Updated: Nov 19, 2020
The LIBOR 2012, Dieselgate 2015, PPI 2011 scandal to name but a few.
In terms of online trading for beginners there are certain practices to look out for, do not get scammed.
Everyone wants your business and most regulated companies comply with best practice.
As an example, I am an Anglo Cypriot with dual nationality and have worked here for 8 years in Cyprus. I believe the regulatory body Cysec https://www.cysec.gov.cy/en-GB/home/
works hard to police their licenced brokers. (I have no relations there) ).
Naturally, there are often individual rotten apples within companies that give this industry a bad name.
The basic thing to be aware when trading is what you and you alone want to achieve.
You are trading online to either buy or short an asset, irrelevant if it is Forex or CFD’s to make profit.
If you have never studied the markets or speculated before you would be eagerly willing to listen to opinions of people in the industry, great, that is called a financial advisor or analyst, licenced and regulated with the relevant experience and training. You have the option to use an Asset manager as an example. However, trading independently can be exciting and rewarding.
If you are currently trading or look to start, consider these rules.
· Never invest more than you are willing to lose, do not trade initially to pay off your debts, they could get worse.
· Never trade for the sake of trading, if someone tells you there is a big opportunity today, remember there will be another one tomorrow.
· Practice makes perfect, use demo accounts for strategy and understanding the platform.
· Understand the pros and cons of leverage, important.
· Understand the fees you pay, spreads, swaps etc.
· Understand what a margin call is.
· Understand what it really means to hedge a position.
· Never be pressurised by another.
If you need further help, contact us.
We review many brokers and try to find the right one for you.