So, in this video, I’m gonna be showing you, you know, out to select, a good, Forex broker. I’m going to be talking to about seven factors that you need to consider before you select any Forex broker at all, you know, I’ve learned this in a very, very big way, myself, you know, not quite long, I lost a huge amount of money to, one of the brokers out there, the personally I thought, Oh, wow, this is, this is one of the best, you know, so this video, I will encourage you to pay full attention to it.
So number one thing you want to consider before you joined and the Forex broker , any Forex broker at all is you want to look at the regulation, okay Deregulation is this broker, is it regulated or not. There are lot of them that are not regulated. And you can see that when you get to the website of that Forex broker. You know you can yo say, read through on there, see what the are upto.
Then the second one is the security. I know that I to do with the regulation also, because if a broker is regulated, definitely you know that your money is secured with them.
There are some brokers once they go out of market, your money has gone. But if the broker is insured, okay, they are regulated. Definitely. You know, their is security, even though, you know, talking about trading, you know, I hope you know by now that every form of trading is risky. So I always say it that you don’t trade with the money you cannot afford to lose. Okay So number three, you know, you want to consider leverage. You want to look at the leverage. If you see a broker that is offering you praising leverage, then you need to run away from it. Okay some broadcast out there, we all find you like 1 to 1000 leverage, and they’ll promise to double your deposit to your deposit. $1,000, they are going to add another $1,000. Anyway, the question has always been how are they going to make the money?
They know, they know, are they going to make their money because over 97% of Forex traders actually lose their first accounts. They know burn it out, so they know what they are doing. There’s no free lunch. So the leverage you want to look into, you know, some of the brokers in the United States, between one, two, one, two, one, two 50. And of course, some of the brokers in Europe, you know, you have some of them that are 1:100, 1:200, 1:500. Anything outside that I would not advise you to use that kind of a broker. I use a FXchoice. Okay. And I’m going to be posting my affiliate link below this video. You can join a FXchoice thought it. Okay.
I’ve used them now for more than 10 years and they are good. How’s used other brothers that are , trust me I had my finger burnt. So, now I’m focusing more on using FX choice. depends on what you are trading, but you can get your beverage up to 1:200. Andre dot means up to every dollar you have, you have a trading capacity up to 200. That’s what that means. And also remember, leverage is two edged sword okay. It can make you money and it can burn your money if you don’t apply good morning management. So, all this we go through them in crypto forex institute. Also, if you have bought any of my software, most especially easy peacy fx or tradermatic, or easy peacy 36, you get access to my personal money management template I used and you can use them also.
So number four is execution. You want to look at, okay, you know, always tell my students that you don’t put all your eggs in one basket. What that means is don’t just use one broker. Even if you are using one brokerage account, you can use another broker to be, to be, we call it like a check on balance, okay. Over what you are doing. For example, if there’s a news, let’s say economic news, or you place a trade on , for example, now you are using FXchoice. You place a trade on FXchoice. Then monitor that trade on another chart. Okay. So you want to see how they are behaving because there are some brothers that that during high volatile trade like news, economic news and so on and so fort there system freezes. You know, especially if you are using mt4, mt5
it freezes and it affects your trade. So you want to look into the execution.
And ofcourse number five, their customer service This broker, do they have a, you know, customer service available 24/5, or 24/7. What that means is that are some of these protocols that you can trade the cryptocurrency on them. So of course you can trade cryptocurrencies, Saturdays, Sundays, I mean weekends. So if these people are available, you need to consider that. But anytime you want to chart, your broker and they’re not available, you need to know that that is my good broker that you need to put your money into. Okay.
Then of course the trading rules. You need to look into the trading rules. Okay. What are the rules that guide trading.
There are some brokers that don’t allow you to trade high volatile market like news. So, I mean, I joined one of the broker sometimes ago, I mean fxglory I later realize they don’t allow you to trade economic news on their platform. So I quickly stopped using them. So you want to chat with them, you want to read their terms. You want to be sure that you know what to address.
And of course the last one is reviews. You want to read. What are your views about some of these brokers that you want to use If possible, if you have a mentor that you are working with, like some of my students are a crypto for Institute, you know, I recommend brokers to them. And of course I make sure that before any of them join any program, any broker that I confirmed, that it is a good one.
Okay. That doesn’t make it a hundred percent accurate, but please it saves your morning. Okay. Because I’ve journey through where you are just about to start or where you are journey through. And of course I’ve burnt the money that you’re just trying to burn. So just learn from my mistakes on the, of course, profit with my skills. Okay. So once again, I want to thank you for watching this video. And if you have not subscribed to this YouTube channel, go ahead, click the button below. And of course, I’m always available to answer your question. Thank you so much. My friend, I know we see you in the next video.
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