How to Choose An Online Forex Brokerage Firm

About the Author

Cynthia Macy

My name is Cynthia Macy and I've been trading various markets, including stock options and forex, for over 13 years. I have co-written and market three forex trading courses that are simple and step-by-step.
More about Cynthia Macy

The Day Trade Forex System:

How to Choose An Online Forex Brokerage Firm

The goal of this guide is to instruct and teach potential traders how to day trade
the currency markets. The objective of day trading is to trade the intra day
market moves to try to gain small to medium sized profits in any given trading
day. This is how this guide will help. Most readers will not have the time or
resources to ‘position trade’ like the major institutions and banks do. They tend
to look at the big picture holding onto trades for weeks or months. Picking an online
forex broker is one of the most important aspects of successful forex trading.

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.

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!

After a lot of research and personal experience, the firm that I recommend with the above-mentioned benefits is Capital Markets Services LLC (CMS Forex LLC). **CMS Forex http://www.cms-forex.com

Open a free unlimited demo account and start practicing!

Byline:

Erol Bortucene and Cynthia Macy are co-authors of ‘The Day Trade Forex System: The Ultimate Step-By-Step Guide To Online Currency Trading’.

Visit:

http://www.daytrade-forex.com

for examples of actual trades using The Day Trade Forex Trading System. Learn how easy it is to learn to trade the lucrative forex market from your home pc.