New Broker Instructions

In my previous eBooks I recommend that you use either FXCM or RefcoFX as your Forex trading broker. As I've stated in "Forex Scalping" that recommendation isn't because I consider them to be the best brokers overall, but simply because they are the best brokers, in my opinion, to use for a new trader.

Other reasons aside, the primary reason that I suggested you use them is because their trading platform is so easy to use. A newbie trader with limited understanding should relatively easily figure out how to place market orders, entry orders, stops and limits. Other brokers' trading platforms are more complicated and far less intuitive for implementation of trades. When you are learning about Forex trading it is better to stay with the simpler to use brokers (FXCM & RefcoFX) as you don't need to clutter your mind with the mental gymnastics needed with the more complicated brokers. But by the time you are reading this eBook, "Forex Sailing", I would now consider you to be somewhat more advanced in your understandings and ready to learn about the more complex brokers' trading platforms.

There are two additional reasons why it is important to learn how to work with these more complicated trading stations.

1. Some other brokers offer you a more competitive pip spread on currency pairs. If you are utilizing tiny-stop trades that are better suited for currency pairs with smaller spreads then you'll have more currency pairs available to you to trade with. For example, one of my favorite pairs to trade is GBP/USD, however I get a 3 pip spread with other brokers whereas FXCM currently gives a 5 pip spread on this pair. Obviously I wouldn't trade that pair with FXCM if I can get a more competitive spread.

2. In the eBook "Forex Scalping" I promised to share the secret of which broker (at the time of this writing) still guarantees stop orders under all volatile circumstances (i.e. FA), which means that you can sleep easy at night not worrying that something bad could happen to blow out your account. I will discuss this topic and reveal the broker a little later in this section.

Before you continue reading this section please be aware that at first reading this can seem quite confusing. If you are new to Forex and are already feeling a little overwhelmed with all that you are learning then it may be best to skip reading this section for now.

If it takes you a while to grasp these concepts then don't worry about it. It took me a long time to wrap my brain around these ideas when I was learning it (and sometimes I still have to pause to think about it). Most authors who have explained these steps seem to explain it clear as mud and you have to really think about it. I've thought about how to explain this stuff to you in the easiest way I think I can so that you'll have a somewhat easier time learning this.

I hope the above paragraphs didn't scare you off, as it is not my intent to do so. After a little while all this will become easy for you.

In this section I'll explain to you how to place the following order types: Market, Stop, Limit, Trailing Stop, OCO, If-Then, If-Then OCO, and explain GTC & GFD. That stuff is relatively easy to understand but more importantly I'll explain how to understand "Stop vs. Limit" orders (it's not what you think).

I am showing snapshots from the broker "ACM", but the general ideas shown here will work the same with most other brokers.

Basics Of Forex

Basics Of Forex

Insider Techniques To Profitable Forex Trading. In any business or moneymaking venture, preparation and foreknowledge are the keys to success. Without this sort of insight, the attempt to make a profitable financial decision can only end in disaster and failure, regardless of your level of motivation and determination or the amount of money you plan to invest

Get My Free Ebook

Post a comment