How to select a forex broker - Page 5

Nina · (#41 (**permalink**))

Hi,
Loved your comments;did you become an introducing broker?
I'm still searching for the right one.
happy trading.......nina

khalids24 · (#42 (**permalink**))

dear Mr pharaoh,

I need you to send me a 4-broker list,that will meet my short absolute requirement and they are:

1. Regulated both(government and private).

2. Operate a micro acc. size

3. Minimum opening acc. fee of $500.00

4. Metatrader platform.

5. Low bank-wire charges.

6. Accept clients from my country(qatar).

7. And must be from England.

TO avoid any form of advertisement,you can get across to me by ksultanfshaikh@yahoo.com your speedy response will be highly appreciated.thanks

Pharaoh · (#43 (**permalink**))

Finding a good broker to match any particular set of needs takes a lot of time and effort. The reason I wrote the article at the beginning of this thread was to provide traders with a systematic method to find a broker that meets their personal needs based on their requirements, not to volunteer to personally do all the work to find a broker for every member of the FPA.

You have your requirements. Next, start looking at brokers.

ernest8fingers · (#44 (**permalink**))

Quote:

Originally Posted by khalids24

dear Mr pharaoh,

I need you to send me a 4-broker list,that will meet my short absolute requirement and they are:

1. Regulated both(government and private).

2. Operate a micro acc. size

3. Minimum opening acc. fee of $500.00

4. Metatrader platform.

5. Low bank-wire charges.

6. Accept clients from my country(qatar).

7. And must be from England.

TO avoid any form of advertisement,you can get across to me by ksultanfshaikh@yahoo.com your speedy response will be highly appreciated.thanks

Instead of limiting your search based on your 7 requirments,use these parameters to narrow(not eliminate all) your list of Brokers. Then START SMALL(this is to test the worth of whatever broker you choose).When you hand over your money to strangers,you have NO control over that money accept to trade with it. It is up to your broker to surrender it(withdrawal or close account) and its their decision ONLY. Good Broker=no problems Bad brokers=problems.Its that simple.And,since Forex is UNREGULATED, always suspect your broker 1st if any problems occur.I use FXPro and MBT and would never trust any of them.(though nothing evil to report as yet) I never leave more than 1000. bucks in either account (this way their demise wont be mine) and withdrawal profits as soon as realized.

Bag7447 · (#45 (**permalink**))

Hi there Pharaoh, my name is Blake and today I just started to learn about forex. I just bought an EA known as Fap Turbo. I am the biggest noob at this game. I am an honest hard working American who thought, "why can't I get into forex too?" Well I decided to buy this EA and was well on my way until the dreaded Brokers came up. With all kinds of mixed reviews all over the internet, I was devastated but I would not give up. So I saw Forex Peace Army, and joined and saw your posts. I guess I wish I could have a mentor on this subject. I know you are probably hard at work dealing with all kinds of requests daily, and that someone like me is just another nobody. I want to become a forex trader but just need guidance on the subject. I know I should just use demo accounts on different brokers, but I am scared to give out my info to some brokers. I only have $500 to get started with and just need some guidance to get me off the ground. I hope you can help me with all of this and point me in the right direction. You can get back to me at Bag7447@aol.com. Thanks for taking the time to read this and God bless.

Pharaoh · (#46 (**permalink**))

Brokers have to collect a LOT of personal information to comply with AML laws. A few don't collect it upfront, but they'll want it before letting you take any money out (assuming they do let you take money out).

This is another reason to check out the broker carefully before giving them one cent of your cash. You are not only trusting them to give your money back, but also to keep your private information secure.

elah024 · (#47 (**permalink**))

hi there!

that was a really helping tips for all those who had a hard time on selecting an effective forex broker. keep it up! thanks!

Eric Alyea · (#48 (**permalink**))

For some reason I still do better with real paper reading, I know I have to change. While I was previewing books one I liked had a:
"Broker-Dealer Due Diligence Checklist"
it was table 7.1 in Michael Archer's, "Getting Started in Currency Trading"
Pharaoh covered alot of the same stuff but this was in a one page fill in the blank to eval format.

Pharaoh · (#49 (**permalink**))

1 page fill in the blank? Where's the fun in that compared to writing an article on the subject?

elah024 · (#50 (**permalink**))

okay. i have read in some forums that most of the traders use mt4 platform. how does it differ with customized platform?