HomeYou are going to trade and you need someone who knows what they are doing. Suddenly, you are being overwhelmed by terms like currency indexes, exchange rates, probable odds and balance of market. He begins to speak to you in technical jargon and you are struggling to understand. Does this scenario sound familiar? Do you have a Forex broker who does not seem to be doing the job the contract dictated in the first place?
Well you are not alone in that respect and the problem with new retail traders nowadays is that they seem not to be able to find the right sort of broker for them. Now this is not to say that the brokers that they have are incompetent, this is just saying for every trader our there, new or old, they have their own trading behaviour and what is going to happen to make their trading much more effective is that they find a Forex broker who either understands their trading behaviour and can adapt to them. This one of the key elements of a good Forex broker and those who cannot see this, are those who are trapped in an elastic band relationship where the Forex broker is simply trying to stretch the retail trader into a mould of what he things should be the best for the retail trader.
This is not how things should be and when you consider that most retail traders drop out after a couple of weeks on the market (well about 90% of new retail traders), you might want to point the finger to the fact that there was no bridge being built between the trader and the broker. So what happens here. This is really an article that is trying to say one thing. There are plenty of articles out there who will condemn the Forex broker, command you to look at his records, the companies records, their experiences and just how much money they have been making for traders in the last quarter. Yes, these are all pertinent stuff, but the most important thing in my opinion is that you need to be able to connect with the trader at all times.
This is more than just order fills and advice, this is about a broker who understands your trading behaviour, where you tend to lean, how you attack the market and just how much risk you are willing to take. So before you give him a handshake and sigh your John Hancock to a piece of paper, what you need to do is to actually be able to say hello to the guy and connect with him first and foremost. This is the most important thing when you consider how well your trade will be managed. Of course, the other things are also very important as well and you need to be able to balance those two. Finding the perfect Forex broker is a bit hard, but finding one that understands you will be a lot easier for you to handle.
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