It is hard to explain what a forex
broker does in just one article because they are the ones who have already
learned the job of Forex trader and then on to Forex broker. So now they have
added responsibilities
Broker
On their account – real
account, the forex broker does what
everyone who has an account does. But they are also responsible for many things
the most important of is training the new Forex traders. Add to this that they
need to be available to make any foreign trades after hours during the week that
those in the office need done. The brokers are the only ones with after hour
access.
Practice Account
Brokers are also the ones most
involved with getting new traders set up on their practice account and teach
them how to use it. In getting to know new traders it is important for the
broker to reach out to someone who matches their personalities and seems to be
fairly smart. It will make training them much easier.
Teach Forex Market
A Forex broker also needs to
teach the trader about the Forex market itself and the firm has many papers or
articles to help with that explanation and how it is different from the regular
market. It is a currency market and there are only so many currencies around
the world where the real market has over 5000 companies to work with. This
sounds like it would be easy but there are so many ins and outs that will only
make it more difficult.
Basics at the Beginning
There are strategies to teach
as well as basic terminology and that is just the start. After that the
practice account comes into play as well as learning any new charting software
the company might have. Every brokerage firm that takes in new traders will
have a different method of training but they all will be fairly identical in
certain areas.
Most of all is for the broker
to train extremely well before the new traders get anywhere around a live
account. This is because a couple of wrong moves and all the money will be gone.
It is a very risky market to trade in.
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