What are the best tips choosing an online broker in forex. Here are some tips to get started and a list of points for consideration for making the right choice as well, we reveal another service that is a much simpler, easier way than going it alone

www.proforexroom.com said today that there are a number of tips one can use when starting out in forex trading or choosing the right Currency trading broker. Not all online brokers are the same

While choosing the broker, following points have to be considered:

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3 — Speedy execution of the orders: A good broker must be quick in executing the orders after the Sell or Buy option is selected. Some brokers have a high latency and its important to check the speed at which transactions are made. The writer has been caught on a number of occasions waiting as much as half a minute for online orders to settle an therefore what was a profitable transaction resulted in a loss.

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www.oanda.com trade in units and dont have a fixed lot sizing policy in place like other brokers.

6 — Leverages and Margins: You should obtain all the information regarding th

e calculations of the margins and leverages. Never opt for higher leverage. It can work easily against you no matter how attractive leverage seems. Some brokers such as Oanda offer 1:1 to 1:50 maximum whilst other brokers will offer up to 1:500 leverage. Thats $500,000 of contract value amount for ever $1,000.00 equivalent. If your new to the market just dont do it! get the trading experience first so you can work out risk and reward profiling relative to the size of margin (cash) available in your account.

7 — Rollover: These are levied by the brokers when they move their position to the next trading day.

8 — Trading platform: A good trading platform should provide all the expertise to cater the experts and the novices. A number of brokers offer Metatrader. Not all metatrader platforms perform the same, some are slower than others, others have requotes constantly etc. remember not to have too many charts running at once if you are trading Expert Advisors EAs on the MT platform as this will cause data errors which you can note in the journal.

9 — Technical support: Since the forex trading goes round the clock, the broker should provide the necessary support, whenever required. Believe me, some brokers are only contactable by online chat and cannot phone in when theres a live trade on. When the system is down, and live trades are in play, the last thing you want is not being able to connect.

10 — Other value additions: The brokers should make available other value added services like technical tools, market analysis etc. Generally stock standard services are available in the packages. Charts and indicators tend to be very similar accross broker to broker platforms ie. candlestick charts, bar charts and line charts and similar indicators on offer eg. stochastic, rsi indicator, macd, moving average lines, rate of change, momentum oscillators, adx, etc.

www.proforexroom.com operate a live trading room during the European London trading session. Basically we are open during the European session daytime with the day beginning around 8am and ending around 6pm. We trade a number of pairs throughout the day. our results have been amazing. we have achieved over 1,000 pips profit each month since the beginning of the year, you can have a look at our website and track the profit performance of our trades.

www.proforexroom.com and register for a free 14 day trial.

— sucessful trading

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Whether your new to currency trading or a seasoned trader, proforexroom is designed to either teach or follow alongside the traders in the room. Proforexroom is a live currency trading room each day during the European fx session in English & Italian.