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Not all brokers are the same. This is a message that we will repeat as many times as necessary. Just as not all people we meet have our best interest at heart, which is why it is necessary that your IB has certain qualities.
Here are three particular qualities that your forex introducing broker should have:
An IB is someone that should have patience. A lot of newer traders and investors aren’t quite familiar with the trading landscape. There are so many terms that need to be discussed and concepts like bear markets and inflation. If your IB does not have the patience to walk you through them, you should consider speaking to someone else.
You and your IB should be working together and it is in their best interest to get you up to speed in your pace.
Your IB should be able to guide you through different topics and concepts well because of the knowledge and experience that they carry with them. If your IB does not have that knowledge of the market, how will they be able to help you?
Your IB must have a strong working knowledge of the existing market in order to give you the information that you need.
This is a quality that is often overlooked. In order for you to have a good relationship with your IB, there needs to be trust. In order for that trust to grow, there must be transparency in the dealings. They must be able to give you information that you need regarding their processes of the trade.
Is there a particular market that they think is good? Are there certain trends that they avoid like the plague? Your IB must be able to tell you those things in order to organically grow your knowledge about trading.
These are three of the qualities that listed off the top of our heads. What qualities do you think an IB should have?
The best forex brokers are a breed apart from normal brokers. They make a ton of money and look good doing it so it really isn’t surprising that there will be individuals who are interested in acting like legitimate brokers to get a bit of that good money.
The trouble is, those people are often fraudulent and just end up taking the money of budding traders and investors. Here are a few sings that will help you determine if the broker you spoke to is actually a scammer:
Online reviews are readily available in today’s world, of course. You merely need to load up your favorite search engine and type up the name of the broker to see if people have negative or positive opinions about them.
It is practically impossible to get 100% positive reviews. There will always be people that have something bad to say. So if the search results only swing in the positives, it is good to take that with a grain of salt.
No broker—especially a forex introducing broker—will ever put pressure on you to start trading. If you ever start to feel pressure coming on rather strongly from the broker you’re speaking to; particularly, if you just started talking to them.
Brokers do make money off of commissions but this does not mean that they will ever push a client until they are ready.
Brokers who have a good reputation have substance to back it up. If the broker that you are speaking to talk big game but cannot provide substantial proof or results, you need to be wary. You must look beyond any spreadsheets that are flashed in front of your eyes.
Learn how you can discern legitimate results from smokescreens.
The world that we have now requires that we be extra careful about who we trust; especially when money is involved. What signs do you look out for regarding fraudulent brokers?
If you’re comfortable working with a broker of any form, it is also highly possible for you to do the trading yourself. You don’t even have to leave your home to do it. You can have software keep track for you.
If you’re planning on choosing software, here are a few helpful tips for you:
There are A LOT of different software out there that can help any budding traders get started. As there are countless of options out there, it is quite crucial that you make comparisons early on. You should take some time to consider how reliable the software features are.
How current are the charts being shown? How immediate is the response of the software? How secure is it? These are a few things that you should look into when you’re making software comparisons.
If you are not quite sure what is actually “good” software, you can always check out recommendations online. People are always more than willing to share their ideas with others. The distinction is to make sure that the recommendations are reliable.
For example, big publications may discuss certain software but they might be paid advertising. Certain bloggers may be fabricating reviews. It is up to you to determine which sources you can trust. If you know other people who make forex investments and trades, you can ask for their opinion as well.
Just because you’ve found yourself a piece of software that works for you does not mean that you should turn a blind eye to everything else that is out there. Our technology is always evolving—this involves software that we use for trading—so it would be in your best interest to keep an eye out for better software that can crop up.
Do you make use of trading software? What tips do you adhere too before you picked it out?
When it comes to the land of forex and forex trading, there are always options for the kinds of brokers that you can choose to help you out. Today, we wanted to clarify a little more regarding the concept of forex introducing broker.
Here are a few things that an Introducing Broker or IB can actually do for you:
A lot of brokers—especially ones that work for large firms—look over the account of a client and pass on the information to the floor handler. It is actually very rare for firm brokers to handle the trades themselves.
IBs actually do the pending trades themselves. They are more hands-on than other forms of brokers. This gives their clients the assurance that they are working with someone who has a strong working knowledge of the ins and outs of the trading.
A forex introducing broker works with you—and not for you; this distinction is important. Most other brokers will simply give you their idea of a good trend and expect you to trust them on what they are saying.
An IB will actually educate you on the trends as they occur. That way, you can make your own decisions and eventually spot certain trends so that you’ll be able to pick things out.
While you are gathering your bearings regarding forex market trends, an IB will always provide you with multiple options that you can consider. There will always be a bit of a case why each option is viable and what you can expect from it.
Most other brokers will generally just single out what they perceive is a low-risk option and wait for their client to give them the go signal.
We hope that today’s discussion helps you better consider what an IB can do for you. If you’ve worked with an IB before, what sort of services have you experienced?
In the quest to have another avenue where money is coming in, people generally look at stocks, trading, and even forex trading. If you’re interested in such things, it is important to know things that can help you save money while you’re at it.
Here are a few tips:
When it comes to any for of forex trading, it is important to have goals. Are you aiming to make a certain amount of money by a certain time in the year? Are you aiming to learn more about a particular market trend?
Having goals can help you sustain a focus that will keep you from spending a lot of money trying out a lot of different things at once.
Market trends can literally change within the span of minutes. This can mean that certain things may not happen within the span of time that you expect it to. This can have some pretty bad side effects on people who aren’t patient enough to see things through. Trading isn’t an exact science, after all.
Managing your expectations can help you avoid putting in more money just to see if you can influence the overall outcome of your expenditure.
If you are not confident in your own skills, you can always work with a forex broker. There are a lot of options that are available regarding brokers—which is why it is even more important to be highly discerning of who you pick.
Brokers that do not know the market as well as you need them to will end up costing you more down the line. Always remember that not all brokers carry the same rates and their commissions can end up taking a chunk out of your earnings.
We hope that these tips can help you save money as you venture into the world for forex trading!