Selecting a Forex Dealing Center
Of course, this is not a criterion for our selection, some dealing center sites may have some words to express like –forex–.com. They all have a competitive trading condition for any trader, regardless of their skill.
Here are the basic indicators for which we selected dealing centers and most of them does not pass the selection criteria.
A primary measure of the many components of this time materialization is orders. Best trading platform used today by most DC allow almost instantaneously execute orders, but any of them can make adjustments that will significantly slow down the trading process. The site forex.com already provided 4 trading platform, but they are less suited to real trading and significantly inferior to MT 4.
Slip – perhaps the main thing that exasperated all traders. This is often practiced some dealing centers, waiting for themselves favorable price changes and instead of instant order execution, give all sorts of excuses “no price” “no quotes” and many more. This ordeal may be a long time until the prices are not changed, and the trader will lose time for a successful transaction. We immediately culled those who are addicted to DC this technique. It should be noted that the website forex.com by this criterion is not tested.
Unrealistic candles often occur in some quotations, this is no small trick, and criminal activities not compatible with a serious company. We immediately culled those dealing centers, which have been seen in such machinations. There are many other criteria that must comply dealing centers claiming to be the best and regardless of whether there have words in their url.
To not immediately burst into forex trading, collect worthy matter dealing center with forex.com, which is constantly ensures stable and comfortable trading all traders in the market.
Brokers in Commodity Market
Already from the previous chapters, we know that commodity contracts will be for us to buy and sell a man called broker. So, who is actually the broker? Very simply, one could say that it is the provider.
If you want to buy or sell a futures contract (s), we do so solely through the broker. Only the broker is someone who has permission for us to buy and sell commodities, equities as well as options, bonds, etc. for the service charges, the appropriate fee or brokerage commission. This commission is usually charged for the full commercial transaction (i.e. entry into and exit from position) – so also called round turn (RT). Some brokers charge in two parts – half RT Commission when entering the market and the second half when going out from the market.
In practice, therefore, the process works as follows:
Are you determined to start trading in commodities or shares, so the first thing you must do is to find a broker. The broker discusses everything with you in just a moment. Then your broker is an intermediary which disclose all requirements in the form of so-called commands or orders. Therefore, to buy a XY commodity at a price 100, you’ll call or write to broker as follows:
BUY 1 XY commodity contract with 100 price
Along with issuing the command you should enter the position of stop-loss as follows:
SL (stop-loss) 100 USD from first input
And if possibly, also set your final price (the so-called profit target):
PT (profit target) 1,500 USD from first input
Of course, if you are a broker to make a deal in advance, you can give this command forward. Everything is possible with the broker to arrange and there are virtually no limits to what you should do or not do.
When a broker receives your order, it will take care of requirements and try to act as fast as possible. Once your broker receives the local certificate of performance i.e. confirmation that your commodity contract has purchased or sold), immediately he sends acknowledgment (confirmation) back to you within a short time.
What do I ask my broker?
After my Blog “What is FOREX?” now you know the FUNDAMENTALS OF TRADING.
SO WHAT QUESTIONS DO YOU ASK YOUR BROKER ?
I have listed a few here that should help you get started.
Ask if your Broker deals through a DEALERS DESK, this means your Broker creates the price and executes the order. The Spreads are commonly fixed which means the Spreads are usually higher than average.
Ask if your Broker has restrictions on placing orders during News or Economic ups and downs.
If your Broker has no DEALING DESK it usually means that the Banks are competing for your order, so your orders are executed by them.
This means there is no restriction on tracking News or important events, but check with your Broker anyway.
The FOREX Industry is open 24hours a day, Does your Broker work 24/7?
1/ How long have you been a Broker? ie how experienced are you?
2/ Do you get along with the Banks? [PR is very important]
3/Who is quoting the rates? The Bank or the Broker.
4/Are the Spreads fixed or variable?
5/ Can i lose more money than i have in my Account?
Hopefully this will help you get started, the FOREX Companies on my Site should be able to answer all these questions and more.