Last week we gave you a very brief overview of the Forex market and how it was formed, this week we reveal that big mistake that so many people make when they first start trading and we tell you how to avoid failing before you have even started.
So what is this mistake that so many people make and seriously limit their profitability? Well, think about it, you are new to trading but before you can start what is the one thing you need?
Need any help? If you didn't guess it's a reputable Forex broker. It is understandable why so many people make huge mistakes in choosing a broker. You have opened your eyes to the massive opportunity Forex is offering you and you are excited and what to get going straight away. It is here when many people just do not do enough research to choose their broker, they underestimate the effect that choice will have on their long-term profitability.
Brokers are NOT all the same, some offer fantastic spreads and leverages (if you are not sure what these are then check out http://www.instantforexincome.com/pips_and_spreads.html) and additional features, whereas others offer down right terrible features and make it as difficult as possible for you to make Forex trading profitable.
The good news is that even if you have already chosen your broker it isn't too late to change. I feel that eToro offer the best trading platform and rates in the industry. With a despout of just $50 you can open an account and start benefitting from tight spreads of between 2-6 pips and leverages up to 400:1.
This makes profitable Forex trading so much easier and it is eToro that I use personally for all of my trading. If you are a complete newbie to trading then eToro is your best choice. Even better news is that eToro is one of the few brokers that accept both US and UK traders.
Seriously no matter how happy you are with your broker go and take a look at eToro and compare them to what your current platform offers - only good can come out of it! You can find eToro by clicking here.
Next week we will look in more detail at pips and spreads and how even the smallest of differences can have dramatic impact on your profits.
Good luck and happy trading!
The Instant Forex Income Team
15 Newstead Court, Somersby Road, Nottingham, Notts NG5 4NF, UNITED KINGDOM
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