You can often come across a news story in which it is revealed that customers of some Forex Brokers have gambled away huge fortunes, and often due to the fact that they were egged on to place trades by staff employed by such sites.
It is fair and very true to say that not every single Forex Broking site you are going to come cross is going to be operated to the very highest of industry standards, and those that are not will of course be very eager to get you to part with your cash and make high valued deposits into their sites.
I am also aware that some trading sites employ what they call account managers or supposed trading experts, whose job it is will be to contact you to get you to place trades that they feel are going to be winning ones, when in fact the real reason they are tipping up on half of a currency trade is that they have also contacted another customer to tell them to back the other half of such a trade.
By doing so the Forex Brokering site can then guarantee they are going to earn a profit on a trade and one of their customers will have placed a winning trade so will be happy!
Only Licensed Brokers are Regulated
If you want to ensure that you are never going to fall foul of such schemes and skulduggery, then you need to ensure that the only Forex Brokers you do sign up to and trade at are licensed and regulated.
By doing so you will always have the peace of mind in knowing they are never going to adopt any strategies like the one mentioned above to get you to part with your trading funds!
Select Your Own Forex Trades
It is also important that you learn how to sport the best currencies trades of the day, and that will often entail you understanding what can make any currency move in one way or another.
Often at different times each month different countries of the world are going to release economic data and facts and figures relating to how their different industries are performing, and in many cases it will be those key fast and figures that will ultimately determine whether a currency is going to increase in value or drop in value!