Posts
Mortgage broker: mortgage brokers guide customers through the process of selecting a suitable mortgage package with competitive package offers. They also offer financial advice on mortgage and property. Their job is to find a mortgage package that meets the borrower's needs, and to help the client process and complete their mortgage application form. In the United States, mortgage brokers negotiate over 80% of home loans issued. Banks go through brokers to effectively outsource the job of finding and qualifying borrowers.
Real estate broker: real estate brokers finds buyers for those wanting to sell real estate and finds sellers for those wanting to buy real estate. Real estate brokers help sellers market their property and sell it for the highest possible price; they also help buyers purchase property for the best possible price. Once the broker successfully finds a buyer, the real estate broker receives a commission for his or her service. In the U.S. a 6% commission is usually the case for residential real estate and is usually paid by the seller. This is generally split 50/50 between the listing agent and the selling agent.
Forex broker: forex brokers are firms or individuals, who assist individuals or firms to trade in the foreign exchange market. Forex brokers make money from pip or "spread." A spread is the minimum price increase in currency. For instance, in Euro/US Dollar, a shift from 0.9007 to 0.9008 is one spread. In US Dollar/Japanese Yen, a shift from 127.40 to 127.41 is one spread.
Stockbroker: a stockbroker is a person or company who buys and sells stocks on behalf of another person or company, and tries to match up buyers and sellers. Many people seek the advice of and pay for the services of a stockbroker to help them in making informed decisions about their finances with the knowledgeable and interactive guidance of a licensed stockbroker.
Insurance broker: insurance brokers source contracts of insurance on behalf of their customers. An insurance broker will help you to choose the best to fit your needs.
An investor looking for an investment avenue will benefit greatly from using a broker, as brokers tend to be more up-to-date with trends and happenings in the market. Also as per law the broker has a fiduciary duty to advise the customer in the customer's best interest.
Monday, July 14, 2008
Forex - Forex Trading 101 - A Basic Understanding
he Forex market has been available to individual traders for nearly ten years now. In the past, it was only available to large financial institutions, such as banks, big companies, multi-national corporations and top currency dealers. However, now that it's open to individual traders, it's become a hot topic that many new traders are eager to learn more about.
So what is it? Forex is short for foreign exchange. Forex trading is trading in the currencies of the world through the Forex market, which is the largest financial market in the world. In fact, it generates trillions of dollars of currency exchanges everyday.
In addition, it operates 24 hours a day, seven days a week, making it the most liquid market in the world. Though trading starts in Sydney and ends in New York, Forex trading is not centralized in a single location. This means you can trade in Forex market whenever you wish, regardless of the local time. A big advantage for traders, especially for those in search of optimal liquidity.
Trading in Forex requires trades to done in pairs. When you purchase a currency, you sell another currency at the same time. The most commonly traded currency pairs in the Forex market are: USD/GBP, USD/JPY, USD/CHF, and GBP/USD. As you can see, each currency is represented by three letters. USD is the United States dollar. GBP is the British pound sterling. JPY is the Japanese yen. CHF is the Swiss franc.
The first three letters of a currency pair represent the currency you used for the investment, while the last three letters represent the currency in which you invested. For example, USD/GBP means you used United States dollars to purchase British pound sterlings.
To get started in the Forex market, you'll need a computer with a high speed internet connection, a funded Forex account, and a trading system. Most individual Forex traders will also use a broker, an individual or company that offers assistance to the trading process.
A broker earns his money off a small commission from your trades. In addition, although he'll be trading your funded account, all decisions will remain yours, assuming that's your wish. Here's what else a Forex broker can do for you:
- Offer you advice regarding real time quotes.
- Offer you advice on what to buy or sell based on news feeds.
- Trade your funded account basing solely on his or her decision if that's your wish.
- Provide you with software data to help you with your trading decisions.
Many experts say that you'll never really understand how Forex works until you've traded in the market. To help you gain this experience without having to risk your money, you can set up a demo account at many of the Forex educational sites available on the Internet. You can also invest a modest amount for a Forex simulator, which allows you to explore a never-ending variety of market conditions and see the impact they've had on currencies in the past.
There's no question Forex offers the trader the opportunity to earn a boat load of money. However, as with any other form of trading, and particularly because this is such a liquid market, it does have its risk. No trader will make money on every trade, and even seasoned traders can get caught and face substantial loses if they aren't careful and wise.
So what is it? Forex is short for foreign exchange. Forex trading is trading in the currencies of the world through the Forex market, which is the largest financial market in the world. In fact, it generates trillions of dollars of currency exchanges everyday.
In addition, it operates 24 hours a day, seven days a week, making it the most liquid market in the world. Though trading starts in Sydney and ends in New York, Forex trading is not centralized in a single location. This means you can trade in Forex market whenever you wish, regardless of the local time. A big advantage for traders, especially for those in search of optimal liquidity.
Trading in Forex requires trades to done in pairs. When you purchase a currency, you sell another currency at the same time. The most commonly traded currency pairs in the Forex market are: USD/GBP, USD/JPY, USD/CHF, and GBP/USD. As you can see, each currency is represented by three letters. USD is the United States dollar. GBP is the British pound sterling. JPY is the Japanese yen. CHF is the Swiss franc.
The first three letters of a currency pair represent the currency you used for the investment, while the last three letters represent the currency in which you invested. For example, USD/GBP means you used United States dollars to purchase British pound sterlings.
To get started in the Forex market, you'll need a computer with a high speed internet connection, a funded Forex account, and a trading system. Most individual Forex traders will also use a broker, an individual or company that offers assistance to the trading process.
A broker earns his money off a small commission from your trades. In addition, although he'll be trading your funded account, all decisions will remain yours, assuming that's your wish. Here's what else a Forex broker can do for you:
- Offer you advice regarding real time quotes.
- Offer you advice on what to buy or sell based on news feeds.
- Trade your funded account basing solely on his or her decision if that's your wish.
- Provide you with software data to help you with your trading decisions.
Many experts say that you'll never really understand how Forex works until you've traded in the market. To help you gain this experience without having to risk your money, you can set up a demo account at many of the Forex educational sites available on the Internet. You can also invest a modest amount for a Forex simulator, which allows you to explore a never-ending variety of market conditions and see the impact they've had on currencies in the past.
There's no question Forex offers the trader the opportunity to earn a boat load of money. However, as with any other form of trading, and particularly because this is such a liquid market, it does have its risk. No trader will make money on every trade, and even seasoned traders can get caught and face substantial loses if they aren't careful and wise.
How A Forex Or Stock Broker Can Help You Succeed
A Forex broker or Stock broker will be of great importance to you In every investor's life the "broker" is a figure of prime importance. It is through him that all securities transactions are handled; there is no way you can buy or sell stocks listed on any national exchange except through his services.
In the trade, he is known as a registered representative, a title that has now supplanted the old designation, "customer's man." He is a registered employee of a brokerage firm, preferably one which is a member of the New York Stock Exchange. He is not a broker as such, but is the liaison between you, the customer, and the firm's commission broker who executes orders on the exchange floor.
What He Does
The representative's job is to extend to investors all the services of his firm. He will, first of all, transmit your orders to buy or sell securities stocks or bonds, listed or unlisted (over-the-counter), domestic or foreign, in round lots, odd lots, or piecemeal through the Monthly Investment Plan. He will also buy or sell rights or warrants which, in simplest terms, are options to purchase a certain number of shares of a stock issue. He will arrange the purchase or sale of commodity futures grains, coffee, cotton, soybeans, whatever you are interested in.
He will place any type of order you specify: at the market, limit, stop. He will buy on margin or arrange a short sale.
He will be available for consultation on the merits of particular stocks or industrial groups, or for analysis of your entire portfolio. He will supply stock studies, newsletters, market analyses, and whatever other literature his firm issues. He will hold your securities for you in the firm's vault, collect your stock dividends or bond interest, and send you a periodic statement on any shares held for your ac¬count.
His fee: the standard commission you pay on the purchase or sale of securities. There are no other charges for his services (although you will pay interest, naturally, on money you borrow from him for a margin purchase).
What He Doesn't
Your representative will not and should not serve as a stock market tout or tipster. Unless you request him to, he will not volunteer advice on buying or selling. He will not choose for you between two stocks that seem equally attractive. He will not hustle you into the market and then sell you out; the fast turn-around is not his way of doing business.
What a Brokerage House Is Like
Brokerage houses are pretty much like offices everywhere, except for the presence of the fascinating paraphernalia of the market. The customers' room in the usual large brokerage house has a quotation board on one wall. The arrangement of items may vary, but basically they all offer the same data.
For each stock listed-and it is a pretty large board that shows much more than the leaders in any particular group- the quote board will indicate the present and past year's high and low, the previous day's opening, high, low, and closing prices, and the successive prices of the current day's sales.
There may also be a panel of commodity prices. Very likely there will be either a ticker machine or a projection of its tape on a screen which enlarges the figures sufficiently for them to be read across the room. There may also be a Dow-Jones ticker which taps out news, statistics, and whatever economic and financial information the extensive D-J organization may dig up.
Generally, chairs or benches are ranged in front of the quote board so that customers may take their ease while learning what the new day brings.
This is all for your convenience. Of course, you can get the same information simply by phoning your broker, but his office welcomes your visit.
What you do not see is your firm's research department, accounting department, and vault-though you can if you wish. The research department consists of a staff of securities analysts who study and report on the performance and prospects of various stocks. Many analysts hit the road frequently to examine companies firsthand.
Some specialize in oils, others in railroads or utilities. Much of their work is continuing study of one company after another, but they are also available for specific analyzes at a customer's request. (No one will do a special run-down on duPont to see whether you should buy 10 shares, however!)
The accounting department is, of course, responsible for keeping track of the thousands of transactions completed, and for maintaining records of each customer's position.
Many brokerage houses are also investment banking firms, prepared to share in underwriting new securities issued by companies seeking more capital. As will be explained in more detail further on, a company issuing stock does not sell directly to the public. It sells the entire issue to a syndicate of underwriters, which resells it at a small mark-up, or "spread," to the public.
In this case, no commission is charged because the broker's expenses and profit on the distribution are included in the premium you pay. (When 10.2 million common shares of Ford Motor Company were issued in 1956, the largest distribution in financial history, they were sold to a syndicate of more than 700 underwriters at $63 per share.
The price to the public was $64.50 per share or a spread of $1.50. As spreads go, this was very small-even though it meant a total of $15,300,000 to the syndicate.)
Brokerage houses may also "take a position" in a stock. This simply means that partners or officers, or the brokerage company itself, may follow their own advice and buy one stock or another. Since the subsequent performance of these stocks may depend on how many other people become interested in them, brokerage houses scrupulously report their holdings to the public.
As a customer, you can then decide whether Blank stock is a good buy because your smart broker has a piece, or whether his report on Blank is tinged with undue enthusiasm because he holds it.
In the trade, he is known as a registered representative, a title that has now supplanted the old designation, "customer's man." He is a registered employee of a brokerage firm, preferably one which is a member of the New York Stock Exchange. He is not a broker as such, but is the liaison between you, the customer, and the firm's commission broker who executes orders on the exchange floor.
What He Does
The representative's job is to extend to investors all the services of his firm. He will, first of all, transmit your orders to buy or sell securities stocks or bonds, listed or unlisted (over-the-counter), domestic or foreign, in round lots, odd lots, or piecemeal through the Monthly Investment Plan. He will also buy or sell rights or warrants which, in simplest terms, are options to purchase a certain number of shares of a stock issue. He will arrange the purchase or sale of commodity futures grains, coffee, cotton, soybeans, whatever you are interested in.
He will place any type of order you specify: at the market, limit, stop. He will buy on margin or arrange a short sale.
He will be available for consultation on the merits of particular stocks or industrial groups, or for analysis of your entire portfolio. He will supply stock studies, newsletters, market analyses, and whatever other literature his firm issues. He will hold your securities for you in the firm's vault, collect your stock dividends or bond interest, and send you a periodic statement on any shares held for your ac¬count.
His fee: the standard commission you pay on the purchase or sale of securities. There are no other charges for his services (although you will pay interest, naturally, on money you borrow from him for a margin purchase).
What He Doesn't
Your representative will not and should not serve as a stock market tout or tipster. Unless you request him to, he will not volunteer advice on buying or selling. He will not choose for you between two stocks that seem equally attractive. He will not hustle you into the market and then sell you out; the fast turn-around is not his way of doing business.
What a Brokerage House Is Like
Brokerage houses are pretty much like offices everywhere, except for the presence of the fascinating paraphernalia of the market. The customers' room in the usual large brokerage house has a quotation board on one wall. The arrangement of items may vary, but basically they all offer the same data.
For each stock listed-and it is a pretty large board that shows much more than the leaders in any particular group- the quote board will indicate the present and past year's high and low, the previous day's opening, high, low, and closing prices, and the successive prices of the current day's sales.
There may also be a panel of commodity prices. Very likely there will be either a ticker machine or a projection of its tape on a screen which enlarges the figures sufficiently for them to be read across the room. There may also be a Dow-Jones ticker which taps out news, statistics, and whatever economic and financial information the extensive D-J organization may dig up.
Generally, chairs or benches are ranged in front of the quote board so that customers may take their ease while learning what the new day brings.
This is all for your convenience. Of course, you can get the same information simply by phoning your broker, but his office welcomes your visit.
What you do not see is your firm's research department, accounting department, and vault-though you can if you wish. The research department consists of a staff of securities analysts who study and report on the performance and prospects of various stocks. Many analysts hit the road frequently to examine companies firsthand.
Some specialize in oils, others in railroads or utilities. Much of their work is continuing study of one company after another, but they are also available for specific analyzes at a customer's request. (No one will do a special run-down on duPont to see whether you should buy 10 shares, however!)
The accounting department is, of course, responsible for keeping track of the thousands of transactions completed, and for maintaining records of each customer's position.
Many brokerage houses are also investment banking firms, prepared to share in underwriting new securities issued by companies seeking more capital. As will be explained in more detail further on, a company issuing stock does not sell directly to the public. It sells the entire issue to a syndicate of underwriters, which resells it at a small mark-up, or "spread," to the public.
In this case, no commission is charged because the broker's expenses and profit on the distribution are included in the premium you pay. (When 10.2 million common shares of Ford Motor Company were issued in 1956, the largest distribution in financial history, they were sold to a syndicate of more than 700 underwriters at $63 per share.
The price to the public was $64.50 per share or a spread of $1.50. As spreads go, this was very small-even though it meant a total of $15,300,000 to the syndicate.)
Brokerage houses may also "take a position" in a stock. This simply means that partners or officers, or the brokerage company itself, may follow their own advice and buy one stock or another. Since the subsequent performance of these stocks may depend on how many other people become interested in them, brokerage houses scrupulously report their holdings to the public.
As a customer, you can then decide whether Blank stock is a good buy because your smart broker has a piece, or whether his report on Blank is tinged with undue enthusiasm because he holds it.
FX Solutions Introduces GTS Mobile Forex Trading Platform for Fast, Easy Trading Access
Saddle River, New Jersey, June 3, 2008 – FX Solutions (www.fxsolutions.com), a technology-driven online foreign exchange broker, today introduced GTS Mobile (www.fxsolutions.com/trading/gts-mobile.asp) to give forex traders anytime, anywhere access* to their Global Trading System (GTS) accounts. As with all other GTS platforms, GTS Mobile offers universal account access – allowing users to place trades, access account information and monitor positions opened via any other GTS platform.
“Our customers always want to be able to place a trade when the conditions are right,” said Tom Plaut, Co-CEO at FX Solutions. “GTS Mobile gives customers who are on the road, or those who rely on their mobile devices heavily, a fast and easy way to place an order, whether it is to enter, close or hedge a position.”
As with the recently launched GTS Web online platform, all trades made through GTS Mobile are reflected in the user’s main GTS trading account in real-time. Further, GTS Mobile users enjoy the same 99.45% automated execution of forex orders** they experience through FX Solutions’ other GTS platforms.
Free to all FX Solutions practice and live account holders, GTS Mobile has a rich feature list, with many GTS Pro and GTS Web capabilities optimized for GTS Mobile, offering the ability to:
§ Access accounts via more than 1,200 devices, including Windows Mobile, BlackBerry, Palm and Java-based platforms.
§ Enter market orders
§ View real-time streaming quotes and news
§ Login with single username and password for all four GTS platforms
§ View open positions
§ Create and modify entry orders, stops and limits
§ Generate pending order alerts
§ Show/hide currency pairs to reduce clutter
§ Use forex calculator to see P/L impact of pip moves
“Just as with GTS Web, FX Solutions is committed to offering access to the world’s largest financial market anytime and anywhere,” said Plaut. "Many of our customers live in locations where the reliance on mobile devices is high, and cell phones and PDAs are often used as the primary connection to the Internet. In the US alone, it is estimated that over 9 million mobile device users downloaded applications in 2007.”
In February 2008, FX Solutions merged with City Index Group, a London-based provider of retail derivative trading services, including CFDs, forex and spread betting.
About FX Solutions
FX Solutions is a leading US-based online foreign exchange broker serving both retail and institutional customers. The Company provides IBs and White Label Partners FX trading and risk management in over 100 countries through its Global Trading Systems (GTS) platform. Regulated by the CFTC and NFA, FX Solutions’ custom-engineered suite of applications includes one-click trading, automated execution of orders, a proprietary price
“Our customers always want to be able to place a trade when the conditions are right,” said Tom Plaut, Co-CEO at FX Solutions. “GTS Mobile gives customers who are on the road, or those who rely on their mobile devices heavily, a fast and easy way to place an order, whether it is to enter, close or hedge a position.”
As with the recently launched GTS Web online platform, all trades made through GTS Mobile are reflected in the user’s main GTS trading account in real-time. Further, GTS Mobile users enjoy the same 99.45% automated execution of forex orders** they experience through FX Solutions’ other GTS platforms.
Free to all FX Solutions practice and live account holders, GTS Mobile has a rich feature list, with many GTS Pro and GTS Web capabilities optimized for GTS Mobile, offering the ability to:
§ Access accounts via more than 1,200 devices, including Windows Mobile, BlackBerry, Palm and Java-based platforms.
§ Enter market orders
§ View real-time streaming quotes and news
§ Login with single username and password for all four GTS platforms
§ View open positions
§ Create and modify entry orders, stops and limits
§ Generate pending order alerts
§ Show/hide currency pairs to reduce clutter
§ Use forex calculator to see P/L impact of pip moves
“Just as with GTS Web, FX Solutions is committed to offering access to the world’s largest financial market anytime and anywhere,” said Plaut. "Many of our customers live in locations where the reliance on mobile devices is high, and cell phones and PDAs are often used as the primary connection to the Internet. In the US alone, it is estimated that over 9 million mobile device users downloaded applications in 2007.”
In February 2008, FX Solutions merged with City Index Group, a London-based provider of retail derivative trading services, including CFDs, forex and spread betting.
About FX Solutions
FX Solutions is a leading US-based online foreign exchange broker serving both retail and institutional customers. The Company provides IBs and White Label Partners FX trading and risk management in over 100 countries through its Global Trading Systems (GTS) platform. Regulated by the CFTC and NFA, FX Solutions’ custom-engineered suite of applications includes one-click trading, automated execution of orders, a proprietary price
Sunday, July 13, 2008
worldwide leaders in online trading
Ada, Mich., July 8, 2008 — GFT — worldwide leaders in online trading — today expanded the markets available to forex traders using the company’s DealBook® suite of trading platforms by adding Middle East currencies paired with the U.S. dollar.
The new pairs are the U.S. dollar/United Arab Emirates dirham (USD/AED), U.S. dollar/Kuwait dinar (USD/KWD) and U.S. dollar/Saudi Arabia riyal (USD/SAR). All available currency pairs can be easily sorted, followed and traded with GFT’s award-winning DealBook® 360 desktop trading software, along with the company’s web-based platform, DealBook® WEB and their platform for mobile devices, DealBook® Mobile.
Kurt Hoeksema, vice president of dealing and risk management, GFT, said that the company is excited to open up this area of the world to its customers. “We’re constantly seeking out new opportunities for our customers, and the Middle East is one of the world’s most dynamic regions,” he said. “GFT is committed to offering a wide range of forex choices and the ability to trade the new currency pairs gives our customers even more ways to seek opportunities in the markets.”
He added that the new pairs also benefit customers in the Middle East by offering them the convenience and comfort of trading with currencies with which they may be more familiar. “Local currencies offer customers the advantage of trading with instruments they understand, in terms of regional news that can affect exchange rates,” he said.
Including the new Middle East pairs, the following currencies are currently offered by GFT, ranging from the majors to the Hungarian forint to the South African rand:
AUD/CAD
AUD/CHF
AUD/CZK
AUD/DKK
AUD/HKD
AUD/JPY
AUD/NOK
AUD/NZD
AUD/PLN
AUD/SEK
AUD/SGD
AUD/THB
AUD/USD
AUD/ZAR
CAD/CHF
CAD/DKK
CAD/HKD
CAD/JPY
CAD/NOK
CAD/SEK
CAD/SGD
CHF/CZK
CHF/DKK
CHF/HKD
CHF/HUF
CHF/JPY
CHF/NOK
CHF/PLN
CHF/SEK
CHF/SGD
CHR/TRY
CHF/ZAR
CZK/HUF
CZK/JPY
DKK/CZK
DKK/HUF
DKK/JPY
DKK/NOK
DKK/PLN
DKK/SEK
DKK/SGD
DKK/THB
DKK/ZAR
EUR/AUD
EUR/CAD
EUR/CHF
EUR/CZK
EUR/DKK
EUR/GBP
EUR/HKD
EUR/HUF
EUR/JPY
EUR/MXN
EUR/NOK
EUR/NZD
EUR/PLN
EUR/SEK
EUR/SGD
EUR/THB
EUR/TRY
EUR/USD
EUR/ZAR
GBP/AUD
GBP/CAD
GBP/CHF
GBP/CZK
GBP/DKK
GBP/HKD
GBP/HUF
GBP/JPY
GBP/NOK
GBP/NZD
GBP/PLN
GBP/SEK
GBP/SGD
GBP/THB
GBP/TRY
GBP/USD
GBP/ZAR
HKD/JPY
MXN/JPY
NOK/DKK
NOK/JPY
NOK/SEK
NZD/CAD
NZD/CHF
NZD/CZK
NZD/DKK
NZD/HKD
NZD/HUF
NZD/JPY
NZD/PLN
NZD/SEK
NZD/SGD
NZD/THB
NZD/USD
NZD/ZAR
PLN/CZK
PLN/HUF
PLN/JPY
SEK/JPY
SEK/PLN
SGD/HKD
SGD/JPY
THB/JPY
TRY/JPY
USD/AED
USD/CAD
USD/CHF
USD/CZK
USD/DKK
USD/HKD
USD/HUF
USD/ILS
USD/JPY
USD/KWD
USD/MXN
USD/NOK
USD/PLN
USD/SAR
USD/SEK
USD/SGD
USD/THB
USD/TRY
USD/ZAR
ZAR/JPY
About GFT
Founded in 1997, GFT is a world-leading provider of real–time currency dealing, pricing and comprehensive services for retail and institutional foreign exchange traders. GFT has served a global customer base in more than 120 countries through its DealBook® 360, DealBook® WEB and DealBook® Mobile trading software and 24-hour, 5.5-day-per-week dealing desk operation. The company’s world headquarters is based in Ada, Mich., with global offices located in Chicago, New York, Tokyo, Sydney, Australia and London (London office operated through GFT Global Markets UK Ltd.).
GFT adheres to strict regulatory guidelines and principles of integrity, and is a member of the National Futures Association (NFA) and is regulated by the Community Futures Trading Commission (CFTC) in the United States. Globally, GFT is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Financial Supervisory Agency (FSA) in Japan, and the Financial Services Authority (FSA) in the U.K. More information about GFT can be found at www.gftforex.com.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors.
Contact:
Ryan Knott
rknott@gftforex.com
616.956.9273 x10168
Tim Gort
tgort@gftforex.com
616.942.3757
The new pairs are the U.S. dollar/United Arab Emirates dirham (USD/AED), U.S. dollar/Kuwait dinar (USD/KWD) and U.S. dollar/Saudi Arabia riyal (USD/SAR). All available currency pairs can be easily sorted, followed and traded with GFT’s award-winning DealBook® 360 desktop trading software, along with the company’s web-based platform, DealBook® WEB and their platform for mobile devices, DealBook® Mobile.
Kurt Hoeksema, vice president of dealing and risk management, GFT, said that the company is excited to open up this area of the world to its customers. “We’re constantly seeking out new opportunities for our customers, and the Middle East is one of the world’s most dynamic regions,” he said. “GFT is committed to offering a wide range of forex choices and the ability to trade the new currency pairs gives our customers even more ways to seek opportunities in the markets.”
He added that the new pairs also benefit customers in the Middle East by offering them the convenience and comfort of trading with currencies with which they may be more familiar. “Local currencies offer customers the advantage of trading with instruments they understand, in terms of regional news that can affect exchange rates,” he said.
Including the new Middle East pairs, the following currencies are currently offered by GFT, ranging from the majors to the Hungarian forint to the South African rand:
AUD/CAD
AUD/CHF
AUD/CZK
AUD/DKK
AUD/HKD
AUD/JPY
AUD/NOK
AUD/NZD
AUD/PLN
AUD/SEK
AUD/SGD
AUD/THB
AUD/USD
AUD/ZAR
CAD/CHF
CAD/DKK
CAD/HKD
CAD/JPY
CAD/NOK
CAD/SEK
CAD/SGD
CHF/CZK
CHF/DKK
CHF/HKD
CHF/HUF
CHF/JPY
CHF/NOK
CHF/PLN
CHF/SEK
CHF/SGD
CHR/TRY
CHF/ZAR
CZK/HUF
CZK/JPY
DKK/CZK
DKK/HUF
DKK/JPY
DKK/NOK
DKK/PLN
DKK/SEK
DKK/SGD
DKK/THB
DKK/ZAR
EUR/AUD
EUR/CAD
EUR/CHF
EUR/CZK
EUR/DKK
EUR/GBP
EUR/HKD
EUR/HUF
EUR/JPY
EUR/MXN
EUR/NOK
EUR/NZD
EUR/PLN
EUR/SEK
EUR/SGD
EUR/THB
EUR/TRY
EUR/USD
EUR/ZAR
GBP/AUD
GBP/CAD
GBP/CHF
GBP/CZK
GBP/DKK
GBP/HKD
GBP/HUF
GBP/JPY
GBP/NOK
GBP/NZD
GBP/PLN
GBP/SEK
GBP/SGD
GBP/THB
GBP/TRY
GBP/USD
GBP/ZAR
HKD/JPY
MXN/JPY
NOK/DKK
NOK/JPY
NOK/SEK
NZD/CAD
NZD/CHF
NZD/CZK
NZD/DKK
NZD/HKD
NZD/HUF
NZD/JPY
NZD/PLN
NZD/SEK
NZD/SGD
NZD/THB
NZD/USD
NZD/ZAR
PLN/CZK
PLN/HUF
PLN/JPY
SEK/JPY
SEK/PLN
SGD/HKD
SGD/JPY
THB/JPY
TRY/JPY
USD/AED
USD/CAD
USD/CHF
USD/CZK
USD/DKK
USD/HKD
USD/HUF
USD/ILS
USD/JPY
USD/KWD
USD/MXN
USD/NOK
USD/PLN
USD/SAR
USD/SEK
USD/SGD
USD/THB
USD/TRY
USD/ZAR
ZAR/JPY
About GFT
Founded in 1997, GFT is a world-leading provider of real–time currency dealing, pricing and comprehensive services for retail and institutional foreign exchange traders. GFT has served a global customer base in more than 120 countries through its DealBook® 360, DealBook® WEB and DealBook® Mobile trading software and 24-hour, 5.5-day-per-week dealing desk operation. The company’s world headquarters is based in Ada, Mich., with global offices located in Chicago, New York, Tokyo, Sydney, Australia and London (London office operated through GFT Global Markets UK Ltd.).
GFT adheres to strict regulatory guidelines and principles of integrity, and is a member of the National Futures Association (NFA) and is regulated by the Community Futures Trading Commission (CFTC) in the United States. Globally, GFT is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Financial Supervisory Agency (FSA) in Japan, and the Financial Services Authority (FSA) in the U.K. More information about GFT can be found at www.gftforex.com.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors.
Contact:
Ryan Knott
rknott@gftforex.com
616.956.9273 x10168
Tim Gort
tgort@gftforex.com
616.942.3757
8 Basic Tips on Choosing Best Forex Broker
8 Basic Tips on Choosing Best Forex Broker
Author: Mostafa Soleimanzadeh Author Ranking Blue | Posted: 01-11-2007 | Comments: 0 | Views: 7 | Rating: (50) Article Popularity - Green (?) Got a Question? Ask.
Ads by Google
Make Money At Home
Invest money in your new account with forex you can earn more money
www.UnlimitedInvestWorld.com
Make Money So Easy
Earn $10,000-$25,000 At Home. Get Free Details Here.
www.Market-Invest.net
Affluence Finance online
See Your Money Gaining. Make Gold Online With Our Forex
www.affluencefinance.com
Business Invest At Home
Make money instantly with forex now How do you become rich? Get it
www.HomeBusiness-Invest.com
The Reports Online
Make money for your future. Sign up & get profits very fast.
www.thereportsonline.com
Sign Up Now!
Mostafa Soleimanzadeh
There are some basic notices that you should consider when you want choosing online forex broker.
#1- Spread Amount
The spread, which is calculated in pips, is the difference between how much you can buy or sell a currency at a specific point in time.
Forex currencies are not traded through a central exchange market, so the spread can be different depending on the forex broker you use. Some online forex brokers have variable spread; some of them have two spread amounts that depend to day and night.
Some of them their spread depends to the position of market. When market is quiet the spread is small and when market is busy the spread is high. I prefer forex brokers that have fixed spread, because over the long term fixed can be safer.
#2- Execution
- How fast is the broker's order execution?
- Do they offer automatic execution?
- How much can you trade before having to request a quote?
- Do they trade against their clients?
The best way to find out is to open a demo account and give them a test drive.
#3- Leverage Options
Leverage is expressed as a ratio between the total capital that is available to be traded and your actual capital. For example, when you have a ratio of 100:1, your forex broker will lend you $100 for every $1 of actual capital you have. Leverage is a necessity in forex trading because the price deviations in the currencies are set at fractions of a cent.
Before choosing an online forex broker notice that what is their leverage. Many brokerages offer a flexible margin that allows you to choose the leverage that's right for you.
#4- Account Types
Notice the forex broker you choose has mini account or not. Mini account is designed for those new to online currency trading and those with limited investment capital. There is a smaller deposit required to start trade of just $300 or less.
#5- Trading Platform
Good trading software will show live prices that you can actually trade at, not just indicative quotes. It will offer Limit and Stop orders, and ideally will let you attach these to your entry order. One-Cancels-Other orders are another useful feature - they mean you can set up your trade and then leave the software to get on with it.
#6- Dealing tools and value-added services
Find out online forex broker that offers the best resources and information to help you make the smartest trading decisions. A good company should offer real-time charts, technical analysis tools, real-time news and data, and software or website support. Be weary of any company that refuses to share information or trial versions before opening up an account. You will want to try out their system before you choose to invest money in it.
#7- Support
Forex is a 24 hour market, so your online forex broker should offer 24 hour support. You should also check if you can close positions over the phone - essential in case your PC or internet connection crash at a critical moment. You could contact to their Internet help desks to see how quickly they respond to enquiries.
#8- Get Referrals
Ask around and read forex forums to find out which forex brokers other people use and why they selected a specific broker.
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By Mostafa Soleimanzadeh. Learn Forex Trading Online in his website.
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Who is the Best Trader?
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Learn about successful trader's characteristics to become successful.
Technical or Fundamental Analysis (forecasting)
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why technical analysis is superior to fundamental analysis.
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Author: Mostafa Soleimanzadeh Author Ranking Blue | Posted: 01-11-2007 | Comments: 0 | Views: 7 | Rating: (50) Article Popularity - Green (?) Got a Question? Ask.
Ads by Google
Make Money At Home
Invest money in your new account with forex you can earn more money
www.UnlimitedInvestWorld.com
Make Money So Easy
Earn $10,000-$25,000 At Home. Get Free Details Here.
www.Market-Invest.net
Affluence Finance online
See Your Money Gaining. Make Gold Online With Our Forex
www.affluencefinance.com
Business Invest At Home
Make money instantly with forex now How do you become rich? Get it
www.HomeBusiness-Invest.com
The Reports Online
Make money for your future. Sign up & get profits very fast.
www.thereportsonline.com
Sign Up Now!
Mostafa Soleimanzadeh
There are some basic notices that you should consider when you want choosing online forex broker.
#1- Spread Amount
The spread, which is calculated in pips, is the difference between how much you can buy or sell a currency at a specific point in time.
Forex currencies are not traded through a central exchange market, so the spread can be different depending on the forex broker you use. Some online forex brokers have variable spread; some of them have two spread amounts that depend to day and night.
Some of them their spread depends to the position of market. When market is quiet the spread is small and when market is busy the spread is high. I prefer forex brokers that have fixed spread, because over the long term fixed can be safer.
#2- Execution
- How fast is the broker's order execution?
- Do they offer automatic execution?
- How much can you trade before having to request a quote?
- Do they trade against their clients?
The best way to find out is to open a demo account and give them a test drive.
#3- Leverage Options
Leverage is expressed as a ratio between the total capital that is available to be traded and your actual capital. For example, when you have a ratio of 100:1, your forex broker will lend you $100 for every $1 of actual capital you have. Leverage is a necessity in forex trading because the price deviations in the currencies are set at fractions of a cent.
Before choosing an online forex broker notice that what is their leverage. Many brokerages offer a flexible margin that allows you to choose the leverage that's right for you.
#4- Account Types
Notice the forex broker you choose has mini account or not. Mini account is designed for those new to online currency trading and those with limited investment capital. There is a smaller deposit required to start trade of just $300 or less.
#5- Trading Platform
Good trading software will show live prices that you can actually trade at, not just indicative quotes. It will offer Limit and Stop orders, and ideally will let you attach these to your entry order. One-Cancels-Other orders are another useful feature - they mean you can set up your trade and then leave the software to get on with it.
#6- Dealing tools and value-added services
Find out online forex broker that offers the best resources and information to help you make the smartest trading decisions. A good company should offer real-time charts, technical analysis tools, real-time news and data, and software or website support. Be weary of any company that refuses to share information or trial versions before opening up an account. You will want to try out their system before you choose to invest money in it.
#7- Support
Forex is a 24 hour market, so your online forex broker should offer 24 hour support. You should also check if you can close positions over the phone - essential in case your PC or internet connection crash at a critical moment. You could contact to their Internet help desks to see how quickly they respond to enquiries.
#8- Get Referrals
Ask around and read forex forums to find out which forex brokers other people use and why they selected a specific broker.
Rate this Article:
*
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Current: 0 / 5 stars - 0 vote(s).
Article Tags: Best Stock Broker
Article Source: http://www.articlesbase.com/finance-articles/8-basic-tips-on-choosing-best-forex-broker-249346.html
Print this Article Print article Email to a Friend Send to friend Publish this Article on your Website Publish this Article Send Author Feedback Author feedback
About the Author:
By Mostafa Soleimanzadeh. Learn Forex Trading Online in his website.
Submitting articles has become one of the most popular means of generating quality backlinks and targeted traffic to your website. Join us today - It's Free!
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Online Stock Broker - How to Find the Best Online Stock Broker
By: Mika Hamilton | 13/07/2008 | Investing
Online brokers have an important role to play when you open an online trading account. Each broker can offer different services and features. You must research all the online brokers to find the best broker to meet your needs. This article discusses some of the most important points to consider.
Got a Question? Ask.
Ask the community a question about this article:
Q&A Powered by:
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First Time Buyers, learn how to avoid costly mistakes.
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By: Chris Esposito | 12/07/2008
When building a new custom home, either as an owner builder or with a general contractor, you'll need to decide on the right home plans. Do you buy stock blueprints or have them custom designed? Choosing incorrectly can lead to unforeseen construction costs that will blow your budget.
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There are some things that you will want to know about commercial loans before you pursue financing for your next investment or business project.
More from Mostafa Soleimanzadeh
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By: Mostafa Soleimanzadeh | 17/10/2007 | Finance
In part one of this article, I noticed some advantages of technical analysis and emphasized that technical analysis is superior to fundamental analysis. At the end of this article, I've put the link to part one.
Who is the Best Trader?
By: Mostafa Soleimanzadeh | 27/08/2007 | Investing
Learn about successful trader's characteristics to become successful.
Technical or Fundamental Analysis (forecasting)
By: Mostafa Soleimanzadeh | 03/07/2007 | Investing
why technical analysis is superior to fundamental analysis.
Why Do People Choose Day Trading?
By: Mostafa Soleimanzadeh | 15/06/2007 | Investing
"Day trading" means that a trader tries to make money buying and selling stocks during the day taking advantage of the daily price movement. Day traders end the day flat (with no open positions).
Technical Analysis: Elliott Wave Theory Basics
By: Mostafa Soleimanzadeh | 23/03/2007 | Investing
Elliott Wave Technical Analysis rules and guidelines applied to the charts, and will help you trade and invest successfully through a better understanding of the market to maximize opportunity and minimize risk.
Fibonacci Sequences in Technical Analysis
By: Mostafa Soleimanzadeh | 23/03/2007 | Investing
Fibonacci is known for discovering a series of numbers that was called after him the Fibonacci numbers or the Fibonacci sequence.
10 Tips on Choosing Best Discount Stock Broker
By: Mostafa Soleimanzadeh | 23/03/2007 | Investing
Discount stock brokers are ideal for those who know the trade industry well and do not need extensive information about the market. Since an investor can obtain high discounts, these brokering services are very significant.
Trading Environments: Good and Bad Aspects of Trading Markets
By: Mostafa Soleimanzadeh | 12/02/2007 | Investing
It is important to know that markets environment isn't like other social environment in your every day life. To become successful in markets environment you require a very high degree of self-control and self-trust.
How to Get a Good Forex Broker for a Winning Forex Trading
Foreign exchange means exchanging of one currency for another in foreign exchange market or forex. With an average daily trade of US$ 2 trillion and above, forex market is hailed as the largest market for trading in the world. With an aim to earn substantial profit, new investors are jumping in the market everyday. Investors, who move with information and basic knowledge definitely earn high return on their investment. However there are cases, when investors fail to do anything great in the market because of lack of information and awareness regarding a winning foreign exchange trading. Thus, it is suggested to select a forex broker before landing in forex market. A forex broker can understand things better than a new trader and can prove out to be a great help for the latter. Now, how to select a good forex broker for a winning foreign exchange trading? A few tips are given below:
While selecting a forex broker, make sure he is the right person for you. It is not a tedious task to find out a foreign exchange broker with a long list of customers. But it is not enough for you. You should judge him by having an insight into his service and conditions. Understanding of his terms and conditions will help you penetrate his working in an in-depth manner.
It is not good to believe a foreign exchange broker, who promises no risk. Being an awakened foreign exchange trader, you should not go after words of such high toned forex brokers. It is because, foreign exchange involves certain risks. Thus apply your reason while selecting a forex broker. Apart from this, it is also suggested to check out whether your forex broker has mini account or not. Mini account is actually designed for those, who have limited investment capital and who are new to online currency trading.
While selecting a forex broker for your foreign exchange trading, it is better to find out the leverage option. Leverage can be articulated as a ratio held between total capital which is available to be traded and your actual capital. You should also find out a forex broker, who has the capability to offer real time information and best resources about foreign exchange. A good forex broker usually offers up to date news regarding fx trading. He offers 24 hours website support, updated charts, data interpretation services to name a few.
Foreign exchange market is known for its high trading volume. It is active 24 hours, except the weekends. Considering the fact, you should also select a forex broker, who offers you 24 hour support regarding foreign exchange trading. With 24 hour support from your forex broker, you can analyze the market from its root with every latest development.
To get the best forex broker for your foreign exchange trading, you should ask around. Ask those, who have experience in the foreign exchange trading. They can suggest you the best broker. You can also check out the online forex firms, who offer foreign exchange brokers. With their assistance, you can easily come up with a good forex broker, who is pledged to deliver the best.
While selecting a forex broker, make sure he is the right person for you. It is not a tedious task to find out a foreign exchange broker with a long list of customers. But it is not enough for you. You should judge him by having an insight into his service and conditions. Understanding of his terms and conditions will help you penetrate his working in an in-depth manner.
It is not good to believe a foreign exchange broker, who promises no risk. Being an awakened foreign exchange trader, you should not go after words of such high toned forex brokers. It is because, foreign exchange involves certain risks. Thus apply your reason while selecting a forex broker. Apart from this, it is also suggested to check out whether your forex broker has mini account or not. Mini account is actually designed for those, who have limited investment capital and who are new to online currency trading.
While selecting a forex broker for your foreign exchange trading, it is better to find out the leverage option. Leverage can be articulated as a ratio held between total capital which is available to be traded and your actual capital. You should also find out a forex broker, who has the capability to offer real time information and best resources about foreign exchange. A good forex broker usually offers up to date news regarding fx trading. He offers 24 hours website support, updated charts, data interpretation services to name a few.
Foreign exchange market is known for its high trading volume. It is active 24 hours, except the weekends. Considering the fact, you should also select a forex broker, who offers you 24 hour support regarding foreign exchange trading. With 24 hour support from your forex broker, you can analyze the market from its root with every latest development.
To get the best forex broker for your foreign exchange trading, you should ask around. Ask those, who have experience in the foreign exchange trading. They can suggest you the best broker. You can also check out the online forex firms, who offer foreign exchange brokers. With their assistance, you can easily come up with a good forex broker, who is pledged to deliver the best.
Forex Brokers – What I Learned as a Broker Trading 5,000 Clients
I spent 10 years as a forex broker and traded thousands of clients, here I will give you a broker’s view of trading clients.
I will reveal who won, who lost, how we made money and how we treated them.
I joined as a rather green salesman and had no idea about the reality of forex and futures trading.
I was excited about joining an industry where millions were made and millions were lost by clients – It was very exciting!
The company
I was rather shocked at the reality which was:
Clients didn’t appear to win very often and the company based its balance sheet on commission to equity.
The view was that about 95% of clients would lose and they would do it all on their own, with no help from us.
The clients we liked (from a financial perspective) were the ones who made commission for the company and top of the list were:
Day traders:
They lasted for short periods, never won and made loads of money for the company.
If they believed it worked, let them get on with it and we would take the commission.
Shoot from the hip traders
The action men.
They loved the buzz, in and out all the time, trading the news and advice from gurus and with no discipline.
Again, they wiped themselves out and made us plenty of money.
The company did not dislike its clients.
We treated all clients well and did what a good broker should:
Help them with queries and made sure they got fast accurate executions.
We just let them do as they wanted and in most cases they lost – that’s simply the reality of trading.
The clients
We had clients from all walks of life, from retired people, to highly educated mathematicians and the few that did win surprised me.
The ones I personally hated were the ones I will refer to as “educated fools”
Cocky as anything and believed they had a divine right to win, because they were clever.
They would ignore my warnings, that they would not win with systems that were too complicated and tell me to mind my own business.
If I am honest, when they learned the reality of a wipe out, I felt a little inclination to say “told you so”, but never did.
Perhaps my favorite client was a retired lady, 81 years of age, who lived on a sheep farm in Australia.
A lovely lady and she taught me a few things, that I remember to this day.
She devised a system and showed it to me.
It was a simple buy and sell strategy and relied on holding big trends for months on end and you could learn it in a few hours.
Personally I thought it was to simple to work, but she built a $5,000 account to $39,000 in three months and had passed $100,000 in under a year.
She drew her charts by hand ( this was the late eighties) and didn’t have a TV and never read the papers.
Each day she would check her prices draw her charts and make her trades if she needed to.
A polite, humble trader, who was loved in the office by all.
We all had respect for the way she was our most profitable trader, even above some quite well known money managers.
We had many other clients.
Most lost and some won ( very few), but the ones who did win were humble, had simple systems, traded only when their systems told them to, had iron discipline and believed they were right.
This is just my experience.
I did trade a lot of people.
They from all walks of life and I learned very few won, but the ones who did, kept it simple, the ones who didn’t, had big ego’s, or liked excitement and traded with their emotions lost.
I will reveal who won, who lost, how we made money and how we treated them.
I joined as a rather green salesman and had no idea about the reality of forex and futures trading.
I was excited about joining an industry where millions were made and millions were lost by clients – It was very exciting!
The company
I was rather shocked at the reality which was:
Clients didn’t appear to win very often and the company based its balance sheet on commission to equity.
The view was that about 95% of clients would lose and they would do it all on their own, with no help from us.
The clients we liked (from a financial perspective) were the ones who made commission for the company and top of the list were:
Day traders:
They lasted for short periods, never won and made loads of money for the company.
If they believed it worked, let them get on with it and we would take the commission.
Shoot from the hip traders
The action men.
They loved the buzz, in and out all the time, trading the news and advice from gurus and with no discipline.
Again, they wiped themselves out and made us plenty of money.
The company did not dislike its clients.
We treated all clients well and did what a good broker should:
Help them with queries and made sure they got fast accurate executions.
We just let them do as they wanted and in most cases they lost – that’s simply the reality of trading.
The clients
We had clients from all walks of life, from retired people, to highly educated mathematicians and the few that did win surprised me.
The ones I personally hated were the ones I will refer to as “educated fools”
Cocky as anything and believed they had a divine right to win, because they were clever.
They would ignore my warnings, that they would not win with systems that were too complicated and tell me to mind my own business.
If I am honest, when they learned the reality of a wipe out, I felt a little inclination to say “told you so”, but never did.
Perhaps my favorite client was a retired lady, 81 years of age, who lived on a sheep farm in Australia.
A lovely lady and she taught me a few things, that I remember to this day.
She devised a system and showed it to me.
It was a simple buy and sell strategy and relied on holding big trends for months on end and you could learn it in a few hours.
Personally I thought it was to simple to work, but she built a $5,000 account to $39,000 in three months and had passed $100,000 in under a year.
She drew her charts by hand ( this was the late eighties) and didn’t have a TV and never read the papers.
Each day she would check her prices draw her charts and make her trades if she needed to.
A polite, humble trader, who was loved in the office by all.
We all had respect for the way she was our most profitable trader, even above some quite well known money managers.
We had many other clients.
Most lost and some won ( very few), but the ones who did win were humble, had simple systems, traded only when their systems told them to, had iron discipline and believed they were right.
This is just my experience.
I did trade a lot of people.
They from all walks of life and I learned very few won, but the ones who did, kept it simple, the ones who didn’t, had big ego’s, or liked excitement and traded with their emotions lost.
Forex Brokers - an Essential, Low Risk Service for Novice Traders
If you are wondering if you can succeed at forex trading and don't want to have the full risk involved with a full forex account but want something more challenging than a demo account, then forex brokers are offering an essential service you should consider. Let's take a look at it.
Firstly, a demo account is of little or no use in proving that you have what it takes to make money in forex trading. The reason for this is there is one essential ingredient missing - the pressure of trading real money. Forex is a pressure game and that feeling is created by having real money at risk.
Today there is a new service offered by forex brokers called a protected account.
These accounts act as a bridge between a demo account and a full forex trading account.
Here are its salient features:
- You start with a small balance.
- You trade a set leverage for the duration of the account (even if you are in debit) which is normally a few weeks.
- At the end of the period any profits are yours to keep.
- If there is a loss then the broker covers it.
This means you get plenty of practice, you have a set risk and you have the incentive of knowing any profits made are yours to keep.
This gives you the experience of trading real money and limited risk.
These accounts will give you a far better chance of finding out if you have what it takes to succeed in forex trading, than a demo account.
A demo account is really only useful for learning the mechanics of trading and nothing else.
Keep in mind forex trading is not just about having a method - it's about having the discipline to apply your method.
Its lack of discipline under pressure which causes the bulk of forex traders to lose.
Keep in mind if you don't have the discipline to apply your method, you really have no method in the first place.
Forex brokers over the last few years have started to provide a lot of services to help traders maximize their trading experience and this service is a good one for all novice forex traders to consider.
A protected account gives a more authentic trading experience than a forex demo account and with limited risk, is an option all novice forex traders should consider.
Firstly, a demo account is of little or no use in proving that you have what it takes to make money in forex trading. The reason for this is there is one essential ingredient missing - the pressure of trading real money. Forex is a pressure game and that feeling is created by having real money at risk.
Today there is a new service offered by forex brokers called a protected account.
These accounts act as a bridge between a demo account and a full forex trading account.
Here are its salient features:
- You start with a small balance.
- You trade a set leverage for the duration of the account (even if you are in debit) which is normally a few weeks.
- At the end of the period any profits are yours to keep.
- If there is a loss then the broker covers it.
This means you get plenty of practice, you have a set risk and you have the incentive of knowing any profits made are yours to keep.
This gives you the experience of trading real money and limited risk.
These accounts will give you a far better chance of finding out if you have what it takes to succeed in forex trading, than a demo account.
A demo account is really only useful for learning the mechanics of trading and nothing else.
Keep in mind forex trading is not just about having a method - it's about having the discipline to apply your method.
Its lack of discipline under pressure which causes the bulk of forex traders to lose.
Keep in mind if you don't have the discipline to apply your method, you really have no method in the first place.
Forex brokers over the last few years have started to provide a lot of services to help traders maximize their trading experience and this service is a good one for all novice forex traders to consider.
A protected account gives a more authentic trading experience than a forex demo account and with limited risk, is an option all novice forex traders should consider.
Find a Forex Brokers List
Newcomers to the world of foreign exchange often wonder how one would go about selecting a broker to handle orders and transactions. Perhaps the most helpful means is to find a list of brokers that would be viable options for the novice. Here are a few tips on how to go about finding a solid Forex brokers list and engage a broker that you can work with successfully.
If you already have some friends or business associates that engage in Forex investments, ask them for recommendations about reliable brokers to work with. Often, at least one or two of your contacts will have three or more brokers they can recommend. Over time, you may notice that several brokers tend to show up repeatedly on the lists. You can use the names of those brokers to start making a list of your own.
Another approach to finding helpful lists of Forex brokers is to check with associations that are set up to allow brokers to network. The foreign exchange market is perhaps the most unregulated of all investment markets. Much of the policing of broker activity is done through associations that require brokers to maintain a certain level of business ethics in order to be a member of the organization. Going to these state and national associations and obtaining lists of brokers in your area that have committed themselves to a high standard will certainly aid you in making a decision about a broker.
Online resources should not be discounted when it comes to finding lists of ethical brokers. Message boards and forums are idea places ask questions about where to find resources that include listings of recommended brokers. Often, you will find this approach will yield several links you can follow and possibly uncover someone that would be an ideal choice for you.
Keep in mind that you may also want to seek out lists of brokers to avoid as well. When you see particular brokers show up on several lists that are meant to warn investors away from working with dealers with questionable ethics, take it to heart. There is a good chance that there is at least some truth behind the placing of those brokers or dealers on the list.
By using all the resources at hand, it is possible to come into contact with quite a few lists that deal with Forex brokers. Some of the lists will be helpful in identifying brokers who have developed a reputation of being highly ethical and customer centric. In some cases, the lists will serve as a warning to not deal with certain brokers, based on the collective experience of a number of investors. In each case, just about every list will provide at least some small details that will ultimately serve the new investor well.
Saturday, July 12, 2008
Online Forex Brokers - 3 Myths
There are several myths about forex brokers and here we are going to look at 3 common ones which lead to clients losing. If you don't understand and avoid these myths you will lose...
1. Brokers Hunt Stops
This is one of the biggest myths of all and is normally put about buy forex day traders and scalpers. If you are using this method of trading you may be tempted to blame your broker and think you're unlucky, but you're not day trading and scalping simply doesn't work!
Rather than blame your broker look at your methodology of trading. I have worked in a brokerage and can tell you they love day traders why? Because they get lots of trades and commission (or make on the spread) and if they are market makers ( and a huge amount are) they know that the account equity is going in their pocket 100%.
A forex broker knows 95% of traders lose. Most are market makers i.e. trading against the client so they know 95% of the account equity goes into their pockets - they don't need to hunt stops.
2. The More Leverage the Better
Many forex brokerages today offer 400:1 in leverage and many traders see that as an advantage.
The fact is most retail trader's leverage up there small accounts so much there bound to get blown out the water. More forex accounts are wiped out for over leveraging than ANY other reason.
If you choosing a broker most offer 100:1 and this is ample most traders should be leveraging no more than 10 - 20:1 anyway. Don't think your broker is being generous by giving you more leverage; they are giving you a potential noose to hang yourself.
If you want to make money in forex don't be tempted to use too much leverage or you will lose.
3. Broker Advice
They often offer research and breaking news etc but this is total waste of time and you should NEVER be looking to get any advice from a broker - that's not their role. Their role is providing you with the mechanism to trade and nothing more.
If you seek advice from a broker or trade news stories you need to forget about forex trading as you will lose. The best advice is your own from your own forex trading strategy.
Forex Brokers Provide You With the Key to Build Wealth
Today trading in forex is easier and online forex brokerages have bought trading to the masses and allow you to trade with smaller amounts and with higher leverage than ever before and that's good.
Keep in mind most brokers are market makers and to a degree that is why the service you get is so good, they are the bookmaker and you are trading in the market via them and if they are a market maker they hold the opposite position.
1. Brokers Hunt Stops
This is one of the biggest myths of all and is normally put about buy forex day traders and scalpers. If you are using this method of trading you may be tempted to blame your broker and think you're unlucky, but you're not day trading and scalping simply doesn't work!
Rather than blame your broker look at your methodology of trading. I have worked in a brokerage and can tell you they love day traders why? Because they get lots of trades and commission (or make on the spread) and if they are market makers ( and a huge amount are) they know that the account equity is going in their pocket 100%.
A forex broker knows 95% of traders lose. Most are market makers i.e. trading against the client so they know 95% of the account equity goes into their pockets - they don't need to hunt stops.
2. The More Leverage the Better
Many forex brokerages today offer 400:1 in leverage and many traders see that as an advantage.
The fact is most retail trader's leverage up there small accounts so much there bound to get blown out the water. More forex accounts are wiped out for over leveraging than ANY other reason.
If you choosing a broker most offer 100:1 and this is ample most traders should be leveraging no more than 10 - 20:1 anyway. Don't think your broker is being generous by giving you more leverage; they are giving you a potential noose to hang yourself.
If you want to make money in forex don't be tempted to use too much leverage or you will lose.
3. Broker Advice
They often offer research and breaking news etc but this is total waste of time and you should NEVER be looking to get any advice from a broker - that's not their role. Their role is providing you with the mechanism to trade and nothing more.
If you seek advice from a broker or trade news stories you need to forget about forex trading as you will lose. The best advice is your own from your own forex trading strategy.
Forex Brokers Provide You With the Key to Build Wealth
Today trading in forex is easier and online forex brokerages have bought trading to the masses and allow you to trade with smaller amounts and with higher leverage than ever before and that's good.
Keep in mind most brokers are market makers and to a degree that is why the service you get is so good, they are the bookmaker and you are trading in the market via them and if they are a market maker they hold the opposite position.
How To Pick A Good Forex Broker
Debt Management
www.trapped.co.uk |
If you are doing forex trading, then you know the importance of a good forex broker. This is especially true if you are just starting out and do not have a lot of experience. A good forex trader will work with you and provide the information and tips you need to make the best trading.
Even though your forex broker will be offering you tips and advice, they do not make the final decision to buy or sell. You do. Therefore it is important you know what you want and make your own decision. It is ok to ask a lot of newbie forex questions to your broker if you are new to forex trading but make your own mind and accept the results.
As you can see, a good forex broker is important as you will be seeking his/her advice and you certainly want someone who's the best in the forex business. So how do you go about choosing one? Here are some tips to help you
1. Registered Forex Broker.
It is important that your forex broker is a registered member of a financial institution. Ask for his/her credentials. You want the assurance that he/she will be able to act on your decision and access the funds needed.
Check with the NFA (National Futures Association) if you doubt your forex broker is registered.
2. On-call Broker.
Your forex broker should remain in contact at all times. Whether it be via cell phone, email, instant messaging etc. Your broker should know forex trading is a 24 hour standby job and fluctuations in trading can happen quite quickly. Therefore it is important you can get hold of your forex broker when you need him/her
3. Experienced Broker.
Before you select a forex broker, ask for his/her references. Call those references and ask them about their opinions on the forex trader. By doing this, you can assert whether the forex broker is experienced and whether he/she is able to execute a trade effectively and successfully.
It would be best to contact more than one references to get an accurate feedback on the forex broker.
4. Cost of Broker
Many people when looking for a forex broker are overly concerned about the cost. Usually more experienced forex brokers as well as those with a good track record of successful trades demand a higher price.
My recommendation is to select a few forex brokers that you are comfortable with, have credentials, have a proven good track record. Once you have done that, then you can talk about cost.
Forex Broker Advice
Do you want to make more money? Investing money is what you should be looking to do. Investing money in Forex broker advice is going to help you build your nest egg, build your wealth and it only takes a few minutes of your times. Using Forex broker advice, you are going to be able to find an investment that will make your money grow faster than a savings account.
A Forex account is an investment in the foreign exchange market. Forex broker advice is going to be all the advice you need about how to get started, where you can invest your money, when you should start investing in Forex systems.
Following your Forex broker advice you will be able to earn interest on the money you invest. You will find it easily to build a retirement plan, and you will be investing in companies that you can research so you always know where your money is going to be used. Forex broker advice is going to be all about how much money you should invest, why you should consider Forex investing instead of stocks, and Forex broker advice is going to be based on solid business decisions that will help you learn the foreign investing world.
Your Forex broker advice is going to be the best advice you will get about the foreign markets. There are so many changes in the market every day and a broker is going to be more apt to read up and be able to tell you where you should invest, and when to pull your money to put it somewhere else. Some people do not like to listen to Forex broker advice, and will like to learn the ropes on their own. That is ok too, but you should know that it would be difficult to learn all the things that a broker can do for you in the Forex market.
To get involved with the Forex market you first want to find a broker. Not all stockbrokers are going to be brokers involved in the Forex markets. Forex broker advice will be found with those companies that deal in foreign markets, such as larger banks, larger investment companies, not many small investment companies actually deal with Forex systems, or have Forex broker advice to offer investors. Start now by reading more about where you can find a Forex systems broker, and then determine which company you want to deal with. From there, you can get involved in making a new nest egg for your family, your retirement or even both!
A Forex account is an investment in the foreign exchange market. Forex broker advice is going to be all the advice you need about how to get started, where you can invest your money, when you should start investing in Forex systems.
Following your Forex broker advice you will be able to earn interest on the money you invest. You will find it easily to build a retirement plan, and you will be investing in companies that you can research so you always know where your money is going to be used. Forex broker advice is going to be all about how much money you should invest, why you should consider Forex investing instead of stocks, and Forex broker advice is going to be based on solid business decisions that will help you learn the foreign investing world.
Your Forex broker advice is going to be the best advice you will get about the foreign markets. There are so many changes in the market every day and a broker is going to be more apt to read up and be able to tell you where you should invest, and when to pull your money to put it somewhere else. Some people do not like to listen to Forex broker advice, and will like to learn the ropes on their own. That is ok too, but you should know that it would be difficult to learn all the things that a broker can do for you in the Forex market.
To get involved with the Forex market you first want to find a broker. Not all stockbrokers are going to be brokers involved in the Forex markets. Forex broker advice will be found with those companies that deal in foreign markets, such as larger banks, larger investment companies, not many small investment companies actually deal with Forex systems, or have Forex broker advice to offer investors. Start now by reading more about where you can find a Forex systems broker, and then determine which company you want to deal with. From there, you can get involved in making a new nest egg for your family, your retirement or even both!
Forex Brokers - Friend or Foe?
There are many misconceptions about forex brokers, many people think they should be seen as friends, others think their just a necessary evil - but their neither. Lets look at selecting a forex broker and what you need to look for in terms of services.
So why do people think forex brokers are to be seen as the enemy?
You get a lot of traders who think brokers pick stops and these are mostly involved in day trading and the fact is their logic is flawed and their stops are to close.
A broker doesn't need to pick off stops as these traders lose anyway as the odds are not in favor of day traders.
Others seek advice from their brokers - why?
If brokers could make money trading they wouldn't be brokers!
Never ever fall for the idea of having a broker assist you with your trades, you need to do this yourself and take responsibility for your actions.
3 Essential Points to Consider
You're only interested in 3 main points.
1. Forget the Words: Commission Free - You Pay!
You pay a broker in the pip spread - this is your cost of doing business.
Make sure you pay no more than 2 - 3 pips on the major currencies and if you shop around, you will find brokers offering these spreads.
2. Security
Don't trade with small or new brokers. Make sure you broker is stable, been in business for a while and has the facility to offer 24 hour trading and of course support, should you run into technical problems.
3. Trading Platform
This is your gateway to the forex market place and it needs to be reliable and easy to use. Today, most of the big brokers offer great trading platforms.
You can almost always test drive them with a forex demo account - so do this until you are comfortable with it.
Other Considerations Are:
4. How quickly you can fund your account?
Do they offer credit card facilities and how quickly can you withdraw.
5. Leverage
Most brokers offer more than enough leverage and you can easily get 100:1 (which is way more than enough for most traders) but you can get up to 400:1. A word of caution - don't use to much leverage it's the reason most novice forex traders wipe themselves out.
6. Other Extras
Many brokers will offer you free technical tools, books etc and some are useful some are not but that's down to individual preference and should not be a major consideration in opening an online forex trading account.
A Great New Service!
All brokers will offer you a forex demo account to test your trading skills but there is a new service that's great for novice forex traders and it's called a protected account.
Demo accounts show you the basics - however there is no money on the line.
Protected accounts are different - they allow you to get a feel for trading with real money and limited risk.
In essence they allow you to put down a small deposit and trade as much as you wish in a period of a few weeks - even if you are in debit. At the end of the period:
- You take the profits
- The broker takes the loss
These accounts are a great bridge to real time trading, as they allow you to do lot of trades if you wish to and have limited risk.
So there you have it. Forex brokers are essential when trading, you can't do without them and their neither friend or foe, just your gateway to the worlds most exciting investment.
So why do people think forex brokers are to be seen as the enemy?
You get a lot of traders who think brokers pick stops and these are mostly involved in day trading and the fact is their logic is flawed and their stops are to close.
A broker doesn't need to pick off stops as these traders lose anyway as the odds are not in favor of day traders.
Others seek advice from their brokers - why?
If brokers could make money trading they wouldn't be brokers!
Never ever fall for the idea of having a broker assist you with your trades, you need to do this yourself and take responsibility for your actions.
3 Essential Points to Consider
You're only interested in 3 main points.
1. Forget the Words: Commission Free - You Pay!
You pay a broker in the pip spread - this is your cost of doing business.
Make sure you pay no more than 2 - 3 pips on the major currencies and if you shop around, you will find brokers offering these spreads.
2. Security
Don't trade with small or new brokers. Make sure you broker is stable, been in business for a while and has the facility to offer 24 hour trading and of course support, should you run into technical problems.
3. Trading Platform
This is your gateway to the forex market place and it needs to be reliable and easy to use. Today, most of the big brokers offer great trading platforms.
You can almost always test drive them with a forex demo account - so do this until you are comfortable with it.
Other Considerations Are:
4. How quickly you can fund your account?
Do they offer credit card facilities and how quickly can you withdraw.
5. Leverage
Most brokers offer more than enough leverage and you can easily get 100:1 (which is way more than enough for most traders) but you can get up to 400:1. A word of caution - don't use to much leverage it's the reason most novice forex traders wipe themselves out.
6. Other Extras
Many brokers will offer you free technical tools, books etc and some are useful some are not but that's down to individual preference and should not be a major consideration in opening an online forex trading account.
A Great New Service!
All brokers will offer you a forex demo account to test your trading skills but there is a new service that's great for novice forex traders and it's called a protected account.
Demo accounts show you the basics - however there is no money on the line.
Protected accounts are different - they allow you to get a feel for trading with real money and limited risk.
In essence they allow you to put down a small deposit and trade as much as you wish in a period of a few weeks - even if you are in debit. At the end of the period:
- You take the profits
- The broker takes the loss
These accounts are a great bridge to real time trading, as they allow you to do lot of trades if you wish to and have limited risk.
So there you have it. Forex brokers are essential when trading, you can't do without them and their neither friend or foe, just your gateway to the worlds most exciting investment.
Reputable Forex Broker
A good Forex broker will supply you with clients that were successful and can attest to the specific broker's qualifications and success history. Put yourself in that position, would you testify to someone's strengths if they did a poor job for you? Client history testimony should be present in any prospective Forex broker and plentiful to indicate a solid background with trading. You can tentatively assess a lot from a Forex broker with a list of clients that will speak up for the brokerage firm or individual broker. It should be noted that all word of mouth testimony should be taken with a grain of salt and dissected to collect the pertinent information. Testimony should be used in your research to find a Forex broker but should not be the deciding factor.
Another good morsel to test the reliability of any potential Forex broker is the amount of information, literature and lessons that they are willing to give to you. Most Forex brokers are of a high reputation and a solid background however, there are many out there that don't have a good history or no history and it is wise to steer clear of these brokers. You are trying to find a trusted financial advisor and settling for second best, just won't do. The more a potential Forex broker is willing to do for you in the area of helping you understand the Forex trading system, the better quality trader they will be for you.
A good avenue to travel down when seeking a good Forex broker is to ask your acquaintances about Forex brokers and how they met. This can not only give you prospective referrals to great Forex brokers but will also equip you with ideas and resources that you may not have located. If you get a referral from friends, be sure to still research that specific broker and his qualifications before committing to any formal agreement.
Another good morsel to test the reliability of any potential Forex broker is the amount of information, literature and lessons that they are willing to give to you. Most Forex brokers are of a high reputation and a solid background however, there are many out there that don't have a good history or no history and it is wise to steer clear of these brokers. You are trying to find a trusted financial advisor and settling for second best, just won't do. The more a potential Forex broker is willing to do for you in the area of helping you understand the Forex trading system, the better quality trader they will be for you.
A good avenue to travel down when seeking a good Forex broker is to ask your acquaintances about Forex brokers and how they met. This can not only give you prospective referrals to great Forex brokers but will also equip you with ideas and resources that you may not have located. If you get a referral from friends, be sure to still research that specific broker and his qualifications before committing to any formal agreement.
Regulated Forex Brokers
Are you considering a career as a regulated Forex broker? Forex brokers work in the ever changing field of foreign currency, making millions for their customers. They also earn quite a bit of money in commissions for themselves, betting on which countries exchange rates are going to rise or fall in the future.
Who Regulates Forex Brokers?
Since Forex brokers work throughout the world in numerous different countries and cities, no single agency regulates all Forex brokers. Instead, brokers are regulated through the local brokerage regulation agency in their respective home countries. Hence, U.S. Forex brokers are regulated by the Securities Exchange Commission (SEC), the Federal Reserve System, the Federal Deposit Insurance Corporation, or the Office of the Comptroller of that currency.
Forex brokers located in Japan are regulated through the Financial Services Agency, while Forex brokers in Iraq are regulated by the Iraq Securities Commission.
What Rules Cover Forex Traders?
Trading on foreign exchanges is very different than trading on the NYSE or the Nasdaq. The rules for Forex trading are made by the National Futures Association. The majority of trades involve the major currencies: The American, Australian, and Canadian dollars; The Euro, British Pound, the Japanese Yen, and so on.
National Futures Association
Regulations such as these are set forth in the National Futures Association Retail Off Exchange Foreign Currency Rules. Included in these rules is information about assessments as well as dues, requirements for managing a Forex account, obligations of assignees, and an assortment of additional situations that arise throughout the course of trading.
The online website of the National Futures Association carries a wealth of information for the starting Forex broker as well as Forex Investor. There you will learn rules that govern Forex traders; Forex investor alerts; Forex requirements for reporting, notices to Forex members, notice of judgments interpreting the rules, as well as other resources for individuals who wish to learn more about Forex.
The website also furnishes links to resources for electronic filings needed to establish and maintain a Forex brokerage: promotional materials, exemptions, Forex reporting, complaints, and the annual questionnaire.
Be Wary of Unregulated Brokers
An increasingly pervasive problem that investors need to aware of is Forex fraud. The Commodity Futures Trading Commission approximates that customers have lost over $395 million dollars in fraudulent Forex schemes.
Who Regulates Forex Brokers?
Since Forex brokers work throughout the world in numerous different countries and cities, no single agency regulates all Forex brokers. Instead, brokers are regulated through the local brokerage regulation agency in their respective home countries. Hence, U.S. Forex brokers are regulated by the Securities Exchange Commission (SEC), the Federal Reserve System, the Federal Deposit Insurance Corporation, or the Office of the Comptroller of that currency.
Forex brokers located in Japan are regulated through the Financial Services Agency, while Forex brokers in Iraq are regulated by the Iraq Securities Commission.
What Rules Cover Forex Traders?
Trading on foreign exchanges is very different than trading on the NYSE or the Nasdaq. The rules for Forex trading are made by the National Futures Association. The majority of trades involve the major currencies: The American, Australian, and Canadian dollars; The Euro, British Pound, the Japanese Yen, and so on.
National Futures Association
Regulations such as these are set forth in the National Futures Association Retail Off Exchange Foreign Currency Rules. Included in these rules is information about assessments as well as dues, requirements for managing a Forex account, obligations of assignees, and an assortment of additional situations that arise throughout the course of trading.
The online website of the National Futures Association carries a wealth of information for the starting Forex broker as well as Forex Investor. There you will learn rules that govern Forex traders; Forex investor alerts; Forex requirements for reporting, notices to Forex members, notice of judgments interpreting the rules, as well as other resources for individuals who wish to learn more about Forex.
The website also furnishes links to resources for electronic filings needed to establish and maintain a Forex brokerage: promotional materials, exemptions, Forex reporting, complaints, and the annual questionnaire.
Be Wary of Unregulated Brokers
An increasingly pervasive problem that investors need to aware of is Forex fraud. The Commodity Futures Trading Commission approximates that customers have lost over $395 million dollars in fraudulent Forex schemes.
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