There are many things to consider when starting out in Forex trading. There are many, many companies out there that want to take your precious trading account from you before you even place your first trade! Worse, many of the Forex “brokers” out there will deliberately set out to interfere with your trades and lose you money! This guide gives you solid advice of what to avoid.
So, you are ready to trade Forex. It’s the hottest opportunity on the planet! All you need to do is attach a $99 Expert Advisor Robot to your charts and soon you will be filthy rich. Just think, making tens of thousands of dollars a month without lifting a finger!
In fact, I bought twenty robots, attached them to my MetaTrader 4 platform, and made so much money that I had NASA build me a spaceship. I know tour the galaxy with my trusty butler Bill Gates in tow.
Let’s get serious. If it were the case that a cheap robot was able to trade the Forex market for you, wouldn’t big investment banks link Goldman Sachs just buy millions of these robots and a server farm, then sack all their traders, getting rid of their big salaries (along with their big bonuses)?
Unfortunately, the Forex industry is full of useless junk products, bogus claims and frankly, it’s ugly - and it would be illegal to advertise like this anywhere other than the Internet.
There are some good products out there, but they are very far few and between. The retail Forex trader who is looking to start making a profit in the market has two options: find product or signal service that can help them make money or undertake training/mentoring (which can also be costly and potentially worthless).
Our advice would be to check out as many Forex review services and Forums to ensure that the product they are using actually works and is value for money.
The worst thing that can happen is that your valuable trading account is depleted by purchasing worthless junk, meaning you can’t even trade! Believe us; we know it happens every day.
Also, if you think you will find a Forex system that wins 90 - 100% of the time, forget it. That is known as the “Forex Holy Grail” and simply does not exist. Losing is a part of trading. The secret is to many trades, and use strategies that provide bigger winners than losers. You can win at Forex with just a small number of wins if your losers are small and your winners are large.
So, we have established that there is a lot of hype, lies and ultimately junk out there. We have also established that there are honest Forex system and service providers out there. Now what about Forex brokers?
Unfortunately, many Forex brokers are only out to take your money off you! Yes, you heard that right – your broker may well be trading against you. As if things weren’t hard enough!
You may well be trading in a “sandbox” environment (that’s right, you aren’t even trading on the real live Forex market!). Your Forex broker is looking to trigger your stop losses with price spikes, incorrect price reporting or worse!
What can be done about this? Well, firstly be very careful when you see Google, Forex system providers, Forex forums, blogs and the like advertising specific brokers. These are highly likely to be either introducing broker or affiliate links.
Because the Forex brokers know they are likely to take vast swathes of client deposits by effectively cheating them, they can afford to offer introductory deposit bonuses and also offer people who bring them large sums of money.
Again, check out Forex forum posts, review sites and the like. It is highly advisable to call the brokers before you choose them – if you cannot speak to them when you are interested in opening an account, will you be able to contact them when you have an emergency (such as your Forex trading platform going down) or when you want to withdraw your funds?
The best brokers (the ones you want to be using) do not offer money to affiliates or use introducing brokers and they do not engage in “spread padding” (artificially increasing the Forex spread) to make money. Why not ask your broker of they have an introducing broker scheme when you call them up? If they put you through to their commercial department, you may want to choose another broker!
OK, so you are armed with a reliable Forex system, a decent broker who won’t rip you off, you have a trading plan and you have mastered the emotions of fear and greed. You are now one of the 5% of traders who will actually make money in the Forex market!
Author Resource:-
Pro Forex Signals provides forex trading and forex trading signals for clients via the latest in Auto Trade technologies, using the MetaTrader4 (MT4) platform
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