Forex is always priced in pairs between two different types of currencies. When you make a trade, you have to buy one currency and sell another at the same time. If you want to exit the trade, you must buy/sell the opposite position. If you want to leave the trade, you will have to sell Euros and buy back US Dollars.
You have to understand that Forex is a global market and not just a market that operates in your country. This means it's larger than the London Stock Exchange or anything Wall Street could ever dream up. If you understand the scale of Forex, you will be more likely to approach it with the necessary caution.
Needless to say, you should look for a forex broker that's dependable, one that is operational 24 hours a day. The forex broker should also be easy to contact for technical and customer support.
By managing a client relationship directly, the greater chance an Introducing Broker will be successful. Many Forex brokers customer service departments do not have the in-depth expertise or understanding of your clients' needs the way an Introducing Broker does. Clients are likely to appreciated their 'personal touch', and they are thus more likely to recommend you to their friends.
There are a lot of things you should know about forex trading in general and Singapore forex trading in particular. For instance, do you know the best time to trade? Do you have any idea of the standing of the Singaporean dollar against other currencies in the world-how in demand it is? Do you know the difference between bid and ask price, as well as the definition of spread?
Last but not least, they find a system or a broker and they stick with it until there is a reason not to stick with it anymore. Understanding that losses are part of the business is extremely important and they will be a part of any trader's life. One bad trade is not a reason to ditch your forex broker or forex signal. This is a long term business and as long as you are ahead at the end of the month, you stick with what got you there.
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