Beginners start their trading with a lot of stages, and one of the stages is trial stage. They have tried and failed a lot before they can get better experience. They open trial accounts on many brokers and move from this broker to another one time to time. That is when they realize that there is no best brokers for most of the traders but the most suitable brokers are the best choice. And for starters, there are some important concepts that they should be clear to trade with the best brokers for beginners.
Below are some matters that can be put in the plate to consider when one first steps into the forex market.
Some mistakes starting traders can make
Demo accounts are thought to be a safe first step for traders to start trading by most of the new traders. Actually, this account can cause some bad effects because they make you to pay more and there are more risks for trading. So, for beginners the Cent accounts are the safer way to start the forex business. With Cent account, begin traders can practice more effectively.
ECN’s profit given sounds every tempting when they give traders more than 10% from the profit each month, and traders can get even 50-100%. However, the tricky thing is that traders will lose the bigger amount after they win 50% or 100%. Besides, ECN brokers are not stable because their slippages and gaps are volatile. Generally, ECN brokers are not for beginners because of these reasons. They should choose the brokers that offer the safer profit rate about 3% to 5%. This amount of profit may be quite little but it is more committed to your money.
When to start open the position to trade is a question may cause some problems for traders. Beginners may think that the right time to open one lot is the release time when there is official economic news or some reports from the government. Actually, that is a huge mistake to do that, the experienced traders know that they should open or close the position fifteen minutes before or after this release time.
The best is not the best
That is for sure that some fresh traders are attracted by best brokers because they think it is best and good for their trading. But they still lose after opening an account and trading. As a result, the lesson is derived from this is that the best brokers are not the best way to begin trading. The most significant elements for fresh traders to check are trading strategies, your experiences, or your countries trading conditions…
Because of there is truth that most of the starters will not gain much benefit from the first trading do make sure you lost just a little bit of mount and gain back the experience.
The best features of the most suitable brokers for beginners
For the purpose of learning and experiencing from the first time trading, below are the most crucial factors to be checked of the brokers
The low deposit
Like I said beginning traders benefit experience and practicing from trading, so they limit the amount to less than 100$ in the months for the beginning. Because of that little amount you do not need to worry about trading conditions or quote quality in case brokers want to cheat you or make it difficult for your trading. They will not try to take advantages of your just little amount but they try to get you invest more and more.
Small lots are safer.
For most of the brokers they require the amount of lot with 100,000 USD, however, this amount is too big for beginners who just want some experience at the first stage. Besides, they are amateurs so possibility to be lost is high. Therefore, small lot is the safer choice. There are some brokers that have the Micro account and Cent account that require clients to trade with the lot of 0.00001 USD like XM, Exness, FBS for Micro accounts or 0.0001 Lot USD for Cent accounts. Besides that, these brokers just require a little amount for the deposit, about just 10 $ a month.
Convenience is helpful
Forex market is complex with a lot of things for traders to acknowledge and it may take a long time to get this. So for the first step, if things are simpler it makes traders feel safe to start trading. But not all the brokers will simplify the process for traders. Traders should try to trade with easiest method brokers by trading in web trade or web terminal because MT4 or MT5 are more complicated then spare them for the time when traders are professional. In the case of making the deposit, choosing the Visa or Master is simpler for starter.
Trusted brokers or credibility
Reputation of the brokers is not something that traders must worry about a lot because starters just deposit a very little money. The problem about trust level is for the experienced traders because they usually invest the huge money.
Training and coaching programs is a helpful tool.
These are the programs that are hold weekly or monthly to help traders know about trading and some other things. In some programs they may offer traders to open on their account. In that case, traders should be careful about if they are reliable or not. They can refuse to registry or just a small account for the trial time and experience.
For the first time trading, starters can face the problems such as login, installing MT4, 3D security of Credit Card… Local offices with multi speaking staff can support traders with these problems more effectively and quickly.
Top three best reviewed brokers for starters.
These three brokers are checked by the elements that starters have been studying and from this checking here are top three best brokers for starting traders with their rate.
- XM reviews: 9/10
- Exness reviews: 8.5/10
- FBS reviews: 8/10
Among them, XM is the biggest when they have the very small amount for one position with about 0.00001 lots USD for beginners and they also have different kinds of training courses. Meanwhile, Exness has Cent accounts to open a position with 0.0001 USD for a lot and they also have local support and local payment system ranked as the best one. With FBS, they all have the good service or Cent account but they do not these good things on the countries that they do not have the office. Their offices are mostly placed on some of the South East Asian countries like Indonesia, Thailand Vietnam. Their area is quite limited.
Both these brokers are considered the biggest ones and they are trustful
Are demo contests worth trying?
The Demo contests are actually not good for starting traders because they can cause some bad trading habits when traders just want to gain some profit and forget to not be aware of the risky situations that could harm their trading strategies.
According to a research, most of the demo contest winners are from China, Thailand, Indonesia…with the help of robot trading they can win 10% for the profit. That is the main reason why beginners cannot easily win the profit from the Demo contest.
Welcome bonuses can be tricky.
For the starters, some brokers also offer bonuses for the first trading but most of the cases; the bonuses cannot be withdrawn easily because brokers require traders with certain number of the trading lots or huge amount of deposit. As a result, brokers that have the bonus program can be good but there are still difficulties for the starters
Summary of the advice for beginners
Trade s little amount, for the experience, traders ought to trade the small deposit, about 100$ which is rather safe.
Learn to manage risks. That is when some brokers can provide very huge profit at the first place, but brokers with their very clever ways can gain back from the traders latter.
Stay away from robot trading, with the reason that new traders are so confusing about the forex field, so they can manage to use the robot trading effectively or have this robot carry their entire plan and even have to pay more for that.
For Thai traders, these are ฟอเร็กซ์ โบรกเกอร์.