Forex brokers offer trading platforms in such large numbers that it can be difficult choosing the right one. Although they all offer some useful features for live trading and Forex training, you have to take into account the long term. The truth is that learning new software can take time. You should aim to stay with the broker you choose, unless there is a breakthrough piece of technology or better trading conditions. To read more about an excellent Forex broker, click here [www.fxcm-markets.co.id].
This article isn’t meant to tell which broker to choose but rather to give you 4 main tips when looking for one.
1. Easy to use software
You might find it difficult to use a new trading platform if this is your first time. You may find it tedious to watch the instructional videos or read the manual. Trading is the only option. It is essential to feel comfortable with the platform in order to trade easily. Simple tasks such as drawing lines or calculating profit using a cursor to implement Forex trading strategies should be straightforward. The last thing you want is to have to struggle with basic attributes that waste precious trading time.
2. Demo account
This is very important. You should be able to access a demo account from your chosen broker, where you can practice Forex trading strategies. You can trade in virtual money, but the market prices will be real.
Contrary, demo accounts are not just useful when you begin your Forex training. Professional traders can also benefit from having a demo account. If a trader is struggling or new Forex strategies are being developed, it is important to move to a demo account. This will either help you to regain your confidence or reveal any areas that need improvement. You can use a demo account to test your strategies, no matter what situation it may be.
The demo account must be deleted after a few days. It should remain accessible for as long your live account allows.
3. Spreads and commissions low
The commission and spread are both lower than the profit. There are brokers that offer trading with no commissions, although the spread could be slightly higher. The spread should only take up a small percentage of your profit when trading in higher time frames. If trading for five or more minutes, the spread/commission fee will take much more of your profit.
Last but not least, your broker must provide support while you trade. This could be as simple as letting you know when the platform will be up again or assisting with any questions you might have about software usage. Being able to rely on good support can save you time, and help you trade with confidence.