Learning the ins and outs of day trading Crude Oil Futures may be easier than you thought. As I mentor new members how to trade I insist they open a free demo account regardless of how much they are willing to risk at the beginning of their training.
When choosing the perfect broker for your new demo account, there’s several aspects to look for when choosing the right one. Believe it or not trading fee’s are not at the top of the list.
The first thing I tell members is speed. If the broker only charges $4 round trip for a trade but the platform takes a long time to execute the trade it does you no good. I prefer dome platforms with price ladders and one-click entry for fast entry/exits.
The second item in a platform is ease of use. You would not believe the number of platforms that look like the control panel of a space ship. This is not necessary. In fact it may hurt your performance. I believe the easier the dome/platform is the better you will trade.
The third thing to look for in a platform is the personal relationship you have with your broker. If the broker doesn’t want to give you the time of day to help you operate the dome or answer a few simple questions, keep searching. You will likely be able to find another broker offering the same exact platform that is willing to take a few extra minutes to answer your questions.
The fourth item on the list is broker fee’s. The broker fee’s are important but without the previous items, fee’s are irrelevant to me. I have spoken to brokers that charge $4.50 round trip that are less than desirable to talk to. I would much rather pay another $1 per trade to deal with a broker I get along with rather than one I hate calling when there’s a problem or have a question.
One other point I want to make is that most brokers require a back-ground and credit check. Therefore, if your credit challenged you may need to look a little harder to find a broker. Don’t worry, there are a handful of brokers out there.
Of course this is not the end all be all of finding the perfect demo platform to learn how to trade Crude Oil Futures with but it’s a good start. I hope this information helps and Happy Trading!
Learn more about Oil Futures Trading. Stop by Damian Hileman’s site where you can find out all about Trading Oil Futures and what it can do for you.