Forex Brokerage House

Liteforex review-Part 1

A friend of mine from Asia text me a few weeks ago telling me to check out the site of a forex brokerage house for online trading. The site is known as liteforex. He is an old time forex trader who started to involve in the trading market by trading in the coffee market in the early 2000. He did make a fortune there but somehow, offshore trading in the US commodities & forex market seemed not to be legally approved activities in his country & thus, the company he worked at eventually shut down after series of raid by the Central Bank.

Since trading is in his blood, he then keeps a close relationship with the market though. He is well known as a very prudent trader who anticipates well in the market trend and the risks. A master himself in the forex forecast using charts, particularly the Japanese candlestick. He can easily (and successfully) identify when a doji (a term in candlestick for peak of the trend) will come up in the market. He never takes the market trends for granted. He is well disciplined to follow his trading plans, no matter what others comments about the market. We shared a lot of things in common when it comes to forex trading.

He kept on insisting (until I could not resist; he knows me well) for me to have a look at least once to the brokerage house site that he is suggesting. It is not that he is making any money out of my visit to the site but he truly believes his views worth a look.

He raised few points to support his views while (indirectly forcing) me to take a tour to this site. As he puts it he has done an extensive research elsewhere on the viability of the site. He has asked around in a number of forex forums on the issue of trustworthiness of this site. He even (forcing me) further that that this is the site that he is searching for all this while.

Being myself, a sceptical person towards any good offers being shown to me, I paid a visit to the site tough. At first glance, I was surprised at how this site has caught the attention of my friend. No hype, no exaggerating ads promoting its services. No nothing. Even the site layout is ‘ugly’ enough to make me assumed that it may be using the blogging style of making money from AdSense (lol).

Browsing further, I went through the TOS (Terms of Service), how trading is done, the spread, and etc. One thing I could comment is that, I found out the site does provide services that beginners may want for. Needless to say, it is worth a visit.
I did not join though (for now). I told my friend that I did not take 100% of what he told me (friendship aside) but I would rather want him to prove that the forex brokerage house really deserves his praised. He took up my challenge & joined as a member. He is now trading via the brokerage house that he is promoting and I am sure he is making good money from his trades.

One of the keypoint that he raised was the easy access to the market. I would rather not to hurt his feeling by saying that most of the forex brokerage houses do have that feature. But he also elaborates further that the brokerage house does not promote the ‘unwanted’ software of their own, like others do. The freedom of trading is actually the good feature that has attracted my friend to join in. Knowing for the person he is, I agree that allowing the traders to trade out of their own capabilities & skills fulfll their satisfaction in trading.

Forex market is obviously not an easy market to deal with. Focus in trading is numero uno. Without sufficient focus, traders will definitely lose the trades to the market. No matter if the traders are totally profit oriented or overall results oriented; trading objectives have major influence on trading styles. Traders must get along & blended well with the market trend but be unique in trading style. Be a follower in the major trends but never get too close with them. When it is time to get out, then do get out of the market.

I shall give further reviews on liteforex and possibly other forex brokerage houses in the coming posts.

Take charge.

Forex Brokerage House