Six Steps for the Forex Success

Step 1. Choose an online Forex Firm
What to look for in an online Forex Firm:

1. Low Spreads.
In Forex Trading the ‘spread’ is the difference between the buy and
sell price of any given currency pair. The lower the spread saves
the trader money. Most firms offer 4-5 pip spreads in the Major
Currency pairs. The best firms offer clients 3-5 pips.

2. Low minimum account openings.
For those that are new to trading, and for those that don’t have
thousands of dollars in risk capital to trade, being able to open a
mini trading account with only $200 is a great feature for new
traders.

3. Instant automatic execution of your orders.
This is very important when choosing a Forex firm. You want instant
execution of your orders and the price you see and ‘click’ is the price
that you should get. Don’t settle with a firm that re-quotes you when
you click on a price or a firm that allows for price ‘slippage’. This is
very important when trading for small profits.

4. Free charting and technical analysis
You need a firm that gives you access to the best charting and technical
analysis available to active traders. The firm that I recommend gives
clients FREE professional charting services and even allows traders to
trade directly on the charts!

5. High Leverage
You want high leverage—the ability to trade a large amount with a small
margin deposit. Some of the best firms offer .25% or 400:1 leverage.

6. Hedging Capability
You want the flexibility of opening positions on the same currency pair in
opposite directions without them eliminating each other and without
margin increase!