When you trade in forex online, you need a broker. A few years back you could easily select a broker for you, as there number was limited. With the advancement of internet and exponential growth in the forex traders, more people being traded in this field have seen noticeable growth tin the forex brokerage industry. You have around 25 forex brokers now who provide service to all need of all types of traders they take care of smallest to biggest forex traders.
Assume that you open an account with FXCM which is one of the most reputable forex metatrader brokers, which offers 0.6 pip discount per roundtrip lot traded. One pip equals about $10 on average if you trade EURUSD, EURCHF and EURGBP. Lets say that you deposit $2000 on the account. Our estimate is that you will turn over about 10-15 Lots per $1000 per month on your account when using FAPTurbo and Megadroid. Assume that your turnover is 24 lots per month on your $2000 account.
Having another funded account could be a good idea. That way if your main forex broker experience any access issues, you can trade your positions on the second forex account.
As there is tough competition among the forex brokers, they are offering a guarantee on stop and limit orders. It is very important to go to the minor detail in the fine print all the time to be cognizant of to what extent these guarantees stand. Is that only a NFP announcement? And if that is true for how much time the guarantees is going to work prior to and after the NFP release.
In FOREX, currency is traded against one another. In order to become successful in FOREX, one must know when to trade specific kinds of currencies and which currency they should trade it against with.
Automated currency trading is possible. The problem is most forex robot buyers have "get the robot today and fill my bank acount tomorrow" midset. These people are the one who fall to the scam forex robot provider promises and end up yelling in every forex forum "I've been scammed!". You have to devote some efforts and time to get yourself a real winning robot, but the end result will really worth it.
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