Dear reader, this Forex course is designed to help you in making the right choices right from the beginning. It is especially designed to save you time and therefore does not discuss every detail. Rather you have to trust the assessment of a professional trader. We will commence together with a discussion of a selection of brokers with full knowledge that these brokers albeit not exclusive offer a pretty decent level of service. In further articles of this series you will get an idea of what successful Forex trading means and why most people will unfortunately not succeed.
You cannot expect to become a profitable trader after reading through my articles – that takes years of practice – but you can expect that this series will help you to avoid a number of traps and therefore time and money.
The selection of the right broker depends on the following factors and questions that need to be answered:
Does the broker offer segregation of client/firm funds? If it does not avoid the broker with real money.
Is the broker subject to strict governmental regulation? Avoid those that are not. Brokers located in Europe especially the UK, Germany, and Switzerland should be on the safe side. Brokers that reside within countries without strict regulatory oversight, such as Cyprus, should at least be looked at with a suspicious eye.
Here is a list of brokers that I do recommend (not in rank), albeit it is not exclusive: FXCM UK, GFT UK, Interactive brokers (25k lot size minimum), Saxo Bank, Dukascopy, Tradestation
Most of these brokers also off CFD trading. Interactive Brokers e. g. is the best all-around discount broker that I know of, Forex trading however is only one of their smaller businesses. Therefore liquidity can be limited.
See if the broker offers the Metatrader platform, which is interesting if you think about semi-automatic trading.
A quick discussion of the brokers introduced:
GFT UK: Superior charting package, sophisticated service. A bit expensive at times, they really charge you for almost everything.
FXCM UK: Superior service for bigger accounts having the Active Traders platform. Very good research provided by their own portal website.
Saxo Bank: Superior customer service, free research and signals depending on account size.
Dukascopy: Good research on their website, superior spreads, good execution.
Tradestation: The best charting package available but a bit expensive.
Get a demo account with a selection of brokers and chose the platform you like best. If you like the Metatrader platform, maybe a provider like Alpari or AAAFX might be interesting. However I suggest to do some proper research on these brokers before you make a choice. Once you have established your demo account you must learn how to use the software. Please ensure you read the manual of the demo platform of your choice in full but if you lack the proper time to do so go and give the customer service a call or use the live chat function offered by many brokers. This way you can also test the broker´s ability to handle your requests during times of crisis.
In the next article we will discuss your next steps towards profitable Forex trading.
You cannot expect to become a profitable trader after reading through my articles – that takes years of practice – but you can expect that this series will help you to avoid a number of traps and therefore time and money.
The selection of the right broker depends on the following factors and questions that need to be answered:
Does the broker offer segregation of client/firm funds? If it does not avoid the broker with real money.
Is the broker subject to strict governmental regulation? Avoid those that are not. Brokers located in Europe especially the UK, Germany, and Switzerland should be on the safe side. Brokers that reside within countries without strict regulatory oversight, such as Cyprus, should at least be looked at with a suspicious eye.
Here is a list of brokers that I do recommend (not in rank), albeit it is not exclusive: FXCM UK, GFT UK, Interactive brokers (25k lot size minimum), Saxo Bank, Dukascopy, Tradestation
Most of these brokers also off CFD trading. Interactive Brokers e. g. is the best all-around discount broker that I know of, Forex trading however is only one of their smaller businesses. Therefore liquidity can be limited.
See if the broker offers the Metatrader platform, which is interesting if you think about semi-automatic trading.
A quick discussion of the brokers introduced:
GFT UK: Superior charting package, sophisticated service. A bit expensive at times, they really charge you for almost everything.
FXCM UK: Superior service for bigger accounts having the Active Traders platform. Very good research provided by their own portal website.
Saxo Bank: Superior customer service, free research and signals depending on account size.
Dukascopy: Good research on their website, superior spreads, good execution.
Tradestation: The best charting package available but a bit expensive.
Get a demo account with a selection of brokers and chose the platform you like best. If you like the Metatrader platform, maybe a provider like Alpari or AAAFX might be interesting. However I suggest to do some proper research on these brokers before you make a choice. Once you have established your demo account you must learn how to use the software. Please ensure you read the manual of the demo platform of your choice in full but if you lack the proper time to do so go and give the customer service a call or use the live chat function offered by many brokers. This way you can also test the broker´s ability to handle your requests during times of crisis.
In the next article we will discuss your next steps towards profitable Forex trading.
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