Once you have bought the Forex trading robot that best meet your specific needs, its time to choose your online Forex broker. If you are a newbie, then this might be a little frustrating. But do not worry. This article is written especially for you. Let me present to you a list of things you should look for when choosing you online broker.
1. Brokers with lower Spreads
The Forex industry has something called spreads - it is the ask price and the bid price of any given currency. If you Forex broker can detect that you are using robots to bid, then he might increase the spread of the currency you are trading. That would cause you to lose money. Look for brokers who have lower spreads or just avoid the risk of being caught by using a Forex trading robot that can conceal its activity from the broker. The Forex Megadroid has this feature. If you have other Forex Trading robot in mind, evaluate and make sure that they have this feature.
2. Leverage
Do you know that you can trade more money that you have in your initial capital? This is called "leverage". If you can trade with 500 dollars for every 1 dollar in your initial account, then you have a 500:1 leverage. Mini accounts have a standard leverage is 200:1 - this means that for every 1 dollar, you can trade for 200 dollars! You can win a lot of money when you win while trading with leverage. But if you lose, you will be in red or get negative money. Because the Megadroid can help you win, leverage will not be a big problem. Nevertheless, it is still important for any trader to know about leverage.
3. Low Minimum Account Requirement
You can start venturing into Foreign Exchange trading with very little money. Micro trading accounts can be as low as 250 dollars, mini-trading with 10,000 dollars and the standard trading accounts starting with 100,000 dollars. It is wise that newbie traders should start with a mini account first, then gradually increment as the robot wins you more money. Look for trading robots that have the lowest minimum account requirement because it is not good to trade and possibly lose money you do not have.
Put this 3 things in mind and use it for consider when you are choosing an online broker. Good Luck!
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