Following are some of the advantages that forex social networks bring to trading professionals:
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They are mainly specialised in connecting the right delegates with potential companies in current focusing markets. Do Not Trade Foreign Currency with Excessive Leverage Many brokers are setting the initial margin for currency trading very low — for example, at 0.
Following the events of the period , such scenarios can no longer be regarded as merely theoretical, even if the probability of occurrence remains unchanged. Cautious traders therefore must pay close attention to a legally binding exclusion of supplementary obligations in selecting a Forex supplier.
Alternatively, guaranteed stop-loss orders are suitable for the exclusion of residual risks. These are, however, subject to charges and restrictions, such as a larger minimum distance to the market rate. Trading Platform The trading platforms of most Forex brokers include real-time rate supply, charting and analysis tools, order masking and account management.
However, the functionality details are crucial. Is trading possible directly from the chart with a single click? Which order options are available? Which indicators can be used? Is there a market scanner? Does the charting tool support more than line, bar, and candle charts? Which of these considerations are most relevant in the comparison of Forex brokers depends largely on the trader's preferences and habits. Automated Trading and Trading Signals The trading platform should at the very least, support the imporating of automated trading strategies.
If you would like to develop your own strategy or optimise existing strategies, you should only compare Forex Brokers which support a complete development environment for scripts, for example via MetaTrader. Programming services and a large community of developers, on the other hand, are not absolutely necessary, since they are easily sourced externally. Many brokers have integrated signal services from different vendors into their product and provide these to trading customers for free.
Demo Account With a demo account, prospective traders can test the functions of the trading platform in a realistic environment. Good demo accounts are set up without run-time limits and are provided with the same rates as live accounts. Inferior demos are primarily promotional offers and an opportunity for welcome and follow-up calls. Invariably, your first login is followed by a call from the sales office.
Customer Service The customer service should be available in English. This is not always the case. Ideally, it should be provided from within the UK, rather than outsourced. At many of the better brokers, telephone customer service agents are also able to take orders. Live chats, forums for complex questions and 1: Who Is the Forex Broker For? A word in advance: We define Forex Broker for the purpose of our comparisons on the basis that their main activities are foreign currency market orientated and that an STP or ECN market model is not mandatory.
Brokers according to this definition are suitable for traders who mainly deal with foreign exchange while still providing the necessary requirements for transparency, strong regulatory environment, fair trading costs and know-how. Naturally, FX Brokers are only suitable for speculatively orientated traders who want to speculate on movements on the foreign exchange market with large leverage and short-term time horizons. For beginners and advanced users, a fair and sensible handling of additional funding obligations — ideally their exclusion — should be a necessary condition for the opening of an account.
Advanced and especially professional traders must pay closer attention to a transparent market model such as STP or ECN. In our Forex Broker comparison it is possible to search specifically for providers with these features. Current Developments in FX Brokerage There is a current trend towards brokers in established financial centres. The Cyprus location seems to have lost much of its appeal with the recent and on-going crisis of the banking sector there. Thus far, no broker located there has succeeded in gaining a substantial market share.
Since , a significant decline has been recorded for FX trading, while the sales volume with CFDs increased strongly. In its extended follow-up, many brokers updated their rules for additional funding. Years ago, the industry discussed the regulatory development of MTFs. It is, in simplified form, an ECN broker with a regulatory superstructure. Stricter regulation of FX trading with private investors has not completely disappeared from the agenda: So far, there have been no concrete statements by Bafin on this subject; In the UK, stricter regulation does not appear popular on the current political agenda.
Use the Demo Account as a Test Environment A demo account is more than just a preview of the trading platform. Use the demo account for at least six months alongside the live account. Test strategies, trade news and familiarize yourself with all the details of the types of orders available.
In addition, demo accounts are recommended for the testing of automated trading systems — the results of back-testing alone can not accurately reflect the risk of retrospective over-optimisation. Do Not Trade Foreign Currency with Excessive Leverage Many brokers are setting the initial margin for currency trading very low — for example, at 0.
Normally, a high leverage capability in a Forex Broker comparison is considered to be a positive feature. However, the idea that a big lever is an advantage has lost support among successful traders who will rarely trade with more than 50 times leverage. In professional strategies the maximum lever is often limited to Preferred characteristics are the distribution of the total profit to as many individual trades as possible, a low maximum draw-down and a high hit rate.
Do Not Trade Exotic Currency Pairs Many traders, when comparing Forex brokers will consider the currency pair catalogue in their evaluation. In fact, a large basic catalogue is a positive feature. You must however always bear in mind this restriction: Under no circumstances should you act with exotic currency pairs.
In some currency pairs there is only sufficient liquidity for a few hours a day. Outside this main trading phase, spreads can sometimes be drastically widened. This applies regardless of the market model of the broker. To make trading even simpler, the new social forex trading platform offers automatic notifications of price based events, detailed information on instruments and interactive charts to study price changes in a variety of time frames.
Yaniv Altshuler carried out an experiment with active traders. Another group of traders were told to trade without following any other trader or any other social indicator. Following established traders allows these traders to learn the tricks or trading currency while minimizing the chances of losing their money. Advantage of Integrating Forex With Social Networking At first look, it might seem odd to integrate forex trading with social networking.
However, if one moves past the stereotype of social networking as a platform for teenagers to hang out, the value that it brings to any field of activity becomes clear.
Following are some of the advantages that forex social networks bring to trading professionals: These platform help traders understand the existing market sentiment and let them factor this in while trading. New traders can now look at the trades of trading gurus to learn and understand how to trade forex. New traders can copy trades of the trading gurus in order to minimize their risk. Traders can use these platforms to increase their win ratio and profits. The integration of this platform with mobile phones allows traders to keep abreast of all market events and react quickly to maximize any opportunity that arises.
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