My Two cents for every forex trader.

[pipDreamer]

Hi Everyone,

I frequent this Forum quite often and most of the time I lurk in the shadows only reading never writing. I have been through a lot of brokers and have seen the fall of many of the greats such as the Refco disaster, FXLQ and a few others. In this time I have tried many different techniques as well as brokers. I wanted to touch on a few things I learned that I thought were very useful.

(1) Its ok to have more than one broker. With this in mind I run a couple techniques on a couple different systems and brokers. One for MT4 and the other is a self traded style so no need for EA. If anything should happen to one broker I have my funds split and even them out accordingly to avoid being completly shut down from trading.

(2) Do your research. If a product is offering too much or the broker is on shady ground dont do it. Learn the basics and stay in the Forums where the right knowlege is for the most part available. I also reccomend sites such as Baby Pips (www.babypips.com) and Forex Factory (www.forexfactory.com). With these sites you will be able to establish a solid footing for the basics of forex trading. Once you have that down open a demo trading account and start working out your own personal set of rules and guidelines to trade by. Once you are profitable in a demo enviroment then and ONLY then should you go live.

(3) For god sakes use a Rebate Broker. I have used a couple so far and have found the very best most reliable to be FxRebates. (www.fxrebates.com) They have been very helpful and are always there when I need them. I swear these guys dont sleep. Outside of the rebate you recieve from these types of IB's or referring Brokers you should also get advise and insight as to the best way for YOUR trading needs. Not what is best for the broker but what is good for your individual needs. With FxRebates they gave me a few options for MT4 brokers all with different benefits. After much discussion with a couple of the staff I kept one account and moved another to thier IB. They didnt try to sway me from one broker to the next but were genuinly interested in helping me get a broker that best suited my trading needs.

(4) Be careful with over seas brokers. When I trade I like to know which brokers are fully regulated especially with the upcoming NFA rules and regulations being put in place. Know who your dealing with, it goes back to number 3.

Well thats my 2 cents I hope my little bits of experience can help as much as this site has helped me.

[Johnequity]

Hey Nice post this should be in the beginners section though. But you have good observations and are definatly right about using a Rebate Broker. I have been with FxRebates for a long time and can say that I have found them to be a great company that has helped me with more than just rebates. I actully had an Introducing Broker before them that provided me with nothing. If your going to use an IB make sure they do something for you.

[gwen3721]

Thanks for the information about forex trading.

[pinalli]

hello all

even i like this forum alot.... i do visit 2-3 times in a week to get myself updated with the market facts. i would surely be contributing more and would require your help too.

Take care

[Fido Dido]

very good advices