The Forex Noob

I finally took the leap and opened a live account with a forex broker. After over two months of demos, testing customer service, reading reviews and checking out sites I funded an account.

Here’s what I’ve learned:

1 – No matter what the broker someone hates them and someone loves them.

2 – Be careful and read each brokers info thoroughly. Some brokers are registered with NFA, CFTC or others but read and see if their forex division is registered or if it is other divisions that are. You’ll be surprised. Also, pay attention to what accounts may or may not be ECN. Some forex brokers advertise that they are ECN brokers then when you read their ECN accounts require larger initial deposits, $3500, $5,000, $10,000, etc.

3 – You will not find the perfect forex broker so go with one you are comfortable with. Have your priorities on paper and rate each broker.

4 – Setting up an account and funding it is not as easy as they lead it to be. And it shouldn’t. If you can be signed up and trading in 5 minutes I’d be sceptable of the broker.

5 – Customer service is extremely important. Test them out. We all hope to never need help but in case you do you want a quick response from a knowledgeable person.

6 – Once set up remember it’s now REAL MONEY. No more playing. The demo’s are gone and if you lose your money it’s gone.

Now to get down to business. Not sure if I will be installing either FAPTurbo or Forex MegaDroid on it or not. Their preformance has left me underwhelmed.

Thanks for your time,

The Forex Noob

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