I remember the first time I heard about forex. I did a little research and I learned the basics. I hoped to trade, but my primary concern was where to trade and how much to trade with. That was in 2006 and then there were only a few reliable brokers. Today, there are so many brokers and trading platforms. So, where to trade isn’t really a problem. Among these are regulated brokers and unregulated brokers. Back then in 2006, I never gave a thought about these two types of brokers, I just picked one, registered a live account and started trading. Since then, I have seen a few brokers come and go. Some of them fraudulently disappear into thin air after claiming to be regulated. Traders who lost their money filed a lot of complains with the regulatory bodies, but to no avail. Their money was gone…(Sadly, I was one of them).
If your primary concern is the safety of your fund, then here is what you need to know:
There is no 100% money security in the world of forex. A bad broker will either take your money and go bankrupt or you will miraculously lose your money while trading with them (I don’t know how their tricks work, but it works).
If your primary concern as a newbie is money safety, then I’ll suggest you look for a broker with a clean record rather than chase after the most popular or most advertised ones. Nowadays, It is very difficult to trade with regulated brokers especially the market makers.
So, the “fund safety” shouldn’t even be your primary concern. Your primary concern should be “where to trade” which also gives rise to “what can make your trade successful” and “what a broker can offer to make your trade successful”.
My primary concern is consistency. Consistent profit is what you need to profit longterm and sometimes it’s scary when you feel you’re battling a losing system. That’s why i feel it’s always important to just move on from a system if it doesn’t feel right.
My primary concern is not high income over night .I want regular profits fromforexas I want to makeit my side business.I will runwith forex with patience and hard work.I know the involving risksineach trading so I manage my trades to protect my capitalas much I can .
I really don’t have any concerns when it comes to trading. My broker is good and I am not worried about security of funds. I trust my trading strategy. I don’t think a broker contributes to your success as a trader. You decide which currency pair to trade and how, your broker only gives you access to the assets.
I would have completely agreed with your post, but I think the broker you use can affect your trades. This is because factors like slippages, requotes, high spreads, slow execution and freezing platforms can affect your trades in a very bad way.
Yes that is the case, but what I meant was as far as you developing your trading strategy and succeeding with it. In case everything else is good and you do trade with high spreads, slippage, lack of liquidity you can switch your broker, but your strategy will remain the same.
My primary concern is a good trading condition. This is why before I opened a live account, I made sure my broker offer good trading conditions that will be good for my trading style.