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Leverage is like a loan offered by a broker to maximize profits. But at the same time, there are risks. Few traders can handle leverage, but not everyone can. So, it depends on the trader whether or not to take the risk with leverage. Nowadays many brokers like Eurotrader offer the high leverage. But I recommend low leverage as a starter.
A broker is an important element in forex trading. Without broker a trader cannot trade in forex market. It is the main duty as a trader is to choose a good broker or him. There are a lot of fake or scam brokers in the market. So, it is really difficult to choose the best one from all of the brokers in forex market. I had faced same problem while i was choosing a broker for me to trade.
At last I found TP Global FX. They are really great in all sectors. They give low spreads start from 0.01 pips. They also give maximum leverage of 1:500. They also provide 24X5 customer service to their account holder. They also have diverse tradable instrument. There are 56 pairs of FX in their site. So, overall it is the best broker for me. I am still trading with them.
Traders should keep a record trading with a journal and patience to figure out what pro trader is doing. Perfectly maintain a trading journal is also important. I am trading with Forex4you, and I also maintain a journal with entry/exit criteria of a trade; Trading market conditions, such as trending markets, ranging markets, important news events; Trading strategy corresponding to the market conditions; Currency pairs to trade and pairs to avoid, etc.
The selection of the existing broker must be able to be considered properly by traders, this is necessary so that traders can become better and maximized in getting the security and comfort of trading while on a real Tickmill account.
The money management system is most important part for a trader in forex market. Money management system makes money secure. A reliable broker provides a money management system. Without a money management system, there's less chance of earning profits. I trade with Tpglobalfx. They are a very reliable broker. They never make disappointment to their client. They always try to provide their best service. I would easily suggest this broke if anyone looking for a reliable one.
managing funds and existing risks must be able to be considered properly by traders, this is done so that traders can be more leverage in surviving and becoming a trader of the month with Tickmill.
For this forex trading, we have to be careful especially in every decision because that way it will make us able to trade optimally. Trading with a demo account will allow us to test everything well, including trading strategies. That's why I used to be like that too, testing the trading strategy on a demo account first