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Monday, May 08, 2006

Forex Broker and Forex Trading Platform

Choosing a forex broker is one of the more important parts of forex trading. It may seem like a purely technical issue, but choosing forex broker can have a big impact on your final profit statements.

My advice would be to check out as many forex brokers as you need to make a decision and don't rush into this decision. The good part is almost every forex broker offer a demo forex trading platform. Don't trade with a forex broker for real money unless you have testing their forex trading platform first. The advantages or disadvantages of the forex broker can become apparent at this stage. The forex trading platform may not be right for you, you may not be able to place orders fast and accurate enough. Different forex brokers offer different orders: market orders, limit orders, OCO orders etc... Be sure that your forex broker has all the orders and features you'll need.

I'm using metatrader 4 forex trading platform. It's free, has a lot of indicators, a backtesting capability and is extremely easy to use. You can get the metatrader 4 forex trading platform here. SB metatrader platform is not a real forex broker platform, but it implements several forex broker data feeds to come up with it's prices, so you may need to find a forex broker that offers metatrader 4. A lot of forex brokers use this forex trading platform, so it shouldn't be to much trouble finding one. Alternatively you can use metatrader forex trading for analysis and enter your orders with a different forex broker.

Aside the forex trading platform, there are a number of issues with the choosing a forex broker. Again it all depends on your trading style. If you trade the news, you'll want a forex broker that guarantees orders during and after the news, and that has a fixed spread that doesn't change in volatile conditions.

If you're a scalping, you'll want a forex broker that allows this type of forex trading, and that has really tight spreads. If you're an aggressive trader you may want a forex broker that offer bigger leverage and margins, like 200:1 or even 400:1. On the opposite side if you're a conservative forex trader, you may want the opposite. If you're starting small you may want a forex broker that allows fractional forex trading ( this type of forex broker let you choose how much you want to bet, and basically you can choose trade 0.1$ per pip or even 0.01$ per pip).

There a lot of forex brokers you can choose from, give several of them a try before committing real money with them,but be sure to choose the forex broker that is right for you.