Forex trading has become a very profitable online business that lots of people have been doing these days. It is very tough to understand the true nature of this business and especially as a rookie forex trader you will need lots of guidance for making right decisions. You always need help from an experienced forex trader because they will know the real deals and will guide you properly. Another important thing that you always have to keep in mind is that the final decision will be always yours. You can just take advice from your forex trader but he will never tell you the final decision. You have to make your own mind and accept the result. You can ask as many questions as you want but make sure that those questions do not influence your decisions. Try to learn forex trading instead of doing it through your trader. There are some important things that you must always look in your trader before hiring it for advice.
First of all your forex broker must be registered with a financial institution because an unregistered forex broker will not be able to access funds. He must be able to act on your decisions properly and should buy and sell according to your decision. You can also verify registration of your broker with NFA, if you have any doubts. Your forex broker must be available 24/7 because this is very important to be in contact with your broker. You must be able to talk to him at any time during 24 hours of the day. With this live support you can make very important decisions and with timely support you can also reverse your wrong decisions before they hit back. Your broker must also tell you the exact times of trading according to the currencies that you have selected.
You should also look at the transaction fee that your broker is asking for. Some forex brokers trade with a variable spread while some deal with fixed spread. You can choose the one that suits you more. Normally fixed spread is more feasible because that remains a fixed amount no matter how large your transaction is while in variable spread, commission will keep on increasing with transaction amount. Software of your trading system is also important because your broker must provide you with an easy to use platform that you can understand easily. A good forex broker will always allow you to trade on demo software first. You can know the quality of actual software with this demo and make sure that software is not complex and you can understand all of its features easily. Experience is always the key in doing good forex trading because you can know about the ups and downs of this system only with experience. You must choose a forex broker with enough experience that he can understand all the complexities and can warn you about an upcoming downfall. These are the features that you should always look in your forex broker.