We do agree, Forex trading has become known to everyone around the world and mainly because of high-end technology. But technology not only provides positive outcomes but also negative outcomes. Most of the time traders struggle due to scammers and frauds it can become a pain at a time. It is important to protect your account from scammers and frauds although it can be a bit hard. Even if it hard you should ensure that the account is safe since you are dealing real money. Most Singaporean traders are aware of the tips to protect their trading account, so they don’t let it get robbed. Unfortunately, naïve traders aren’t aware of those tips which lead to blowing of their account.
Actually, the major reason for losing an account is due to not following certain important guidelines. In fact, protecting or losing the account is in the hands of the traders. They should think about the ways to deal with their account. Most traders are careless that they just trade and at last, they end up blowing their account. And some other traders they trade as if they don’t have a set limit, they risk more than they can because they previous trade had been a profitable one. However, these kinds of problems are the major reasons to blow their account completely. Still, they have the chance to become a better trader for that, they have to focus on a few factors.
Table of Contents
Be observant when selecting a platform
If you face a situation to deal with scammers and robbers, the main reason is the trading platform. If you have ended up blowing your online trading account, the root cause is the trading platform. You have opened an account from that trading platform so basically, it is the main body that might be dealing with the scammers. This is why it is important to select a platform that is reliable and trustworthy. Before you select a platform you should think whether it is reliable and whether it has a lot of positive reviews or not. Once you decide the credibility of the platform you can decide whether to open an account. However, to be safe than sorry, you should consider opening an account on mt4 or mt5 platforms as they are reliable. These are the major platforms used by most of the Forex traders.
Hand-pick the broker
You already know how related trading account and a broker are. It becomes the sole responsibility of the broker to protect the traders account because, at times, traders give the eligibility to place trades on behalf of them. Nevertheless, it is important to select a reliable broker like the Saxo, because they know to treat their customers perfectly.
Know to play
Even if you have selected the right platform and a good broker it wouldn’t be worth it if you don’t know to play along. If you don’t know the right methods to trade the market, you will obviously end up losing the account. Above all, you should know to control your feelings, if you want to protect your trading account.
Knowing the complex nature of the market is one of the hardest challenge you will ever face a Forex trader. People often trade for years yet they lose money. They simply violate the very basic rules of investment. They take huge risk thus they blow their account. You have be well aware about the associated risk in trading. Trading is not gambling profession rather it’s how you manage your risk in volatile market. If you fail to cut your losing trades early you have to pay heavily. Learn to trade with proper risk-reward ratio so that you can be tuned with the latest changes of the market. Always follow the market trend and try to keep things simple. Lock your emotions and let logic play for you. Embrace the losing orders and wait for the next shot.