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Choosing a Forex Broker

Choosing a Forex Broker Choosing a Forex Broker

If you are checking out a broker based in the USA, make sure your broker of choice is registered with the National Futures Association (NFA) or Commodity Futures Trading Commission (CFTC).

Demo Trading
Make sure your broker offers a demo platform, with reliable real time data and charting. You cannot practice trading unless you are viewing real time data. While Demo Trading, you should be looking at the same environment as you will be when you are trading live. To develop a successful trading strategy, only demo trade with the amount of capital that you really will be working with, when you begin to trade with live capital. Know the risks and focus on a strategy with your capital risks in mind. Determine your loss risk tolerance.

Leverage
Leverage is a loan that is provided to an investor by their broker. You need to know up front, how much or how little leverage the broker will give you. Investors use leverage to profit from the fluctuations in exchange rates between two different countries, when trading Forex. Leverage achievable in the Forex market is one of the highest that investors can obtain. Standard Forex trading is in 100,000 units of currency, the leverage provided is usually 50:1 or 100:1. An investor with a $1,000 deposit in their margin account would have $100,000 with a 1% margin.

Spreads
You need to find out if the broker offers fixed or non-fixed spreads and, how wide are the spreads. If you are looking to profit on a few pips, large or variable spreads can cut into your profits

Slippage
When making live trades, traders must take into account, slippage. Slippage occurs when a limit order or stop loss occurs at a worse rate than the original order placed by the trader. Slippage often occurs during high volatility due to numerous events thus, an order at a specific price is impossible to execute. Most forex dealers will execute the trade at the next best price, should the volatile market conditions prevent specific limit orders from being filled.

Dealing Desk or No Dealing Desk
Dealing Desk: Forex brokers who offer a dealing desk, the broker acts as a market marker, setting the prices and spreads on which you trade. The broker can see your stops and limits thus, they profit from traders trading losses. This is true for all brokers that offer dealing desk execution.

No Dealing Desk: Forex brokers trading through a no dealing desk allow an investor to deal with numerous providers in order to get the most competitive bid and ask prices thus, access to instantly executable rates.

February 2013


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