I am aware in equities that you are dealing with a computer program (Black box) when you trade stocks. At one time it was a specialist (Human) All order are routed through various exchanges. Now with forex, there is no centralized location. Therefor you are trading with just the people that go through that clearing house????? In addition, most small forex brokers are not really brokers but just websites. (Middle men)These brokers really just support you and some hold your trade if you loose all the time and keep your money. That is why it is difficult to get paid if you are a winner. Can someone shed some light on this. I am trying to figure out how the forex chain really works.