What is quality trading?

As traders, we often neglect a number of factors that enable us to trade effectively. This primarily concerns our choice of broker and specific trading conditions, which prevent us from realizing the full potential of our trading system.

Unfortunately, at the initial stage, we ignore all the little details, such as order execution speed and spread, but after gaining more or less experience, we begin to understand that it is precisely in these little details that all our failures are hidden.

Mismatching a trader's trading strategy with a broker's account type is one of the most common mistakes. After all, how can you really demand instant order execution on an account labeled "For Beginners?".

In addition to the small initial deposit, such accounts usually have worse trading conditions, which makes it difficult to fully implement the chosen strategy.

To truly demonstrate high-quality trading, you need to be meticulous in choosing a broker and the trading conditions they offer. To avoid common mistakes, start by analyzing yourself and your trading strategy. Then, after analyzing a number of criteria that will help you perform high-quality trading, begin choosing a specific account type.

Why do I say start your analysis with yourself and not your broker, as almost everyone does? The point is that everyone looks at a broker's truly good terms, opens certain account types, and then, after a series of mistakes, realizes their trading tactics simply don't fit the trading conditions offered by that account type. So, let's look at a number of criteria that will help you avoid common mistakes and enable you to demonstrate truly high-quality trading.

1) Reliable Broker

It may seem like a trivial point, but the vast majority of newbies don't understand how to choose a broker, and their choices are more like those of children, since the more flamboyant the advertisement, the more likely they are to open an account with it.

This reality, and all the ensuing problems due to a thoughtless action, prevent you from withdrawing your hard-earned money, or you won't be able to earn it at all, because you've fallen into yet another trap where your transactions aren't transferred to the interbank market.

I'm not saying you should scrutinize the regulations and dig deep into the details, but first, consider the broker's age. For example , Roboforex has been providing trading services since 2009 and has a number of licenses and good reviews from traders. However, for some reason, you're avoiding it and instead dealing with very young companies with no reputation whatsoever.

Your future activities depend greatly on the broker's reputation, so make your choice responsibly.

2) Trading conditions

I already touched on this topic at the beginning of this article, but it's clear that if your broker offers poor trading conditions, you can forget about quality trading. However, recently I've noticed a trend: no matter how much a broker offers services and how high-quality they are, there will always be dissatisfied clients.

This isn't due to poor trading conditions, but to the incorrect choice of a particular trading account type. For example, the Roboforex broker offers nine different account types, and let's say you, as an experienced trader, decide to open an ECN-Pro NDD account.

The trading conditions are truly excellent, with instant order execution, market execution, no requotes, and a minimal floating spread. However, if your trading strategy relies on fundamental analysis based on news, you'll encounter a problem called spread widening, which could potentially cause you to suffer greater losses than profits.

If you opened an ECN-FixSpread NDD account, you'd still have all the benefits I listed above, plus a minimal fixed spread that wouldn't widen on news releases. This is just a small example of how even one small detail can impact the quality of your trading.

3) Trading platform

You'll agree that working through a user-friendly trading platform is not only more efficient but also psychologically more enjoyable. However, brokers often limit our choice, so try to work with brokers that offer multiple trading terminals. Don't be afraid of change; an inconvenient platform may be the root of all your failures.  

In general, if you look closely, every factor, even the seemingly unnoticeable ones, impacts the quality of your trading. However, beyond the obvious, don't discount your work environment or mood. Remember, forex trading is no different from a business, so try to create conditions that allow you to demonstrate high-quality trading.