One of the most important things that you will be doing in your trading career is choosing the right Forex broker that will work well with your trading robot. This task can be daunting from amateur traders because they do not have much knowledge regarding this field. This article will help you deal with it, and I will be teaching you four of the things that you should do when choosing a Forex broker that will work well with your Forex Megadroid.
When you have at least $2,000 in your trading account you can then trade "regular lots" instead of "mini lots". Regular lots are ten times the size of a mini, so you'd be trading $100,000 (with only $1,000 on margin) and each pip is usually $10. As you can see you'd be making money faster trading regular lots over mini. I make over 300 dollars a day when I first started, after I low spread brokers lost my day job in a construction company. Ever since then, I have decided never to look for job again. I will show you the exact tool that helped me to make over 300 dollars a day using automated forex trading. When a currency pair (trading one currency for another) moves up or down a "pip" you will generally make $1 for each pip. A pip is 1/100 of a penny, but when you multiply it by say $10,000 traded then a pip is equal to $1 of profit. Now if you were to trade two mini lots (like you could do if you had $200 or more in your trading account) you would then make $2 for each pip, etc. With widespread of internet online trading and many forex broker coming up in the market, many will provide free trading account or free demo account before you sign up for a live trading account. Take this chance to trade and perfect your trading strategy. It is free to sign up and install the trading platform software. There are lots of tutorial and guides for you to trade. This make learning stress free as you are using paper money to trade live prices. Be an active member of Forex trading forums. This is a place where you can meet other traders, and exchange tips and tricks. Being an active member of a Forex trading forum has a lot of great benefits and this is one the best ways to ensure your success in Forex trading. Is the broker registered with the relevant regulating authorities i.e. National Futures Association (NFA), or the Commodity Futures Trading Commission (CFTC) (US based). UK based brokers have to registered with the Financial Service Authority (FSA). Regulatory compliance is critical! Those were just some rough advices, if you really want to master the art of forex and cfd trading, you can visit this useful knowledge base and trade on demo account to practice what you have learned.
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August 2019
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