Forex trading is the best way to earn money online if you know your way around how the market works. But even if you don’t know well enough how it works, you can hire a forex account manager. But before you do that, you have to know which account manager performs well. Since you aren’t making trades yourself, choosing the right forex account manager is the biggest trade you will make. Because you are giving him all the access and right to do trades for you. If you want to use the best way to earn money online fast for your own benefit, you must know how to find the right broker.
Determine Your Needs
First of all, you need to define your needs. For example, ask yourself if you will trade small or big moves if you will do day trade a lot or only a few? Different brokers have different methods and you need to find one who matches your own method. If you want to make a lot of day trades, ECN brokers are ideal for you. Although you will pay a commission trades the spread will be tighter for ECN brokers.
See What the Broker Bring to the Table
Your broker should be available any time you need him to. To find out if your broker is responsive enough, you can open a demo account with the potential brokers that you are interested in and then send a lot of emails with lots of questions. See how fast they reply and if their replies are detailed or not. If their service is not up to your standard, you can just ditch them. You should find a broker who regulates from a country with a well established financial system.
Be Careful About the Trader Reviews
People look online to find out a good broker and they often look for reviews. It’s a good idea to look for reviews but you should be wary of them, too. Lots of online forums are filled with fake reviews, and they give bad reviews to traders with no real logical explanations. Make sure the information you are getting is from a credible source.
Personally Screen The Broker
Before deciding that someone is your ideal broker, you should screen him personally. What you can do is you can open a demo account and the deposit only 10% of what you intend to deposit initially. Then monitor how he runs it for at least two weeks. Ask him questions, see his trade methods, and find out how good he really is.
Better Stay Away from Bonuses
You will find hundreds of managed forex account services offering you bonuses if you open an account with them. It’s better to steer clear of them because they aren’t really offering you a bonus and if they were really good, they wouldn’t need to advertise them this way.
Remember, you need to be in sync with your forex account manager. If his trading method doesn’t reflect yours, you may find yourself in dispute with him in a matter of weeks.