SteveFx11 posted: Forex is a decentralized market where more than 4 trillion transactions take place every day and broker works as an intermediary. But, to start nicely, try to select a regulated trading broker.
The regulated broker gives more securely investing money in the forex business, besides it, choosing a broker that offers a low spread is more beneficial for scalping traders, I like scalping trading choose pairs such as EURUSD and other major pair with low spread.
The choice has become easier in recent years, because there are a lot of companies with worthy offers. Those traders who have been trading for a long time and have a lot of experience most likely already have a list of comfortable brokers. But for beginners it is sometimes difficult to make a choice. They can just look at more experienced colleagues, or get own experience.
Milex32 posted: There is an element of trust with regulated brokers. So, according to me, it is wise to go for them.
I understand where this mindset comes from, but regulators don't just pay out those funds if you get burned by the broker. Look at what happened with Veracity, everyone's money got stuck and people were freaking out. Now they're closed and they were regulated. Not saying regulation is bad, just that it doesn't always provide the safety net people think it does. I think reading reviews from real people is the best indicator of safety.
If you start with a small amount, automatically the profit you will be pulling in will be minimum. So, you will have to expand your investment strategy and learn from the experience and utilise the new skills gained. That is how you grow your account and as a successful trader.