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What is the best forex broker?



John Oluwaseun

Freelancer at Digital Marketing (2020–present)Just now

The biggest problem today is who can you trust. I get hundreds of emails a month from private investors asking me which brokers they can trust. The reason is technology has meant a proliferation of brokers and brokers realised that instead of matching buyers and sellers (like estate agents) there was more money to be made by being the house. They then realised there is more money to be made by:

widening the spread between the bid and offer ie buy and sell price

By moving the price so you could not exit at the ‘market’ price but only the brokers price

liquidating your positions by changing margin rules

Spiking prices to knock out your stop losses (usually late at night!)

And a growing number decided to just steal your money - they will call you up and say they will manage it, and then if they get lucky, they will not return it, and if they ‘lose’ then you have nothing anyway and the broker wins.

So the answer to your question is in my view, the same as finding a plumber! Go by the views of someone reputable and trusted in the industry ie word of mouth from someone who uses a specific broker.

My recommend broker Online Trading | Trade with Exness

I for instance was called by Bloomberg, who I trust as the most reputable brand alongside Financial Times. And since I used to present a trading online programme for three years on Bloomberg TV, the team knew me well. They introduced me to a broker, who previously I had not dealt with. And I said to Bloomberg, I would use the broker only if Bloomberg have done their due diligence on them. That is how I got to use and know one of the brokers I use.

Yes, I am that careful. I need to know their CEO, go to their offices! Online Trading | Trade with Exness

How do I learn how to trade forex successfully.

Hi buddy,

I have been trading as an individual trader for the last 3 years. This means that I have never worked for any financial institution. Furthermore, I do not have any financial background. I have been using my own money and taking my own risks like any other entrepreneur.

And this is the point. Trading shall be considered like a business and not a game or a bet. Like every business, becoming profitable requires a PROCESS, HARD WORK and a SET OF SKILLS.

As a reminder, the goal is not to become multi millionaire overnight but to be able to generate comfortable income everyday and forever. SUSTAINABLE and CONSISTENCY are the key factor of sucess.

Last but not least...please forget everything that you usually read or learn about trading in books...

-PROCESS

The process is a set of rules that you have to follow to take decision when to enter a position and when to exit a position. You can either develop your own sets of rules by trial and error or use existing sets of rules developed by other people/companies.

The advantage of developing your own sets of rules is that it is perfectly tailored to your psychology and personality. But it takes time and money to develop this set of rules. I spent around 2 years to develop my own when I started.

The advantage of using others' sets of rules is it is faster and cheaper to get access to a proven process. But it may not perfectly match your psychology and personality. You need to re adapt it a bit to match your psychology.

Those sets of rules make what I call the TRADING SYSTEM.

-HARD WORK

Nowadays you see a lot of traders posting on social media trading sessions on the beach, etc...it looks easy but they never show you the hard work they have made on themselves in order to become profitable. I am pretty that they have worked like crazy, they have been extremely disciplined and patient in order to become profitable.

Before becoming profitable, this requires a lot