Some tips about choosing Brokers.

Discussion in 'Forex' started by Somrat4030, Jul 16, 2021.

  1. Before you start something new, begin with the fundamentals. Let’s look at trading tips every trader should consider before trading currency pairs.

    1. Know the Markets
    2. Make a Plan and Stick to It
    3. Practice
    4. Forecast the “Weather Conditions” of the Market
    5. Know Your Limits
    6. Know Where to Stop Along the Way
    7. Check Your Emotions at the Door
    8. Keep It Slow and Steady
    9. Don’t Be Afraid to Explore
    10. Choose the Right Trading Partner for You

    What is a forex broker?
    When it comes to trading foreign currency, you use a forex broker, also known as a currency trading broker, to place your trades. When you trade forex, you buy or sell in currency pairs, e.g., "EUR / USD" (Euro / U.S. Dollar). You open an account, deposit funds, then use the broker's trading platform to buy and sell currency using margin. The forex markets are open 24 hours a day, five days a week. Tips for finding Best forex brokers:

    1. Consider Your Needs.
    If you day trade a lot and capture small moves, consider an ECN broker. You'll pay a commission on trades but the spreads are much tighter, which matters when trading small moves. Search only for "ECN Forex Brokers."

    2. What the Broker Should Offer
    Now that you know what you want, and have hopefully narrowed the list of potential brokers, look for the following in the brokers you're still considering.
    No "dealing desk." If you're a day trader you want to be interacting directly with the market, and not sending your order to a trading desk which then initiates it in the market. That takes too much time, and often results in "re-quotes." This is when the price has changed since you placed your order, and the broker asks you if you wish to proceed. Because of the time delay, your trade opportunity is likely gone.

    3. Be Wary of "Losing Trader" Reviews
    Part of your research in choosing a broker should be looking at written reviews of the broker as well as discussion forums.
    Be wary of these though. Unless the information comes from a credible source, and most forums are not credible sources, you're likely to find fake reviews, both positive and negative.
  2. El Trado

    El Trado

    This is from a brand new account. How long until this thread is flooded with «positive advice» from other new accounts suggesting to use certain unknown, unregulated brokers intending to scam its customers?
    Nobert and Onra like this.
  3. Overnight


    Your post reads like someone trying to become a mentor, and gathering interest in your lessons. How much do you charge for the private advice you will soon be offering to members here? What will the low, low rate be?
  4. it would be really great if i see this topic in a broker Discussion . thank you
  5. mab81


    Good tips. It is important to choose carefully as the broker wil have an impact on your performance to a certain extent. The platform offered by the broker you choose will have an impact too, as it is needs to be easy to use and as helpful as possible. Make sure to check the broker's reputation too.
    Jastinross likes this.
  6. dima777


  7. before choosing a platform its more appropriate to check FPA where traders express their views about their brokers performance.
  8. i dont believe any review , i think most of the reviews are paid by someone. its all about marketing strategy
  9. any other legit site other than FPA?
    #10     Jul 27, 2021