Thursday, March 3, 2016

The Don’ts when you Compare Forex Brokers

The quest of choosing the right forex broker only becomes more intimidating the more you venture into it. The only way to choose correctly is by doing the necessary homework, by jotting down all the necessary information you need about the broker in order to see whether or not they suit who you are and who you want to be as a trader. It’s not uncommon however for traders to find themselves in a crossroads on which broker is best for them, the average traders just make an on spot decision but a good trader is the one that will first go through the list of ‘don’ts’, compare forex brokers and then press the register button.

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Don’t be afraid of the information
During the process of looking through the various brokerage firm websites you will collect heaps of data from each one that factor into your choice but sometimes it may also be the reason that you choose to abort the mission as soon as possible and just go with the one that seems to cover most of what you are looking for. However, the information is your tool, what you gather and what you learn about the firm is what will make your experience with them great or tragic. In order to compare forex brokers you need to find exactly what you expect from the broker which will then give you a smaller list that you will have to narrow down.

Don’t expect less than what you need
Going through different brokers obviously means going through the variety of products they are offering for trading but also their conditions. Traders often neglect important things such as the broker’s spread, margin and leverage conditions and are then looking for what the reason behind why their experience turned out to be a lot less than what they thought. The other tendency that traders have is the need to rush and get things done as soon as possible and therefore don’t compare forex brokers at all, but simply go for the one that looks most attractive to them.  If a forex broker is missing some of the criteria you are searching for don’t hesitate to disregard it and move on to the next one on your list, because of the industry’s competitive nature there will always be brokers that can offer more than someone else. That is where the comparison comes to play because no matter how many things you can receive with a certain broker, your choice has to be 100% self-oriented and it’s only through comparing that you will narrow down and work out which is the best broker for you as a trader.

Don’t hold back, ask!
The desired moment is when you finally cross off your broker list most options that you eventually end up with two. This is the ideal time where you should set up demo accounts with both of the candidate brokers and gather as much as you can about the way everything works. On your hands you will have access to both the broker’s trading platforms, so you need to practice your trading on both and see which one is most appealing and most suited to your own trading style, which one offers the better market tools, which one provides you with the more comprehensive interface, which executes orders, even virtual ones, the smoothest and fastest. Your experience with the demo accounts also opens a window of opportunity of asking questions, when you compare forex brokers it’s a must to also compare their customer service regarding the way your questions and problems are answered and solved. Traders should not hold back when it comes to their queries because if they are left for a later response that could possibly cause momentous trouble later on.

The increasing number of forex brokers opposite the multiplying number of traders is daunting. The search for perfection fast often leaves an opportunity for mistakes to come crawling in but what shows the makings of a successful trader is the perseverance through the process of collecting information on numerous brokers, his ability to compare forex brokers and choosing the right broker that is ultimately that individual trader’s best suit. 


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with
 M Samer Al Reifae
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
- YOU ARE NEVER LEFT ALONE -

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