who is the best forex broker?
Looking for a good forex brokerage firm
Most Commented Posts
- August 8, 2008 -- Should "In God We Trust" Remain On American Currency? (41)
- February 26, 2009 -- Xtian: What right (specifically) would be violated by removing "In God We Trust" from US currency? (41)
- January 27, 2010 -- Do conservatives invest in gold because they have no faith in American currency? (37)
- November 24, 2008 -- Is “In God We Trust” on US currency a true statement? (35)
- January 3, 2009 -- Should the motto “In God We Trust” be removed from U.S. currency? ? (34)
- March 17, 2009 -- R&S what do you feel about "One nation under God" on US currency? (34)
- April 21, 2009 -- What would be the impact on American society if "In God We Trust" were removed from the currency? (34)
- May 7, 2008 -- Who else thinks that "in god we trust" should be removed from US currency? (33)
- January 9, 2009 -- Are coins and currency the same thing? (30)
- March 8, 2010 -- If your good looks were currency, what could you buy? (30)
This entry was posted on Tuesday, March 31st, 2009 at 4:43 am and is filed under forex trading. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
March 31st, 2009 at 4:43 am
Be careful and be willing to reasearch them first. Don't be afraid to ask questions and understand what they tell you. In Forex trading, you pay commission on the spred. There is no add on commission but you pay the amount of the spread. Three pips equals $30 on a full sized pair. That’s $50. On a five pip spread.
Forex brokers do not remain open the entire time the market trades. They can set their own hours. Some brokers close before the market stops trading on Friday and open after the market begins trading on Sunday. Not to mention Holidays when trading is still going on. During this time your stuck in the trade if you didn’t exit it before the broker closed. Phone calls, the trading desk is not manned all the time during business hours and you’re always able to access their system or orders execution.
Forex trading is not centralized. Each broker has their own separate data feed and set their own highs and lows.
FCM registered? Make sure they are. Make sure you know what your brokers reserves are, that they hold segregated funds. They should give you their registration number. Make sure it’s valid and current.
Never trade Forex with a broker who doesn’t allow contingent stops and limits when placing an order. Many, many brokers won’t allow you to place a stop and limit until your entry order is filled. This will cause you grief, frustration and money. Their charts do not always correspond to what you expect your fill price to be because their getting their data feed from someone else.
Your broker isn’t there for you. They’re there for themselves. Every broker takes the other side of every trade. This means it’s you against them. Think of Las Vegas. The house is positioned to win. Brokers have ways to hunt out stops and not filling limits. This isn’t a problem when the market blows through a stop or limit. It’s clearly evident on those frequent occasions where the broker seems to miss those call limits on your profit by a pip or two but seems to always be able to execute a stop exit usually on a lose before it swings back the other way.
Back testing can be good but market conditions change. Thus back testing then becomes irrelevant. You can’t always trust back testing. Insist on a trial before you put money up front. Perception in Forex trading is not always the reality. It can be profitable but it can also wipe you out fast and easy if you don’t know all the aspects of your broker and the in’s and out’s of the idiosyncrasies.
March 31st, 2009 at 4:43 am
john, you may check your options in this site. it will lead you to a very legitimate, trusted, reliable and one of the leading, if not the best, forex trading sites these days. they operate on a web based platform so you don't need to purchase any other system and you can trade anywhere at anytime. they have unique features as compared to other forex brokers like the "inside viewer" where you can view the popularity of the currencies being traded and the direction of the deals and the deal structure as well, the "trade controller" where you can visually adjust the parameters of your open deals and check out your profit/loss scenarios and a "visual trading machine". one of the best feature they offer is live, one-on-one help where by opening any of their accounts- mini, gold, platinum and vip- they will provide you a personal Account Service Manager or ASM as your mentor, trainor, consultant and trading partner as well. you can speak to your ASM live via phone, email or chat and discuss everything you need to know about forex trading. they also have a chatroom where traders from all parts of the world interact to discuss their trading methods and strategies. plus the site is full of learning materials and tools. all the best.
March 31st, 2009 at 4:43 am
When you first decide to trade Forex you will need to locate a reliable broker. It's very important that you familiarize yourself with the software the broker uses for making trades analyzing the market any other features they may offer. Many have a training or tutorial account that will allow you to signup make trades for free. Use this to your advantage before just jumping in tossing your money in.
http://www.finexo.com is a good broker as i am using it last 2 years and i have a pretty good experience with it. apart from this AVAFX, Saxo Bank and Forexwebtrader is good to start your career.
Take care