bluemac

I mean that the forex brokers can add our trading success since they provides access to initiate trading however there are some other factors like risk management, how and when to exit the trades also count in earning profits from forex trading. The traders should take time learning the required skills which helps them make money and sustain the wealth earned from trading. This takes time to develop these skills in my opinion.

I have been trading for a long while and i can say that it is really becoming hard to recommend a broker these days since many joining the industry and some leaving also. It is better to shortlist some brokers which are reputed and then do some thorough research before finalizing any broker which suits our needs. 

On 4/10/2020 at 9:46 AM, usok said:

the 2% rule of thumb has been around for like forever, and best applicable for large accounts, but if u have a decent small or mid sized one, i guess streching it to 5% is not a bad idea but only if the success probability is higher than usual if that makes any sense, 

I think that the new traders should not risk more than 1% of their capital in start. Even the experienced traders doesn't risk more than 2 or 2.5% which is the industry standard in my opinion.

Its depend on our preference if we need to take direct entry in the market at the current market price then we can use market executions and if we wait for the price to drop at certain price level then we can add limit orders.

Brokers alone does not contribute toward trader earnings since the traders have to learn the necessary skills too in order to make money out of the marketplace. Some new traders join the industry with no prior knowledge and ends up losing money blaming their broker.  

It is really difficult to come up with a proper trade management plan and then stick to it.

When we want to make profits from forex trading then we have to learn the necessary skills required for earning money.

In my opinion regulations matters but most importantly we should prefer trading with those broker which have some repute in the market.

We should not take risks to that extent which we can't afford to lose so cut the loses earlier before they become too big.

The more efforts we put in learning the more experience we gain and manage our risks more effectively.

There are some other reputed brokers like hotforex, exness, octa, xm, lmfx etc which are also among those who are serving for around 10 years in service.

The new traders should stick with the demo first and learn how the market works before investing their live funds.

Learning is the first step for any new startup so first learn and do not rush into making money as you will make more money after learning.

Higher leverages always claim high damages too if you aren't aware of the market conditions so keep the leverage low in start and adjust over time provided you learn how to use it.

There are many brokers like hotforex, xm, exness, octa, lmfx etc which allows news trading as well as other modes of trading in my opinion.

The major pairs like EURUSD or GBPUSD comes up with competitive spreads in my opinion.

Brokers like hotforex offers leverage up to 1:1000 on their micro accounts and 1:400 on the regular ones. New traders being unaware of the market conditions should keep the leverage low in start as higher leverage can claim higher damages too.

The brokers have to offer competitive services in order to stay in the market in my opinion like tight spreads, quick deposits/withdrawal etc.

Few reputed brokers like hotforex, octa, xm, lmfx etc even allow trading with small funds as low as 50usd in my opinion however do some research before chosing your broker.

Some brokers like hotforex offers leverage up to 1:1000 on micro and 1:400 on regular accounts however the new traders being unaware of the market conditions should keep the leverage low in start.

On 11/20/2019 at 11:46 AM, L Moore said:

In Fx trading the bonuses we get from our trading brokers practically cannot use in a proper way due to many restrictions. So, we have to choose the regulated trading broker, otherwise it is useless to have 100-200% bonuses which cannot use in a proper way due to many restrictions.  

I guess there are always some terms and conditions associated with the bonuses so when availing such bonuses we should first read their terms and those who does not wish to avail bonuses still have the option of opening accounts without opting for bonuses in my opinion.

Anyone visited this broker's website, its seem like they have rebranded it with more option to trade and perks to avail by us in future.

Amount of risk can only be reduced if we use proper risk management in our trading.

Each trader should figure out his own trading style and then focus on building skills on such personality. For instance if scalping or short term trading suits your personality then go for it otherwise stay on long term trading strategy.

There are other factors beside forex brokers in my opinion which affect traders profitability what if we connect with one of reputed brokers but does not knew anything about trading.