daniuwei

MT4 user here. I believe most traders still are?

Yay, everyone is happy including me :D those unhappy ones will go to FPA

I think most of the times, newbies have high expectation to earn big bucks from Forex trading. Without proper knowledge they think they can doubled up their money in the shortest time. So when they failed, the easiest way to pity themselves is to put the blame on the brokers. That could affect not only the broker's reputation but also the existing traders because that's where our money is... with the brokers.

There's a similar question on another thread. So I just cut and paste my reply here:

 

1. How does your broker protect your funds?

2. Is their information security (IS) certified? Like for example, do they have ISO 27001 certification in IS?

3. Is the broker fully audited?

4. Is the broker a fully established company?

5. Have the broker receives any recognition or awards for their performance?

6. Is the brokerage platform that you are using is created by traders for traders?

7. Does the broker offer FREE professional coaching and traders tool?

8. Do they offer at least 60-day use of the Practice Account?

9. Fast application approval? Say like 24 hours?

10. Is it easy to fund your account? Do they offer many withdrawal options?

11. What is the minimum amount to open an account? As low as USD100?

12. Do they offer micro, mini and standard lot in a single account for your convenient sake?

13. Do they offer a lot of products, more than just Forex? Do they have metals, oils, commodities CFDs, major indexes and global equities?

14. Make sure they are not dealing desk so that they do not trade against you. If they are a Straight Through Processing (STP) broker, then that's the right one.

15. How is the execution like? You want a broker with absolutely no requotes and no slippage with tight spreads.

16. Do they offer high leverage?

17. Do they allow any kind of trading style including hedging?

18. Do they offer mobile platforms? Can you trade from your web browser?

20. Do they offer 24-hour customer support? Best with live chat.

21. Is your broker licensed and regulated by the Financial Services Commission (FSC)?

 

 

Nice post sir, I have evaluate my broker from all of that's question. From all the things that I know about my broker Exness, it have a good answer from all the question. But, if you don't believe me, just try it yourself with a demo account first to feel all the advantages that Exness give for the traders.

 

 

Hi firmanta. Thanks. I'm already with FXPRIMUS who provided the checklist above to help their clients to access a broker before trading under their platform. So far I'm not changing to any other brokers although I've done that in the past.

This is how you calculate lot size:

Lot Size = Amount Risked / Number of Pips x Pip Value

 

Let’s say we take a trade in EURUSD:

 

Capital is USD1,000.

Amount Risked at 5% of capital is USD50.

Number of pips is the stop loss pips, which in this case is 50 pips.

Pip Value for EURUSD is USD10

 

Therefore, Lot Size = USD50 / 50 x USD10 = 0.10

 

Leverage does not factor into calculation of lot size. Leverage determines the required margin to enter a trade position. Thus, using the above as example, at a leverage of 1:200, your required margin to enter the position is ($100,000 x 0.10) / 200 = $50.

 

So out of your capital of USD1,000, a margin of USD50 will be locked away to enter this position.

 

Hope this helps.

You can try out FXPRIMUS practice account. Moreover they also provide free access to more than 40 video tutorials for beginner and advanced traders even if you're just opening a practice account. So no strings attached.

The first place I would go to checkout whether they are reliable or not is FPA.

Personally I think 25 bucks are just too little to pick up Forex trading.

 

When I first started trading, I deposited $250 with FXPRIMUS. But I think now they offer $100.

There's a similar question on another thread. So I just cut and paste my reply here:

 

1. How does your broker protect your funds?

2. Is their information security (IS) certified? Like for example, do they have ISO 27001 certification in IS?

3. Is the broker fully audited?

4. Is the broker a fully established company?

5. Have the broker receives any recognition or awards for their performance?

6. Is the brokerage platform that you are using is created by traders for traders?

7. Does the broker offer FREE professional coaching and traders tool?

8. Do they offer at least 60-day use of the Practice Account?

9. Fast application approval? Say like 24 hours?

10. Is it easy to fund your account? Do they offer many withdrawal options?

11. What is the minimum amount to open an account? As low as USD100?

12. Do they offer micro, mini and standard lot in a single account for your convenient sake?

13. Do they offer a lot of products, more than just Forex? Do they have metals, oils, commodities CFDs, major indexes and global equities?

14. Make sure they are not dealing desk so that they do not trade against you. If they are a Straight Through Processing (STP) broker, then that's the right one.

15. How is the execution like? You want a broker with absolutely no requotes and no slippage with tight spreads.

16. Do they offer high leverage?

17. Do they allow any kind of trading style including hedging?

18. Do they offer mobile platforms? Can you trade from your web browser?

20. Do they offer 24-hour customer support? Best with live chat.

21. Is your broker licensed and regulated by the Financial Services Commission (FSC)?

Basically these are the questions that you should have when looking for a reliable broker:

 

1. How does your broker protect your funds?

2. Is their information security (IS) certified? Like for example, do they have ISO 27001 certification in IS?

3. Is the broker fully audited?

4. Is the broker a fully established company?

5. Have the broker receives any recognition or awards for their performance?

6. Is the brokerage platform that you are using is created by traders for traders?

7. Does the broker offer FREE professional coaching and traders tool?

8. Do they offer at least 60-day use of the Practice Account?

9. Fast application approval? Say like 24 hours?

10. Is it easy to fund your account? Do they offer many withdrawal options?

11. What is the minimum amount to open an account? As low as USD100?

12. Do they offer micro, mini and standard lot in a single account for your convenient sake?

13. Do they offer a lot of products, more than just Forex? Do they have metals, oils, commodities CFDs, major indexes and global equities?

14. Make sure they are not dealing desk so that they do not trade against you. If they are a Straight Through Processing (STP) broker, then that's the right one.

15. How is the execution like? You want a broker with absolutely no requotes and no slippage with tight spreads.

16. Do they offer high leverage?

17. Do they allow any kind of trading style including hedging?

18. Do they offer mobile platforms? Can you trade from your web browser?

20. Do they offer 24-hour customer support? Best with live chat.

21. Is your broker licensed and regulated by the Financial Services Commission (FSC)?

 

I agree with Kristianto that no broker is perfect. But make sure the broker is ready to assist you if you screw things up. If facing slippage problem, just go to them and highlight the issue. If they take up the responsibility and take your side, you know you're with the right broker.

 

I'm happy with my current broker because they offer all the above and more.

Thanks for sharing. There should be more exposure about this broker.

There are so many things to trade apart from Forex. There are spot metals, indexes, global equities and other CFDs...

I read about binary options recently from a blog post: http://www.askmariosingh.com/7111/question-roy-forex-brokers-offer-binary-options/

 

I'm just curious how simple the execution is. I'm waiting for my broker to offer this product.