Comparing different dealers using common metrics helps to clarify where
each dealer’s strength lies. Armed with that information, the trader is
ready to choose the dealer who best fits his trading style.
Which dealer would you choose? Novice traders will often choose the
dealer with the best marketing, simply because it’s the one they know.
They learn about the dealer, visit the site, register for a demo, then scale
the learning curve to grow comfortable trading with that dealer, using
their charts, etc.
Frequently, the dealer with the best marketing is not the best dealer for the
trader, or perhaps, for any trader. Traders use systems that work in the
short term, mid term, or long term, with varying holding times and
strategies. The type of dealer needed for each approach is quite different.
For every trader there is an optimal dealer. For many, the path of least
resistance leads to the dealer who makes first contact, not the dealer who
will provide the best trading outcome. The sophisticated investor
optimizes returns by matching his trading style to his dealer.
WHAT
A comprehensive trading plan is framed by three main elements: the
trading vehicle, or currency pair, the events that trigger market entry and
exit, and the overall approach to trade management.
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