Top Forex Broker

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If you’re a regular reader of this site you’ll know we recommend a number of different Forex brokers. Usually it depends on what kind of trader you are, how often you trade and how much money you have to invest.

But I often get asked the question, just who is the top Forex broker? So I’ll try my best to answer it. Of course it depends on who you are and how you want to trade, but since the vast majority of people who read this site are beginners, I’ll assume that’s what you are and recommend a site that’s perfect for learning the ropes.

A beginner requires a whole different tool set than a more seasoned trader. Learning Forex is difficult and you shouldn’t underestimate the skills that are required. Like all people who’ve learned to trade Forex successfully, you’ll have some pain to go through first.

Successful Forex trading is as much about psychology as it is about trading, you’ll have to overcome feelings of greed and fear, you’ll have to learn how to trade without emotion. You can have the best strategy in the world but if you can’t manage the psychology you won’t be able to make a profit.

So if you’re just starting out on your Forex trading journey you need a broker that’s going to support you along the way. The very worst thing you can do is choose a broker that offers extremely high leverage and narrow spreads in the hope that if you keep your trading costs to minimum and maximize your leverage you’ll make a profit.

This is a sure fire way of losing money. Brokers that offer extremely high leverage are setup with the sole reason of relieving you of your money as quickly as possible. When you’re new to Forex education should be your number one priority and next to that ongoing support.

So who is our top Forex broker? Well if you’re just starting out the absolute best broker to choose is eToro. Why? Well they offer some excellent training for beginners, some of the very best around. They literally assume you don’t know anything and walk you through the basics of money management and developing a strategy.

You’ll get immediate access to their virtual trading account so you can practice your trades and develop your strategy. You’ll also be introduced to their Guardian Angel software which enables you to trade safely using proper levels of leverage. Misuse of leverage is the number one reason most Forex traders fail. This software shows you how and when to use leverage and what level you should use.

What about support going forward? Well they’re excellent here too; you’ll have access to their OpenBook social network, a kind of Facebook book for Forex. Here you can search for members that are performing particularly well and follow along with them. You can literally watch in real time when they enter the market and when they exit. You can watch how they handle their account and manage leverage.

Using OpenBook can really transform your trading, even if you’ve tried Forex before and couldn’t make it work. This really is the number one training resource out there, no other Forex broker offers anything like this kind of support and best of all its available free of charge.

You can literally join eToro as a complete rookie and within a few months have developed a profitable strategy, gained some invaluable knowledge from some of the most successful traders in the business and learnt how to control your emotions. A trading education like that was previously only available to a select few firms on Wall Street, unless George Soros happens to be your uncle.

Start trading the right way and join eToro now.

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