A number of traders use the services of a
brokerage firm to handle the majority of their trades. This is just as true
with forex. Forex brokers provide traders with a trading platform (or dealing
station) that allow them to buy and sell foreign currencies. Some traders
utilize several brokers, as even the best forex broker can only handle a very
small portion of the volume of the overall foreign exchange market.
Most major forex brokers will allow clients to
use a practice demo account so that they can get a good understanding of what
trading is all about. It is a wise idea to test out as many platforms and
strategies as possible before deciding on which broker to use and which methodology
to practice when you begin to trade real money. Forex.com, GCI financial, FXCM
and Advanced Currency Markets (ACM forex) are popular forex brokerage firms,
among many others. Study each broker and choose carefully.
Traders like the forex market because of the 24-hour
accessibility and brokers help to monitor the trades at all times. However,
hiring a broker is not a casual affair. Each firm requires a trading contract
to prospective clients in order for them to begin trading the market, so be sure
you really like the one you’re signing on with. This contract includes
information on the risk and/or reward associated with trading, specifically the
time between entering into a trade position and exiting it. The greater the
time difference between the entry and exit of the trade, the greater
the risk or reward.
A contract to buy or sell a specified amount of a
given currency at a predetermined price on a set date in the future
is called forex futures trading and requires a forex futures
broker who is familiar with that part of the market. All forex futures are
executed with a specific termination date, at which point delivery of the
currency must occur unless an offsetting trade is made on the initial
position.
If you’re interested in hiring a broker to help with your trading,
do some research to find out whether that broker has a good reputation,
practices a strong code of ethics, and has the functionality and tools that you
are looking for.
Forextips.com is committed to educating the forex
trader in all aspects of foreign currency trading. Click hereto get information on a free forex webinar to help
you maximize your success in the forex market.
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