Showing posts from August, 2024
Regardless of what you feel about the following statement I will like to make, it always proves to be true, and you will see the reason for that after you have read today’s lesson… The successful and rich folks on earth, including those into business, accomplished athletes, movie actors and the likes, all deserve the fame, money and success they have achieved in life. In almost all cases, they have worked harder and shown more smartness than the rest 99% of the populace; they venture into what 99% of the population won’t attempt, they take on risks, invest their time, money, effort and resources, they embark on constant study and practice to perfect their crafts. They are always working, directly or indirectly, at becoming the best of what they do, in the major part of their waking hours. There is a vast difference between a successful and an unsuccessful person, and that is almost always the level of conscientiousness about the task, and awareness as to what needs to be done and...
WHY YOU SHOULD NOT CHOOSE A FOREX BROKER WITHOUT KNOWING THIS:
Some novice traders just go ahead to pick any broker or trading platform of their choice without the knowledge of an ECN or Regulated forex broker; get to know what this means:
An ECN broker operates under multi-tier forex regulatory bodies that ensures it's transparency. It acts as an intermediary which uses 'electronic communications networks' to match trades between it's clients and other participants in the equity and currency markets.
An ECN broker should be the right choice of any trader for the following reasons:
- They offer tight spreads (bid/ask price) to their clients.
- They don't take the opposite trade to that of their clients, i.e. they don't trade against their clients
On the other hand, a non ECN broker, besides not being well regulated, can take the opposite trade of their clients. what it means is that they make more money when a trader is losing, and some of them can as well manipulate the trade to their advantage. So don't fall into the pit of just choosing any broker; try to do your due diligence before selecting a forex broker.
