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Thread: For Beginners

  1. #1
    Fin Candy is offline Banned
    Join Date
    Apr 2019
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    81

    Default For Beginners

    generally we beginners like to trade in top Forex broker but i have seen according to my trading experience their trading environment is not appropriate for newcomers in particularly due to high deposit and fast trading spreads, so i think top level trading brokers should comfortable for newcomers by providing as usual facilities. *

  2. #2
    Angel candy is offline Senior Member
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    Mar 2016
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    282

    Default

    I do not think that any beginner who is new to the market and who had studied the Forex is going to look for Top brokers for trading. If he had learned well then he is going to look for the one whom he can trust.

  3. #3
    FTS
    FTS is offline Junior Member
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    Nov 2018
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    Default

    I fully agree that it is not so important for the beginners to work exclusively with the top brokers. In fact, it would be enough to work with the broker licensed in trusted jurisdiction like UK or EU to ensure that the broker would provide services strictly in accordance with special regulation aimed on customer protection.
    That is why it is necessary to evaluate pros and cons of each broker to make the right decision. The main aspects the trader should pay attention for are the following:
    1. Regulation - the broker should hold a valid license issued by financial regulating authority. It would be better to avoid brokers registered in offshore jurisdictions since customer protection regulations in such countries are too weak. Sometimes such brokers could offer much more attractive trading conditions like low initial deposit treshold or huge leverage, but related non-market risk would be extremely high.
    2. Terms and conditions - it is necessary to get familiarized with the terms of the services provided to understand how the broker would execute trades and orders.
    3. Trading conditions - this includes spread, fees and possibility of slippage. All these elemets are important since they impact substantially the performance of the strategy. For example, scalping strategies could sometimes underperform or lead to losses just due to the high trading fees. At the same time, if you are interested in mid-term trading, the fees are not so important for you.
    4. Trading platform - most of the brokers offer MT-based platforms. They are fast, user-friendly and functional enough to cover almost all need newbie trader may face.
    5. Additional materials - some of the brokers provide educational materials that could be very useful for novice traders making their first steps in trading.

    All these matters are important for any beginner looking for the broker to work with.

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