So, you’ve decided to start trading forex? That’s great news! Forex trading is exciting, can be very profitable and it’s a form of trading that has exploded over the recent years.
Ok, you want to trade forex. The next step is to choose a forex broker. A forex broker is your connection to the forex market and will sell and buy forex as you instruct them too. This service isn’t free of course.
Brokers make money trough commission either as a flat fee or more commonly by taking a few pips from every trade – known as the spread.
Choosing the best broker for forex trading will depend a lot on what your needs are and how you plan to trade. Some things to consider are:
How much money do you want to invest?
All brokers have a minimum deposit that you need to have in your account in order to trade, but apart from that, there can be huge differences. Some brokers allow you to trade with as little as , while others require 0,000.
How do you want to trade?
Do you want to make many small trades or a few big ones? The commission structure of a broker can greatly affect your profit margins.
How much customer support do you need?
As a new trader you’ll probably want to know that you can talk to a customer rep 24/7, and it wouldn’t hurt to get some free training material as well. If you’re more experienced, then you may just want to be able to get hold of customer support if there’s a technical error.
There’s hundreds of forex brokers out there. You can check out some reviews of the best forex brokers by clicking the link. I recommend Ava FX as my broker of choice.
If you are looking for a Forex day trading system, then this article is for you. Or rather, I will tell you how to find a Forex day trading system that could end up making you a very comfortable income. Maybe you are just starting out in Forex trading but don’t know where to begin or you are looking for that one magic system that will get you going?
As someone who has consistently made money trading on the Forex market, I am going to tell you to let go of the idea of finding one ‘secret’ Forex day trading system, that will be the end all of Forex trading. They simply don’t exist!
Instead I am going to tell you how you can become a very profitable trader in the long run by following some very simple steps. If you are a new trader and don’t even have an account yet you are probably wondering if there is any truth to the hype about Forex trading? Do people actually make money?
I can tell you right now that they do! I make a comfortable extra income, I teach for a living and wouldn’t quit even for more money, and I have many friends who have turned pro over the years.
But you are not going to get that success and big money sleeping. You will have to put some work into it. Start by learning some basic systems and sign up for a Forex mini account and focus on risk management and controlling your emotions in good and bad times. That is the first step to becoming a profitable Forex trader.