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Last time, we talked about what sort of qualities your IB should possess. For today’s discussion, we are going to be looking into essential basics that you should look for in the broker that you’re thinking of picking.
Here are a few of those essentials:
Your potential broker must have all of the necessary licensing and accreditation that is required for someone in their profession. Not anyone can just be a broker, after all. They need suitable training and they need to be registered with the necessary government bodies.
All these will help protect the brokers themselves and the clients that they have. You must check with the local brokers association or governing body if your broker is registered with them.
No one likes dealing with a crabby person—especially when money is involved. While it is unrealistic to expect Mary Sunshine for every broker that you meet, professionalism must be involved. This requires that the broker you speak to be affable. The ability to be personable is needed for someone who is dealing with other people for a living.
After all, if you cannot stand the person that you are speaking to, how likely are you going to trust the recommendations that they give you?
Brokers that move around tend to have something to hide. Markets are now connected all over the world—the internet has made sure of that. This means that it is no longer necessary to travel in order to trade in certain markets or buy or sell certain stocks.
The very best forex brokers tend to hunker down in one particular place and grow roots there. Brokers generally aim to have generational businesses. If the broker you’re speaking to has had a history of flitting from place to place, you may want to be wary.
These are just a few essential things that you really should look for in a broker! We hope that these will help you choose better in the future.
Not all Forex trading platforms were created equally, and there are literally hundreds to choose from. Before you select a Forex trading platform you should develop a list of requirements that you want from a trading platform. Does the platform have advanced charting, which brokers is the Forex trading platform offered through, how many symbols can it support, how many indicators are supported, can you build your own custom indicators. Think about all of these items in depth and come up with a list of must haves and wants. From there just start testing different Forex trading platforms and find the one that fits. Overall, you must choose a Forex trading platform that fits your trading style, but there are some key things that you should remember when selecting a platform.
You might test up to 5 trading platforms before you find the best Forex trading platform for what you are seeking. Do not get discouraged if you go through all the tutorial videos of a platform and just don’t find it intuitive enough for what you are seeking. Just put the platform to the side and find another Forex trading platform. The good news is there are a lot to choose from including MT4, MT5, Trade Interceptor, TradingView, fxTrade, and a host of others. Just take your time and really find the Forex trading platform that works best for your trading style, and meets the requirements that you have.
For most Forex traders Charting is at the center of their platform decision making process. This is because a lot of Forex traders use at least some Technical Analysis when making their trading decisions. So, when selecting a platform you want to make sure that the platform you select has the charting tools and indicators required for you to make your trading decisions. The good news though is that no matter which Forex trading platform you choose, most now a days give you the ability to install your own custom indicator to the charts. Although, you may need to hire a computer programmer to build your Forex indicator to work with that specific Forex trading platform if you do not know how to code.
Understand which platforms are offered with which broker. You may be find a platform that you really like, such as the fxTrade platform. However, that platform is only available via the Forex broker Oanda, since it is their proprietary platform. So, if you wanted to trade at ThinkMarkets for example you would not be able to do so because ThinkMarkets does not offer the fxTrade platform.
One Forex trading platform though that is universal across all most all Forex brokers though is the MT4 platform. The MT4 platform, which was developed by Metaquotes is the most popular Forex trading platform. The platform was built with ease of use in mind, so a lot of beginner Forex traders tend to use the platform when trading Forex. Additionally, the platform has the MQL5 computer programming language, which allows Forex traders to build custom indicators and algorithms, which Metaquotes calls Expert Advisors.
These are just 3 things to consider when choosing a Forex trading platform. As mentioned in the beginning of this article make sure that you create a list of must haves and wants prior to testing. Then test the platforms and find the one that fits you well. There is no pressure, have patience and take your time. After all, you are about to risk your hard earned capital.
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, a.k.a a Forex trading platform
If you’re planning on choosing software to trade Forex with here are a few helpful tips:
There are A LOT of different Forex trading platforms out there that can help any budding Forex 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” Forex trading platform 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 fx platforms 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.
A Forex trading platform can be the difference from making money, vs. the difference from not.
You do not want to be in a trading position when the market is whipping around and stumbling to find the close all button. You want to be confident in your Forex trading platform and have a clear understanding of it’s functionality. So, pick your Forex trading platform wisely.