Forex Brokers Can Be Your Best Enemy

John H. Anderson asked:


They represent the idea that you need a middleman when you are trying to trade in the market, and the Forex broker has been a feature of trade currency for a long time now. When I first started in the currency market, I myself needed the help of one Forex broker to get me around the currency market. Independent trading can be quite a hassle, you need to link to the financial systems, open an account and then start trading in the currency market.

All the back end work is being done by both the brokerage and your hand is being guided initially by the broker, who will tell you all about the currency market and what you need to do. I did not use my broker for very long , and in fact, after the initial training period and a few months after that, I began to trade on my own, which proved to have much better results as I could only rely on my advice, fundamental analysis and technical indicators like price charts and forecast bars to make my trading decisions. Well, the one thing that I am definitely not saying is that all Forex brokers are not necessary. In fact,?I know many people who have had some resounding success on the market with the help of the brokers, and this really justified the fee they were paying. But where do you draw the line. For one thing, the skill that you need to do is to recognise when you are getting a bad deal. One of the main problems that people are facing is that they are getting diluted attention from brokers who are handling more accounts than they can actually handle and what happens is that they blanket advise all the accounts. This is something that you should really avoid when you are in the whole concept of trading.

Also, make sure that you can communicate with the broker, and when thinking about this, you really need to be in a position where you can understand that you have a connection with the broker beyond technical translation and you are able to gain an understanding and actually absorb all of what he is saying. Another thing that you must look out for are the scam artists who pose as brokers. You can spot them a mile away from their ever selling demeanor and their promises that they can make you millions of dollars faster than you can blink.

Right and purple pigs are serving tea at my house in about 5 minutes. They are seducers and salesman to the core, drawing you in with their big talk and they will talk right up till the moment when you deposit your money in their account. This is not how things are done. In the end of the day, getting a bad one means that Forex brokers can be your best enemy and you will see your profit margin slowly going down the toilet. So, get a good one and as soon as you can, do things on your own.

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