The following is a third-party contribution.
I’ve been asked this question so many times, and there isn’t actually a definitive answer.
It’s rather like telling you what is the best cheese. There is really no answer to the question. We all have different tastes, and we, therefore, all like different cheeses. (Some people don’t like any sort of cheese!).
The simple fact is that we all trade differently, and therefore, all have different opinions. What suits one will not suit another. There’s no “one size fits all”. It isn’t going to happen. You like to take a risk. I like to make sure I am covered. OK, you’ll maybe make more profit than I will, but then I don’t stand to lose as much as you do if it all goes pear-shaped.
The problem with the forex market is that, while it can take off like a rocket and make you 500 pips overnight, it can equally do the same thing and lose you 500 pips. Now that’s not so funny.
As far as making a profit is concerned, trading has successfully transformed the lives of many people. Though trading has made many rich overnight, it has also caused plenty of losses for inexperienced traders.
The one thing that you do need is a good broker.
However, what is the definition of a “good” broker, and then how do you find one?
The first part of that question is simple: a good broker is one who is honest, and at the same time gives you every tool that you could possibly ever need, and charges the lowest spreads.
“Where am I going to find one of those?” I hear you ask.
Yeah. Right. In a perfect world, there would be thousands to choose from. However, the world, as you know, is not perfect.
Hopefully, we can get somewhere close.
FXHQ.com just announced its’ “top 100 brokers for summer 2015”.
Ok. This is THEIR opinion, but at least they have spent a lot of time digging through the garbage in order to come up with a list of brokers who are honest, and in the business for the long term, rather than the bucket shops who simply want to screw you for as much as they can, and then do a runner.
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I’m not even going to say that I agree with every broker on their “top 100” list. We all trade differently and therefore have different opinions. However, this is a very good guide. At least you know that the brokers they recommend are honest, and are regulated.
The best thing about these professional brokers is that they have their own set of strategies that they have developed over many years of trading in the market. If you are a beginner, you will need their help in making your way through the market.
As I said, I am not saying that you will agree with me 100%, but at least with FXHQ, you’re getting some good guidance. With 100 brokers to choose from, you should be able to narrow it down and find the one that is a perfect fit for your style of trading.