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Five Ways To Compare Brokers For Your Foreign Exchange (Forex) Currency Trading

You know that selecting the trading platform for your foreign exchange (forex) currency trading business is a vital component to put in place before you make your first trade. As each broker provides their own way for you to connect with them so you can send them precise and timely instructions for what and when to trade, the broker trading platform is a very important first step in this process. Here we look at five more important areas for you to consider when selecting the broker you will use to serve your foreign exchange (forex) currency trading business.

One. What hours will your broker be open for business with you. Given that the forex currency market never really closes and is 24 hours around the clock you need to know when exactly your broker will be operating. You can select brokers in any country and their business hours may not correspond with yours if you are located in a different country or time zone.

Two. What is the broker customer service like? Is it fully automated or can you make contact by telephone. If there is a problem can you actually talk to someone immediately live? This in some instances may be vital for you. Make sure you know in advance your call will be taken in an emergency.

Three. Will your broker allow you to place trades in the marketplace in both directions at the same time? This is very important if you wish to both buy and sell a currency pair or 'hedge' a trade position. Not all brokers allow you to do this and this is very important you understand in advance what will happen if you have two opposing direction trade orders placed with your broker if they do not offer you a hedging facility.

Four. If you are on the move and away from your computer terminal where you usually make your trade instructions you may want to contact your broker by a portable mobile device instead. If this is a possibility for you and you need to keep in touch with the market moves when you are on the move then some brokers offer the ability for you to access their trading platform remotely by your mobile phone or similar device.

Five. Most trades you make will probably be placed remotely on the trading platform provided from your computer. However you may want or need to make a trade by telephone. If so make sure you can actually call, be put through and can actually speak quickly to a dealer directly at your broker if needed. Not all brokers allow this. may sure you know you can if you want to.

THE BEGINNER’S ULTIMATE STEP-BY-STEP GUIDE TO FOREX TRADING

Learn to Trade Forex Around Your Day Job

Learn to Trade the higher timeframes.

If you're going to fit trading into your lifestyle you have 2 options. Firstly trade really small timeframes such as 30 second and 1 minute charts, which funnily enough is what most amateurs start doing. They feel they have to make money in those 30 minutes in front of the screen in a state of heightened tension. This is certainly one way to do it, however it seems a stressful, difficult, not to mention scary way of trading! Trading small timeframes like the 1 minute chart is incredibly difficult, as you may have a 3 pip stop loss with a 1 pip spread. This means that 33% of your trade is just the transaction cost. This means making money rather difficult. Not to mention the spread could be 2 or 3, and you land yourself in a whole world of pain.

Why not take the sensible and practical approach of trading higher timeframes like Daily charts. This way you only need to be at the charts once a day when the New York market closes, which you can quite easily fit into your lifestyle. Trading for 20-30 minutes at the end of the trading day allows you to trade multiple currency pairs, and benefit from their movement over the course of the trading day.

Trading less, to make more.

Lots of new traders believe that the more that you trade, the more profit you stand to make. Stands to reason, right? With almost everything else, the more time and effort you put in, the more you get out. Learn how to trade less, to make more.

Trading is slightly different. While you're learning to trade, the more time and effort you put in, the quicker it is likely that you'll see improvements in your learning, understanding and results. However when it comes to trading itself, it is knowing when not to trade that is as equally important as when to trade. The market will produce a certain number of high probability opportunities every month, and no matter how hard you try, you can't force any more. Instead focus on trading those high probability price action signals when they present themselves and stand by to reap the rewards.