Friday, January 1, 2010

tips to finding a forex broker

When searching for a forex broker it is important that your money is safe so you want a broker that is regulated / held responsible in some way for your money that is deposited and that you will get it back when requested. There are many other considerations when choosing the correct forex broker such as minimum deposit required, leverage, what pairs can be traded, the spread ie cost to execute a trade, deposit / withdrawal methods, ease of opening an account, time in business and reputation. Have a look at my broker comparison chart to help you choose. You might even want to change brokers. Make sure you understand their differences and even consider opening a forex demo account. Most have demo accounts you can trade on but of course you can't make any money that way but the good news is you can't loose any money either. But time is money so be sure you know what your looking for and seize the opportunity. Everyday there are opportunities to make or loose money if your not careful. Many times traders loose because of being under-capitalized so be sure you understand you know what your getting into and the capital requirements to trade these instruments. You don't want to get kicked out of a good long term trade because of being under-capitalized so try to use a smaller account like a mini forex or even micro forex account before trying to go into full lot sizes.

4 comments:

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