I have personally experience of traded with many brokerages that claim to be “commission free”. As a beginning, this was a welcome sight and I trap on it. When I am become more experienced, however, I realized a petty simple fact that I should have known all along: no one, regardless of their intentions, can work for free. Yeah this is true! Somewhere along the line, these “commission free” brokerages have to be making money.

For many brokerages that operate without commissions, they are able to do this by simply including their cost in the quoted price. This outcome in a high level of markup, and it is misleading to the trader.

A novice would feeling worry about this and there are other brokerages that operate without commissions, but they are usually do not realizing the reality of the situation either.

Trading

I have found their best trading software, which gives me market alert and analytical approach Inshort it’s easy to use and saving our precious time and money. All important information is displayed clearly and accurately. This software claims that they do not requote, meaning that the price quotes that you see on the screen are the prices that you will be paying.

My Software Approach

My experience with the software has been overwhelmingly positive, and their service and support are some of the industry’s superior. They meet their claims quite well, and the tight spreads that they advertise are actually the spreads that you will receive. In other words, my software approach is working great and now I am not worry about my competition as well as prices. I can manage all the things with some mouse of clicks, easy to use and reliable!

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answer to a measurement that is comparable to the bond traders’ bips, which refers to “bps” or “basis points” as measured in the bond market meaning 1/100th of 1 percent. One pip, in one United State Dollar is the equivalent to the fourth decimal point, or 0.0001 or 1/1000th of a dollar. However, in different currencies this rule does not always apply:

For example: In Japanese Yen, one pip is equal to the 0.01 Yen or the second decimal point. If you are wondering why currency markets trade in pips, the answer is very simple, when banks and other large Forex traders

trade millions of dollars, each 0.0001 of a dollar (USD) is value of $10,000.

Calculating a profit and loss with pips is simple and easy in terms of mathematics. But it’s all based upon the size of your position and the number of pips you gain or lose in Forex market. Pips give us simple and easy way to calculate profit and loss. Let’s take a sample of EURO or USD currency pair and cross. Let’s say the EURO or USD price is 1.2841, if the price is rise to 1.2861, it’s just moved up 20 pips. If the price moves to 1.2811, it just moved down 30 pips.

As we know that, Pips give us simple and easy way to calculate Profit and Loss. To turn the example above into a Profit and Loss calculation all you should to know is the size of the position.

For example: In a 100,000 EURO or USD position, the 20 pip movement would be the equal to 200 hundred dollar (EURO 100,000 x 0.0020 = $200). Whether the amounts are positive or negative depends on whether you were long or short for each move. If you were short there would be a negative in front of the 200 hundred dollar, if you were long, that must be a positive.

The good news for us, online Forex trading becomes easier and more analytical through software approach and we can easily calculate the Profit and Loss automatically in couple of seconds. But we still need to know how to structure and manage your risk effectively.

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A. CREDIBILITY

As we know that, reputation is playing very vital role when we are hiring forex brokers. Although you would not really use their services in terms of marketing yourself and you must make sure that you are not partnering with a run off the mill type of broker who cannot provide you with outcomes. You also must have someone whom you can trust enough with your transactions and even some vital confidential business information.

B. NETWORK

Your main goal of hiring a forex broker is to expand your business. Through online forex reviews, you can easily spot the industry names when it comes to forex brokering. You will know who’s who in the trade and the people who have made quite a number of following and transactions throughout the span of their career.

C. EXPERTISE

Reviews about forex brokers would definitely dissect the credentials of the person in discussion. After all, that’s what reviews are for. It aims to discuss the advantages and disadvantages when it comes to particular subject in term of its features. Reviews about forex brokers give you a better understanding of the professionals alongside their field of expertise and so you can identify if their expertise fits well with your business.

But given these pros, you must also place careful observance when reading forex broker reviews. Make sure you select those that are reputable enough and have been written by professionals themselves and remember one thing reviews are based on opinion and experience.

There are some essential points you can consider when you are hiring forex brokers:

1. i. WHO WROTE THE REVIEW? It would be great to read reviews coming from forex professionals themselves. Some of them put up their reviews in their very own website and blogs. This way much easier to read. You can also find articles on forex sites which also has a feature on the authors themselves.
2. ii. WHEN WAS THE REVIEW CREATED? Forex is a very dynamic business and you must make sure you only read updated reviews. The latest you can usually consider is a year before the present day. Unless of course you wanted to unearth issues and questionable stories associated with the forex broker then you must feeling free to delve deeper in your research.
3. iii. WHAT AFFILIATIONS DOES THE WRITER HAVE? This help you established the fact that the person is indeed an expert reliable enough to write forex broker reviews. Industry associations tell you much especially in terms of the network that the review author has.

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There are a lot of websites suggesting forex broker rating. We have some criteria, which we must consider to search out a best dependable broker. There are few basic parameters will be consider to know such as:

• What is the minimum amount the broker is asking for to open up an account
• Will there any commission charged
• The facility to operate a mini account etc.

Firstly, you must identify your personal selection criteria for your forex broker rating. Your forex broker rating criteria must make it sure to confirm that they muse be registered under the regulatory agencies like Commodity Futures Trading Commission and it is also known as CFTC. These agencies are developed for saving investors from the impostors and stopping abusive trade practices and manipulation.

Second essential component for rating the forex brokers will be to measure their reputations. If the forex broker belong agency you can be assured, as the broker will be regulated by the agency itself. Your forex broker rating should be formed by these evaluating:

• The type of account you want to open
• The demo accounts they offer
• The kind of trade platform they have.

The number of forex brokers probably offers you to open an account with multiple currencies such as Japanese Yen, United State Dollar, and European Pound etc. If you have decided to trade in specific currencies, then you must know exchange rates. Forex broker rating should consider the brokerage or the commission asked for. Some forex brokers ask for direct commission, and therefore you should find out what special they are offering in exchange of this commission. You should find out if the broker is having any signal services, which may influence your forex broker rating.

Thirdly, Leverage that helps you to successful in forex market. So, while rating the forex brokers you have to consider on the fact the amount of leverage they are offering. But one point you must remember that both factors will be increases such as leverage and risk. In forex broker rating you can look for whether the broker may offer you some customized service either free of cost or with some subscriptions. Measure the broker’s aspects very carefully based on the forex broker rating as the selection can make or break your trading.

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May be some people think it takes a large deposit to setup a Forex trading account. This used to be the case but things have change dramatically. Yeah! It’s true. Today, you can open a mini account with a few hundred dollars.

FOREX MINI ACCOUNT

Low Deposit Requirements:

You can find brokers that will allow you to open an account for 250 United State Dollar to 500 United State Dollar. There are not many businesses that you can start. There are only few business which require a little capital that have such huge income potential.

Leverage:

This is when you can trade more money than you have deposited. With most of these accounts, you can trade up to 100 times your deposit. So, trading 50 United State Dollar means you can control 5000 United State Dollar worth of a currency pair.

Lower Risk:

Smaller lot sizes means reduce risk factor. It is perfect for novice who needs to develop their trading strategy. You can make your account to a larger size by re-investing your profits. Once you are confident, you can start trading larger lot sizes to make more profits easily.

Practicing:

You can also start your practice account, it will more advantage for you. Mini accounts come with these if you select the right broker and never test a trading strategy with real investment. This is my personal opinion for you.

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As a large as this market has become more competitive, it might be a wise move for you to pick a few currencies and learn as much about their markets as you can as a beginner or initiator for Forex market. This will strongly help you to avoid the overwhelm that happens to novice traders or a fear as novice trader. By initially focusing in on a target, they are able to get the most bangs for your time and investment.

A many youngest traders adopted systems with a very analytical approach that has become very famous in a market. Today you will find the split being between the long-term traders and the short-term traders as the dominant trading difference.

The Forex trading software takes the excellent approach to analyzed trading in order to determine your most profitable opening and closing for your Forex trades in a market. They have learned to automate many of the signals that professional traders used when timing in and out of the market. There are two factors that are very essential to know in Forex trading;

• Patients.
• A Consistent Money Management Plan.

I am not going to lie or false claim to you, you still need to understand what you are doing in a Forex market. A many novice traders fall apart is making judgments based on emotional rather than following through on their margins. It would be irresponsible as a trader to not take the time to properly learn your craft or consistent money management plan. The software works as a weapon in your arsenal and works with your accumulated skill and experience to guide you make the decisions necessary on a analytical approach for consistent profits.

As with any investment, there is an opportunity for loss and involved high risk. What many people hope to achieve in the foreign currency market is a low-cost entry into trading that can lead to consistent and steady income over the long haul.

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There are number of forex brokers out there and most of them have honest reviews on the internet. The questions are simple in our mind;

• Are bad reviews really unbiased or they are written by either competition or bitter traders who emptied their account because of the lousy experience?

After all, only when things go bad we tend to complain and other thing is that;

• Are good reviews really unbiased?
• Are they written by the representative of a particular forex broker?

As a novice trader you already know that forex brokers make money from either spreads (and so your success is the broker’s win too), commissions (the broker does not care whether you are winning or losing) or in both cases. So generally speaking it is in the broker’s interest to keep you in the game. However, two questions in our mind;

1. Is it possible that in reality brokers are out to get you?
2. Are the seemingly safe choices are simply illusions supported by glittery marketing strategies and demo platforms?

The answer is not really as black and white as you may think. There are some sincere brokers out there, but like in any other business, there are some who try to huge profit and fast by hook or by crock.

The retail brokers do want to see your bad trades or failure, since they make money when you are losing money. Actually, this type of broker takes the other side of your trade. In this case the retail forex broker is the market maker. It can change prices, widen spreads. Yeah of course trade against you!

There is a positive point in my eyes. In our case retail broker have benefit. You can open an account with pretty little investment, get very high leverage and the demo platform is available for practice longer than 30 days. As we know that retail brokers offer micro and mini lots which allow you to trade pretty small sizes.

Forex broker without dealing desk (ECN type) is more likely to be sincere about the trades since it passes your trading orders off and does not care if you are winning or losing market. Their main goal is to get you to trade more and therefore earn more via spreads or commissions. These forex brokers are more like inter-bank brokers. They do not trade against you and therefore there is no need to manipulate neither price nor spreads. Spreads are in most cases tighter, but you are probably had to pay commissions. Every trade you make passes through inter-bank with ECN forex broker the leverage is usually lower and the minimum account deposits are higher.

In either case, seeking a good forex broker is depending upon you. Talking to people you can trust or practicing the hard way are two traditional options of searching the right broker for you. I strongly recommend you to start small with the broker that seems good and safe, open a life account, make sure that things look right to you and gradually you can add more. Just take your time and get best experience in forex market, so you no need to rush when it comes to forex trading.

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One of those traders that have tested almost everything on Forex market to achieving goals of profitability, has been spreading the “sentence” about an original and quite revolutionary technique to trade the markets and some others trader try to hide real approach of profitability. That’s a fact! It is a system based on what is called Price Driven Forex Trading (PDFT). This new Price Driven Forex Trading system based upon two trading strategies such as:

• It will able to produce consistent
• Systematic profits for the trader that follows Price Driven Forex Trading to the letter.

Almost everybody would be agree with me that in order to be successful in the Forex markets, this is making more money or invest more money than the amounts you may lose in a bad trade and get bad experience. You must understand innovative and analytical approaches different in your trading systems. This is in all its extension the basis of the Forex Trading Machine which is based on a different approach to currency trading. This is by the use of Price Driven Forex Trading which is a method of trading the forex market without using of:

• Indicators
• Support or resistance levels
• Moving averages
• Pivots
• oscillators
• Fibonacci
• Trend lines or any other trading tool you can think of.

It sounds “heretical” for some traders especially the old ones. But everything is indicates every thing work excellent with Price Driven Forex Trading and the Forex Trading Machine. If you are in doubt you are welcomed to test it risk free, and soon you can realize that system also work for you like a charm.

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The most important thing is that Forex trading is hard, you must understand this market behavior. Yeah! This is true. You need to work hard and understand whole process. Without practice you cannot understand Forex trading and a pips. Now that I have said you, I am going to give you a simple technique for taking in those 20 pips per day. Now are you ready?

Ok! open up your chart or graph for your favorite currencies when its busy and moving along. An approximately five minutes time frame works, as does the ten minutes time frame or the fifteen minutes time frame.

Now you can add a MACD 5-15-1. This setting is the best that you can look for divergences. When you see these you take the trade. About 66% of the time, it will come through, which is more than enough.

Your profit and escape point (stop loss) will be measured by the Forex market action. Smaller on the shorter time frame and larger on the bigger time frames.

It is simple trap for you and you do not want to fall into here is thinking that you just need to make one good trade. Sure! If you make one good trade, you can call it a day. But if that’s your total mindset then what happens on the day when you make 2 bad trades in a row? Or what about the day that you take 5 losers and 0 winners? Now what are you thinking about it?

I guess, I strongly recommend you, take your daily target and project it out over a week. So if you want 20 pips per day, closely focus instead on 100 pips for the week. It is better you can focus on 430 pips for the month. Then you can give yourself permission to lose because you cannot understand whole process. Experience and relaxing like that will make you a better trader and more confident from other traders.

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Quotes of forex currencies pairs give as two prices bid and ask:

• Bid: The “Bid” is price in which the banks are willing to buy the base currency in exchange for the counter currency.
• Ask: The “Ask” is price in which the banks are willing to sell the base currency in exchange for the counter currency.

While Spread is simply the gap between these two prices the bid and ask. Electronic Communications Network is an inter-bank currency trading electronic system that automatically match buy and sell orders at the excellent price. Therefore an Electronic Communications Network broker would offer floating spreads depending on the best bid and ask prices available from the banks that are connected to this network while a market maker offers fixed spreads that never change regardless of the market.

The following reasons are very important to understand Electronic Communications Network Brokers and Market Maker Brokers:

Electronic Communications Network Pros and Fixed Spread Pros:

• Tighter Spreads: A floating spreads offers you the chance to do trades with tighter spreads as the spread could swing as low as 0.1 pips however with market maker brokers spread is always fixed so if they charge 2 pips on the currency pair EURO or USD then they will always charge the same 2 pips regardless of the market movement, depth and any other factors controlling the bid and ask on the Electronic Communications Network platform.

Practice and Experience are the key of success in forex market, and with the help of these factors we can determine best results.

• Transparency: When you are trading on an inter-bank network there is not much space for your broker to do any un-ethical practices that would be done with a market maker broker.

Electronic Communications Network Cons and Fixed Spread Pros

• Automated Trading: The hundred of traders use best advisers or forex software to do automated algorithmic trading for them which poses no problems at all with market maker’s fixed spreads however could be very problematic when it comes to Electronic Communications Network and the main cause of that most softwares does not take into consideration the floating spreads and end up making losing money when spreads are very high.

It is value to mentioning that there are some softwares that are developed to work with Electronic Communications Network spreads without having any problems.

• News Trading: When it comes to trading the news with forex, Electronic Communications Network spreads are a very bad idea because when a big news of bad events that will shake the market breaks out banks widen their spreads and then trading with Electronic Communications Network spreads becomes a nightmare while a market maker brokers absorb all the losses resulting from that while their customers trade with fixed spreads at ease.
• Commissions: Unlike many market makers who do not charge any commission. But all Electronic Communications Network brokers charge commission on every trade.

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