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.