Here we will give you a quick guide on getting a forex broker who can provide you with the tools to help you win and maximize your trading profits, so here is your guide to choosing the best forex brokers.
What you don't want!
Before we start lets look at what you don't want from a broker:
Advice!
Never fall for the assisted account and how good their research is - if it were that good at trading they wouldn't need you! They would be making so much money on the house account. Also understand this:
Most brokers are market makers and profit from your loss and advice is a conflict of interest for them.
Is that good?
My broker wins when I lose? Its no different to a bookmaker and the fact is 95% of traders will lose anyway, so this means brokers make a lot of money and in recent years fees, platforms etc have come down dramatically and give you the best advantage you could ever have.
Forget all you hear about brokers hunting stops etc to make you lose they don't care simply because they know the odds are in their favor 95% lose.
The broker doesn't force you to lose you defeat yourself but you have the opportunity to win and win big and you need to have a broker - so look for 3 things only they should provide:
- Tight pip spreads and no commission.
This is your cost of doing business and adds to your loss and eats your profits keep it as low as possible
- Trading platform
This should be easy to use and reliable. Check it out with a demo account, see how it functions and look for 24 hour support should you need it.
- Security Of Funds
Its no good having a reliable trading platform and great spreads, if you broker goes bust! Go for large well established brokers, who have security measures in place and are in governed jurisdictions.
Your broker provides you with the tools to execute your forex trading strategy and that it - there not there to hurt you and wont, they are your connection with the market and all you need is - a reliable trading platform and tight spreads. Its then up to you to make your currency trading a success.
