How Important to Have a Broker?

Discussion in 'Newbie Questions' started by Sweet Diane, Jul 10, 2016.

  1. Sweet Diane

    Sweet Diane Trader

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    Hi. I am just curious on some of the information with regards on trading, in which I am very surprised to hear some investors who don't have brokers. For a long time I have been with a broker, but sometimes I would like to not have one afterall. Sometimes, it really works good for me.

    Would anyone share some sentiments or advice please?
    Thanks.
     
  2. hayseed

    hayseed Master Trader

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    tradin without a broker might be more trouble than it's worth and for almost sure more expensive.....

    brokers offer margin and easy access to the markets...... without one you better plan on havin a wheelbarrow full of money when you walk into that bank....h
     
    Sweet Diane likes this.
  3. Enivid

    Enivid Administrator Staff Member

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    You can certainly trade Forex without a broker. There is a number of options: trading futures on exchange, buying and selling currencies via your bank. The only problem is that these options are much more expensive, less convenient, and are not suitable for an average retail FX trader.
     
  4. advoghado

    advoghado Trader

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    I also work with a Broker Forex, choosing a good broker I think it's very important, always try to find all the information available from a broker, customer reviews, comments in forums, ratings, everything what can I give information about the Brokerage.
     
  5. inggo

    inggo Master Trader

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    ok for basic forex information, i suggest you give babypips.com a visit, and go through the school of pipsology to get a clearer view of the world of forex trading, trading currencies based on what the exchanger offers is a 1:1 leverage and it always benefits the exchanger. with broker we are given an opportunity to trade the actual value of the pair based on market prices, up to 5 decimal digits, and we make money through that fluctuation. brokers there are many, hotforex is a good example though its limitted to non US citizen traders, though other brokers like lmfx will allow traders to trade even if they are from the US. hope it helps.
     
  6. Sweet Diane

    Sweet Diane Trader

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    Sorry for late responses guys! I have been sick in these past few weeks and just got online today. I am very well informed on your suggestions/advice in which I have thought about it. I might have come to a strategy on how to create a better plan when joining forex again. For now I have let a broker, as I try one to move on their ways. I might as well post for next timeline on what are the best brokers to get contact with in the future.

    I really enjoyed this convo guys! :)
     
  7. advoghado

    advoghado Trader

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    Yes, I also think the information one of the most important things to trading in Forex, especially quality and accurate information. If possible some portal analysis with detailed comments.
     
  8. Lukas Schmidt

    Lukas Schmidt Trader

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    find a broker that suits you. I am sure there is 1 out there. I did not even think about trading with a bank etc.. maybe it depends on the amount of money you have?
     
  9. advoghado

    advoghado Trader

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    I think the amount of money does not influence much. The greater the confidence you have in your broker, freer to negotiate you will be, regardless of the money invested.
     
  10. Sweet Diane

    Sweet Diane Trader

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    I agree! It always goes down to the negotiation.. :)
     
  11. advoghado

    advoghado Trader

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    Good answer, but with effort, study and dedication we can reverse it! :)
     
  12. ArslanKemal

    ArslanKemal Trader

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    Trading without broker is for experienced traders and it's problematic. And for beginners it's really better to start with broker at least to learn trading
     
  13. advoghado

    advoghado Trader

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    Exactly, a good broker will help you especially at the beginning, with the operation of the platform, as the market works, and all operational support.
     
    ArslanKemal likes this.
  14. Brads

    Brads Active Trader

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    The question is not just about the importance of a broker but it is about selecting thd proper broker, if not, you could face enormous loss and end up with zero capital in hand.
     
    ArslanKemal likes this.
  15. sport

    sport Master Trader

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    If you are going to use a broker, have one that is regulated at least.
    And, it might help to read reviews - not always true, but it can be a pointer.
     
  16. advoghado

    advoghado Trader

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    Yes I agree, a regulated broker certainly has more security for their customers as well as the entire history of Brokerage is very important.
     
  17. f4forex

    f4forex Active Trader

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    I think brokers are those who provide us all the required services necessary to initiate our trade in forex trading market, so we can also add here that they are our trading partners too.
     
  18. Robian

    Robian Active Trader

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    Oh, I didn't know that people can trade on forex without broker... Can they???
     
  19. f4forex

    f4forex Active Trader

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    Maybe not.. but let us know too if you found out that we can trade without having a broker!
     
  20. Enivid

    Enivid Administrator Staff Member

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    As I have said, they can:

     

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