best forex brokers as a new trader Finding the most appropriate broker is a task that shouldn’t be overlooked
because it can make all the difference between your success or failure in the
FOREX market. Speed of execution is paramount, but also honesty and
transparency have to be considered. Demo accounts are good for practicing
and acquiring trading skills, but they won’t allow you to gauge their performance
and attitude in real life. The actual features come onto the scene
only after you open a real-money account.
I always say paper trade, paper trade, paper trade. You simply have to be
getting consistent results with your paper trading (demo trading) before
you can start using real money. Most investors, especially first-time traders
(“newbies”), tend to trade well on a demo and then lose it when they shift
over to a real or live account.
Why is this?
Simple. I have heard it all too
many times: “Zoe, I made 20 plus trades without a loser. When I shifted
to a real account, I felt like every trade I made went against me.” Then I follow by saying,
“Aren’t you doing the same thing” I usually hear: “Well, I
couldn’t do the exact same thing. It is real money.” Therein lies the difference in results.
Paper trading is part of the learning process. Once you have
mastered it, then you can move on to a real account.
Some traders will pick this up faster than others; it could take you a few
weeks, months, or even years. That’s right, it could take you some time
before you are ready to trade real money. If you want to see the true success
of the FOREX market, you have to put some time in.
With the advent of the micro account, I have found that opening an
an account with $25 to $150 is actually better than demo trading because of you
are now learning with real money, and you are developing good trading
habits. Regardless of what you do, make sure that you practice your trading
plan prior to trading any large accounts with real money.
Not every broker is suited for every trading strategy. Thus it is quite difficult to choose
the best FOREX broker for you. Some strategies, such as
scalping will require extremely low spreads and swiftness of execution; for
other, longer-term strategies that involve overnight interest, swap will be a
major concern. Evaluation of the trading-platform software before making
a decision is important because there are significant differences among
them, and some might perform better than others, as well as offering different features,
such as hedging capabilities on some of them and one-cancels-the-other
orders and if-then options on others. However, this is
only the means to access the broker’s services, which in reality is the most
important part and what has to be assessed in detail before you trust any
broker with your hard-earned money.
With the most recent FOREX oversight initiatives enacted within the
farm bill, changes are coming. As of this writing, not all the anticipated
changes have been implemented across the board. I would suggest that you
stay informed. The best way that I can help to keep you informed is to provide real-time updates
and valuable FOREX information at your fingertips
through my Web site, https://www.earnmoneyfx.com
It is easy to check a broker’s reputation over the Internet and, more
particularly, to see if the broker is regulated or not at least in its country
of origin. A good broker should comply with a few minimum basic