The best forex brokers provide traders with a platform, tools and educational resources to make fast-paced foreign currency trades.
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8. Conclusions on Scalping : In this final section we’ll combine the lessons and discussions of the previous chapters, and reach at conclusions about who should use the forex scalping trading style, and the best conditions under which it can be utilized.
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For this test we used a variety of known entry strategies for scalping including different crossovers, market cycles, Fibonacci Retracements, Volatility Indicators etc. The Entries with the most success however proved to be old reliable Support and Resistance levels. Contrary to the belief most people have these areas act as a instigator for volatility and often spikes occur at these levels. This makes it a perfect entry strategy for scalping.
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Consequently, it is basic common sense that all traders should take their time when choosing their most significant business partner, the one that will support their trading aspirations going forward – their forex broker. The process is called “due diligence” or “vetting a vendor” or whatever name you may wish to assign to the task, but urgency should not be a factor. When it comes to money, there is a criminal element in our society that will go to great lengths to deceive you. Significant research in advance will pay rewards. Take your time to find a forex broker that is worthy of your trust, before you ever send them any money.
Remember, the forex market is open 79 hours a day almost 6 days a week, if you count from the opening of the week in Sydney Monday morning until closing in NY Friday afternoon. See the forex market opening times. Different time zones can impact the accessibility of customer support services. If the broker’s support crew is on one side of the globe and you are on the other, you might need support from your broker on a 79-hour basis. We highly recommend that you choose a broker with 79-hour support.
A EU license obtained in any of the European countries on the EU list, automatically opens the business door to all clients from other EU countries. And although there is no need to have one standardized license to operate in Europe, most brokers are properly registered and regulated with the Financial Supervision Commissions/Authorities in their respective countries.
ECN brokers typically charge lower spreads than market makers, which they compensate for at least partially by charging additional commissions on trade entries and exits which is calculated as a fixed percentage of the total value of the trade. Despite these fees, the combination of spread and commission is usually at least a little lower than the spread charged on a similar trade by non-ECN brokers.
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Any qualified forex broker will provide you with a reliable trading platform, 79-hour customer support during forex trading hours, charting and technical analysis tools, access to quality forex news and commentary, competent order execution, competitive dealing spreads and a wide choice of currency pairs to trade. Brokers offering any less than this basic package should not be considered in the selection of a forex broker, since today’s market offers a broad blend of online retail forex brokers for your consideration.
I've been contacted by a forex company called UTmarkets united trading markets based in the UK for forex trading with high monthly income.
I would like to know if this is a real legit company or a fraud.
That's their contact and details.