I introduced a friend of mine to the Forex recently, and like a lot of Forex newbies, he got lucky on his first demo trade with a particular FX broker. This broker aggressively called my friend up to get him to sign up for a real account, but my friend new barely anything about the Forex. I warned my friend not to use real money anytime soon. Luckily for my friend, he nearly wiped out his demo account one morning. Only then did he realize where I was coming from.
So the whole thing got me thinking about brokers, and how they court new FX traders. All brokers should definitely maintain some type of contact with their new clients to offer help, but when a broker knows that they are dealing with a newbie, they should really encourage that newbie to hold out from starting a live account for as long as possible.
New FX traders should beware of this.
So the whole thing got me thinking about brokers, and how they court new FX traders. All brokers should definitely maintain some type of contact with their new clients to offer help, but when a broker knows that they are dealing with a newbie, they should really encourage that newbie to hold out from starting a live account for as long as possible.
New FX traders should beware of this.
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