Notice how the title is ‘Choosing Forex Dealers’ not ‘Choosing a Forex Dealer’? In this scenario, try and imagine this. You recently graduated from the university. What’s the next step? You apply for a job. Do you apply for only one, or do you send in your application to a few more openings? We’re willing to bet you picked the latter. After all, it makes sense, doesn’t it? Why limit yourself to only one job? Ultimately, you are not the only one applying for potential jobs. Just to be on the safe side, you should send in your CV and resume to a couple more companies.
No Obligation- Feel Free to Explore
Just like applying for new jobs, one should always explore the many forex dealers out there. Forex traders shouldn’t feel like they should commit to solely one dealer. There’s no need for that. One of the best parts of choosing multiple dealers is to add some diversification. By now, people in the forex market should understand this term. If not, here’s a simplified version as seen on Investopedia, ‘A risk management technique that mixes a wide variety of investments within a portfolio.’ Another reason why experienced traders choose more than one forex dealer is because of negative repercussion. Not to be a sour grape here, but we never know which broker will go out of business. Hence, it’s better to play it safe.
In the end, we are talking about your hard-earned money. Be sure of yourself and make practical decisions. Some forex traders divide their account between an options broker and a forex dealer. Most importantly, choose forex dealers that best suit the strategies in your portfolio. It’s good to break into something new, but always be sure of your choice. Ask yourself questions, ‘Is this me?’, ‘Am I making the right move?’ etc…
To Get You Started, Here Are Some Forex Dealers Popular in Singapore
- SAXO Capital Markets
- Phillip Futures
- GFT Asia (GFT Markets)
Also, Take Note of Illegal Brokers
No way! Singapore doesn’t have any illegal brokers.
I can pick any forex brokers I want.
Everything will be okay
If that’s what you really think, you couldn’t be more wrong. While our country is relatively safe from crime, there are still jerks out there brainstorming of new ways to con the naive and weak. The best possible way to stay in the loop is to read the newspaper or watch the latest news on the telly.
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