Sunday, April 10, 2016

What to look for in an online Forex Firm/broker:



·       Low spreads - In Forex Trading the ‘spread’ is the difference between the buy and sell price of any given currency pair. The lower the spread saves the trader money. Most firms offer 4-5 pip spreads in the Major Currency pairs. The best firms offer clients 3-5 pips.
·       Low minimum account opening - Those who are new to trading, and for those that don’t have thousands of dollars in risk capital to trade, being able to open a mini trading account with only $200 is a great feature for new traders.
·       Instant automatic execution of your orders - This is very important when choosing a Forex firm.
·        You want instant execution of your orders and the price you see and ‘click’ is the price that you should get. Don’t settle with a firm that re-quotes you when you click on a price or a firm that allows for price ‘slippage’. This is very important when trading for small profits.
·       Free charting and technical analysis - You need a firm that gives you access to the best charting and technical analysis available to active traders. The firm that I recommend gives clients FREE professional charting services and even allows traders to trade directly on the charts!
·       High leverage - You want high leverage - the ability to trade a large amount with a small margin deposit. Some of the best firms offer .25% or 400:1 leverage.

·       Hedging capability - You want the flexibility of opening positions on the same currency pair in opposite directions without them eliminating each other and without margin increase!

3 comments:

Deba Sheesh said...
This comment has been removed by the author.
Deba Sheesh said...

Thank you for your great post. It's really very informative and really helpful. Please Keep posting. Thanks again.
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Aeldra Robinson said...

Great post! I really like the way you have explained each and everything so well. Very well done with the Blog!

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