Tag: broker

  • The Questions You Want to Ask Your Broker about Start Trading

    The Questions You Want to Ask Your Broker about Start Trading

    Questions to ask a broker
    This is the full explanation of what you have to do in your first contact with the broker.

    By Guy Avtalyon

    We assume you already made your decision to start investing or trading but you don’t know how to start and what to ask a broker. That is the situation where you would need a broker’s help. You already examine and find several and it is time to contact them.

    What you have to do that before you open an account.

    Before you open an account, you should use the internet browser. Traders-Paradise’s advice is to visit the web pages of every brokerage company you want to analyze. That first feeling about the brokerage’ site will be maybe the most important part if you want to start trading online. You must feel comfortable while you are checking section after section and it has to be user-friendly for you and you will find if the broker has a free demo account and how long you can use it before the switch to the real.

    Some websites may be slower at the first visit but try them again, maybe when you first visited them the traffic was high. A large number of visitors can make the website operate slower sometimes. This doesn’t mean the broker isn’t good.

    OK, you picked several brokers. So what is the next step?

    First of all, you have to make the first contact. The best way is to make some phone calls or to fill a contact form and let them call you.

    Be prepared, on the first call, they will tell you precisely what you like to hear. It will be so good but also, it might not be a truth. You must be aware. So, never play on the first hint. Try them more.

    Always keep in mind, you need to find the right broker for you. So, you have to talk.

    What to ask the broker?

    You will pay for financial advice, and you will entrust your hard-earned money to some person who will act as a genuine servant of your financial future. So, you have to ask, you have to talk.

    Ask if the firm has possible conflicts of interest regarding reasons to sell particular funds or products. Just ask. If you get a precise response, then the answer will satisfy many of the next questions.

    Ask the broker about trading commissions.

    It might be surprising but lower commissions are not always the better.

    Take care of it and examine all the information you can get.

    The price per trade may explain the level of customer service. If you don’t want to trade so often it shouldn’t be the subject of your consideration. In such a case it isn’t the primary if you need 30 seconds or 3 minutes to execute your trade, so the difference in commissions isn’t important too much. Will it be $5 or $25 per trade isn’t important if you don’t plan to trade very often, for example, 15-20 trades per year. But if you plan to trade on a daily base it is important.

    Training and education

    Also, you would like to know what kinds of training and education do they provide.

    Traders and investors, both advanced and novice need constant training and education to stay up to date with the laws and practices in the trade. This includes mentorship and copy trading. Mentorship is extremely important. The legal field is changing and you would need a good mentorship to follow the best practices in order to keep mistakes minimal. On the other hand, copy trading is good for novice traders and investors but leading traders may make mistakes too. At the beginning level, they are good. After you master the trading, you should build your own strategy and approach to the trade. That will depend on your personal goals, risk tolerance, and character.

    Also, important information is about other fees.

    Ask the broker about them. That is information about costs of account-maintenance and inactivity fees. So, it is good to make a list of services and transactions you might need before you start the conversation with the broker. Ask them how much all of them will be a charge.

    Ask a broker about the minimum initial deposit

    Minimum initial deposit is something you should know before you open the trading account. We assume you know how much you can invest but does it meet the broker’s regulation? Some brokers have account minimum and you have to know is it adequate for you. This minimum has to matches your budget.

    Withdrawals

    You need to know how much you can withdraw and how much time it will take. On some websites, you will find wonderful information about it but once when you talk with a live person you might find there are so many differences for almost every case. For example, on the website brokerage can write the withdrawals take a few days. That is true but sometimes it isn’t. Very often it depends on how big withdrawal is or in which circumstances you want to withdraw. Ask for every single detail about it.

    Customer support

    This is a huge question. Ask a broker’s about customer support and services before you sign up. Is it easy to find what you want on their website or you will need to spend the whole day and click through 100 pages? Can you access to their customer support fast? Does your broker have live chat? Is there any possibility to talk face-to-face?

    Banking services

    Maybe this isn’t a big deal but still, you have to know all about payment methods.

    The best choice is a brokerage account that can serve your banking need. The brokers now offer Visa or Master cards, direct deposit, ATM cards, etc.

    Ask a broker about investment assets selection

    All brokerages offer stocks traded on the major exchanges. But if you’re interested in options, bonds, currencies, cryptos ask if certain brokerages offer them. They’re not available in all brokerage.

    A good broker will set realistic expectations in front of you. They will provide some valid information from their experience. They will be based on the current market and on details about your goals.

    Beating the market is hard but at the same time exciting. Since it is hard for the majority, you need to add some weights to your portfolio. Without a broker, it is even harder. Statistics show that only 5% of market participants are successful. It is smart to use the best brokerage to be one of them.  

    Traders-Paradise recommends you to ask these questions as far as possible. Your broker has to truly serve you well. So, they should have no problem to give you honest answers.

    To get started on your broker research, use our Walls

    Traders-Paradise Team wishes you successful trading and investing.

     

  • Can you become a millionaire by trading forex?

    Can you become a millionaire by trading forex?

    (Updated October 2021)

    3 min read

    Can you become a millionaire by trading forex?

    Can you become a millionaire through forex trading? Do you know someone who has never dreamed of being a millionaire?

    Everyone can see the lives of celebrities and millionaires every single day. Who wouldn’t like the same lifestyle, expensive cars, luxurious houses, swimming pools, parties…

    All that desires, all that false matters, false emotions, come from media advertising and TV.

    OK, not everything is false. But that causes the other question: can I be a millionaire trading forex?

    Yes, you can become a millionaire trading forex.

     

    calculator>> Check out this Become A Millionaire Calculator 

    But you have to know it is not easy like you see on the internet advertising and TV.

    It depends on how much money you start trading.

    If you start with $5,000 and make 10% of your capital each month, yes, you will be a millionaire after 5 or 6 years. Just 10% of your capital each month can make you a millionaire.

    And if you start with $100K you will be in 2 years. You can’t do that in any other industry.

    Tell me, where you can start at $5K and become a millionaire in a few years.

    But remember, if your dream is to become indecent rich in a week or a month, forget about the forex. Go far away from forex.

    Because you will lose all your money, your car, your house and in the end, your family.

    This reality is hidden from you.

    Yeah, I know, every broker will tell you tales about doubling your money overnight.

    Hm!

    True is that they prefer you to lose your money. As soon as possible!

    Contrary, if you follow the correct way for a few years they will not see any considerable profit from you. Over the route of several years, you will be the one taking the true profits!

    And they don’t like that. This is not in their best interest because 90% of brokers are just market makers and have no relation with the market and banks.

    They create a virtual market for you and from time to time let you trade and they make money when you lose.

    And they lose when you have winning trades.

    Their interest is to make you lose as soon as possible, then they try to motivate you to add more funds to your account and lose your funds more and more.
    Can you become a millionaire by trading forex? 1
    If you really want to be a millionaire in the forex market forget about making money on the easy and fast way. Such thing like cold cash in the forex market does not exist. You will need time to learn how to trade forex. To learn how to develop a strategy with more than 60% probability to win. You will have to learn about money management. Actually, you should start trading on a demo account.

    Trading is art.

    People trade to make money in forex but forex trading is not like making money.

    You must understand the way of making money with the positions you are opening and the reasons behind it.

    That’s why you have to be patient!

    Trade for 2 or 3 months on a demo account. If you make success on a demo account, you can open a real account and start real trading.

    But, if you don’t have success on a demo account then something is not right. Perhaps your strategy doesn’t respect money management rules. Or something else you are doing wrong.

    After you see the mistake you can correct it and after that restart trading on a demo account until you get recurring success.
    Can you become a millionaire by trading forex? 2
    It is right to say that the Forex market is only for risk takers. It can’t be a permanent source of income but it can be a decent source of income. But only if you get the right guidance through the right adviser or build up your own knowledge to start trading with high precision.

    If you are new to trading you can start with the small investment.  And you have to keep revising your risk on the higher side to earn more.

    This can be the right approach. But the most important is that you should have the right guidance from the best signal provider.

    For everyone who asks: Can I become a millionaire through forex trading, there are two answers:


    Yes, you can

    and

    No, you can’t.

    Anything is possible in this world.

    However, you will be faced with some challenges like finding a good broker that doesn’t cheat on you. Maybe this is the biggest one.

    Forex brokers don’t let you grow your account systematically, because your profit is their loss.

    And we spoke about this:

    Forex is not a get-rich-quick scheme.

    Currency trading is not an easy way of making money. It is the same with the stock trading and all the other kinds of trading and investments.

    You have to pass some important stages before you become a millionaire.

    There are two things that you have to do to become a millionaire forex trader.

    First, you have to learn and master the trading skills. And you have to have a suitable amount of capital to invest in the forex market.

    No one has never seen one single retail forex trader who has become able to become a millionaire through growing a small account.

    There is no profitable currency trader who trades through the retail forex brokers.

    You have to have enough capital to trade currencies through a bank account. And your capital has to be suitable enough.

    You have to know that.

    Of course, if you don’t believe this you can spend time and money on retail forex trading.

    Unfortunately, it is not possible to start making money right after learning the forex trading basics and a trading strategy.

    To become a pro: PRACTICE to master your trading skills & risk management analytical skills using a free demo account for traders

    You have to consider something at first.

    It is smart to have a source of income that supports your currency investment. You must have some revenue, that covers your expenses and gives you free time to sit at the computer and learn how to trade.

    The lie is that you can make any money through forex trading and any other kinds of trading when you have financial problems.

    If you think that you can learn to make money through forex trading within a short time, and become a forex trader who makes millions of dollars, I have to tell you it is not possible at all.

    You can find so many false forex millionaires stories over the internet.

    Don’t let them deceive you.

    If you want to become a millionaire, first you need a good source of income that makes a decent amount of money that not only covers your expenses. But also leaves some money for your trading and investments.

    Only then you can start learning how to trade.

    You have to learn and practice until you become a profitable trader.

    There are two ways to do that.

    One way is harder. You have to follow too many trading strategies, robots, and time-frames, and sit at the computer for several hours per day.

    This way will hardly take you to your destination.

    The simpler and easier way is learning the Forex trading basics.

    And then a simple and strong trading strategy.

    You have to learn your trading strategy through demo trading. When you achieve success and make profit consistently for 6 consecutive months at least, you are ready to open a small live account and start practicing with it.

    If you make a profit for 6 consecutive months with your live account, all you have to do is that you keep on trading with your live account to grow it.

    3 of the most common patterns in Forex trading –  Head & Shoulders pattern, Pin bar and Double Top / Bottom

    How to use Head & Shoulders pattern:

    Head & Shoulders pattern is an easy way to develop trading skills.
    The first thing you must know is that Head and Shoulders is a reversal pattern. Meaning, when it’s uptrend, the price goes up, doing its shoulders and head patterns and then reverse for a downtrend.

    Those are somehow easy to locate when using this image to see what we should look for in an actual chart.

    In the image below, you can how it looks on a real EUR/USD chart:

    How to use Pin bar pattern:

    One of the most important candlestick patterns you should pay close attention to.
    If a pin bar appears it means that there is a very high probability that trend may reverse or pullback. The pin bar is often called “Pinocchio” bar, and it looks like this:

     

    How to use Double Top / Bottom pattern:

    Often, if you see a double top like in the following image, it can mean there’s a downtrend on the way.

    Forex trading is an investment opportunity.

    It isn’t a full-time job. You should already have an income to become able to invest in the currency market.

    Turning a small $5,000 account into a million dollar account is possible theoretically.

    It is theoretically possible to turn $5,000 account into a million dollars.  But if you want to become a millionaire forex trader you have to have a good backup.

    When you become a profitable forex trader, you’ll have enough money to open a professional live forex trading account to trade professionally and earn real wealth.

    For example, 1000pip Builder’s automatic trading system aims to target 350pips per month. Usually that should be enough, especially for the new Forex traders.

    As you can see, it requires both time and money, commitment and persistence, but ultimately it pays off.

    Or you know a different story?

     

  • Do You Need A Broker To Trade Crypto?

    Do You Need A Broker To Trade Crypto?


    Read to the end.

    By Guy Avtalyon

    Do you need a broker to trade crypto?

    Nowadays, everything revolves around Bitcoin and cryptos. Due to the exponential increase in the price of most cryptos, an increasing number of people are considering how they can profit from it. So far, you’ve only been watching from the side of the other, watching others fill their pockets … it’s certainly an unpleasant feeling. It’s time for you to start trading!

    When you first start taking an interest in cryptocurrency you may think you are so lost in this huge sea of unknowns.

    Do you know how does the cryptocurrency market work? FIND HERE

    Where do you start? What are the useful keywords to look up and keep in mind? What are the available helpful resources?

    The question: Do I need a broker to trade crypto is the mother of all questions.

    To whom I can trust is the main and most powerful weapon when you have to choose the way to trade crypto.
    Over time, many have proven themselves to be scammers, and people lost trust. But you still have wonderful platforms. So, the answer is:

    No, you DO NOT need a broker to trade crypto.

    And of course, you may trade bitcoins with anyone without having to pay fees to a centralized exchange. True is that you don’t need any kind of mediator or agent between you and the crypto seller. I think the big advantage of bitcoin is no middle man.

    You don’t need a broker to trade crypto

    All you have to do is to use one of the trading platforms’ equipment with very good software. And there are scores of trading platforms. Powerful, to which you can trust.

    The most common place where people buy and trade cryptocurrency is on the exchanges. Those are places where you may buy and sell your crypto, using fiat. There are multiple measures to judge the reliability and quality of an exchange, such as liquidity, spread, fees, purchase and withdrawal limits, trading volume, security, insurance, user-friendliness.

    The first thing you really need is access to the “marketplace” from where to buy these cryptocurrencies. In other words, if you want to trade cryptocurrency you need:

    1) cryptocurrency wallet
    2) cryptocurrency exchange to trade on.

    Simple as that.

    Choose some respectable exchange and follow instructions. It mostly comes down to the following. After setting up an intermediary bank account and verifying your details, you are only five simple steps away from a Bitcoin purchase:

    1) Access the ‘Buy/Sell Bitcoin’ tab
    2) Select the payment method using the drop-down menu
    3) Enter the desired amount
    4) Click ‘Buy Bitcoin Instantly.’
    5) View your credited Bitcoins on your dashboard

    This process sometimes should be repeated several times.

    But it’s worth it in the end. Of course, it isn’t without any fees but fees are much lower than if you use a broker.

    If you’re interested in trading Bitcoin then you have a broad range of cryptocurrency exchanges from where to choose. But first make sure the exchange you pick accept fiat deposit so you can buy Bitcoin directly with your fiat money (US Dollar, Euros, etc.). Secondly, you want to make sure your preferred cryptocurrency is listed on the exchange. The most popular Crypto Exchange is CoinBase. But you can also use GDAX, BitFinex, Wirex, Binance, Coinmama, Bitpanda, or similar.

    If you want a bunch of fancy tools with which you can buy and sell cryptocurrencies you’ll want to use one of the exchanges that offer you a large variety of order types.

    An important factor when deciding your preferred cryptocurrency exchange is to research it thoughtfully and also listen to other user reviews and experiences.

    So, the answer to the question is – NO!

    If you want to invest in cryptocurrency, and not just buy/sell/trade, then you have a few options:
    a) New investors can choose an exchange to buy coins on and a wallet to store the coins in.
    b) An exchange-broker-wallet hybrid that allows customers to buy/sell/store cryptocurrency or some else options which I don’t want to recommend one until I reviewed them.

    But that is a completely different story.