| If you want to trade forex you need a
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| | ignore them and execute your own trading
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| forex broker and there are plenty around,
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| | signals.
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| here we will give some tips on picking
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| | Useful EXTRA Services
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| the best for forex brokers and how to
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| | Some brokers give extra services away
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| maximize your potential with them.
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| | that are useful such as discounts on
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| Many traders see brokers as the enemy who
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| | trading tools, books and newsletters
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| lose them money but the fact is there
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| | which a lot of traders like - but there
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| neither your friend nor your enemy -
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| | is one service we saw recently which is
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| their simply there to transact your
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| | excellent for novice traders and it's
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| orders in an efficient, cost effective
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| | called:
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| and timely manner and that's it.
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| | A PROTECTED ACCOUNT
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| The most important points to consider
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| | If you are new to forex trading, then you
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| when dealing with a broker are the
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| | will probably try a demo account to get
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| following:
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| | the feel of trading but useful as they
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| 1. Competitive Spreads
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| | are for learning the mechanics, they
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| Pay no more than 5 pips on the majors and
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| | don't replicate the feeling of dealing
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| if you shop around you can get 2 - 3.
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| | with real money.
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| This is your cost of doing business and
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| | Many brokers to help get novices feet wet
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| needs to be kept low.
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| | with limited risk offer Protected
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| 2. A Reliable Trading Platform
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| | Accounts, to act as a bridge between a
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| If you are trading online this is
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| | demo account and a full trading account.
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| imperative and most trading platforms
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| | They allow traders to trade with small
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| today are excellent - but make sure you
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| | amounts of money and do as many trades as
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| test drive it, for usability via a demo
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| | they like in a set period (normally a
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| account to prove it to yourself.
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| | couple of weeks) and the trader can still
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| 3. Leverage
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| | trade even if he is debit!
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| Any broker today will give you more
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| | At the end of the period the broker
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| leverage than you will ever need. 100:1
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| | covers the losses if any and the trader
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| is fine - but many brokers will go up to
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| | takes the profits.
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| 400:1.
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| | This means a trade as much as he wants -
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| 4. Security OF Funds
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| | even when he is debit on a set leverage
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| Look for well established brokers who use
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| | and has a set risk in advance.
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| segregated accounts have been in business
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| | These accounts give the feel of forex
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| for years rather than months. The longer
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| | trading but have set risk and will show a
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| they have been in business and and the
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| | forex trader his potential, before moving
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| bigger they are the better.
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| | to a full trading account.
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| What You do NOT Want From a Broker
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| | Finally ..
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| A lot of brokers sell higher fees based
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| | Getting the right forex broker is easy
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| upon the service they give you in terms
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| | and you only have to keep a few points in
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| of trading recommendations etc.
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| | mind and then you're all set, to enter
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| Keep this point in mind - if brokers were
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| | the exciting and lucrative world of
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| good at trading they wouldn't be brokers,
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| | currency trading.
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