We’re seeing lots of green on our screens at the end of this week. Hopefully you’ve been following my trades and utilizing my knowledge to work toward your own futures trading career.
But if you’re just starting out, today’s your lucky day… I’m going to take a look at one of the most important fundamental aspects of my system!
One of the first steps in becoming a successful futures trader is making sure you have a good broker that can help you utilize your trading strategy.
Keep in mind that every broker has their pros and cons. Some will have certain benefits that outshine others, while some will have glaring negatives that you should avoid.
Some brokerage services will be more effective than others in assisting you in achieving your trading objectives, so you need to be clear about what your objectives are.
But whatever they may be, take a look at my approach to finding a good futures broker below. If you follow this advice, you’ll be well on your way to building your futures trading career…
Looking For a Broker
A futures broker allows you to trade contracts for the selling of goods or securities at a defined price on a fixed date in the future.
There are many different brokers out there, so you should ask a variety of questions while looking for one that’s right for you…
Are You Regulated? If Yes, By Who?
Any investor who takes the opportunity to trade with an unregulated broker is taking a significant risk.
When you choose a properly supervised broker, you are safe from abuse and theft, which is crucial in case something goes wrong.
That definitely falls under our desire to minimize risk at all costs!
Do You Reside in the Same Country?
For this question, you have to take note if you have a broker outside of where you live.
A broker that isn’t in your country of residence could deny you your rights as a trader, compared to a broker from your home nation that is obligated to follow the laws and regulations of your country.
Do You Have the Right Technology?
You’ve got to know if you can trade through the broker online or on your smartphone for convenience.
Do they have an app you can download that can work on your various mobile devices?
Having the right tech allows you to better utilize charts, graphs and indicators.
Do You Have a Demo Account?
You need to know if you can practice trading before making a real account for yourself.
After all, you need to have an understanding of how their platform works.
But this is just a small portion of the list of questions you need to ask a broker.
To see all of them, be sure to check out this in-depth article I wrote about picking the right broker!
The Bottom Line
There are multiple ways to trade the futures, stock and other markets. We can trade the indexes, both up and down, as well as individual stocks…
But my colleague and stock trading pro Ross Givens has come up with some incredible strategies of his own that continue to impress.
If you’re interested, check out the important P.S. below…
For more on the markets as well as trading education and trading ideas like this one, look for the next edition of Josh’s Daily Direction in your email inbox each and every trading day.
I’ll be bringing you more of my stock and futures contract trading tutorials as well as some additional trading ideas.
And before you go, head on over to the Traders Agency YouTube channel for breaking market news, live trading sessions, educational videos and much, much more!
Keep on trading,
P.S. My colleague and expert stock trader Ross Givens continues to work on many of his strategies and his overall research.
And in particular, he has some great “stealth” trading ideas that the market is missing… but you don’t have to.
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