Rebate and Cashback

Ever wonder how a broker earn $ to keep up their services? Most them earn their funds for management and maintenance through a fraction of each and every trade we take. This fraction is also known as spread, the fractional difference between the buy and sell. The spread we pay to the broker is the fee they take to maintain their services. Certain STP/ECN broker have very low spread as little as 0.0 - 0.1 pip, this is possible because for each trade a certain fix commission is charged. 

Example, Armada Markets charges $2 for every 1 lot traded. This $2 is the commission charged by Armada Markets to its trader.

At times, the brokers take a part of these fees and pay individual that help introduce new future customer/traders to their team. This is more commonly known as "Introducing Broker" or "IB". An obvious example is the IB that I have setup with Armada Markets which gives us back 5% of the commission we have to pay for our trade. 

Example: If you open an account with Armada Markets through the link below, you will obtained an instance 5% rebate of the $2 commission paid for each 1 lot. $2 - 5% = $1.9. That is a saving of 10 cent for every trade, it does pile up to a lot of money eventually. [Register here]

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There are many ways to receive these rebate/cashback; for other brokers I truly love CashBackForex. They have help me save up a lot of money. Do register an account with CashBackForex and open an account with one of their listed brokers. Contact me if you need help getting setup after you have register. [Register here]

I have many friends who were initially skeptical of such too good to be true news. Why would someone refund you a fraction of the fee paid to them for trading. The answer is, they want referral and also they want traders to trade more. Either way.. a picture carry more weight than words.. below are screenshot of previous refund given by CashBackForex to my Paypal.

Net rebate to date

Previous rebate and payment

Rebate realized in Paypal account

Well believe it or not is your choice, but I gain an extra $106.95 for trades I took win or lost. This is a lot of money. So if anyone is interested to follow my foot steps.. signup and buzz me. I would be more than willing to help those who register as my referral. [Register here]

-DC 

Reviews - Brokers

I wrote an entry earlier about which is my favorite broker. To be able to choose a favorite, does mean that there are other option to choose from. With this thought, I have decided to try write a review on every broker I had worked with and maybe write a review on every other broker that I would try in the future.

Below is a list of all the broker I've had interaction with in my years of trading.

- Alpari UK

- Armada Markets

- Forex.com

- GFT Asia

- IC Markets

- Oanda - Asia Pacific
- Pepperstone

*Individual Broker reviews entry would be added in due time.

-DC

Tickmill - My Favorite Broker

[Update]: Armada Markets has been rename to Tickmill

Everyone has a favorite, a favorite this, a favorite that, a favorite something ..

For a trader, I've been asked all the time which is my favorite broker; hence I've decided to write a few words about my favorite broker and why. For those who are considering a broker do read on.

The notes below were written when the broker was still known as Armada Markets. Armada Markets have been rebranded and renamed to Tickmill. The management and team stayed the same only the name has been changed.

All links and IB were updated to Tickmill.

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My favorite broker is Armada Markets. I like it so much that I have decided to take the effort to setup an Introducing Broker (IB74772223) service to benefit those who are considering benefiting from this broker. Those who subscribe to Armada through the link below, will instantly receive a 5% off their trade commission. It is like receiving a 5% rebate for the commission you have to pay to the broker when a position is open. 20 cent rebate for 100,000 unit / 1 lot traded maybe a small amount; but who would complain about actually getting rebate on fees paid for great services. [Register Here]

There are so many reason why I love Armada Markets, below are some that I believe is more important than anything else..

1 - Very low/small spread

• Armada Market have one of the smallest spread I've experience. EURUSD having spread of 0.0 pips. The spread does hold out much better than some of the other broker during major news like NFP.

http://www.myfxbook.com/forex-broker-spreads

2 - Very small commission for low spread ECN

• It only cost $2 for every 1 lot traded. a profit of 1 pip per lot is $10, with 0.0 pips spread is well worth the cost. Very good for short term trader and scalping trading strategy.

3 - Responsive and helpful support team from Armada

• I have contacted them several time, and they have always been responsive be it by email or by online chat. They have one of the most helpful support team.

Armada Market Details:
Company: Armada Market Ltd.
Year Open: 2011
Execution Type: CMA, NDD, STP
Commission: Yes, only on Exchange Account
Spreads: As low as 0.0 pips for Exchange Account
Platforms: MT4
Min Trade Size: 0.01 Lot
Max Leverage: 1:500
Min Initial Deposit: $100.00
Accept US Client: No
Account base currency: USD, EUR, GBP, JPY
Deposit Method: Skrill, Neteller, Credit Card, Bank Wire
Withdrawal Methods: Skrill, Neteller, Credit Card, Bank Wire
Hedging: Yes

Leave a remark if you have further question on my Favorite broker or how the IB74772223 service would help you save money when trading with Armada Markets.

-DC

Painful Lesson: -865.5 pips

Hi All ..

It was a pretty painful 2 week for me. I let a very good profitable trade go against me very badly. I had 3 chance to exit it profitable, instead I allow it go go against me 3 times, the last was really badly. The position crashed because AUD crashed and caused GBPAUD to rocket twice.. Damn!

Anyway I was down (floating) close to $5000 / -865.5 pips due to AUD retail sales news..

Here is the lesson, always protect your position. I learn that if only I had created a SL protecting my position and creating a free trade. I might have end up losing a good trade entry but not being in an unnecessary drawdown is always a key to ensuring that there is a tomorrow for the account balance. Also the draw down did hold me back from being able to take up 6 different profitable trade that I would normally take if I had the sufficient capital.

In short, protect all profitable trade by adding a SL above the price for a small profit in case it turn around and bite you.

http://www.myfxbook.com/members/desmondc

Oh in case anyone is wondering what happened? I was luckily able to turn a $5000 lost into a $800 cut off. Small price to pay for an excellent lesson.

*Cheers..

-DC