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The number one question we are asked is which broker to go with. This is a fair question as there are some very dodgy brokers out there, and if you are placing your hard-earned cash with them, then you want to make sure you have gone with a reputable one.
Everyone has different circumstances, whether that be a country of residence, style of trading, deposit amount, risk tolerance etc, so for us to answer your question about broker selection is just too difficult. So why not let the experts deal with it, that is where Forest Park FX comes into it and helps you identify a broker to suit your individual needs at no expense to you, as they get paid by the broker. They are an Introducing Broker with plenty of contacts, and if you have any problem with a broker they have recommended to you, they can act on your behalf to assist with any issues you may have. There is also a chance that you may receive cash rebates as a result of using a particular broker. I’ve been with Justin and his team for a few years now and they haven’t let me down.
I wish I had access to this Trading Simulator on MT4 many years ago.
This software from Soft4FX is a great piece of kit, and if you can afford the US$110 or so, then it will help your trade training immensely. It has time-saving features coupled with accuracy. A demo is available for free for an unlimited time to give you an idea of whether it is something that you could benefit from, however, demo features are a little limited.
Expert Advisors (EAs/Trading Robots)
A lot of traders are interested in automating their trading, and look at using Expert Advisors which are more common on the MT4 and MT5 platforms. I also have a strong interest in this field, having my own EAs built over the years and also purchasing 3rd party EAs.
There are plenty to choose from, and most are rubbish. But there are some decent ones out there and Alex and his team from Expert4X build some that may be of interest to you. Just be aware that most EAs are just not set and forget. They do require some work when it comes to setting them up and then monitoring them. There is no holy grail in trading robot land. If this is something that interests you, then check out this introductory video here.
As most of you know, I now use TradingView (TV) for the majority of my trade analysis. I still trade-off MT4 and MT5 platforms, but TV is more convenient when it comes to using multiple devices, and it is more user-friendly, with plenty of other bells and whistles. There is a free version, but it is limited, so if you can afford it, I would suggest you go with one of the paid plans.
One thing that has become super popular in the last few years is trading for a Prop Firm.
Basically, the trader pays a few hundred $$ to a company and they allow you to trade their money, where you share the profits. Sounds great (and easy) in theory, but it can be hard going as these Prop Firms do have various strict rules when it comes to risk, profit and style of trading etc. But there are plenty of them around and if you think you are good enough of a trader, then it is a great way to make some decent profit without really risking too much of your own money. The trick is to be consistent and keep the drawdown under control.
Two of the more popular Prop Firms are:
If anyone has traded for a while, you will know that trading is something that will mess with your mind in a big way. You will experience emotions that you didn’t even know that you had, whether that be good or bad. It is a huge part of being a successful trader. If you are struggling with the mental side of things, then Louise's Trading Mindset Course may be what you are looking for to get your mind in the correct place. I’ve done the course as I am a big believer in hypnotherapy, meditation, and affirmations. It’s not for everyone, but if you are struggling then it may be worth a shot. I’m fairly certain Louise offers a free audio sample to see if it is something that would suit you.