There is no doubt that a properly chosen Forex broker allows you to avoid many problems and is a key to successful trading. It is brokerage companies that create a set of specific rules that their customer (a trader) must obey. These are not always the same and may vary depending on the company, so you should be careful in choosing and using some strategies. Anyway, if you decide to do trading, it is critically important to get a professional broker on board.
Brokerage companies and platforms, just like LiteForex, are divided into several categories. So depending on who you hit, you can expect a particular reaction to your success. The latter may not always turn out to be positive and pleasant for you. At the moment, the situation is developing in an interesting direction:
- Opponents of scalping: companies, canceling transactions shorter than 3-7 minutes and limiting the maximum number of transactions during a day or session. In order not to lose profit from successful transactions, carefully read the agreement before opening accounts. In case you cannot find the information, you can always send a request to the support service and save the answer. Ideally, so-called scalping brokers are recommended for short-term strategies.
- Opponents of automatic trading: there are such companies on the market that do not vote for automatic, social, or copy trading. Therefore, before starting automatic trading, always ask if it is allowed. At the same time, some companies provide services of professional advisors;
- Banks brokers: most often, such companies advertise their maximum reliability, but in most cases, this is the only advantage. Moreover, it is rather dubious since you are not dealing with a bank but with a company, and your money is still not protected. Besides, the quality of service is far from being perfect.
Qualities of a Good Broker
For those who want to start trading activities, it is necessary to assess all the risks and opportunities. If you cannot do that with your efforts, you can always have an expert to do it for you. But far from every broker is good; a real professional should have the following qualities:
- critical thinking;
- analytical mindset;
- strategic planning;
- the ability to analyze large amounts of information;
- the ability to work under pressure;
- attention to detail;
- stress tolerance;
- communication skills;
- the ability to take risks
Therefore, before going with a brokerage company, check reviews from their real customers.
The Forex market is quite tricky. You should not complicate the situation when choosing an unprofessional broker. Instead, approach this process with maximum responsibility before starting large-scale trading and check who you are dealing with.