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Who Should I Choose Help Me Trade Forex?

March 7, 2013 0 Comments

Jobs in the Forex market are endless. There are dealers, brokers, consultants, analysts, bankers, and traders to name but a few. Each aspect of trading requires a different set of skills and therefore falls into a different professional category.

It is not a bad idea to use a broker or a dealer when you first enter the Forex market. They are professionals and often their experience is invaluable. However, they are not a must and if you decide to do without one, that is completely fine too. Instead of a broker, you may also choose to have a consultant. This is someone that will help you define your goals and will consult you as to how best reach them. An analyst on the other hand is someone that mostly has access to the same information as you, however is well trained on how to read it as to analyze it in such ways that s/he will be able to use the information for future decision.

Several things to take into consideration:

• Do not settle for the first broker or dealer that you meet. Research and compare between various brokers/ dealers.

• Choose a dealer or a broker that offers low spreads. Most Forex brokers and dealers do not charge a commission and earn money off the spreads. Be aware of this.

• Look for a banker that is backed by a well-established and well-known bank.

• Look for a dealer that is backed by a well-established and well-known financial institution.

• Use a broker that is registered with the Futures Commission Merchant (FCM) and that is regulated by the Commodity Futures Trading Commission (CFTC).

• When working with a broker, consultant, analyst always check that s/he have access to the latest research tools and data (charts, graphs, summaries, news, real time rates and info).

• Use a consultant’s advice only when you are convinced that his/her predictions are wise and are based on accurate information.

• Chose to work only with people that you find comfortable, honest, and forthcoming.

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