It is important to decide on the trading strategy of your choice when choosing a Forex broker. What do I mean by that? I always ask questions related to Forex and the top forex question should be “Which trading software / bot / auto trader will make me the most money?”
Surprisingly this question usually comes from forex traders who have never traded before … novice traders!
This is trading suicide, if you realize that you can simply plug in Expert Advisor / EA MT4 (MetaTrader 4) or even MT5 (MetaTrader 5) and you will become a Forex Millionaire overnight. My suggestion for this type of question is to try manual forex trading first.
It’s easy and you don’t have to be a stock broker, be a financial whistleblower or be financially savvy. Go and choose a forex broker and trade manually for a while, just look at the charts and when the currency pair charts are at their lowest point, open a “buy” trade, when the chart goes up, your “buy” trade will make a profit. A new forex trade will open as a “sell” after the chart comes to the top and yes, you guessed it, when the chart falls, you will get a profit on your foreign trade.
Don’t forget to close your trades when you have enough profit and my top tip is not to be greedy! Multiple foreign businesses make it better to trade in large quantities and make small profits
Also, if you have a position or trade that is in the subtraction statistics, open a trade on the opposite side such as a buy or sell and it can counteract your losses.
Once you learn how to trade Forex, you can look for an automated trading robot. There are loads to choose from Fapturbo, iBoot and many more and they all work very differently including hedging and scalping.
You will then need to find the best forex broker for scalping or a forex broker that will allow your EA / expert advisor to run with minimal hassle. You will see that some brokers perform re-quotes, brokers use it to try to fight the forex scalping software. This means that when you are scalping, you are trying to open and close positions very quickly, what the broker does is re-quotes the transaction and stalls, thus saving some pips / points / spread / save in the order, which is your turn. Scalping can throw the software off perfectly.
Sometimes this re-quote is a real delay between your ISP and trading save, so always check your internet connection and firewall settings if you have problems with regular forex recovery.
I have been trading Forex manually and with Forex AutoTrading software for over 3 years and with 15 brokers I am here, here is a breakdown of better brokers that allow scalping and do not quote (often).
United World Capital http://www.uwc-fx.com is a regulated forex broker that protects the money you invest with them. I have found that the system occasionally re-quotes but forex bonuses weigh re-quotes.
Forex Hunt http://www.firex-hunt.com is a regulated broker and the best forex broker I have used so far. Their system was fast and I had no single reward in over 4,000 businesses!
I will cover the differences between regulated and regulated forex brokers in a later article, this article is more about “Forex Hunt for Forex Brokers has started!”