Which broker to choose, recommendations and error analysis.
Mistakes made when choosing a Forex broker are usually very costly for any of
the traders; in addition to the fact that you can simply lose some money as a result of an order that doesn’t work, there is also a high probability of completely losing your entire deposit.
Which broker should you choose to insure yourself against such troubles?
This is one of the main questions that any trader faces. At the same time, there are a lot of nuances that are not always paid attention to, but they may indicate the reliability of the dealing center, or, on the contrary, characterize it from the best side. What should you pay attention to when studying the contract and trading conditions?
1. Duration of transactions - this item can become an unpleasant surprise for any of the traders; some dealing centers limit the minimum lifetime of an order to 1-3 minutes, others, on the contrary, independently close transactions lasting more than 2-3 weeks.
Therefore, be extremely careful if your strategy does not fit into such a framework. 2. Automated trading - reading the agreement more than once, I came across such a clause as prohibiting the use of various programs for automatic trading in trading.
The punishment may be account blocking and a fine, and this is in the best case. 3. Withdrawal of funds - who cares, some Forex DCs prohibit withdrawing money earlier than two weeks after opening an account, and someone insists that your funds can only be withdrawn in the same way that you deposited the account.
Usually this item does not cause big problems, but it does create some inconvenience. 4. Sizes of stop orders - the minimum value of take profit and stop loss.
5. Other troubles - in addition to the options mentioned above, when choosing a dealing center, when reading the contract, you may discover other pitfalls.
Concluding an agreement with a broker is a rather important moment, and you should not treat it negligently; by spending just a few minutes, you can avoid quite major mistakes.
Technical points when choosing a Forex broker.
Unfortunately, you can only find out how the trading terminal of your chosen Dealing Center actually works in practice.
Moreover, some aspects appear even when trading on a demo account. In order to test the dealing center, or rather its work, it is enough to open several transactions with a minimum lot and control the following points: 1. The speed of opening orders should be no more than 1-2 seconds.
2. No slippage - before placing an order, write down the opening price, and then compare it with the result.
3. Lack of requotes - if you constantly receive a refusal when placing an order, then your order simply does not keep up with the market price, so if you trade on short time periods, you are better off looking for another broker.
4. Stable operation of the term - without freezes and connection breaks.
5. Triggering of orders is one of the most important points; if the stop loss is not triggered, you can simply lose all your money.
Before starting testing, you must know exactly which broker to choose - for scalping , with cent accounts, or with other necessary criteria. Don’t be lazy, before replenishing your account, clarify all the necessary details with the support service.