Be sure to scrutinize a prospective broker s fine print section to be fully aware of all the nuances that a specific broker may impose on a new trader. Finding the right broker is a critical part of the process. It s not easy and requires some real work on your part. Don t pick the first one that looks good to you. Keep looking and trying different demo accounts.
Summary What to look for in an onlineForex broker/dealer:
1. Low Spreads. In Forex trading the spread is the difference between the buy and sell price of any given currency pair. Lower spreads save you money.
2. Low minimum account openings. For those that are new to Forex trading and for those that don t have millions of dollars in risk capital to trade, being able to open a micro trading account with only $250 (we recommend at least $1,000) is a great feature for new traders.
3. Instant automatic execution of your orders. This is very important when choosing a Forex broker. Don t settle with a firm that re-quotes you when you click on a price or a firm that allows for price slippage . This is very important when trading for small profits. You want what we call a WYSIWYG (pronounced wiz-ee-wig) broker! This means you want instant execution of your orders and the price you see and "click" is the price that you should get...WYSIWYG = What You See Is What You Get!
4. Free charting and technical analysis Choose a broker that gives you access to the best charting and technical analysis available to active traders. Look for a broker that provides free professional charting services and allows traders to trade directly on the charts.
5. Leverage Leverage can either make you super rich or super broke. Most likely, it will be the latter. As an inexperienced trader, you don't want too much leverage. A good rule of thumb is to not use more than 100:1 leverage for Standard (100k) accounts and 200:1 for Mini (10k) accounts.
"Making money with forex is really easy... IF you have a software that tells you When to buy and When to sell" Visit: www.forex-killer.com for more info.
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