Have you ever met with someone who is doing forex trading as a full time job? Well, I can not tell your feeling but I know when I heard about it for the first time, I was really moved with joy. At that time, I did not know that more than 95% forex traders lose their forex trading account in their very first year of forex currency trading. Of course, after seeing this huge number of unsuccessful traders you would never like to join forex currency trading without conducting well structured research about forex exchange and forex brokers . I am also a big fan of forex currency trading that is why, I have also collected some knowledge about forex trading software and forex currency rates. Lots of people advised me to learn about forex software and forex robots as well therefore; I have decided to get complete education on forex trading before I actually join it. I have collected lots of questions and I want to discuss these questions with you so that you can also improve your knowledge about forex currency trading:
• How Forex Brokers get Their License?
Every legitimate forex broker is regulated and licensed under their local authorities. For instance, in USA, CTC and NFA are the main regulating authorities that provide license to the forex brokers. Well, you must be thinking that why; people emphasize so much on regulated forex broker? You must choose a regulated forex broker because regulated forex brokers have to provide regular reports to the authorities. There are some fines and there are some requirements that they have to fulfill otherwise they may lose their license as well.
• What are the Trading Rules of each Forex Broker?
Every forex broker has some rules and regulations that should be followed strictly by forex traders in order to use their forex trading platform. When you will register yourself with a forex broker, he/she will offer you plenty of features. A trader normally uses these features according to his own trading plan. Some traders like to use a robot which is called fractional trading and some use forex software like automated forex trading system.
• What is the Cost per Trade or Per Contract? –
Each broker will offer you different rates. If you are interested in cheap rates then you can easily find a forex broker that offers you cheap trading platform.
• What kind of Trading do they allow?
Some forex brokers do not allow you to use forex robots so it is better to ask them whether they allow you to use forex robots in your forex currency trading or not.