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HOW TO CHOOSE A BROKER
The forex broker that you use can significantly affect your trading success.
There are two types of forex brokers: market makers and ECNs. But in practice
things are not so clear-cut – there are market makers out there who falsely market
themselves as not having dealing desks, while there are also some brokers who
claim to be true ECNs when they are not.
The choice of broker must be an individual decision, because everyone has
different needs and preferences. Both new and existing traders should carefully
examine the practices and policy contracts of brokers, and be up-to-date with new
information on brokers.
Below are some points that you might want to consider when selecting a broker.
You can use it as a rough guide to narrow down some candidates that match your
own needs.
Forex Trading Is A Serious Business
Forex trading must be seen as a serious business, not just a casual roll of the dice
or a leisurely pursuit. If you approach trading as a means of getting your dose of
adrenaline, do yourself a favour by staying away from it .
Serious money demands serious work. Winners from the trading arena take a nononsense
approach to trading – they take care of their P&L (profits and losses),
enter only into high probability trades and keep meticulous record of all their
trades.
Both serious and casual traders, of course, dream of making it big in the forex
market, but it is not the goal that counts, it is the preparation and dedication that is
important. Forex trading should be considered and treated as a serious business, just
like other types of businesses. Approaching trading from the perspective of a
shrewd business person can greatly tilt your chances of success to your side.
RISK DISCLOUSURE
Trading forex involves substantial risk, and there is always the potential for loss.
Your trading results may vary. No representation is made that any information in
this book will guarantee profits or prevent losses from trading forex. You should be
aware that no trading strategy can guarantee profits.
MARKET SENTIMENT
The forex market is heavily driven by market sentiment, and it is market sentiment
that influences traders’ decisions by triggering certain emotions and thoughts. Find
out what defines the current market sentiment, and how you can incorporate market
sentiment analysis into your trading.
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