirable qualities that are very much appreciated. Best wishes for continued future success.
Thank you for taking the time to produce this series on FOREX. I trade futures currencies but haven’t traded FOREX so this is very informative. I’m looking forward to part 2.
Excellent info: I am interest in learning about Forex. This is very good, looking forward to the rest. BILL W.
Thanks a lot. Very informative and interesting.
Look forward to the second half.
I did like this. It was very helpful. Review of the basics is helpful to me as I have learned FOREX solely by reading.
I would like to also find resources for access to different analysts online.
Frankly I trade Forex similar to how you teach stock trading. Some adaptations, but not wildly different as I use an indicator to guide trades.
Thanks to both you and Josh for taking your time and effort to make these very useful and informative videos. My only question is how soon is comming soon? I’m just a lil impatient when it comes to good stuff!
Thanks
thanks for your efforts barry and new one, you may consider using only the 10:1 anyway and possibly last long enough to acquire the screen time to become reasonably consistent and who knows maybe even professional over time…
Some issues are not YET relevant to trading in Australia-but, forewarned is forearmed.
A lot of information given out .
Thanks for continuing to provide ongoing support.
These links to the FOREX interview will not open.
Very good information. Nice details not often elaborated – especially for the novice trader.Looking forward to the next videos.
Thanks Barry for the interview.
In part four the issue of FIFO was addressed but only in part. The major concern for traders is the effect of this rule on stop loss execution. If I place my trade (1st) then place my stop loss (2nd) and the market moves against me, how will my stop loss protect me since it was the 2nd order to be placed it could not be filled until my first order was closed.
barry, i am really impressed by youer customer service, will continue to listen and learn.
thanks a lot
Thank you for the information Barry and Josh. I enjoyed your videos very much. Looking forward for the rest of the videos. I really appreciate what you are trying to do – giving us clarity in the midst chaos and confusion.
very informative! Everybody who trades forex should know! I personally gathered lot of information which I did not know! For that I thank Barry and Josh wholeheartedly. Also please let us know if the leverage in margin is changed from 100:1 to 10:1 in US or not , if you happen to hear!I am certain All forex traders especially the small traders like us who does trading for a living in the whole global are anxiously waiting to hear!
May 6, 2010
Hi Dr. Barry, just want to say I appreciate the two video lessons you have sent me so far. I’m really looking forward to the next three. I also watched and listened to the four videos of Questions and Answers. I found everything to be very helpful, except the parts that I didn’t understand at this point. I’ve read and watched so many books and DVDs on swing and day trading in different markets, I think I have what is called Information overload. The one thing I didn’t steady as hard as I now believe I should have, is Moving Averages and candlestick behavior. But I love the way you explain the do’s and don’t about chart reading. Especially when you said this pattern strategy will work in any market that’s got energy.
You asked for questions so here goes.
QUESTION
WHAT IS The BEST WEBSITE IN YOUR OPINION to practice live trading on before I actually do it for real with real money?
I realize I have a lot more to learn before I do, but I’m ready to get my feet wet. Thank you for your time, I look forward to hearing from you.
Kindest Regards
DEE
Hi Deloss,
Thanks for the thoughtful comment.
Great question – as it is VERY important to practice trading before using real money.
You can paper trade, but it’s better to use an electronic simulator so you get the feel of actually entering orders, and also because it makes you actually commit to an order, just like you have to when really trading.
The best simulator I’ve found is NinjaTrader. They let you use it for free for as long as you want.
You can read more about it here:
https://www.topdogtrading.com/ninja-trader.html
Not only is it a great simulator, but also a great charting and execution platform. You will need data from another company, but there are a LOT of companies that provide data for them.
For full disclosure, I partner with NinjaTrader on some educational and marketing events, but they don’t pay me anything. I partner with them because they are my favorite charting software and I personally use it.
Barry
Thanks very much for that very informative interview – it dealt with a lot of practical matters that are often not even mentioned in some FX trading clases.
Max
the links for the video are broken, please check.
Hi Jim,
I just checked all the links one-by-one and they all work perfectly for me.
Barry
I want eo now more about shere training
Hardus
I would be glad to leave a remark if I could view the videos. Pleas advise as to view videos?
Roy
Hi Roy,
Just click on the links and the videos should open and start. They are in Windows Media File format, so you may need that program.
Barry
Stock Exchange
Very good information for earning money.
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