I keep reading forex success stories all over the internet, where many traders who have managed to achieve profits through forex trading talk about the all factors leading to their success. They mention the hard work, time, dedication and commitment it requires and talk about how they had to educate themselves to understand how the foreign exchange market works and how to implement the various tools available, the principles of fundamental and technical analysis and even the signals services that they may have used, automatic and manual.
In my case, and although my success may be modest, meaning that I haven’t made any massive fortune out of forex trading but have rather managed to supplement my income on a steady monthly basis leading to a more comfortable day to day life and less stress for the future, I have to argue that all these success factors being stressed so much in the stories of other traders, would be totally useless if another vital factor is not as it should be.
I am referring to the forex broker that one chooses to trade through, since all traders place their forex trades, not directly on the market, but through a trading account they hold with the trader. I am certain, from my experience so far, that no matter how knowledgeable and skillful a trader manages to get – through effort and hard work – in reading, interpreting and predicting the markets, if the broker one chooses fails you, then there is absolutely no chance for one to succeed.
If your broker doesn’t allow you an adequate spread, if trades are not executed in a timely manner, if the brokerage stands to make money from your losses because they play against your position in a trade, then failure is much more likely than success. And I go on for ever citing such examples as the list of things that can go wrong because of the broker, irrespective of what the trader does, is truly endless.
I am sure that anyone who has ever tried forex trading understands exactly the point I am trying to make. In my personal case, I am certain that I achieved success mostly because of my wise choice of broker. So, if I would give a single piece of advice to existing traders who keep failing, or to new aspiring ones, is to take their time and do their research to find and choose a decent broker and build with them a relationship of mutual trust and respect. Such a broker that would not jeopardize, hinder or obstruct your efforts for success in forex trading, but that will instead support, guide and help you achieve your potential and trading goals.