and methods on how to pick your first broker right and how to avoid
the typical mistakes forex starters usually make. Before I begin go
give you information, take a moment to think about how much you
already have in mind on topic. This subject is important, but not so
complicated as you may think. So let's get started!
There are lot of regulated forex brokers online now and sometimes it
is difficult for forex starter to choose the most worthy ones from all
this forex trading platforms, software etc. Selecting a forex broker
must be a smart decision, but at the same time the process shouldn't
be too long, complicated and hard, because you want to start your
trading, not to just stumble in choosing right forex broker, right?
There are at least 30-50 different regulated forex brokers offering
their services for forex trading starters today. Here are some things
to consider when making your decision:
Is the process of opening trading account fast and comfortable? (using
your Credit Card or Money Order for example)
Are there demo or mini-accounts available? (not just a standard forex,
but something that forex starter can utilize to gain the initial forex
trading experience)
Bid/Ask pip spread on major currency pairs such as EUR/USD, GBP/USD,
USD/CAD, AUD/USD etc.
The minimum trading amount (shouldn't be more than 10 000 USD
sometimes 5 000 USD or less on mini-accounts)
Is the trading software too complicated? It should be handy and easy-
to-understand.
What are the broker's hours of operation? (24 hours a day, 5 days a
week is standard)
Initial deposit amount - $100-500 is quite enough for you to start
from, so the forex broker's minimum deposit size shouldn't be greater
than $250-500
If you're a forex starter with no initial knowledge at all, look for
regulated forex brokers that give away free e-books or e-courses that
can help you to study the forex trading basics. Make sure it contains
all vital information you need to know to begin forex - effective and
clear background, precise trading methods, advice, technical analysis
examples and indicators and so on.
The next urgent thing is the transparency of your forex broker trading
platform. Sometimes they charge you hidden fees/costs and you may not
even know about it. Remember - your forex broker must not use these
cheats, he's here to help you as a forex starter - so make sure he
claims on his site that there aren't any hidden fees at all.
Another useful advice is: do not use a forex brokers platform that's
complicated or needs to download endless hundreds of megabytes to your
hard drive. It must be simple and handful - that's the primary purpose
of it. Also it shouldn't be buggy and crash every hour, that's
inadmissible! So pick yourself the software that's easy to use and
effective as others.
Make Money from the Stock Market No Matter How Bad the Economy Gets:
http://tradeprosys.blogfun.org/
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