Simple Steps To Finding An Online Forex Broker

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Simple Steps To Finding An Online Forex Broker

A broker is someone (or a company) who works on your behalf to handle any type of financial exchanged. A Forex broker is someone (or a company) who helps people wanting to trade in Forex. He brokers (or acts as the go between) the deal. He trades in the currency market for the trader, acting on the trader's instructions.

One misconception some traders have is that the broker just takes their money and makes all of the trading decisions for them and the only thing they have to do is sit back and wait for the profits.

They assume finding a Forex broker will eliminate them having to make choices and therefore eliminate their risk of making a mistake. A broker can help lead you with tips or suggestions but the final decision of where your money goes is up to the trader.

There are a great many of Forex brokers to choose from, but how do you pick a broker that you want to work with? Please don't try and choose a broker the same way you may find a gardener or plumber.

Do your research and choose wisely before you put your money into a Forex brokers hands. If he's not capable of handling Forex wisely, or worse, if he's capable but not on the up and up, you stand to lose everything you invest . You want a broker with at least 5 years of experience and one who will advise you on making the best possible trades in the Forex market.

Make a list of Forex brokers Check each one to see where he or she stands with the Commodity Futures Trading Commission (CFTC). Find out how the Forex broker makes his or money from you. Does the Forex broker charge you commission? Or does the Forex broker charge you fees instead? Also check the financial data of thefutures commission merchants and make sure the broker you choose is finacially stable.

Check with your friends who use the services of a Forex broker. Do they have a name of a broker that they would recommend? Also ask if they have had any bad experiences with a broker (ones to avoid). Although you may trust your friends referral, you can't assume that their broker is right for you.

Check out what the Forex broker has done in the past. What are his profit/loss records like? Speak with him on the phone; spend a little time getting to know him. If the Forex broker doesn't have time to spend talking to you to give you personalized service, then he doesn't have time for your money.

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