Many people don’t know the power of forex. Forex is by far the biggest market of any kind. Trillions of dollars are traded every day and many make millions of dollars a day through forex. At the same time, there are few things you need to have in mind before starting to trade in the forex market.
The first thing is your broker, and then your trading strategy and your risk taking ability. If you do the basic things right Forex can be exciting and will offer you a fantastic lifestyle.
Like I said before, there are two things necessary. The first is a good broker, you should opt for a professional broker despite your budget or your trading volume.
If you look at the reviews about the brokers, (you can do a random google search) you will come to know that many have very poor reviews by the users. It is important to learn from other people’s experience. Many such people who give such reviews don’t have a good strategy and end up losing money and finally blame the traders, at the same time there are some pathetic traders as well. So, if you want to start trading then why compromise go for the best. To decide on the best you need to check out a few factors
1.Low Minimums for Account Opening and for Trading.
All top forex traders will tell you that you should only trade with as much as you can afford to lose. So the broker should allow you to open account with low initial deposit. Many great forex traders started small and made it big. During the initial phase learning is the most important thing
2.Low spreads while bidding.
The spread is the difference between the bid and the ask price. When the spread is less it means that the trade will be cheaper for you
3.Automation in Execution Of Orders.[ad#internal-234]
This can happen only if the broker has great liquidity, this avoids any slippage. So size of the broker does matter, and all the trading should be instant.
4.Live Training is a key factor.
Assume that you are new to forex. Whole concept and procedure will be overwhelming, and you should learn without losing anything. To make that happen some traders offer you the trading platform and virtual money to trade. So you will not face any risk while learning the methods of the trade. You should have access to all analysis and graphs to know the trends.
5. Total Leverage you get.
Leverage is a simple concept which is common in both stock trading as well as forex. If you invest 1000 dollars, then you can actually trade for a higher amount, if the broker is permitting you to trade for 5000 dollars then the leverage is 5:1, and if he is permitting you to trade for 10000 dollars then the leverage is 10:1. Higher the leverage greater is the risk, but it is important to opt for broker who offers you higher leverage (you might not avail it, but it is important to go for such a broker). Say that you invest 1000 dollars and you had a profit % of 2 , which means you will make 20 dollars as profit, but if you operate with a leverage of 10:1, then for the same investment of 1000 dollars you will make a profit of 200 dollars.
There are lot of traders around but the best among them based on these criteria is
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