Friday, July 23, 2010

Test your broker before you choose

Your broker will have a website that you can conduct trades from and tryout their software. It’s a great idea to “try before you buy”. Ask for a demo password and play around with the software. Is it compatible with you computer? Is it easy to use?Contact their customer service line and see how long it takes to get through to customer care. Many Forex brokers are very busy – but if you’re conducting trades or needing technical assistance, you need to make sure that your problems can be resolved quickly enough to meet your investing needs. The right foreign exchange dealer will have a way for you to resolve issues and get your questions answered quickly – they’ll have specific phone lines for different needs to help you with your issues.Questions to ask potential Forex brokers:How quickly can you execute buy/sell orders?What is your policy on slippage?What are your standard transaction fees?What are your spreads - fixed or variable?What are your margin requirements?How are your margin requirements calculated?Does the margin change with currency traded?Do you have different requirements for mini accounts?Get these questions answered before you choose a foreign exchange dealer or broker. Once you’ve selected the right broker for your needs, you’ll need to set about finding a strategy for your success. Just remember: knowledge is powerful. Learn about the tools and tricks of the Forex market by reading up as much as possible on the market. There are plenty of tools here to get you started.


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