best broker to trade forex?

3 Comments

1. Bonny_Cap - says:

   August 7, 2010 at 15:14

   6 Ways To Check The Best Forex Trading Platform For You

   For Beginners As Well As More Experienced Traders

   Here, we really have to look at your broker first and answer the question:

   1) Is he a CFTC "registered" broker? I recommend to only consider a registered broker for opening an account. If you live overseas – check where brokers need to register – and they should have it mentioned on their homepage.
   2) Most Forex brokers will offer a "free of charge" online trading platform- which in turn has an integrated charting software – which gives you your datafeed and your trading platform (where you place trades online) – all in one package. You can consider the data to be reliable and the execution of your orders will be done correctly – presuming you are contracting with a registered broker.
   3) Having said this, it’s also a fact, that some trading platforms + charting software are easier to use and more "intuitive" than others- it’s like with some new mobile phones… you have no trouble getting the hang of the function with one brand, but with another brand your struggle. Even if your friends may say – hey – this one is sooo eeaasy – it may still not be easy for "you" – while another one is indeed just 1-2-3 for your way of thinking. So, the best way is – open a demo account first – to play around and check if this is indeed intuitive for you – do some paper trading over a few days or weeks. Don’t hestitate to try another, if you are not convinced.. While testing with a demo account, make sure that the charting software indeed plots the indicators your trading method requires. I’d say most will do fine, but absolutely not all. I’ve seen too many traders struggle with inadequate charting software – bein too thick headed to admit that they made the wrong choice at some point. They’d rather lose money + struggle daily than switch to something better – but – we all know such people, don’t we?
   4) Some traders prefer upscale software – which is independent from the dealer- such as Meta Traders offer. Apart from more charting capabilities, these also give trade alerts – and some traders find this useful. What this all boild down to is: Never buy into charting software first and then try and use a trading method. It should rather be the other way round: first, get educated on a good trading method or find out your very own – whatever you decide – then look for the software that give you exactly those indicators you need. To take this example in practical life: if you go to a taylor + ask him to make a suit for a wedding – you’ll need to able to tell him what kind of wedding this is going to be !
   5) Now we come to the money part – you should choose a broker that has low spreads. They are – usually – calculated in pips – these being the difference between the buy/sell price of a currency pair at any given time. Ist these pips with which banks or forex brokers earn their money – they do not charge commission. Logically, a lower spread will save you money over time.

   6)Which leverage levels and account types (standard and mini account) does your selected broker offer? While most of them offer 100:1 account at least, and this will be absolutely adequate for most traders, some offer also 400:1 at the cost of higher pips in their spread. This higher leverage is actually unnecessary – the risk/reward ratio of this high leverage can rapidly turn against you, and unless you are very advanced, I recommend you should stay away from it.

   What account types does your broker offer? The standard account requires initial capital of $ 2000 +, whereas a mini-account can usually be had for $ 300,-; and the 100:1 leverage should be available for both account types.

   Now you know what to look out for when choosing a trading platform and a broker, you might want to search for more information about trading itself – tools, trading robots and strategies and opinions about them – so I invite you to check by at http://realmoneydoublingforexrobot.com
2. Xelam - says:

   August 7, 2010 at 15:14

   hi steven,

   here’s one site i can recommend to you. it will lead you to a very legitimate, trusted, reliable and one of the leading forex trading platform today. they operate on a web based platform which is very convenient to trade anywhere at anytime. one very good feature the site offers is "personalised service" where by opening any of their accounts- mini, gold, platinum or vip- they will provide you the services of a personal Account Service Manager or ASM as your mentor, consultant and trading partner as well. your ASM can give you a one-on-one live help via phone, email or chat to discuss anything you need and want to know about forex. the site also have lots of learning tools and materials useful for all forex traders, beginners and experienced alike. meantime, you may register to download a Free Forex Ebook and a Free $50K Demo Account for your practice. all the best.
3. Common Sense - says:

   August 7, 2010 at 15:14

   check out;
   http://www.forexpeacearmy.com/public/forex_broker_reviews

   I use GFT. No Forex Broker is "really good". I like their charting and the customer service is outstanding. In my opinion, they are one of the few "legit" brokers out there in FX.

   I tried FX four years ago & blew it! I’m back again. More knowlegable & learning every day. Not as easy as it seems. I try to read a new trading book (or read an old one over again) every month.

   Money Management and psychology are just as important as technical or fundamental analysis. I stongly suggest you read;
   Millionaire Traders (Lien & Schlossberg)

   http://www.eriestocktrader.com/