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I once read that it is most likely a waste of time to try learn or do everything. In FOREX this can be especially true. The financial markets are too saturated with information and opinions these days. So where does someone begin or where can an existing trader improve on?
The first step is to pick a reliable broker. This should not be as hard as it sounds. The most important point here is to make sure your broker is regulated by local or international financial authorities. To verify regulations simply check their website for license numbers and other relevant documents. Don't ever fall for too much advertising gimmicks. Once you confirm that your chosen broker complies with legal regulations, make sure they offer consistent and reliable services. Look for live assistance and good technology. Do not worry too much about spreads. The spread should not be an issue if you trade correctly and you make profits. You have the option to choose a broker with fixed spreads or variable. Both are appealing for different reasons and it all depends on what you will trade and your trading strategy.
Do not worry about picking a broker based on their signals or economic updates. I worked in the industry for a few years now and I can confirm that signals provided by any broker are not the best possible suggestion. Overall in the industry, all brokerages want their clients to keep the deposits coming. Trading suggestions provided by your broker will take you three steps forward and then four steps back! Most firms have retention teams. The individuals in retention have one job and one job only! To get you to deposit more money! Now that we have established that you should not follow any trading guidance from your broker, so where can you find true and sincere guidance?
The answer is simple and logical. There are a number of independent signal providers that offer strong signals for a monthly subscription. These providers only do one thing and that is analyzing the market to provide the information to people who are willing to pay for a strong unbiased projection. These companies depend on providing strong, accurate signals to keep their clients coming back. Why do these companies do this? Well there is not one answer. Some do it because they have been burned when they were getting started and they want to offer people the opportunity to a better FOREX experience. Some do it because the monthly subscription services can generate a nice income for them! Some do it because they know they are good at it and they have the desire to lead others.
I noticed that clients who pick independent signal providers have consistent profitable trades, whereas clients that follow their broker's advice tend to eventually need to deposit more.
Once you pick your broker and a good signal provider, the next step is to understand how to use a platform. This is not too difficult as most brokers offer either live training or good tutorials.
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