Last week, I spotted a nice trading position on NZDCAD forex pair.
I shared that trading setup on a live stream with my students and in my premium signals group.
Though, the price moved exactly as it was predicted, the half of the group members did not make any penny from this signal, while another half made a nice profit.
It happened because of one rare thing that I absolutely hate in trading.
Learn about a major frustration in trading, that no one will tell you about.
The Trading Signal
Here is the trading position that I spotted.
It was a classic price action trading setup based on a double top pattern.
Trade was taken on a retest of a broken neckline aiming at the closest strong support and stop loss lying about the tops.
And that's how the signal locked.
Though, initially, the market started to fall rapidly. But it reversed, not being able to reach the target.
Watching that bullish rally resumes, I send the signal to my students to close the trade on entry level, and I also did that personally.
I felt myself quite sad that I did not mange cash out from that trade.
Later on in the evening, surprisingly, I started to receive multiple thank you messages from my members that they made a good profit with that signal.
How Could It Be?
I decided to anonymously ask the VIP signals group members, how did they close the trade.
More than half of the members replied that the trade reached take profit.
Can it be possible? My TP was not reached and it was still quite far from the lowest low.
BROKER!
Now, examine the trading setup on NZDCAD on charts of different popular forex brokers.
On these 6 charts, you can see NZDCAD pair on OANDA, CAPITALCOM, IC MARKETS, ICE, FXCM, FOREX.COM brokers.
While in half of the instances TP was not reached, in other half, TP was reached and the price went even lower.
Why It Happened?
There are the rare situations in Forex trading, when the price action on one broker can be very different from another.
It happens because different brokers have different liquidity providers, spreads, order execution methods and so on.
That is why the selection of a good broker is so vital in trading.
By the way, here is the link to my Forex Broker - LINK.
Solution
If you use TradingView for chart analysis, make sure that you watch all the instruments of one broker.
Moreover, once you start trading your strategy, always check how the price acted with different broker quotes.
If you see a lot of instances that your tp is not hit, while on another broker it would, it will be a signal for you to change the broker.
When I started learning trading, no one told be that important nuance of Forex trading.
But knowing that is a very significant step in your trading journey.
