Is it an advantage to get a forex broker for newbies?

Discussion in 'Forex Education' started by Hough Stafford, Feb 16, 2017.

  1. Hough Stafford

    Hough Stafford Trader

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    I am very curious about how traders are starting and how did they succeed. I always wonder if it's you get a forex broker as a newbie? or you have traded on your own?
     
  2. Enivid

    Enivid Administrator Staff Member

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    What do you mean? Forex broker is a company that executes traders' orders in the market. It is not an account manager. It is not possible to trade Forex without a broker unless you pay up for a membership in some exchange that has currencies.
     
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  3. Hough Stafford

    Hough Stafford Trader

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    I'm sorry if it was unclear with my first post. What I mean is that is it favorable to pay the membership and do the trading or having a forex broker would be more advantage?
     
  4. Enivid

    Enivid Administrator Staff Member

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    CME membership lease goes for about $1,400 per month nowadays. You do not spend such money on access to the market unless you plan trading millions and know what you are doing.
     
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  5. Hough Stafford

    Hough Stafford Trader

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    Yeah, I was thinking about it. I am attending online courses for trading as I wanted to learn more. I wanted to do this for long term and hoping to get successful with it..
     
  6. SweetPrincess

    SweetPrincess Trader

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    Being successful in the Forex trading business, one must have knowledge in the business first, get all the information you need and chose a reputable broker. You can check brokers online whom you can trust and whom you can depend on in times of need most especially in your trading career. Choosing the right broker is hard and you must test them first before you can know it.
     
  7. Ary Barroso

    Ary Barroso Active Trader

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    Well, I seem new traders need to use those brokers are providing unlimited demo trading service; no restriction like 3 months, 6 moths! Because, learning is a long term process! And only 3-6 months is not enough for maximum new traders!
     
    Zack King likes this.
  8. ashouq

    ashouq Active Trader

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    Choosing the right broker is really getting harder these days however it is better if we can make some research by shortlisted a few decent brokers and testing them for some while before finalizing the right and top best among them.
     
  9. Ary Barroso

    Ary Barroso Active Trader

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    Good idea; we can start with demo then micro and then for the standard account if we are quite satisfied on their service actually.
     
  10. milornld

    milornld Trader

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    If you new in forex industry and don't have good knowledge in forex market, want to start trading, then according to me hire skilled broker, and before choose any broker kindly check broker reviews and reputation on different websites
     
    Zack King likes this.
  11. Onanak

    Onanak Trader

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    Good advice from milornld. There is huge number of brokers offering trading services, but not all are good. This is why broker needs to be checked properly and all terms and conditions well understood. Also, using demo account for practicing while learning Forex is excellent option for beginners
     
  12. ScottCarsonMVP

    ScottCarsonMVP Newbie

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    A reliable broker is paramount
     
    Zack King likes this.
  13. J_C_Anderson

    J_C_Anderson Trader

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    For sure, you should start with the education first. As far as I know, there is no way to trade Forex directly unless you are the bank.
    As it was mentioned before, the trading place on exchange would cost you a lot, and those who need it are not here.
    It is quite comfortable to trade with the broker executing your trades, in case if the broker is fair, of course.
     
  14. 37riched

    37riched Trader

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    If you are new to forex trading, just like you've said you are taking online courses, i'd advise that you do a thorough background check to ensure your broker is legit.Ensure you research a lot about forex. I am not for paid forex education, since everything you need to know about forex is available free online and on these forums.
     
  15. very interesting thread :) I shall be following this one
     
  16. Zack King

    Zack King Trader

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    If you are new to forex the first thing you need to do is educate yourself (loads of economical news sites available online to keep up to date with market news) and forums like here should really help you out. Next step is DYOR on brokers to find the one that has trading conditions that you like. Then, try their demo and see how you go and establish if the trading conditions match your trading style. Hope this helps.
     
    Ulacan likes this.
  17. Ulacan

    Ulacan Trader

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    Personally I think it's an advantage, but how much percentage do they take or their whole company ? Will they be really interested in that max profit or they just work it out from number of their refferals like their newbies like us. I stil think it's a good option but comes with a price. Check anything you can about people you trust your money to.
     
    Zack King likes this.
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