Finding the Best Forex Trading Broker

Not all brokers are created equal and I have been through my fair share of them in my trading career. When choosing a broker here a few things you will want to consider:

-Is the Price Listed Always Tradable?

Since most retail forex brokers today offer fixed spreads, this means no matter what market conditions are occurring they are obliged to keep that spread (but read their fine print so brokers have some rather underhanded practices). To avoid this, many brokers freeze prices during volatile or low liquidity times so you can not actually execute trades at the prices you are seeing. This can be very frustrating. Therefore you must choose a broker that lets you trade and execute on the price you see. In other words, the price you see is the price is you pay.

-Quick Executions

Another thing you should look for, related to the comments above, is quick execution. If an order takes to long to get filled you will not be filled at the price you expect. This slippage in price due to slow order execution can result in profits being lost and larger losses than expected when on the wrong side of the market.

-Charting and Analysis Tools

There are some pretty bad trading platforms in the retail forex market. I won't mention them by name because I believe they will eventually filter themselves out of the market if they don't shape up. A good broker will provide you with an easy to use platform that puts control in your hands. You should be able to set up and customize your trades so you can "set and forget" if need be. Also, you should be provided with charting and analysis tools at no charge. For short term traders especially, a good charting package is essential since your trades will almost be entirely based of technical analysis and the use of charts.

-Great Customer Support

You want to be able to talk with someone if you have a problem with the software or with a trade. Lets face it, you can have the best software but occasionally something may occur that means you need to talk with a person. Being able to get a hold of a person is crucial, therefore 24 hour live chat support is a must.

-Introducing Broker (IB)

Being introduced to a retail forex broker by an IB can greatly help retail clients as they learn the ropes of forex trading. An IB is a person who is a knowledgeable about the trading software and about trading strategies and can help new traders get settled in with the forex software. An IB is affiliated with the forex broker but does not work for them. Often they are people who believe in the broker, use them, and therefore want to share the broker with other people. The IB then helps the new traders who open accounts with the retail forex broker.

Whether you are trading the markets full time or part time it is nice to have a broker you can trust and rely on to always bring you the above admirable qualities. If you are interested in getting into trading or have been thinking about switching to a new broker I would be happy to help you make the transition. If you want a broker that provides top notch service in each of the above area then let me help you out.

All the best to you in your trading,

The broker I use and recommend is Forexyard.

If you would like to know more, are interested in learning how to start trading, need help with trading methods or want to know who to trade with please contact me.