Best Oline Forex Trading Platform

READ THIS ARTICLE HOW YOU CAN KNOW A GOOD FOREX BROKER TO TRADE WITH

There are important factors you have to keep in mind when choosing a forex trading online broker.

Firstly, ensure the broker is properly regulated. The guarantee of your deposit is always the top most priority. Next, compare trading platforms, the tools they have, and the investment research provided by each broker.

What should one look for in forex trading?

There are critically many things to look at in Forex trading

First of all, look at trading tips every trader must consider before trading currency with pairs.

Know the Markets types

Make a good Plan strategy and Stick to It well

You need to Practice as practice makes perfect.

Always try and Forecast the “Weather Conditions” of the Market

Know Your heights. and do not go above that.

Know Where to Stop Along the Way if not you might get lost.

Check Your Emotions at the Door, don’t be too over excited to make money hurriedly

Keep the pace, Slow and Steady.

Can you do forex trading without a broker?

No, It is impossible trading Forex without a broker.

Do forex brokers report to IRS?

FOREX known as “Foreign Exchange Market” trades are not reported to the IRS, just as stocks and options, or futures. FOREX trades are considered by the IRS as simple interest and the gain or loss is reported as “other income” on Form 1040 (line 21).

Things you must look at for

1. Make sure your forex broker is regulated

You want to make sure that they are regulated in the right countries.

2. Be aware of the markets your forex broker offers to new and existing traders

I know most of you trade forex, but at the same time you’ll want to trade other markets as well, maybe stuff like oil, coconut, cocoa, orange juice, beef, mango or whatsoever.

Many forex brokers simply offer you forex markets and maybe a few common commodities like oil and gold. But if you want more and to be trading all the exotic markets, then you have to make sure that forex broker is more than just forex.

Whatever the case is, be aware of the markets that your forex broker offers, not all forex brokers offer a similar number of markets.

3. Make sure your forex broker provides live support

In this time and jet age, communication is almost instantaneous. For any business day of the week, I expect live support with the broker to be available constantly.

Whenever I have a problem or a question to ask, I can easily log on to the website and talk to the customer care and find out a solution and it is being rectified.

I do not like emailing because email is too slow and probably take hours or couple of days to get response. Most brokers, if they are legit, will offer live support and walk you through the problem that you might be encountering.

Next…

4. Smooth withdrawal process in a legit forex broker

When I asked for a withdrawal, I want my money back as soon as possible I get it as fast as possible

I do not want to hear excuses from the broker like, “Oh, if you leave the money with us for another one more month, we will give you an additional $500 deposit bonus.”

If you hear excuses when you want to take out your money, then that is a scam.

When you want to withdraw your money, it should be done within two to three business days and you should get your money back soon, depending on the type of the withdrawal method you placed.

But there should be no excuses. The money should come back to you FAST

5. Check the reviews

This is a little bit cony because you have to understand that in the broking industries, or any competitive industry, it is very common for competitors to smear one another. So they will go to these types of review platform and say bad things about their competitors.

As someone who is reading reviews, you have to be very smart about everything. You have to read everything thoroughly

I have some tips for you.

When I read reviews, I find out that the most genuine reviews are the ones that are very long in three to four paragraphs because the people are expressing their mind genuinely and are satisfied with the broker or very frustrated with the broker.

The longer the length of the review the higher chance that is a legit review. Because if it is not a legit review, maybe it is just only one or two lines and that means, there is a clear reason to say it is not a genuine review

To know a real review, they will spend paragraphs after paragraphs pouring out their frustrations or their anger, whatsoever. And that is how to know a real and a fake review easily.

When I look at reviews, I pay attention to two things:

First, I want to make sure that the broker I’m with doesn’t have any issues with withdrawal. Because if you read broker reviews and you find that most of the complaints are about people having difficulty withdrawing their money, that’s a red flag.

If people are having difficulty pulling out their money, then chances are, when you put money with that broker, your money is likely to get stuck.

If the review is about some superficial things like maybe just poor customer service or the people being rude and stuff like that, those are ones that would affect me too as much

The second thing I look for is traders saying that they are getting stopped hunted, or their spreads suddenly widen and they get stopped out for no reason.

Transaction costs

If you are a higher time frame trader, transaction costs will not matter this time to you much because these days, the brokers’ spreads are relatively low.

But if let us say you are a scalper or a day trader, then yes, transaction costs would matter to you a lot. Because some brokers offer you a commission plus a tight spread of let’s say 0.1 or 0.2 pips.

And If you do the math, the commission that you pay plus that really small spread is cheaper than paying 1 or 2 pips fixed-spread without commission.

Let me give you an example. Let’s say hypothetically whenever you buy one standard lot you buy, there’s a $2 commission charged and when you sell let’s say there’s another $2.

And because you have this commission-based pricing tier, your spread is only let’s say 0.1 pips. If you do the math ($2 is 0.2 pips when you trade one standard lot):

0.2 pips + 0.2 pips + 0.1 pips = 0.5 pips

That’s 0.5 pips when you buy and sell, let’s say one lot EUR/USD.

Let us say you go with another broker that offers you a 1 pip spread on EUR/USD, you can see that you’re paying 0.2 pips more than the other broker that offers a commission structure.

You have to add up the total costs and see which one is cheaper or more expensive.

This matters especially if you are a day trader trading 35, 50 times a day. All these little spreads add up to a substantial amount after a few months.

How to protect yourself from a broker if something goes bad

For instance, you stopped out of a trade that you suppose not to have been stopped out of.

Always Use a Plan

A trading plan is a written rule that specifies a trader's entry, exit and money management for every purchase.

With everyday technology, it is easy to give a try to a trading before risking real money. Known as backtesting, this practice allows you to apply your trading idea using historical data and determine if it is viable. Once a plan has been developed and backtesting shows good results, the plan can be used in real trading. You can also learn a demo trade

Sometimes your trading plan will not work. Bail out of it and start it all over.

The real thing here is to stick to the plan. Taking trades outside of the trading plan, even if they turn out to be winners, is considered a poor strategy.

Protect Your Trading Capital

Saving enough money to fund a trading account takes a lot of time and effort. It can be even more difficult if you have to do it more than once.

It is important to note that protecting your trading account is not the same as never experiencing a losing trades. All traders have losing trades sometimes. Protecting capital ensures you not taking unnecessary risks and doing everything you can to preserve your trading business.

Treat Trading Like your Business

To be successful, you must approach trading as a full-time or part-time business, and not as a hobby or a job.

The reason is If it is approached as a hobby, there is no real commitment to learning. If it is a job, it can be frustrating because there is no regular paycheck coming.

Trading is a business and it incurs expenses, losses, taxes, uncertainty, stress, and high risk. As a trader, you are essentially a small business owner and you must do a lot of research and strategize to maximize your business potentials.

Risk Only What You Can Afford to Lose

Before you start using real cash, make sure that all of the money in that trading account is truly expendable. If it's not, the trader should keep saving until it is.

Money in a trading account should not be allocated for the kids' college tuition or paying the mortgage. Traders must never allow themselves to think they are simply borrowing money from these other important obligations.

Losing money is traumatic enough. It is even more so if it is capital that should have never been risked in the first place.

Know When to Stop Trading

There are two reasons to stop trading: when there is an ineffective trading plan, and an ineffective trader.

An ineffective trading plan shows much greater losses than were expected in historical testing. That happens. Markets may have changed, or volatility may have reduced. For whatever reason, the trading plan simply is not performing as expected.

Stay unemotional and businesslike. It is time to re-evaluate the trading structure and make a few changes or to start over with a new trading structure.

An unsuccessful trading structure is a problem that needs to be solved. It is not necessarily the end of the trading business.

An ineffective trader is one who makes a trading plan but is unable to follow it. External stress, and weaknesses, poor habits, and lack of physical activity can all contribute to this problem. A trader who is not in good condition for trading should consider taking a break. After any difficulties and challenges have been dealt with, the trader can return to business.

Understanding the importance of each of the trading rules, and how they work together, can help a trader establish a profitable trading business. Trading is hard work, and hard work pays greatly, and traders who have the discipline and patience to follow these rules can increase their odds of success in a very competitive arena.

You Want to Learn How to Trade Forex Daily and Make Profits?

You are tired of loosing your money everytime you tried trading?

Follow the steps in the video and use the strategy to trade

Disclaimer- Despite the awesome power of the Internet, why are 99% of the businesses failing? The truth is that , not everything in the internet works..This information written down here are been put to practice.It is not a get rich program overnight. You can make losses to the forex brokers or make gains.