In order to have the best Forex trading experience you can have, you should know some “bests” in this area. Of course, being the best at anything is entirely subjective, so please look at our suggestions as only one perspective among many. The best for you can only be determined by you according to your trading style, risk aversion level, amount of capital to invest, amount of time you have to learn and practice, and what your financial and family goals are.
For example the best Forex broker at the moment may be the Swiss broker Dukascopi. This is a renowned brokerage with an excellent reputation. Still you should keep in mind that for this broker you have to have a minimum of $1,000 USD to open a Retail account, although the capitalization for a Standard account with better spreads and services is $50,000. The best Forex brokers following Dukascopi may be: Oanda, FXDD, MB Trading and FXCM. I have personally used both Oanda and MB Trading, and had good experiences with both. Don’t forgot another good broker, AC Markets (ACM Forex. While I have not personally used ACM Forex as a broker, they are highly acclaimed and have low spreads. They have received multiple awards from the Forex community, including the “Best FX Trading Platform” from Market500 in 2007, and was also awarded the “Best Forex Trading Platform” in 2008.
Scammers in Forex
The best Forex signals are hard to determine mainly because there are so many fraudulent and affiliate advertising on the Internet that claim to have the best Forex signals. Here the most important thing to know is that you have to do an in depth research before you get signals from someone else. The signal market is very open to scammers mainly because automated signaling is not regulated in Forex and people tend to take advantage of the fact that online Forex investment is a relatively-unknown area of investing by most people, so it is easy to make exaggerated claims. When and if you choose to buy signals from someone else, you should look at their offer with a very critical eye.
Visit sites such as ForexPeaceArmy.com, Forex-TSD. com, ForexRealm.com and others and read reviews of Forex brokers, trading systems, auto Forex trading systems (robots), automatic Forex trading managed accounts, etc., before making any move or spending money.
The best Forex system is using a proven Forex investing system, follow the system religiously (do not break your system rules), and utilize good money management (risk no more than 1% on any trade). You can turn small amounts of money into large profits if you are willing to learn about this methodology and do your research. Also, as any other way of earning money, this means investing considerable work and time on your venture, and a relatively sizable initial investment.
The Best Forex System (in my opinion)
2. Go to independent forums and get Forex software and broker reviews. Websites such as ForexPeaceArmy.com and Forex-TSD.com are good sites, but there are many other good forums.
3. Realize from the start that non-ECN brokers, or any broker that has a dealing desk, actually trade against their clients. These market makers (also called “bucket shops” by traders) are often unregulated and have great discretion on how quickly and at what price they fill orders.
4. Open a demonstration account (demo account) with a broker and trade for several months using only virtual money.
5. Try different trading system software programs, such as Stealth, London Gold Rush, etc. You may even trade some automated Forex systems like FapTurbo and Megadroid, but, again, only in demo mode.
6. Once you are consistently profitable in demo trading, switch to a live account but use small margin and small pip values. Probably the largest problem in Forex trading is that you must follow your system rules exactly and not let your emotions get in the way. You will not discover how much work you have to do in this area until you are risking real money. You must follow your system.
7. Practice money management. Never risk more than 1% of your account capital in any one trade (this means you must use stop loss orders set at the 1% loss values – this likewise means you do not need to be using a broker who does not have a wide range of order options such as stop loss, stop limit, buy limit, etc.).
8. Make your own trades, monitor them closely. Treat this is a business, not as an outlet for your gambling urges.
The best Forex software for beginners is the demo account. Keep in mind that this is the safest and essential way to learn to trade prior to investing your money. The Internet is replete with unending claims that different automating programs are the best, but the truth is that before you start using any automated or manual system, you have to learn about Forex trading and the basics so you are able to see if those are real or not. You might lose a lot of money if you skip the demo or practice trading account, so I think that the best Forex software has to be the demo account.
Best Forex Trading system
The best Forex trading system is learning different strategies. There are many people on the Internet selling Forex trading systems that are fake, usually based on past data. The most important thing is for you to understand different strategies and when to apply them. The incredible Forex trading system that will never fail you doesn’t exist (the Holy Grail of trading). It is very important for you to understand this because all you can do is adapt your trading system and improve it as the world and economy changes. It is useless to get lost in theories when you can simply analyze the data and make a decision.
The best way to discover the best way to make money work for you is use the information you get, research and look for feedback. Don’t ever depend on anyone to make your investment decisions for you, but research it yourself. The, if an “expert” adviser makes a recommendation, you will better understand if it is accurate or not.