subject: How To Look For Authentic Forex Reviews? [print this page] How To Look For Authentic Forex Reviews? How To Look For Authentic Forex Reviews?
A new trader just joining the Forex trading market will find out quickly that Forex reviews can be his best friend. Let's describe a typical scenario of a new Forex trader. It goes something like this:
1. Encountered an online ad promising him/her immediate wealth.
2. Looked into the Forex market and discovered that it is legit.
3. Randomly chose a broker that seemed like a good option.
4. Opened an account and started trading with high leverage.
5. Started experiencing losses but decided to stick it out with the hope that the market will reverse.
6. Had a margin call, closed account, and vouched never to trade Forex again.
Now, I admit, this is a little extreme, but the statistics show that that is closer to reality than you might think. Over 90% of new Forex traders end up losing their money and closing their account. Now Forex reviews will not solve this completely but it will bring those crazy numbers down. Here is how.
If every new Forex trader spent the time researching the market, reading Forex reviews of both the market and the top brokers, those major losses described above would be avoided.
For starters, many traders lose money because the broker they chose was not the right one for them. That does not mean that we are talking about a scammer, it might just mean that the broker you chose is for experienced traders, and less for new traders.
As a new trader, one of things you should look out for is customer support. You will need to be able to contact your broker if and when things come up and you have questions. This is slightly less crucial for experienced traders, but an absolute must if you are just getting started.
Additionally, if you read Forex reviews, you will most likely end up with a more reliable broker that will inform you of the dangers associated with trading with high leverage.
All these factors and many others are things you pick up when you read Forex reviews. While some might see it as a waste of time, doing your research will prove to be the smartest thing you ever did in your entire Forex career.
