Hello

[ShahRay]

Hi, I'm new to Forex Trading. Want to start trading but stuck between 2 brokers. XM and JustMarkets. I was told I the bigger the leverage, the better for beginners. I'm inclining towards JustMarket due to the 1:3000 leverage but a friend told me it's not a reliable broker.  Seniors please advice. Thanks. 

[⭐ Azazel]

The greater the leverage, the faster you will burn through your account, especially for those just starting out.
For those just starting out and trading, it is important to gain experience and especially to have a statistically profitable strategy, so it pays to trade in simulation (or paper trading) at first, but avoid leverage because you risk burning your account quickly.
Even successful traders such as Mark Minervini, Oliver Kell, Kristjan Qullamaggie (see video below), etc.., burned their accounts in the beginning, precisely because experience is needed and trading successfully is not easy.

P.S: Your friend advised you well, that Broker that allows 1:3000 leverage is not a reliable Broker, in fact in Europe with CFDs a maximum leverage of 1:30 is allowed.

Mark Minervini   https://youtu.be/W5ljClz4H3g  

Kristjan Qullamaggie:  https://www.youtube.com/watch?v=WswZwmr2ebU

Oliver Kell (2020 US Champion Trader):  https://www.youtube.com/watch?v=ltXlF8Z0WFg

 

 

Edited October 19, 2024 by Azazel

[⭐ Azazel]

It is also important to avoid scams, which unfortunately abound in Trading.

This video is by Andrea Unger (4-time World Trading Champion):

 

This Trading Scam is Ripping You Off!

https://www.youtube.com/watch?v=jjRskintbI0