The Day Trade Forex System - How to Choose An Online Forex Brokerage Firm
Released on = July 11, 2006, 1:27 pm
Press Release Author = Day Trade Forex, LLC
Industry = Small Business
Press Release Summary = The goal of the Day Trade Forex System is to instruct and teach potential traders how to day trade the currency markets and what to look for in an online forex brokerage.
Press Release Body = What to look for in an online Forex Brokerage 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!
7. A realistic demo account trading capital balance that reflects the actual dollar amount that the trader will start live trading with. It does the demo trader no good to start out demo trading with a $50,000 account, when in real life he will only start out with $1,000. A forex brokerage needs to offer the trader a demo account starting balance other than the standard $50,000.
After alot of research and personal experience, the firm that I recommend with the above-mentioned benefits is Capital Markets Services LLC (CMS Forex LLC).
Open a free unlimited demo account and start practicing today!
The goal of the Day Trade Forex System is to instruct and teach potential traders how to day trade the currency markets and what to look for in an online forex brokerage.
The Day Trade Forex System is specifically designed for use with the 1, 5 or 10-15 minute charts, with the goal of taking 5-30 pip profits per trade - closing bad trades out using tight stops, or hedging any losing trades. The ability to trade right off the charts makes the CMS trading platform our favorite.
About the Author:
Cynthia Macy is the co-author of 3 forex training e-books:
http://www.daytrade-forex.com
For more comprehensive trading information, visit her other websites:
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