Is Forex essentially gambling?
In my opinion, Forex is NOT exactly gambling because there is a lot of difference between Forex and gambling.
1. In Forex, you can make a lot of predictions based on the news and the past history, but you can’t even do that in gambling.
2. I haven’t seen anyone make a living from gambling but I do see people make a living consistently from trading Forex.
But nowadays people especially the elderly treat Forex as gambling and trade without a plan. It is their fault. This is because trading is not merely about sell or buy, it requires a lot of training, discipline, patience, and experiences as well.
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How to choose the right broker for yourself
There are several qualities you should look for before finding yourself the correct forex broker.
The most important thing for a good broker is that they MUST have a high level of security. They must be trustworthy and reliable. Also, they must be a member of the regulatory bodies such as FCA, PRA, ASIC, CFTC and so on.
2. Transaction Costs
Make sure you know if you need tight spreads for your type of trading, and then review your available options. It’s all about finding the correct balance between security and low transaction costs.
3. Deposit and Withdrawal
Good forex brokers will allow you to deposit funds and withdraw your earnings hassle-free. Your broker only holds your money to make trading easier so there is no reason for you to have a hard time getting the profits you have earned. Your broker should make sure that the withdrawal process is speedy and smooth.
4. Trading platform
When looking for a broker, always check what its trading platform has to offer.
Does it offer free news feed? How about easy-to-use technical and charting tools? Does it present you with all the information you will need to trade properly?
It is mandatory that your broker fills you at the best possible price for your orders.
Under normal market conditions (e.g. normal liquidity, no important news releases or surprise events), there really is no reason for your broker to not fill you at, or very close to, the market price you see when you click the “buy” or “sell” button.
For example, assuming you have a stable internet connection, if you click “buy” EUR/USD for 1.3000, you should get filled at that price or within micro-pips of it. The speed at which your orders get filled is very important, especially if you’re a scalper.
6. Customer Service
Brokers aren’t perfect, and therefore you must pick a broker that you could easily contact when problems arise.
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