In case some people intend to enter forex, the most important to do first is finding perfect forex brokers. For beginners, some common requirements will be no longer suitable for others. Thus, I wrote this article to share newbies what they should prepare in their mind before starting with any brokers or transaction.
You cannot conclude any brokers the best for you until experiencing several ones. I recommend three brokers below as the perfect brokers for beginners.
However, to find the best for yourself, I think you should understand seven facts below:
- The most suitable brokers are better than the best.
Trading, each of beginners has his strategies. Therefore, the most suitable brokers can give them chances to win on the market, instead of the best.
The largest or the best brokers in 2018 are usually chosen by experts, who prefer challenges and gains. However, if you are new to the market, you should select brokers with policy and regulations you can benefit. As far as I know, 95% of beginners may lose in their first stage, therefore, find and trade with brokers you can drop the least.
- Cent accounts are more welcomed than Demo accounts
Besides the primary accounts, traders are welcomed to create demo accounts or Cent accounts.
Demo accounts are launched by most brokers, and they attract people with advantages such as no loss, secure transactions… However, they cannot provide you with the real trading environment. Sometimes, they turn out to be a wrong choice for beginners.
I recommended creating Cent accounts. You have to send deposit. However, the amount is amazingly small, only 1 USD if you start with Exness. Transactions are practical, and profit is withdrawable. You can start your business with the small investment and also small loss. Moreover, if you practice enough with Cent accounts, you can move on with an official statement without not much surprise.
- Don’t open your positions at news release time.
It is a common mistake by beginners because they think trading bases on the news. However, experts always close their positions before or after the release time of 15 minutes.
- The only rule for beginners is minimizing loss
To make sure that what you throw away for first days is not too much, there are some points you should consider:
– Low deposit requirements.
Experts will pay attention to credit or commission, spreads but beginners should pay attention to low deposit. You don’t know if the brokers are right or not so be wise to deposit. On the market, many brokers welcome beginners by welcome bonuses and low deposit policy, and you had better enjoy the regulations and decide if you can invest in temporary brokers for a long time.
I think the maximum deposit is 100 $. The less you trade, the less transaction cost becomes and the less you lose.
– Small trading lot requirements.
You should remember that 95% of beginners will lose. The standard lot is usually 100,000 USD, and I think that is too much for a beginner. However, some brokers offer tiny lot requirements such as 0.00001 Lot USD by XM. Those transactions are safe for the newbies.
They are Cent accounts, which you deposit $10 only then do like plenty of lots to practice. Even you lose, the cost is way too little in comparison with experience you might learn.
Because you are new and you do everything from the start, simple system and simple procedures of deposit, trading and withdraw will be severe. Moreover, you will not get headaches or fooled by long and complicated principles.
- You must approach the best assistance on first moves
Besides brokers ensure your loss to the bottom, proper aid is worth looking for. You should have the brokers help you at your very first moves such as account creation, deposit, downloading apps, you should choose brokers with:
– Good local support.
That means they should locate at least an office in your country or live assistance is in your language. The cast is to support new traders at any time in the most convenient way. Everything in your speech and face-to-face presentation can support the fullest. In future, when you are used to systems and procedures, you can have the broader choice.
– Trusted brokers.
You may switch many times before choosing the most suitable ones so credit may be not much necessary. On the other hand, I advise choosing a trusted broker who offers you the best conditions and loss rate.
– Excellent training and coaching programs.
Some brokers launch training programs and these are valuable to amateurs. They are like the economic course that you pay by little of deposit and transaction costs. Try them if you get chances too.
- Do not mistake demo contest practicing?
Demo contests are built without risks, and they focus on strategies by traders. Winners are experts, and they know well what their procedures are and how they should do.
You shouldn’t be too aggressive. Your rank barely goes as high as them at first stage. Moreover, they use robot trading to do because robots are established to run on a program.
- Don’t use robot trading.
Robots are set and follow strategies by the traders. However, they work when you know the market well enough. Adjustment is needed frequently, too. Because they are marketed, I think some beginners pay attention to.
My advice is not using them. You are experiencing the market, and you have not yet figure out how you are doing next. Firstly, trade and experience by yourself and memorize. Choose the most suitable brokers and start to invest. Robots should be kept later.