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